Let’s look at our brokerage stats in Chicago to see how what our clients are doing right now reflects what’s happening in the market.
Our Clients Love Our Fanatical Service
We survey every client and track every transaction in a central customer database. For the surveys we received in April from our Chicago clients:
- 5 clients responded to our customer-satisfaction survey and posted a review online, the same number from March.
- 4 of those clients, or 80%, would recommend Redfin to a friend, down from 100% in March.
In these surveys, Redfin asks customers to rate the likelihood that they would recommend Redfin to a friend on a 0-to-10 scale. Customers who rated 6 or higher count as people who would recommend Redfin to a friend.
Offers Are Up
In April, our Chicago clients were busy seeing homes and making offers:
- Redfin clients toured 431 homes in April, down slightly from the 434 homes toured in March.
- Our clients made 22 signed offers on homes, up from 16 in March.
- Our Chicago agents were busy working on these signed offers:
- 1 of these offers was on a bank-owned foreclosure, down from 2 in March.
We had 26 people come to our April home-buying class at the Goose Island Brewpub in Chicago to learn about the home-buying process and meet our agents. You can check out the slide deck from that class.
It’s Taking 43 Days To Close On A Home
In April, it took our Chicago clients 5 days longer to close on their homes than it did in March:
- For our clients who bought re-sales, the average time from initial agreement on terms to the close of the deal was 43 days, up from 38 days in March.
- All of our clients successfully financed their homes, the same as in March.
- All of our client’s deals passed the home inspection; 2 failed the inspection in March.
- Of our closed deals, excluding short sales, the average discount off list price for homes sold was 6.11%, up from 3.48% in March.
“In the last few weeks, closing on a home is taking longer because loans are spending more time in underwriting as banks are much more cautious about lending,” says Redfin Chicago agent Greg Whelan. “Our clients aren’t having problems getting financing; we’re just having to wait for banks to approve the loan.”
Look For Our May Report
We’ll be back next month with our analysis of the May numbers. Let us know what you’d like to see in that report.