After pausing RedfinNow services last March, Redfin is continuing its relaunch efforts with service in Tucson, Arizona, and Las Vegas. Tucson is a new addition to the RedfinNow network, Redfin’s Wednesday announcement explained, while Las Vegas was one of the markets affected by RedfinNow’s temporary closure.
“RedfinNow gives homeowners certainty and control over exactly when they sell with a cash offer that lets them avoid the hassle of getting their home ready for the market and dealing with open houses and home tours,” RedfinNow Vice President Jason Aleem said in a prepared statement. “We’re seeing record-high competition and price growth for homes right now, but the red-hot housing market is a double-edged sword for sellers who are also trying to buy.”
“RedfinNow makes it easy for people to get the money from their current home to buy their next and line up the closings so they only have to move once,” Aleem added.
With RedfinNow, homesellers can request an all-cash offer after providing their address and basic property details. Using its proprietary machine-learning algorithm, Redfin provides an offer that reflects local market trends, the home’s condition, and the cost of any needed repairs.
After accepting an offer, sellers can close in as soon as 10 days. From there, Redfin will make the necessary repairs and list the home on the open market, where buyers can use the Redfin app to access Redfin-owned homes with or without an agent from 8 a.m. to 8 p.m. local time.
Currently, RedfinNow services in Las Vegas are only available to single-family homeowners in Henderson, Southwest Las Vegas and Summerlin. Meanwhile, Tucson’s services extend to single-family, townhome and condo owners across the city, including Marana, Benson and Saddlebrooke.
Since May 2020, Redfin has slowly ramped up its RedfinNow services, with the brokerage first reopening in Austin, Denver and the Inland Empire in California. Existing markets Dallas, San Antonio, Los Angeles and Orange County were next on the list, with Sacramento, San Francisco and Seattle coming on board as new markets in October and December.
With Tucson and Las Vegas in tow, RedfinNow is now available in 22 markets across eight states and the District of Columbia.
In Inman’s 2021 Redfin forecast, Redfin CEO Glenn Kelman said RedfinNow is an integral part of the brokerage’s growth plans as they continue to focus on “outlier” markets and pour their efforts into renovations for RedfinNow properties, which he said increases their profits.
“Sometimes you can make a good margin there,” Kelman told Inman reporter Jim Dalrymple of the company’s market and renovation approach.
Real estate analyst and consultant Mike DelPrete said Redfin’s slow and steady approach to RedfinNow is working, as the company is one of the top iBuyers in the nation despite being in fewer markets. DelPrete expects Redfin to keep the same pace as they figure out the best iBuying model.
“They’re an iBuyer but it’s such a different scale than everybody else,” he said. “They’re doing just enough to say they’re an iBuyer. I think it’s unlikely that they would leapfrog anybody in the iBuying space. It just doesn’t fit their M.O.”