Anonymous wrote:It's not based on Favorites. I believe it's based on price/sq ft. So if a home is cheap based on the square footage, it's labeled a hot home.

I agree with this. The homes that I've noticed were marked as hot homes were generally homes that were cheaper compared to other homes in the same area.

But some of these homes lose the designation after they sit on the market for longer than a week.

I would have bet money when we put our condo on the market it would have been labeled "Hot" but there was no love from Redfin. We still had multiple bids and were under contract for above asking price before the open house.

It's not based on Favorites. I believe it's based on price/sq ft. So if a home is cheap based on the square footage, it's labeled a hot home.

My "hot home" just sold in 10 days, full asking price.

Our home was a trending home on sill ow and sold within a week. Normal amount of favorites but lots of page views.

Anonymous wrote:I thought it was based on how many people mark it as "Favorite".

I thought so too, but ours has about 90 'favorites' and isn't a hot home.

I thought it was based on how many people mark it as "Favorite".

Nearly every listing in DC west of the park and under $1M has that designation.

We bought a 'hot home'. Under contract in 4 days. Some other 'hot homes' are still on the market 40+ days later. Franklymls uses a 'flame icon' for some listings.
http://franklymls.blogspot.com/2013/08/predict-bidding-war-situations-new-fire.html

Anonymous wrote:I think it's just based on the number of views, so typically you will find hot homes that are not crazy expensive and are in at least reasonably desirable areas. Even if the place ends up being a dump, people are still clicking on them out of curiosity because of the price and location. You typically will see most hot homes are under $1 million.

That's what I thought but our RF said it's not based on number of clicks. A seller cannot click on her listing from 1000 computers and make it a hot home.

Anonymous wrote:I think it's just based on the number of views, so typically you will find hot homes that are not crazy expensive and are in at least reasonably desirable areas. Even if the place ends up being a dump, people are still clicking on them out of curiosity because of the price and location. You typically will see most hot homes are under $1 million.

Well, that stands to reason considering the fact that most homes, period, under $1 million.

I think it's just based on the number of views, so typically you will find hot homes that are not crazy expensive and are in at least reasonably desirable areas. Even if the place ends up being a dump, people are still clicking on them out of curiosity because of the price and location. You typically will see most hot homes are under $1 million.

Have seen a few not sell in the predicted time.

Our RF agent told us it's some computer modeling Prediction.

Take those hot homes with a grain of salt.

If the listing agent included finishef basement space in the Sq ft instead of doing just above grade, the computer program cannot tell and identifies it as underpriced/hot.

One such hot home we bid on wsd a split foyer and the agent put 3000 sq ft as the size. Guess what. We were the only offer but sellers declined our price. Then it sat for another ten days before lowering $10k then it finally went under contract in 30 days in a popular area where houses go within the first ten days.

After that experience, I disregard the hot home markings.

What criteria does Redfin use to designate something as a hot home? Are they ever wrong? There are some listings that I just don't understand why they would be "hot."