Homeward

In a difficult move, real estate technology company Homeward laid off 25% of its workforce. The CEO stated this was a necessary decision to position the company for long-term strength and future growth. While the exact number of employees affected wasn't specified, the layoffs impacted dedicated staff across the organization. Announced in a company post, the leadership emphasized their mission remains unchanged to streamline home buying with innovative financing. They plan to expand offerings and geography in 2023 and provided support for affected employees, including sharing a public list for potential employers.

Homeward, a real estate technology company offering a "buy before you sell" service, has laid off approximately 20% of its workforce. CEO Tim Heyl announced the cuts in a letter to employees, citing a sudden and more severe market shift than expected. Despite reporting strong performance in May and the second quarter, the company found itself overstaffed for the current forecasted growth. Heyl attributed the decision to significant market headwinds, including inflation, sustained high home prices, and rising mortgage rates, which have reduced revenue from its core cash-buying product. The layoffs occurred as Homeward aims to adapt to a potentially prolonged softer real estate market. Affected employees are receiving severance based on tenure, extended health benefits, outplacement support, and waived non-compete clauses. The company reaffirmed its commitment to improving the homebuying experience despite the restructuring.