againer t1_iudpq4h wrote on October 30, 2022 at 3:35 PM

Reply to comment by Charlesinrichmond in Rising mortgage rates will exacerbate the housing situation in RVA by BumbleBeeVomit

Yeah, I wasn't being particular to those companies in the Richmond market. Just that their moves indicate a trend.

Charlesinrichmond t1_iudqk06 wrote on October 30, 2022 at 3:41 PM

it's actually been going the other way - turned out their models weren't working and they lost a fortune, so everyone is dialing back. Given a down market I expect that will happen even faster

againer t1_iudtekr wrote on October 30, 2022 at 4:00 PM

Yeah. Too risky to their bottom line and best to stick to their core business model.

Charlesinrichmond t1_iudu55e wrote on October 30, 2022 at 4:06 PM

they loved the idea, but they were getting slaughtered. Read up on the zillow mess you might find it amusing. And that was in an up market

againer t1_iuduua6 wrote on October 30, 2022 at 4:10 PM

Yeah. VCs, tech valuation, and "profitablity" is a fucking wild landscape. Meta is a prime example of that.