Much like Zillow.com has done, the guys over at Redfin.com are now leveraging their vast data holdings to add value to their service with the release of their ‘Seven Tactics for Selling Your Home’ report.
Taking a scientific approach to examining the home buying and selling process, along with extensive research of real estate academia, Redfin has come up with a list of data-driven recommendations for home buyers and sellers.
Here are some of Redfin’s recommendations:
- Don’t overprice your property – Price reductions can further encourage aggressive bargaining.
- Set your price to show up in web searches – A home selling for $350,000 will be seen significantly more than a home selling for $355,000 because the $355,000 home will be excluded by buyers who set $350,000 as their maximum price.
- Debut on Friday – Redfin’s website traffic listings that debuted on Friday got on average 7.7% more visitors in their first seven days than those that debuted on the worst day, Thursday.
- Market the property online – a craigslist posting about a listing generated an average of 6.8 visits to that listing on Redfin‘s website.
- When selling your home, stay put – vacant homes were 9.5% more likely to undergo a price reduction