Redfin seeing many multiple offer transactions in Chicago area

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 transactions in April involved multiple offers. That’s a number that many may find surprising.

According to Medina, multiple offers are especially common on well-priced, quality property in the New Trier school district communities of Wilmette, Winnetka and Glencoe.

One aspect of Redfin’s corporate culture is an obsession with metrics. In a follow-up email I learned that Chicago’s percentage lagged San Francisco and DC, where 81% and 45% of Redfin deals, respectively, involved multiple offers. From March 16 to May 16 of this year, 545 Chicago-area homes sold for more than 10% above the list price.

Reitman reported that Redfin has developed a 35-point plan to assist their clients in improving their chances of a winning result in multiple offer situations.

Dario Medina is Redfin’s Chicago Area Manager. Mark Reitman is Redfin’s Central US Regional Director.

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