R
ocket Companies has finalized its $1.75 billion acquisition of Redfin, a real estate brokerage that will integrate its home search platform with Rocket's mortgage lending services. The deal combines the strengths of both companies to create a seamless experience for customers.

    "I've been using Redfin for 20 years and it changed my perspective on real estate," said Varun Krishna, CEO of Rocket Companies. "The Redfin team excels at creating simple, intuitive experiences that align with our vision for the future of homeownership."

    Redfin, founded in 2004, boasts over 1 million listings, attracts nearly 50 million monthly visitors, and operates a nationwide brokerage with more than 2,200 agents. The company's website now features a revamped brand identity with the tagline "Redfin Powered by Rocket."

    "The gap between homeownership dreams and reality has never been wider," said Glenn Kelman, CEO of Redfin. "Our partnership aims to bridge that gap, making it easier for people to turn their online searches into real homes."

    The acquisition comes as home sales are experiencing a slump, with high interest rates and an economic slowdown contributing to the decline. However, experts see potential benefits in Rocket's strategic move to acquire Redfin's online tools and brand.

    "This is a smart play by Rocket," said Tim Nash, vice president emeritus at Northwood University. "They're leveraging Redfin's web presence to provide better services for their customers."

    To celebrate the acquisition, Rocket and Redfin introduced Rocket Preferred Pricing, offering clients who finance through Rocket Mortgage and purchase with a Redfin agent a 1% interest rate reduction or up to $6,000 in lender credits.

    The companies plan to launch additional products for homebuyers, agents, and mortgage brokers in the coming months.