Video of the Week - The Science of Real Estate
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My take on this is to question conventional thinking (which I think you should be doing all the time anyway). Just because you’ve always done something a certain way doesn’t mean it’s still a valid method. It’s hard to argue with their data. Many times we have assumptions that need to be disgarded or at the very least seriously questioned when the data proves otherwise.
I applaud these guys for sharing their data and causing conversations about what their data means.
You can read more from Redfin’s Science of Real Estate report here.
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Jay,
Redfin acts like they discovered these things. It’s basic. The study he cites on Pricing your Home Right is from 2002–not something they did.
Here’s an excerpt from a blog I’m working on:
John R. Knight, in his 2002 study, “Listing Price, Time on Market, and Ultimate Selling Price” found that sellers who priced their homes right from Day 1 sold for 97% of list price, and those that reduced their homes sold them for 88% of list price. Do your homework and price it right. It will sell faster, for more $$$, in less time.
What Redfin DOES have, and I’m green with envy about, is total market and PR savvy. They have been on 20/20, Today, major newspapers, saying something that is old news. They just repackaged it as being “computer scientists.”
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