Redfin says that it has now extended its 1% listing fee to home sellers in 18 housing markets
Redfin says that it has now extended its 1% listing fee to home sellers in 18 housing markets.
The growth of the market-disrupting model means that around 80% of the online brokerage’s customers will be eligible for the rate, subject to a minimum fee of between $3000 and $5,500 depending on the market.
However, the move will mean that buyers will see a reduction in their refund, a key part of Redfin’s strategy.
“Especially in today’s hot market, the most value-conscious customer is the one selling, not buying, a home,” said Redfin CEO Glenn Kelman. “We first tried shifting more savings from buyers to sellers nearly three years ago, with 1% pricing in Washington, D.C., and then later in four other markets, and our overall share gains in those markets have outpaced other Redfin markets.”
Here are the markets the firm is now offering the 1% fees and the minimum fees charged:
The growth of the market-disrupting model means that around 80% of the online brokerage’s customers will be eligible for the rate, subject to a minimum fee of between $3000 and $5,500 depending on the market.
However, the move will mean that buyers will see a reduction in their refund, a key part of Redfin’s strategy.
“Especially in today’s hot market, the most value-conscious customer is the one selling, not buying, a home,” said Redfin CEO Glenn Kelman. “We first tried shifting more savings from buyers to sellers nearly three years ago, with 1% pricing in Washington, D.C., and then later in four other markets, and our overall share gains in those markets have outpaced other Redfin markets.”
Here are the markets the firm is now offering the 1% fees and the minimum fees charged:
CA - Inland Empire | $3,500 | NV - Reno | $3,000 | |||
CA - Lake Tahoe | $3,000 | NM - Statewide | $3,000 | |||
CA - Los Angeles | $5,500 | NY - Hudson Valley | $4,500 | |||
CA - Orange County | $5,500 | NY - Long Island | $4,500 | |||
CA - Sacramento | $3,500 | NY - New York | $4,500 | |||
CA - San Diego | $5,000 | OR - Portland | $3,500 | |||
CO - Denver | $3,000 | RI - Statewide | $3,000 | |||
DC - Washington, D.C. | $4,500 | TX - Austin | $3,000 | |||
HI - Statewide | $4,500 | TX - Dallas | $3,000 | |||
IL - Chicago | $3,000 | TX - Houston | $3,000 | |||
MA - Boston | $4,500 | VA - Northern Virginia | $4,500 | |||
MD - Statewide | $4,000 | WA - Seattle | $4,500 | |||
NJ - Statewid |