Redfin “Hot Homes” Technology Shows Customers Which Homes Are Likely to Sell Most Quickly
Homebuyers Using Redfin Now have an Even Better Chance of Landing Hard-to-Get Homes
SEATTLE--(BUSINESS WIRE)--Redfin (www.redfin.com), the customer-first real estate brokerage, today announced the launch of Redfin Hot Homes™, a feature that identifies which homes for sale are likely to sell quickly, and highlights these homes throughout Redfin.com.
“Redfin Hot Homes gives my clients the ultimate insider information”
Redfin identifies a home as “Hot” when the company’s proprietary Hot Homes Algorithm calculates that there is an 80% chance of that home having an accepted offer within two weeks of its debut. Hot Homes are labeled on the map of all homes for sale in the area, as well as on the pages that describe each home in detail. Even more precisely, a Hot Homes details page shows the likelihood that the home will have an accepted offer within a specific number of days. For example, “There’s an 85% chance this home will sell in the next four days.”
A customer who wants to tour can click the “Go Tour this Hot Home” button, which will immediately connect the customer with a Redfin agent who can host a tour of the home.
“Redfin already gets listings faster than any other major real estate site, giving our home-buying customers the jump on the competition,” said Redfin CEO Glenn Kelman. “But it’s hard to tell when you have to jump. Which home will get three offers this weekend, and which will still be for sale in September? Using data no one else has to rate every home for sale, Redfin crunches more than 500 different attributes of the house, the neighborhood -- and what homebuyers are looking for in that neighborhood. Our goal as Redfin agents is to make sure you never miss a shot at your dream home.”
Redfin Hot Homes is especially useful for buyers in the fast-moving, competitive environment of most major housing markets today. The latest Redfin Bidding War Report shows that about two-thirds of Redfin offers faced competition. The most desirable homes are selling in two weeks or less, according to the Redfin Fastest Markets Report. In the last Redfin Real-Time Buyer Survey, buyers cited “Low inventory,” “Rising prices” and “Competition,” as the top three concerns.
To create Redfin Hot Homes, Redfin data scientists developed a mathematical formula, or algorithm, that analyzes hundreds of attributes about the homes themselves, including square footage, bedrooms, bathrooms, lot size, views and location. The algorithm also layers in buyers’ preferences for those attributes.
“Redfin Hot Homes gives my clients the ultimate insider information,” said Keith Thomas, a Redfin real estate agent in Orange County. “Now we know which homes we need to see today, and which ones can wait until next week.”
Redfin Hot Homes is now available on Redfin.com, and is coming soon to the Redfin Real Estate app on iPhone and iPad. For more information and images of Redfin Hot Homes, please visit: http://blog.redfin.com/blog/2014/06/redfin-hot-homes.html
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Redfin (www.redfin.com) is a customer-first real estate brokerage that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools that make the entire process of buying or selling a home easier and more fun. The company serves major markets across the U.S. and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.