Homes ‘Favorited’ by Shoppers Sell Faster and Above List Price

When shoppers add a little heart to online for-sale homes, it can have a big impact.

More than 40 percent of home listings that get 30 or more “favorites” in their first week on Zillow end up selling for more than their list price, and listings favorited that many times typically sell in about two weeks or less.

The data, from Zillow’s new Builder Inform tool, proves how competitive the housing market has become: With 11 percent fewer homes on the market than a year ago — the biggest drop since July 2013 — low inventory is feeding the high competition for homes.

Some of the hottest markets saw the highest percent of homes sold for over asking price and the most favorites in their first week on Zillow: San Jose, CA (67.5 percent of homes sold above list and 17 median favorites), San Francisco (60.1 percent, 15 favorites), Seattle (42.3 percent, 14 favorites) and Portland, OR (38.3 percent, 14 favorites).

At the bottom of the list, Miami-Fort Lauderdale not only features homes with the least number of favorites in their first week (a median of 4), but also the highest number of days on Zillow (44) and the second smallest percent of homes that sold above list (7.7 percent, beat only by Virginia Beach, VA with 7 percent).

More favorites means high competition

Buyers who favorite a home are serious shoppers: They want to keep an eye on their favorites and share them with friends, family and their real estate agent. These buyers also check back on their favorite homes and should be prepared with pre-approved financing so they can act immediately when they’re ready to make an offer.

Make favorites data work for you

Favorites data is transparent: Simply click on your listing to see how many hearts it has. Knowing which homes get the most favorites can help you identify how popular those homes are compared to the competition. Favorites data is a good indicator of which homes might sell more quickly and above list price.

So how can builders help market their homes so that buyers will favorite them?

Optimize for mobile

You already know home shoppers search around the clock and on the go. Make sure they have a great experience on your website regardless of the device they use to view your homes.

Dazzle buyers with visuals

Use quality images — and lots of them — to pull home shoppers into your homes. Avoid renderings if possible.

Tug the heartstrings

Craft relevant messages with emotion-sparking words that engage your target buyers so they can better see themselves living in your homes.

Builder Inform offers data down to the zip code level in all major housing markets throughout the country. The information helps residential builders make smart decisions about where and what types of homes to build, based on consumer demand. Builder Inform is now available exclusively to builders who participate in Zillow Group’s Promoted Communities.

Interested in more data from Builder Inform? Check out the demo or email us: buildersales@zillow.com.

Related resources

• Highly ‘Favorited’ Homes on Zillow Sell Faster and for More Money
• July 2017 Market Report: Almost Half of U.S. Homes Are Worth More Now Than Before the Bubble
• Searched It, Saw It, Bought It: How Listing & Home Characteristics Impact Days on Market

Sell for more money relative to the homes list price.

Days on Zillow between list and offer acceptance.