Redfin makes significant expansion of its 1% listing fee

Redfin says that it has now extended its 1% listing fee to home sellers in 18 housing markets

Redfin makes significant expansion of its 1% listing fee
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:
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