Redfin’s DC Area February Update: 225 Homes Toured, 31 Offers

Beginning with February, Redfin is publishing monthly DC Area real estate stats, summarizing what we’re up to in the market, and how the market is changing. This is our first crack at it, which means we’ll only present a few numbers for February.

Market Activity

  • 20,097 new MLS listings (the current total is 82,291).
  • 17,602 price reductions.
  • 63,145 homes were added to DC Redfin users’ favorites list.

Brokerage Activity

  • 255 homes were toured by our clients through Redfin field agents.
  • 23 people attended our monthly home buying class.
  • 31 clients made offers.
  • 11 clients responded to our customer-satisfaction surveys and posted an online review.
  • 93% of our February DC Area clients would recommend Redfin to a friend.

What else do you want to know? Your comments and suggestions are at the core of our goal to better serve our customers. We’d love to hear from you. If you haven’t already, join the DC Redfin forum and sign up for listing alerts and our monthly newsletter. As always, thanks for using Redfin!

  • AC

    Unless Redfin starts scrutinizing the integrity of postings for fraud, the Redfin reputation will suffer greatly. For example,

    Capital City Mortgage Corporation is a shady corporation, having previously been sued and lost to the FTC for predatory practices, and having listed this property for over a year with 3 different buyers attempting to purchase the home only to be declined by their title companies. I recently entered into contract topurchase 907 K Street NE from Capital City Mortgage Corporation, only to find out that the title tothe house was fraught with fraud, liens, andcross-collateralization issues. Capital City Mortgage knew of these title defects butdid not disclose these issues to us when we entered contract to purchase theproperty.

    We paid for a home inspection, as did 3 other potential buyers of the property, which Capital City Mortgageused to make repairs and upgrades to the home to bring the property up to code, and we paid for an appraisal, which CapitolCity Mortgage requested from us after they learned that we would not purchasethe property due to the fraud and due to the fact that Capital City MortgageCorporation had skipped important steps during the foreclosure and theiroriginal purchase of 907 K Street. Capital City Mortgage Co held hostage ourgood faith deposit while insisting that we provide them withthe results of the appraisal. When we refused to provide them with theappraisal the sellers, Capital City Mortgage, refused to release our good faithdeposit, even though they [Capitol City] were in breach of contract. Only whenwe threatened legal action did Capital City release our funds, and theyimmediately re-listed the property at a SIGNIFICANTLY higher price than the property could possibly appraise for. Cap City did NOT re-foreclose on the property and has not provided disclosures related to the fraud associated with the propertytitle. Until this property is re-foreclosed upon, which Cap City botched the first time around, the title not clear and not marketable. Three different title under-writers told us they will not insure this title/home for years to come. Buyer beware!

    I sincerely hope Redfin moderators have the integrity to remove this listing from their site and to warn potential buyers of 907 K Street of the grave problems associated with this property!

  • http://blog.redfin.com/blog/author/matt Matt

    Hi AC, we responded to this comment in our forums.

    Thanks,
    Matt