New online real estate tool helps sellers price homes

New online real estate tool helps sellers price homes

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New online real estate tool helps sellers price homes

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by KING 5 News

KING5.com

Posted on August 1, 2013 at 12:36 PM

Updated Thursday, Aug 1 at 12:36 PM

Redfin, an online real estate brokerage, launched a new service on Thursday that lets potential sellers float a price for their home and receive feedback from buyers looking for similar homes in the area.

The service, which Redfin calls the "Price Whisperer," is available in Seattle, as well as Boston, Chicago, Los Angeles, New York, Portland, San Diego, San Francisco and Washington, D.C.

It provides sellers with real-time data on how to price their home, and buyers with a sneak-peek look at homes that aren't yet on the market.

After the homeowner provides a price and the home address, Redfin polls 250 active buyers on whether they would pay that price, without disclosing the address. Buyers respond with a "yes," "no" or "maybe."

Two days later, Redfin delivers the data to the seller along with a recommendation based on the likelihood that the home would sell at the test price.

The service appears similar to the "Make Me Move" feature by online real estate database Zillow, which lets homeowners name a price for their home and see if buyers are interested.

Redfin told GeekWire that the Price Whisperer tool is different, though, because agents do the work to target buyers looking for similar homes in the area and return with data to give prospective sellers a better idea of how to price their home.

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