I want to talk about the partnership, though, and how it gets to the affordability issue. Let's go right there, Robert, or whoever wants to kick it off. Please go ahead.
Okay. So it's a good partnership. That's good. Well, look, what this represents is the number one largest brokerage in the world, Compass. 340,000 agents, nine brands. Corcoran, Sotheby's, Coldwell Banker, Better Homes and Gardens Real Estate, Century 21, Christie's International Real Estate, partnering with the largest mortgage company in the world to help sellers by giving them something they've never had before, which is the ability to market their homes to 60 million buyers without days on market and price drop history. Ultimately, there's a risk to listing negative insights that are on listings that we are taking off the listing. So for the first time, so that they can market without risk, there should not be these artificial barriers.
If you come on in here because we think about affordability, you know, what we hear over and over again from economists is, yeah, mortgage rates matter. You know, it matters how much people are thinking about buying and their salaries and how they think about affordability. But it really has to do with supply. And if we're not building more homes in places where people want to live, we're just not going to make a dent. How do you do it if you're not a builder?
I think it's a very complicated problem, and I think it's really important that industry participates and does its part. And the purpose of this partnership is really to attack affordability in two ways. The first one is inventory. As Robert shared, we plan to bring as a result of this partnership 500,000 to 1,000,000 listings to the market that are not accessible. And so why aren't they accessible? Because part of the issue is that certain sites provide access to these private exclusives and coming soon listings, and these are inventory that really comes down to a more flexible way for sellers to be able to advertise their home. And what we think is that everyone is really focused on the buyer. That's obviously a very important side of the equation, but in some ways the entire world has forgotten about the other side of the equation, and that's the seller. And so this partnership first is focused on the seller. It's about lowering the barrier to entry so that more listings can be advertised online on Redfin and on Compass. That's one side of the equation. The second side of this is a mortgage partnership, and that's where we are building a more integrated platform for buyers so that buyers that use Rocket Mortgage, that use Compass, can actually save money. They can get up to $6,000 in closing cost coverage. They can save up to 1% on payments for the first year. And so it's a very multifaceted challenge to fix affordability. But what's great about this partnership is it fixes things for both buyers and sellers on both sides of the ecosystem.
But I got to ask, you know, one of the things that Tim and I, we've covered this a lot in terms of affordability. And yes, it's some of it is buying homes, affordable homes where they are needed. It's not just buying homes. But the other thing is a lot of folks have said we need to pay people more, that it's an income thing. So like, are you guys going to give mortgages? Are you changing your metrics in terms of income and so on? So what qualifies? Yeah, because that gets to the affordability issue, too.
Yeah. I mean, I think, look, the reality is affordability, as you said, is much more than just supply and demand, although supply and demand are probably the major ways to attack the problem. But a part of this is you have to have more ways to qualify people. You have alternative ways to look at things like credit. You have to think about reform. You have to think about wages. You think about self-employed. We have diversified the way that we look at our population. I mean, you look at things like the creator economy, you look at the self-employed economy. So you have different ways that people make income, have credit. And it's really important, I think, to acknowledge that and to diversify the way you qualify, folks. So the idea, big picture is you increase supply, you get more homes listed out there. It frees up inventory for people to buy that first home.
Robert. But yeah, go ahead. So you mentioned developers. Yeah, there's unfortunately that will just take too long. If we attack the builder side, that will take two years to have an even the most modest impact, the bigger impact, not really where you play the bigger impact. Exactly.
Well, we play on both, but I think the bigger impact is on existing home sales. And that's where there's been less inventory because so many homeowners are locked into low mortgage rates and they don't want to lose that. The mortgage rate to transfer to a 6% mortgage rate. So the way to expand the existing home sales market is to reduce the barriers to entry. And so let me give you some examples. Why do sellers say, when's the right time to list? There shouldn't be a right time to list. But they're worried about days on market. Why is there a fear of what price should we go at? But there shouldn't be a price drop history that shouldn't be a conversation. You know, my wife would never want to sell her home. But if you ask her, is there a price you'd sell your home? Yes. There's always a price.
But don't those histories inform the potential seller? Doesn't that data show and help inform a buyer? Doesn't that provide more information to the market? So, look, if I were buying your company, I would love your investment banker told me how long you've been trying to sell your company, how many times you dropped the price. But that's not what I'm buying. That's a negotiating point for leverage.
If buyers deserve to know price drop history and days on market, sellers, you deserve to know how long has that buyer been searching? How many times they put in offers that fell through and fell out of contract? And so we believe if you're the buyer, what you need is you need more inventory. So to help you, the buyer, the best thing that we can do is just let the seller sell however they want. And if we do that, there'll be more inventory.
So then wait a minute. So then now does the seller have more information or are you just getting rid of it? And it's just kind of a... We're just getting rid of it for the first time. So you just listed and you go if you buy, if you go to Australia, the word days on market and price drop history are not on the sites, they don't exist. The reason why is that system was built for sellers here. It was built because everyone's forced to put in the MLS. It was built for buyers.
And so we're just trying to bring the pendulum back and give individual homeowners the same advantages as the builders. Builders market without days on market and price drop history. So we should give homeowners the same opportunity.
What makes you so sure this is going to work in terms of the affordability issue? Because I also wonder if you remove some of that information. To Tim's point, if there have been price drops, that ultimately brings down the cost of the price of housing. But if you don't have that and it just kind of stays and maybe doesn't really indicate what's happening at the broader market, doesn't that lead to price appreciation and that doesn't get to the affordability?
There's two things to point out. I think the first thing is, I think no one can disagree that today there is no inventory. Right. We have an issue with the way the system works today, which is that we looked at some Redfin data. And so half of the homes that are listed right now have been on the market for 60 days plus. So we have a lot of stale inventory. You don't have a lot of new inventory. So fundamentally, in my neighborhood, because I like to check and keep an eye, there's just not much interest coming on market. And so to me, it's less about some of these metrics. It's more just like, how do you create more inventory? More inventory creates more competition, it reduces scarcity, and that creates pricing advantage. And so the bigger picture for us is just how do you attack the supply problem? Because without sellers, you're not going to have buyers and every seller ends up being a buyer. And that's really what we're focused on here.
