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Redfin Launches First-of-its-Kind Website Feature To Share Thousands Of Real Estate Bidding War Stats And Stories As They Happen

SEATTLE, Feb. 7, 2013 /PRNewswire/ --Technology-powered real estate broker Redfin ( www.redfin.com) today introduced a first-of-its-kind website feature in which Redfin real estate agents highlight details from their clients' winning and losing offers to buy a home, giving consumers up-to-the-minute insight on real estate activity at a neighborhood level. In today's competitive market in which there are very few homes for sale, many homes receive multiple offers at once, making it more important than ever for homebuyers to know how to win.

(Photo: http://photos.prnewswire.com/prnh/20130207/SF56184)

"Only a company like Redfin can use the Web to give our customers real-time insights into what it really takes to buy a home in the neighborhood they want," said Redfin CEO Glenn Kelman. "Only Redfin employs local agents across hundreds of neighborhood across America who use online tools for crafting an offer that are directly connected to our real estate search website. Our long-term strategy is to combine the expertise of local agents on the ground with powerful technology running in the Internet cloud; the source of all our strength is that we are both a service company and a software company. The result is a competitive advantage customers can't get anywhere else."

Read more from Kelman in his blog post here.

At launch, Redfin agents had posted about 8,000 Offer Insights. Offer Insights was developed based on the success of a similar Redfin feature called "Tour Insights," which launched in 2011, and now has nearly 250,000 notes on homes Redfin agents have toured, from details about road noise to radiant floor heat.

Redfin is one of the only brokers that strictly limits each of its agents to specific neighborhoods, and its agents typically close five times more homes than the average agent, deepening their expertise on a neighborhood's sales. This information can help guide buyers and sellers in many different aspects of a real estate transaction, including how to structure a compelling offer, negotiate a deal or price a home. Each Offer Insight highlights the unusual and interesting circumstances surrounding the negotiations, such as the number of competing offers, or whether or not the Redfin client waived financing or inspection contingencies. Following are examples of Offer Insights:

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