Homeward Layoffs
August 2022
Homeward announced a layoff affecting 0 employees (20% of its workforce) in August 2022. The company operates in the Real Estate sector.
0
20%
Aug 10, 2022
About
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.
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