Favorites and Sales Momentum

Zillow Inc., Seattle, said home listings across the U.S. that receive 30 or more “favorites” on Zillow within their first week on the market sell in under two weeks and for more money, which Zillow Chief Economist Svenja Gudell said is a sign of how competitive the housing market has become. Conversely, Zillow said homes that get 10 or fewer favorites in their first week go for less money and take more than a month to sell.

“Favoriting” a home on Zillow is a way for shoppers to save homes they’re interested in coming back to later, making it easy to show a friend, partner or real estate agent. And as home buyers skew increasingly younger and more savvy on social media, the language of social media counts for something. According to the Zillow Group Consumer Housing Trends Report, nearly 70 percent of sellers say seeing how well their home is performing compared to similar homes on the market is an important way for them to gauge interest. About 60 percent of sellers say an important way for them to gauge interest is to know how many people have looked at their home online.

Source: Zillow