What makes a home "redfin hot"?

[Anonymous]

What is the "hot home" designation on redfin signify? I know, secret algorithm, yada yada. But is it based on clicks? price relative to comps? How accurate?

[Anonymous]

I am guessing price relative to comps. but its just a guess.

[Anonymous]

There are a number of threads on this if you search, but no one really knows the answer. Here's one of the more informative ones:
http://www.dcurbanmom.com/jforum/posts/list/480312.page

[Anonymous]

I think it's when the house gets lots of views. Several houses posted on DCUM have become hot homes because of all the clicks they get.

I think it also happens when a house falls inside a lot of people's search parameters.

[Anonymous]

price per sqft Vs average days on market for the area.

[Steve]

https://www.redfin.com/about/hot-homes

See Which Homes Are Likely
to Sell Within Two Weeks
In competitive real estate markets, speed is critical. Redfin aims to give you an advantage by identifying Hot Homes™ that are likely to sell quickly, so you know which homes to go see in person right away.

A Hot Home is a new home for sale that has a 70% or higher chance of going under contract with a buyer in its first two weeks on the market, according to the proprietary Redfin Hot Homes algorithm.

The Hot Homes algorithm automatically calculates the likelihood by analyzing more than 500 attributes of each home — including price, property type, and neighborhood — as well as buyer preferences in the area.

You always see the most up-to-date likelihood that a Hot Home will sell quickly because the algorithm evaluates each home as soon as it hits the market, and then reevaluates it daily for the first two weeks.

[Anonymous]

Anyone following this listing that's been hot since December?

https://www.redfin.com/DC/Washington/1519-Constitution-Ave-NE-20002/unit-301/home/12531574

Looks like a couple deals fell through and now I assume something is wrong with it. Yikes.

[Anonymous]

Anything sold by her.

Just look at her!

*wipe brow*
*loosen collar*

[Anonymous]

Anonymous wrote:Anyone following this listing that's been hot since December?

https://www.redfin.com/DC/Washington/1519-Constitution-Ave-NE-20002/unit-301/home/12531574

Looks like a couple deals fell through and now I assume something is wrong with it. Yikes.

I don't know. But I live in the neighborhood and you can still buy a whole fee-simple house for that price, so why would anyone pay that for a condo?

[Anonymous]

It's a marketing ploy. Agents can pay to have that designation added to their listing. There's a "hot home" townhouse in Alexandria, 4 units for sale in the subdivision and the "hot home" is the most expensive and smallest model.

[Anonymous]

I also suspect anything actually listed by Redfin is automatically a "Hot" home.

[Anonymous]

Anonymous wrote:It's a marketing ploy. Agents can pay to have that designation added to their listing. There's a "hot home" townhouse in Alexandria, 4 units for sale in the subdivision and the "hot home" is the most expensive and smallest model.

Do you have a source for this? I don't think it's true at all. I've seen hot homes become "not hot" when they don't sell after 2 weeks-the Redfin algorithm doesn't always get it right.