Seattle online real estate broker Redfin has added new tools to Redfin.com to help home buyers find good deals, including those which need a little love and care. Now Redfin.com visitors can search across an entire market for fixer-uppers and distressed listings, and compare prices against Zillow’s home-valuation estimates. Redfin is the first brokerage that allows customers to buy and sell a home completely online to integrate Zestimate(TM) values with multiple listing service data, and the first to empower users to search for fixer-uppers.
Redfin has developed its own algorithms to identify homes for sale in need of repair, which have consistently been the most popular type of listing on Redfin.com; in the Bay Area, Redfin users currently can find more than 400 fixer-upper listings and in the Seattle area, nearly 100. These homes often are available at a lower price than homes of a similar size and location.
Redfin also tracks how long listings have been on the market, highlighting properties that have been on the market longer than average, which often can be purchased below asking price.
With the Zillow integration, Redfin displays each listing’s photos and marketing remarks as well as past-sale prices and taxes alongside the following Zillow projections:
– Zestimate: An estimate of a property’s current market value calculated
using a Zillow proprietary algorithm based on public data such as prior
sales, number of bedrooms/bathrooms and square footage.
– Zestimate Ranking: Ranking of the property’s estimated value compared
to others in the same ZIP code.
– Zestimate Value Change: A graph that charts the change in the
Zestimate for the property over one, five or ten years.
“Now Redfin users can see in one place the listing price, the past sales price from tax records and the Zestimate,” said Redfin CEO Glenn Kelman. “And thank goodness for that! Every time we survey our customers, they ask for Zillow integration. Our goal is to integrate more objective information about a listing than any other brokerage site on the Web, and Zestimates are at the top of everybody’s list.”
“Zestimates are a perfect complement to what Redfin is doing, giving their customers access to more free and objective information as they buy and sell homes,” added Zillow Vice President of Partner Services Jorrit Van der Meulen. “We’re excited to have them join our API network and integrate Zestimates in such a useful way.”
RSS
