{"id":63321,"date":"2018-07-24T04:00:56","date_gmt":"2018-07-24T11:00:56","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=63321"},"modified":"2020-10-05T13:11:47","modified_gmt":"2020-10-05T20:11:47","slug":"introducing-the-redfin-compete-score","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/introducing-the-redfin-compete-score\/","title":{"rendered":"Introducing the Redfin Compete Score"},"content":{"rendered":"

We know that today\u2019s housing market <\/span>is highly competitive<\/span><\/a>. But if you\u2019re buying or selling your house, that\u2019s not enough <\/span>\u2014<\/span> you need to know just <\/span>how<\/span><\/i> competitive it is in your neighborhood so you can understand what it takes to win a home, or what to expect when you\u2019re selling. We\u2019re here to help!<\/span><\/p>\n

Today Redfin launched Compete Score\u2122<\/em><\/span>, designed to rate how competitive a city or neighbo<\/span>rhood is on a scale of 0 to 100<\/span>, where 100 is the most competitive. <\/span>Like Redfin\u2019s <\/span>Walk Score<\/span><\/a>\u24c7<\/span>, <\/span>Compete Score is broken up into four ratings with accompanying score ranges:<\/span><\/p>\n

\"compete_score\"<\/figure>\n
To find Compete Score for an area, search for a city or neighborhood from<\/span> the <\/span>Redfin website<\/span><\/a>. <\/span>Compete Score can be found on Redfin.com pages for individual listings as well as at the top of the Home Values page for any city or neighborhood where more than 25 homes were sold in the last year.<\/span><\/figure>\n
\"compete_score2\"<\/figure>\n

More Data, Unique Insights<\/b><\/p>\n

When it comes to the housing market, competition and desirability are not the same thing. In fact, desirable neighborhoods may be less competitive because they are more expensive and receive fewer offers. <\/span>The best way to understand competitiveness in an area is to understand how many offers you\u2019ll compete against, how strong your offer terms need to be and how quickly you need to act. <\/span><\/p>\n

We calculate Compete Score using data that only Redfin has, including the number of competing offers and number of waived contingencies, and data from local multiple listing services (MLS), including the sale-to-list price ratio and number of days on market for homes in that area. Because Redfin has <\/span>a customer database that is used by every agent for every customer at every step of buying or selling a home, <\/span>we\u2019re able to use our own data and unique insights to to deliver a more informed assessment to customers who want to understand competition in their market.<\/span><\/p>\n

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