Wednesday
August 27, 2014

Sparking Buyer Urgency? Redfin Debuts ‘Hot Home’ Tool

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Sparking Buyer Urgency? Redfin Debuts ‘Hot Home’ Tool

The brokerage Redfin has launched “Hot Homes,” a feature that identifies the homes that are likely to sell within two weeks. The homes will be highlighted throughout Redfin.com and on a map so that home shoppers get an idea of which homes they particularly need to act fast.

The most desirable homes are selling in two weeks or less, according to Redfin Fastest Markets Report, which means buyers need to be prepared to move fast.

More on market momentum:

Survey: Spring Confidence to Heat Summer Market

10 Markets Where Homes Are Selling the Fastest

So, what makes a home “hot”? Redfin says a home will be added to its “hot homes” list when it identifies that there is an 80 percent of chance that the home will have an accepted offer within two weeks of it being listed. Redfin’s algorithm analyzes numerous attributes about the homes, including square footage, bedrooms, bathrooms, lot sizes, views, and location, as well as buyer preferences for those attributes.

“It’s hard to tell when you have to jump,” says Glenn Kelman, CEO of Redfin, about the new website feature. “Which home will get three offers this weekend, and which will still be for sale in September? … Redfin crunches more than 500 different attributes of the house, the neighborhood – and what home buyers are looking for in that neighborhood. Our goal as Redfin agents is to make sure you never miss a shot at your dream home.”

Source: Redfin