Knock, the first-ever home trade-in platform, today announced the release of the inaugural Knock Deals Forecast analysis of residential real estate deals based on homes’ predicted final sale price and estimated days on market. The data scores homes on a scale from Awful to Awesome, and reveals trends in where home buyers can find the best deals based on important factors like city, price range, home size, proximity to top-rated schools and more. Awesome deals have a predicted sales price below the list price and will likely sell quickly, and Awful deals have list price significantly above the predicted sales price and are predicted to take a long time to sell.
“Homebuyers are balancing price with a wish list of things they need in a home for themselves and their family. Every dollar counts, particularly in a sellers’ market like Atlanta, which is why buyers need accurate and transparent information upfront,” said Sean Black, Co-Founder and CEO of Knock. “Our proprietary algorithm assigns a rating to home listings and provides insights on trends related to what, where, when and how consumers look for a home, so that they can make better decisions and negotiate in a way never before possible.”
While the Forecast will eventually be able to predict deals nationwide, the initial analysis focused on trends in Greater Atlanta, where Knock has helped over 2,000 customers since launching there in late 2016, and predicts that eight of the 10 best cities to find “Awesome” deals are within 30 miles north of Downtown Atlanta:
The data also revealed trends in factors critical to how and when homebuyers pick their homes. For example, the highest percent of Awesome deals in nine out of the 10 top cities are on one to two bedroom homes, indicating that it could be an ideal time to buy for individuals debating between renting and buying, or those looking to purchase a starter home.
At the same time, the analysis found trends in deals for families looking for homes as their kids start new schools: For instance, the highest average school rating in six of the top 10 cities for Awesome deals was for High Schools, including 4.51 in Canton and 4.37 in Powder Springs.
Knock also analyzed changes in the data from the end of 2017 to the end of Q1 2018, finding that the cities with the highest concentrations of “Awful” deals have shifted further out from Downtown Atlanta; seven out of the worst 10 cities are further north than Marietta:
For the first-ever Atlanta Knock Deals Forecast, Knock analyzed over 8,000 Q1 2018 and 7,000 Q4 2017 real estate listings in the area surrounding downtown Atlanta, across the Cobb, Fulton, Forsyth, Dekalb, Gwinnett, Rockdale, Cherokee, Newton, Douglas, Fayette, Clayton and Henry counties. In addition to developing insights based on houses for sale so far in 2018, the analysis took into account changes from the end of 2017. The Knock Deals prediction that the analysis is based on has proven to be highly accurate: In March, half of listings sold within 2.5% of the prediction. Knock Deals provides transparency into final sales prices and days on market to empower consumers with insights on when to buy and how much to pay for their new home — the largest financial investment of their lives.