Tech-based brokerage and referral provider Redfin says it’s now crunching over 500 pieces of data to identify listings that are likely to sell within 14 days.
Redfin’s new “Hot Homes” algorithm pulls together info like square footage, lot size, view, location, buyers’ preferences in that location and the trends of similar homes to label homes as likely to sell sooner rather than later, Bridget Frey, vice president of engineering at Redfin, told Inman News.
Online real estate listings image via Shutterstock.
Hot homes are delineated on a map view with a “Hot” tag and on property detail pages with an estimate of the likelihood the home will sell in a certain number of days, Frey said.
Redfin, which operates as a brokerage and referral site in 29 markets, will label a listing “Hot” when the algorithm calculates that there is an 80 percent chance or higher that it will receive an accepted offer within 14 days of its debut.
Redfin estimates how likely a home is to sell when it first comes on the market, and performs the calculation on a daily basis after that.
“It’s the first feature of its kind,” Frey said. It helps gives buyers who may not be sure how aggressive to be about a home they love, to jump on it when it’s likely to sell soon, she said.
The feature also helps Redfin consumers and their agents determine how they should organize their tour schedule, Frey said. Consumers can click “Go Tour this Hot Home” button for the property to be immediately connected with a Redfin agent to see about seeing the home.
The feature is launching on the Web today and will be available on the firm’s iOS apps soon. It has plans to ship the feature on its Android app as well, but doesn’t currently have a time frame, Frey said.