List with Redfin, Sell Your Home Faster and For More Money

As a part of an enhanced fervor here at Redfin for giving sellers better service for less money than traditional agents, I was tasked with a research project to determine how well our listing agents have performed for sellers in recent years. The result: On average, Redfin listings sell 15 days faster and for $8,700 more than the competition.

For the full report visit the Redfin Research Center.

Discussion

  • http://www.realestateinvesting-gurureview.com/ Julie

    Great service with all the right tools to assist in selling my real estate.  Thanks for making it easy

  • http://blog.findwell.com Kevin Lisota

    Tim,

    Can you address how you treated distressed sales in this analysis. Clearly many brokerages list short sales and REO homes, while Redfin does not. If these are in your numbers, obviously distressed properties stay on the market longer.

    Also curious how you address stats from sellers whose listings don't sell with you, but either are expired or cancelled and listed elsewhere.

    • The_Tim

      Hi Kevin,

      I did not separate REO and short sales.  In fact, distressed sales consistently sell closer to list price than non-distressed sales, so if there were a large number of distressed sales in the comps, it would only serve to make other brokers look better, not worse.

      As for listings that didn't sell, I mentioned this in the methodology at the bottom: “For the listings that sold…”  Obviously we can't calculate a days on market or sale to list ratio for a home that doesn't sell, so this analysis only included Redfin listings and comps that actually sold.

  • http://www.facebook.com/people/Brawn-James/100003709083969 Brawn James

    Hi Folks,

    We all know that there are lots of benefits for having your home inspected before listing. As real estate market conditions continue to soften, you need every advantage possible to help your home sell.

    You can also check this out, its a good information of purchasing a new real property.  garden
    grove homes for sale
    .

  • http://fsrefund.com/homes-for-sale/ca/orange-county/garden-grove/ garden grove homes for sale

    For a while at this moment, I have already been writing and preaching about real estate investing and I will keep doing that as long as I can. There are several opportunities for people to accomplish well financially and become abundant providers by means of investing in real-estate. 

  • http://fsrefund.com/homes-for-sale/ca/orange-county/buena-park/ buena park homes for sale

    This sense of stability and the forecast growth make US an attractive proposition for those wishing to relocate abroad. 
    Traditionally, house prices have risen roughly in line with inflation. 

  • Anonymous

    So, Redfin is $9K better than the average home's agent. How does Redfin compare to the best other agents?

  • Pingback: Homes Listed with a Redfin Agent are Viewed Twice as Often | Redfin Corporate Blog

  • http://twitter.com/franklyrealty franklyrealty

    This is extremely misleading. 

    If you conveniently leave off the homes that are withdrawn or expired, I can see how the results can look better than reality.

    I love you guys, but I take offense when you post stuff like this. As if the numbers are real.
    I propose a blog post on what % of homes listed with Redfin actually sell. And compare that to the industry. 

    You up for it? 

  • Pingback: Home Prices Up 3%, But When Will The Other Shoe Drop? | Redfin Blog

  • http://www.facebook.com/dale.arnold.52 Dale Arnold

    This is so misleading. You use comps that are 25% smaller? Of course your listing will sell for more. Use comps that are the same size and don’t be so dishonest.

  • NumbersGeek

    I disagree with your methods. First and foremost, the average price advantage should not be calculated using your MEDIAN price. The average price advantage should be just that, an AVERAGE of the price advantages observed throughout the sample. Secondly, using original list price within +/-10% will create some outliers; all too frequently we see houses listed at prices too high or too low for their neighborhood comparables. Additionally, if a house that is 25% smaller is listed within 10% of the subject property, then it’s most likely in a better neighborhood or has better features and/or finishes which would mean it’s not a true comparable.

    I understand how time consuming it would be to sift through 20,000+ listings and draw up true comps for each one but until you do that, your data is severely flawed.

    I’m sure Redfin is still competitive with the market in general; do you think there are some other ways to demonstrate this using analysis with a more solid foundation?

  • Ducksinarow

    In this market (Washington DC area), Redfin has a withdrawn/expired listings rate of nearly 40% – which you can equate with a listing failure rate. Which is pretty bad. Certainly if you choose to draw data from only those listings that reflect favorable data, the results of the “analysis” are going to in turn be favorable.

  • Chris Dawkins

    It sounds to me like RedFin hand picked their best listings (best homes, remodeled condition, priced well) and compared them to average to below average condition homes in the same size and price range that they also hand picked. Doing that, it’s very easy to show $8700 higher sales prices and shorter market times (if you just pick the better-than-average-condition homes that are worth more per SF and sell faster b/c they’re move-in-ready). They didn’t compare ALL Redfin listings to ALL competitor listings. +/- 25% on SQFT??? A home that’s 25% larger or smaller is not a good comp. I mean, they looked at 900 Redfin listings in 12 markets over all of 2010 and 2011. That’s just 75 listings in one major city over 2 years. You could just take all of MY listings in Portland in 2010 and 2011 (approx 75) and compare them to the market average and skew the numbers marketly. Does Redfin only have one agent in each metro area? I think not. Why not do a comprehensive analysis and report the real numbers?

  • List your Home For Sale

    Hello there, just
    became aware of your blog through Google, and found that it’s truly
    informative. I am going to watch out for brussels. I will appreciate if you
    continue this in future. A lot of people will be benefited from your writing.
    Cheers!

  • Nick

    The headline should read: Redfin is better at convincing seller’s to list their homes at market value which in turn makes them sell for “more” (closer to list price) and faster. That is still something to brag about. 99% of the sales in Real Estate sales takes place in the conversation between the seller and seller’s agent. Redfin is apparently skilled at using data to give seller’s accurate information to make sound decisions to set the right price from day 1.

  • Pingback: Strange Days: Real Estate Enters the Twilight Zone (April 2012 Roundup) | Redfin Blog