New Redfin Home Value Tool Puts the Human Touch into Home Price Estimates

SEATTLE, May 2, 2013 /PRNewswire/ -- Redfin, the tech-powered real estate brokerage (www.redfin.com), today launched the Redfin Home Value Tool, a new online tool that helps homeowners estimate the value of their home. The Redfin Home Value Tool gets up-to-the-minute data directly from the same sources used by real estate agents, while other sites rely mostly on public records that are often two to four weeks delayed.

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"Over the past few months, we have seen situations where one sale sets a new home value level for the entire neighborhood, often by as much as $50,000 to $100,000," said Eric Tan, a Redfin listing agent based in Los Angeles. "The good news for homeowners is that technology can help them understand and navigate a market that's changing more quickly than ever."

The Redfin Home Value Tool allows users to select the homes that best compare to their own, which is important because a home's actual value is often affected by factors that are difficult for computers to capture, such as a certain view, traffic noise, or unique architectural features. The design incorporates thumbnail photos of comparable listings, and organizes key features of each comparable home in an easy-to-read grid.

"Redfin engineers and designers focused on building a tool that gives homeowners the ability to choose the best comparables from a list based on things machines can't calculate," said Bridget Frey, vice president of engineering for Redfin. "Price is a key factor in selling a home faster and for more money, so having a more accurate starting point can be of real value for homeowners."

In today's fast-paced market where there is extremely high demand and rising home prices, many Americans are thinking about what their home is really worth, and whether now is a good time to sell. Understanding how to price a home is one of the first steps toward making an informed decision about selling. Redfin launched an earlier version of this tool in March of 2012, which contributed to the 120% increase in the company's listing business that year.

To use the Redfin Home Value Tool, homeowners need to follow these simple steps:

1. Enter the address of their current home in the Home Value Tool
2. Confirm basic details on the home, such as the current number of bedrooms and bathrooms
3. Use the two homes that the tool automatically generates as comparables, or choose up to five comparable homes that have recently sold nearby
4. Select "View Summary" to see the estimated home value

The home value estimated by the Redfin Home Value Tool is not an official appraisal, but acts as a starting point for homeowners to understand what their home is worth, or even to price their home to sell. To take the next step, homeowners can connect directly with a Redfin Agent or partner agent for a free, no-obligation pricing consultation.

For more information, visit http://www.redfin.com/what-is-my-home-worth.

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin's online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 21 U.S. markets and has closed more than $8 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider. Follow us on our blog (blog.redfin.com), Twitter (@redfin), and Facebook (facebook.com/redfin), Redfin Collections (www.redfin.com/collections), and on our mobile apps (www.redfin.com/mobile). 

SOURCE Redfin