{"id":3399,"date":"2022-08-10T20:00:00","date_gmt":"2022-08-10T20:00:00","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2022\/08\/10\/homeward-lays-off-20-of-workforce\/"},"modified":"2025-03-13T02:46:08","modified_gmt":"2025-03-13T02:46:08","slug":"homeward-lays-off-20-of-workforce","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2022\/08\/10\/homeward-lays-off-20-of-workforce\/","title":{"rendered":"Homeward lays off 20% of workforce"},"content":{"rendered":"\n

\u201cBuy before you sell\u201d firm<\/a> Homeward<\/strong> has laid off roughly 20% of its workforce, according to a letter from CEO Tim Heyl to employees sent on Wednesday.<\/p>\n\n\n\n

Despite recording what Heyl calls the firm\u2019s \u201cstrongest month ever\u201d in May and solid second quarter results, Heyl said the market shift<\/a> was more sudden than anticipated, forcing the firm to make cuts.<\/p>\n\n\n\n

\u201cMeeting the moment sometimes requires a business to evolve,\u201d Heyl wrote. \u201cDespite having a strong financial start to the year, we are currently staffed for more growth than we\u2019re now forecasting. This reduction today is necessary for our future success, but that doesn\u2019t make it easier to part with so many of our colleagues.\u201d<\/p>\n\n\n\n

Before reaching the point of layoffs, Heyl said the company reduced its \u201cnon-people costs and planned [its] spend to hedge against further decline.\u201d However, Heyl wrote that it eventually became clear that the market headwinds of inflation<\/a>, continued home price growth and rising mortgage rates<\/a>, were a bigger threat than anticipated, cutting into revenue the firm had hoped to generate from its \u201cbuy with cash\u201d product.<\/p>\n\n\n\n

\u201cWe don\u2019t know how long real estate will continue to soften, so we must plan for a less active market,\u201d he wrote.<\/p>\n\n\n\n

Homeward said it is offering laid off employees tenure-based severance pay and two months of COBRA health insurance benefits. In addition, the firm is offering impacted employees access to outplacement services through the company\u2019s recruiting team and removing non-compete clauses for impacted employees.<\/p>\n\n\n\n

\u201cOur mission to improve the homebuying experience still remains the same,\u201d a spokesperson for the firm wrote in a statement. \u201cWe remain committed to Homeward\u2019s promise to deliver a better experience for agents and homebuyers by making real estate more accessible and streamlined.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Homeward, which offers homebuyers a “Buy Before You Sell” product, laid off 20% of its workforce, citing slowing housing demand.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-3399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nHomeward lays off 20% of workforce - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"Homeward, which offers homebuyers a "Buy Before You Sell" product, laid off 20% of its workforce, citing slowing housing demand.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtrends.com\/blog\/2022\/08\/10\/homeward-lays-off-20-of-workforce\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homeward lays off 20% of workforce\" \/>\n<meta property=\"og:description\" content=\"Homeward, which offers homebuyers a "Buy Before You Sell" product, laid off 20% of its workforce, citing slowing housing demand.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.realtrends.com\/blog\/2022\/08\/10\/homeward-lays-off-20-of-workforce\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - 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