RedfinNow Launches in Seattle and San Francisco Metro Areas

Rhea-AI Summary

Redfin (RDFN) has launched its iBuying service, RedfinNow, in the Seattle and San Francisco metro areas, introducing a new selling option for homeowners. This service allows sellers to request cash offers directly from Redfin without needing to make home repairs or host showings. Homeowners can choose their closing date, providing flexibility for purchasing their next property. This expansion aligns with Redfin's strategy to offer comprehensive selling solutions and follows successful launches in various Californian cities. Redfin aims to help sellers make informed decisions by providing multiple selling options.

Positive

• Launch of RedfinNow in Seattle and San Francisco enhances selling options for homeowners.
• Allows sellers to receive cash offers without repairs or showings, improving convenience.
• Offers flexibility in choosing closing dates, aiding in concurrent home purchases.

Negative

• None.

SEATTLE, Dec. 8, 2020 /PRNewswire/ -- (NASDAQ: RDFN) -- RedfinNow launched today in the Seattle and San Francisco metro areas. RedfinNow is the iBuying service from Redfin (www.redfin.com), the technology-powered real estate brokerage, which gives homeowners a convenient new way to sell. Sellers can request a cash offer directly from Redfin and skip the hassle of fixing up their homes or clearing out for open houses and private showings. Redfin is the first major iBuyer to launch in Seattle and the Bay Area, bringing this innovative new way to sell a home to two of the world's leading technology hubs.

"We're all spending more time at home than ever before and many of us are dreaming of a home with a larger yard, a dedicated office, maybe even in a new city," said Quinn Hawkins, head of RedfinNow. "Yet at the same time, the idea of selling your home before you've found a new place to move is daunting, especially if you're moving out of town."

With record levels of competition for homes, RedfinNow is perfect for sellers who need the equity in their current home to buy their next one. Selling to RedfinNow lets homeowners choose their closing date, so they have the money to complete their purchase and only have to move once. Expanding RedfinNow to Seattle and the Bay Area is part of Redfin's strategy to offer homeowners a complete solution, with multiple ways to sell their home.

"Every homeowner wants to know what they could get for their home from an instant sale and compare it to listing on the open market," said Adam Wiener, Redfin's chief growth officer. "Even for customers who start by requesting a cash offer, many end up selling their home with a real estate agent.We're the only national brokerage working to offer homesellers a complete range of options to meet their needs."

Redfin's real estate agents, who have been helping clients buy and sell homes in Seattle and the Bay Area since 2006 provide a full-service offering for a listing fee as low as 1%. Redfin has also offered its Concierge listing service in both markets since 2018. For a listing fee as low as 2%, Redfin Concierge helps sellers who want help getting their home ready to go on the market. Redfin's Concierge team prepares a customized plan to make every home shine, sources the vendors and manages the project at every step.

"With RedfinNow, our full-service real estate agents, and Redfin Concierge, we've been building a complete selling solution and are thrilled to be the first to offer it to customers in our own backyard," added Wiener.

To request a cash offer, homeowners visit www.redfin.com/now, type in their address and provide some basic information about their home. RedfinNow uses local insight and its proprietary machine-learning algorithms to make a competitive cash offer based on the home's location, condition and the cost of repairs. Sellers can pick their closing date between 10 and 60 days from accepting Redfin's offer.

Once RedfinNow owns a home, it makes updates and then lists the home for sale on the open market. Redfin makes it easy for buyers to safely tour RedfinNow listings without an appointment. Buyers can unlock the door of most RedfinNow homes with the Redfin app and self-tour seven days a week, from 8 am to 8 pm, with or without an agent.

An iBuying pioneer since it launched in Southern California in early 2017, RedfinNow is now available in all of California's largest metro areas, including the Inland Empire, Los Angeles, Orange County, Palm Springs, Sacramento and San Diego, as well as several markets in Texas and Colorado.

In Seattle and San Francisco, the company will start making offers today on homes that fit the following parameters and expand to additional neighborhoods and property types over time. The parameters are subject to change:

• Seattle Area: Single family homes and townhomes built after 1930 worth up to $1.6 million. RedfinNow is currently available in parts of King, Pierce and Snohomish counties, including neighborhoods in Seattle, Bellevue, Tacoma, Redmond and Everett.
• Bay Area: Single family homes and townhomes built after 1930 worth up to $1.5 million. RedfinNow is currently available to homeowners in the East Bay and South San Jose areas.

To learn more about RedfinNow and to request an offer for your home, visit www.redfin.com/now.

About Redfin
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we've helped them buy or sell more than 235,000 homes worth more than $115 billion.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

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SOURCE Redfin

FAQ

What is the purpose of RedfinNow launched in Seattle and San Francisco?

RedfinNow aims to provide homeowners with a convenient way to sell their home by offering cash offers without the need for repairs or showings.

How does RedfinNow benefit sellers in the Seattle and San Francisco areas?

Sellers can obtain cash offers, avoid the hassle of traditional sales, and choose their closing date, allowing for seamless transitions.

What are the parameters for homes eligible for RedfinNow offers?

In Seattle, homes built after 1930 valued up to $1.6 million are eligible, while in the Bay Area, the limit is $1.5 million.

When did RedfinNow launch in Seattle and San Francisco?

RedfinNow officially launched on December 8, 2020, in the Seattle and San Francisco metro areas.

What sets Redfin apart from other real estate services?

Redfin combines technology and real estate expertise, offering flexible selling options like RedfinNow along with traditional brokerage services at lower fees.