{"id":2380,"date":"2008-08-08T08:53:08","date_gmt":"2008-08-08T15:53:08","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=2380"},"modified":"2008-08-19T17:41:12","modified_gmt":"2008-08-20T00:41:12","slug":"great-reports-from-redfin-and-zillow","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/08\/08\/great-reports-from-redfin-and-zillow\/","title":{"rendered":"Great Reports from Redfin and Zillow"},"content":{"rendered":"<p>There has been some great stuff coming out of our Seattle-area &#8220;alternative&#8221; real estate businesses Redfin and Zillow this week that deserve to be mentioned.<\/p>\n<p>First up, Redfin came out with a great paper called <em><a title=\"Seven Tactics for Real Estate Bargaining\" href=\"http:\/\/docs.redfin.com\/static-images\/images\/misc\/negotiating-a-bargain.pdf\">Seven Tactics for Real Estate Bargaining<\/a><\/em>.  Check out <a title=\"More Real Estate Science! Finding the Sweetest Deals\" href=\"http:\/\/blog.redfin.com\/blog\/2008\/08\/more_real_estate_science_finding_the_sweetest_deals.html\">their blog post announcing the study here<\/a>.  They analyzed recent sales data from 9,053 single-family-home sales across three markets, including 2,446 in King County, looking for homes that sold for a large discount from the last asking price.<\/p>\n<p>Many of the characteristics they identified in homes that sold for a large discount were exactly what you would expect, but it&#8217;s great to see some hard data to support your gut instinct when it comes to negotiating a good price on the largest purchase of your life.<\/p>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 1px solid #000000; margin: 5px;\" title=\"Price Reductions are Highly Correlated with Days on Market\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/08\/redfin-price-reductions.png\" alt=\"Price Reductions are Highly Correlated with Days on Market\" width=\"549\" height=\"334\" \/><\/p>\n<p>Here&#8217;s their seven tips on where to look for a seller that&#8217;s seriously ready to negotiate, and who to avoid:<\/p>\n<ul>\n<li>Focus on Listings Unsold After 90+ Days<\/li>\n<li>Focus on Fixer-Uppers<\/li>\n<li>Back Off on Remodels<\/li>\n<li>Don&#8217;t Be Put Off by a Price Reduction<\/li>\n<li>Look for Homes Owned a Long Time<\/li>\n<li>But Don\u2019t be Put off by Flips Either<\/li>\n<li>Don\u2019t Expect Banks to Negotiate Much<\/li>\n<\/ul>\n<p>Sound, data-driven advice for anyone looking to drive a hard bargain in today&#8217;s so-called &#8220;buyer&#8217;s market.&#8221;  Check out the <a title=\"Seven Tactics for Real Estate Bargaining\" href=\"http:\/\/docs.redfin.com\/static-images\/images\/misc\/negotiating-a-bargain.pdf\">full report here<\/a> (pdf).<\/p>\n<p>Next up is a survey from Zillow that (like Zillow itself) is more entertaining than particularly useful, but is still worth a look.  The results of their <a title=\"Q2 Homeowner Confidence Survey\" href=\"http:\/\/zillow.mediaroom.com\/index.php?s=195\">Q2 Homeowner Confidence Survey<\/a> of 1,367 U.S. Homeowners showed that:<\/p>\n<blockquote><p>Nearly two out of three homeowners (62%) believe their home&#8217;s value has increased or stayed the same over the past year; however, the reality is that 77% of U.S. homes have declined in value.<\/p><\/blockquote>\n<p>They also <a title=\"Every House\u2019s Value is Dropping Except Mine!\" href=\"http:\/\/www.zillowblog.com\/every-houses-value-is-dropping-except-mine\/2008\/08\/\">blogged the announcement of their survey results here<\/a>.  Another amusing tidbit from the survey results:<\/p>\n<blockquote><p>Three out of four (75%) homeowners expect their home\u2019s value will increase or stabilize in the coming 6 months. However, when asked about their local market, 42% think home values in their locality will decrease (compared to the 25% who think this about their own home).<\/p><\/blockquote>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><a title=\"Homeowner Perception vs. Reality\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/08\/zillow-q2-perception.png\" rel=\"lightbox[2380]\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 1px solid #000000; margin: 5px;\" title=\"Homeowner Perception vs. Reality - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/08\/zillow-q2-perception-tn.png\" alt=\"Homeowner Perception vs. Reality\" width=\"600\" height=\"465\" \/><\/a><br \/>\n<a title=\"Homeowner Perception vs. Reality\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/08\/zillow-q2-perception.png\" rel=\"lightbox[2380]\">Click to enlarge<\/a><\/p>\n<p>So at least 39% of the people are delusional about the value of their own home over the past year, but only 17% are delusional when it comes to the value of their home in the coming year.  Hey, at least it seems to show a slight trend toward recognizing reality.<\/p>\n<p>(<em>Glenn Kelman, <a title=\"More Real Estate Science! Finding the Sweetest Deals\" href=\"http:\/\/blog.redfin.com\/blog\/2008\/08\/more_real_estate_science_finding_the_sweetest_deals.html\">Redfin Blog<\/a>, 08.07.2008<\/em>)<br \/>\n(<em>Amy Bohutinsky, <a title=\"Every House\u2019s Value is Dropping Except Mine!\" href=\"http:\/\/www.zillowblog.com\/every-houses-value-is-dropping-except-mine\/2008\/08\/\">Zillow Blog<\/a>, 08.06.2008<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There has been some great stuff coming out of our Seattle-area &#8220;alternative&#8221; real estate businesses Redfin and Zillow this week that deserve to be mentioned. First up, Redfin came out with a great paper called Seven Tactics for Real Estate Bargaining. Check out their blog post announcing the study here. They analyzed recent sales data&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[379,161,82,200,378,80],"coauthors":[],"class_list":["post-2380","post","type-post","status-publish","format-standard","hentry","category-stats","tag-homeowners","tag-price-drops","tag-redfin","tag-statistics","tag-survey","tag-zillow"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Great Reports from Redfin and Zillow \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2008\/08\/08\/great-reports-from-redfin-and-zillow\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Great Reports from Redfin and Zillow \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"There has been some great stuff coming out of our Seattle-area &#8220;alternative&#8221; real estate businesses Redfin and Zillow this week that deserve to be mentioned. 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