With all the bidding wars going on, wouldn't it be nice to know when a listing might be more likely to have a bidding war situation?
See an example with a search in Arlington Virginia homes for sale.
Well now, we will show a symbol when there is a listing that meets the following criteria
1) The homes is under 7 Days On Market
2) The listing agent has a selling track record of getting the seller over 100% of list price on at least HALF of their listings... that sell in 7 days.
The #2 is a little tricky, so I will explain it another way. The flame is just looking at the agent's track record when their listings sell in under 7 days. So they might have 100 listings and only 3 sell in under 7 days. Meaning only a 3% chance of a bidding war. And if 2 of those 3 (over 50%) sell for over list, there WILL be a flame symbol.
So the flame represents IF (a big IF) this home were to sell in under 7 days, it has over a 50% chance of selling for over list price based on the agent's track record.
I am open to suggestions for adjusting this metric, but for now I kept it simple.
What do you think? Leave your comments.
Also the FPP (Frankly Price Predictor) will have an adjustment shortly for homes likely to go over list.