Numbers are definite, tangible, and logical. The just make sense, so I was pretty excited when I saw Redfin’s latest study on the Seattle and San Francisco markets analyzing house sales in the areas. Businesses analyze data all the time, so why the heck not look at real estate sales in the same way?! According to this report, the Redfin buyer’s average negotiating advantage was just over $5,000, while the average commission refund was $10,520. More specific to our neck of the woods, King County Redfin buyers received an average refund of $9,772, which could go along way toward moving expenses, new carpet or new appliances!
Redfin King County buyers paid on average 98.885 percent of the listing price, while buyers who used other brokerages paid 99.383 percent. The difference of 0.498 percent represents an average savings of $2,490. The total Redfin Advantage was 2.452 percent, for an average total savings of $12,262.
The study was based on MLS records, comparing the final sales price to the list price at the point of sale for all condos and SFH sold between Feb. 6, 2007 and Feb. 5, 2008. Big Cheese, Glenn Kelman gives more detail in his latest blog entry, in case you’re interested.