Industry News

Redfin launches new real estate map tool

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Online real estate broker Redfin today released a new online mapping tool and reported its first real estate closings using the company's online home-purchase offer program. Redfin's new MapStats takes property and community analytics and overlays them on a home-search map so that as home shoppers pan across the map, it continuously calculates average and media home prices, price per square foot and average numbers of bedrooms and bathrooms for the listings enclosed by the map. This enables home shoppers to compare a listing to the rest of the neighborhood. The Seattle-based company has applied for a patent on the technology. "When home-shoppers shift as little as a few hundred yards in any direction, numbers change radically and in real time," said Redfin founder David Eraker. "Panning only a mile further from the airport or a block closer to Lake Washington can increase average prices by as much as 50 percent. You can see exactly how where you buy affects what you pay." ...