Real estate news & trends
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Redfin
Yesterdays’ email included the following, from Redfin: According to Redfin’s latest Bidding War Report, Chicago saw a 2.8 percentage point decline in bidding wars in May, but remained on Redfin’s list of the most competitive markets at #9. Despite the slight ease, competition is still fierce in Chicago: 48% of offers were up against competing ...
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Posted by Joe Zekas on June 11, 2013
Redfin yesterday issued its Real-Time Demand Pulse, “the only report in the industry that analyzes tour and offer data.” The report tracks data across the 20 U.S. markets in which Redfin is active. In response to a request, Redfin furnished data for the Chicago market: Chicago home tours in February 2013 were up 14.3% ...
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Posted by Joe Zekas on March 8, 2013
Market conditions being what they’ve been, it’s been years since “Chicago’s hottest neighborhoods” was a phrase that didn’t immediately elicit ridicule. With a number of analysts concluding that 2012 marked the bottom of the market downturn, it’s perhaps respectable to talk about pockets of strong activity, i.e. “hot neighborhoods.” Redfin recently announced its top 10 ...
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Posted by Joe Zekas on January 15, 2013
Redfin recently announced the winners of its “Iconic Homes of America” contest. Redfin visitors nominated the homes listed for sale on the site that they felt best represented their city. Chicago’s winner was the Frederick Winston home, pictured above, at 1508 N State Pkwy. Built for the founding partner of Winston & Strawn, the ivy-laden ...
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Posted by Joe Zekas on November 13, 2012
The WAV Group recently published a Redfin-sponsored study comparing listing search results at local brokerage websites in 11 major markets with search results on Trulia and Zillow. The study (PDF) found that local real estate brokerage websites give consumers the most complete, accurate and timely information about homes for sale. The results – and brokerage ...
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Posted by Joe Zekas on October 5, 2012
At most real estate brokerage firms, agents are independent contractors who work solely on commission. Redfin agents are salaried employees who also receive fringe benefits and bonuses based in part on client satisfaction. Redfin depends on its website to deliver leads to its agents rather than on agents cold-calling, networking and undertaking their own personal ...
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Posted by Joe Zekas on June 25, 2012
Redfin‘s Dario Medina and Mark Reitman stopped by my office the other day for an off-the-cuff discussion of Redfin’s business model and some of the trends its agents have been seeing recently in the Chicago real estate market. One topic I tossed out for discussion was multiple offers. According to Medina, 37% of Redfin’s local ...
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Posted by Joe Zekas on June 1, 2012
Redfin revealed its latest upgrade this morning — notes from Redfin agents appended to the listings they’ve toured. “With each new home toured, Redfin’s online tools prompt the agent hosting the tour for free-form comments to share with customers, along with a form for cataloging key features such as whether the listing has plenty of ...
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Posted by Joseph Askins on March 17, 2011
“There is no buyer urgency in this market. It’s all about the ‘deal.’ Buyers who don’t get their desired price move on to sellers who are more willing to negotiate.” That’s Redfin agent Patrick Lusk’s take on the west suburban market in Redfin’s new Chicago-area Insider Report, published today. The report has a mix of ...
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Posted by Joseph Askins on November 11, 2010
OK, Redfin has my attention. In the old days (you know…yesterday), a home search that covered too broad a price range or home style or area would result in an annoying message about how Redfin could only map 500 properties at one time. Now the site lumps homes into clusters; those clusters grow and cover ...
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Posted by Joseph Askins on October 28, 2010
While I’m on the subjects of 2650 North Lakeview and Redfin data, I might as well point out the following. You see this Google map at the bottom of every Redfin listing at 2650 N Lakeview Ave, site of a 42-story, 398-unit condo high-rise. See the parcel that Redfin outlined in red? Yeah, that’s not ...
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Posted by Joseph Askins on August 26, 2010
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