Is Redfin a Good Way to Sell Your House?

Photo Courtesy: Sundry Photography/iStock

If you’re looking to sell your home, you have plenty of options. Redfin, a leader in the real-estate space, is increasingly becoming a popular choice for homeowners, sellers and buyers. But is Redfin a good way to sell your house? If you’re asking that question, we’ve rounded up everything you need to know about the full-service real estate brokerage.

How Much Is My House Worth on Redfin?

Redfin uses a proprietary formula to estimate the value of a home. If you want to see how much Redfin believes your home is worth, you can use the built-in value estimation tool on the brokerage’s website.

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Start by entering your address. After that, you’ll get a quick overview of the estimated value based on the number of bedrooms and bathrooms as well as the total square footage. If the details are inaccurate, you can claim the property as the owner and edit the home facts to improve the accuracy of the resulting home value estimation. 

How Much House Can I Afford on Redfin?

Redfin also offers a calculator to help you estimate how much home you can afford. Enter your annual household income, monthly debts, a down payment amount, and the would-be home’s location to get a rough figure. If you plan on selling a house before buying, you can also add home equity into the equation. 

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There are also some more advanced options available if you’re looking for even more detailed, accurate calculations. For example, you can enter details about your mortgage, homeowner’s insurance and PMI (private mortgage insurance), if applicable.

Does Redfin Buy Houses?

With RedfinNow, you can sell your house to Redfin directly. The company will assess your home, arrange for inspections and present you with an offer. After that, you can choose a move-out date, essentially giving you control over when you’ll get paid.

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Just be aware that you have to close within 60 days of accepting. Additionally, if you get paid before you plan to move out, you’ll have to pay rent for the time between getting the money and moving out. The rent is based on local market rates.

Does Redfin Do Open Houses?

Redfin does support open houses. If you’re using a Redfin agent to sell your home, they can coordinate the open house if they’re an option in your area. Additionally, even if you don’t use a Redfin agent, you may be able to get your open house listed on the site anyway, which can draw in more potential buyers.

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What Does Redfin Charge to Sell a House?

While the popular brokerage does charge to sell a house, the cost is generally below what you’ll find using other services. There’s a 1 percent listing fee, which is below the 2.5–3 percent typically given to a seller’s agent. Couple that with the buyer’s agent commission — which is also usually near 2.5–3 percent — and you could pay just 3.5–4 percent on Redfin instead of the more typical 5–6 percent you’d cover with other selling options.

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How Does a House Become a Hot Home on Redfin?

Having your house listed as a “Hot Home” on Redfin can capture the attention of buyers, so, as a seller, getting your home on that list may be beneficial. Generally, properties that Redfin believes will sell within two weeks of being on the market are eligible.

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An algorithm estimates when a home may sell, factoring in various user activity metrics — how many times a property was favorited, the number of tours scheduled, local market activity and so on. Since it’s algorithm-based, whether a house is listed as a Hot Home or not can change daily during the initial two-week listing period.

How to Remove My Home Info from Redfin

Generally speaking, you can’t remove your home completely from Redfin. However, you can alter certain details by using the Owner Dashboard. First, you’ll want to claim the property in question; if needed, you can contact customer service for assistance in doing so. Once you’ve claimed the house, you, as the owner, might be able to delete certain photos. Otherwise, information isn’t removed unless it’s proven inaccurate. 

If you sell a property, Redfin makes it easy to cut ties. To unclaim a house, log into the site and click into the Owner Dashboard. From there, you’ll be able to remove your connection to the property in question. However, completely removing a listing from the platform isn’t typically possible.

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