Against a backdrop of severe shortages of homes for sale, the topic of real estate website data accuracy is back in the news. By data accuracy, we mean showing all the homes for sale and not showing any that are off the market. In the past week, ZipRealty released a study about real estate data accuracy, and Realtor.com launched an ad campaign on the same topic.
We were thrilled to see this, because we tackled this issue last summer. Windermere and Redfin published a comprehensive data accuracy study that concluded local brokerage websites such as Redfin, Windermere and Long and Foster have over 20 percent more listings than national portals Zillow and Trulia.
Percentage of Agent-Listed Homes for Sale Found on Each Site, by Market
|Market||Redfin||Long & Foster||Windermere||Trulia||Zillow|
|Boston, MA Homes||100%||n/a||n/a||91%||83%|
|Chicago, IL Homes||100%||n/a||n/a||84%||75%|
|Denver, CO Homes||100%||n/a||n/a||83%||86%|
|Los Angeles,CA Homes||100%||n/a||n/a||81%||73%|
|Philadelphia, PA Homes||100%||100%||n/a||93%||86%|
|Phoenix, AZ Homes||100%||n/a||n/a||73%||65%|
|Portland, OR Homes||100%||n/a||100%||80%||81%|
|San Diego, CA Homes||100%||n/a||n/a||94%||88%|
|San Francisco, CA Homes||100%||n/a||n/a||74%||78%|
|Seattle, WA Homes||100%||n/a||100%||63%||72%|
|Washington, DC Homes||100%||100$||n/a||86%||76%|
|Source: The Accuracy of Real Estate Web Sites|
Guess what? All three companies are saying the same thing: brokerage websites give customers more accurate, timely information than the portals.
Who cares? Well, accurate information on real estate websites is critically important for the average home buyer, not just industry insiders. Especially in a highly competitive housing market, seeing all the listings, and seeing them as soon as they hit the market matters. A lot. The majority of homes are getting multiple offers and many are going under contract within days, or even hours, not weeks or months.
Local brokerage sites like Redfin show homes for sale immediately, as opposed to the seven to nine day delay typical for the national portals. When you’re serious about buying a home, even a day or two matters, but a week can be catastrophic. By the time you run across your dream home on Zillow or Trulia, it may well already be under contract. We make it our business to have the most accurate data out there, updated every 15 to 30 minutes so you’ll never miss out. At Redfin, we think you deserve to see it all.