Residential Real Estate: A deep dive into various cases plaguing the industry, buyside exposure and much more

Real Estate

Gordon Haskett Research Advisors

GHRA 1) Examines the two most pressing class action lawsuits facing the industry (Sitzer/Burnett & Moehrl), which will likely determine the fate of secondary cases. 2) Explores the dynamics of eight other class action lawsuits across the US. 3) Compiles buyside exposure across a half dozen companies. 4) Runs sensitivity analyses to illustrate how topline challenges could impact EBITDA for Compass, Redfin and Zillow. 5) Analyses commentary from more than a dozen management teams to provide investors an in-depth view into how the US residential real estate industry is grappling with what could be the biggest regulatory-induced business model change GHRA has come across.

- 08 December, 2023

Time to take note of Homes.com’s rapid web traffic share gains

Real Estate

Gordon Haskett Research Advisors

While many investors have probably just focused on the Big 3 online real estate portals (Zillow, Redfin & Realtor.com), GHRA believes it's now time to focus on the Big 4 as Costar’s Homes.com has been aggressively growing its web traffic share. Key highlights from their report include: 1) Homes.com accounted for 10.4% of web traffic in Sep, +c.900bps Y/Y. 2) Homes.com's 44% paid mix last month represents a 25-point Y/Y increase, materially above the 1-point increase at both Z & RDFN and 2-point increase at Realtor.com. 3) Homes.com's paid clicks have grown at a significantly faster rate than non-paid clicks (17x vs. 5x).

- 13 October, 2023