NEW YORK, Feb. 25, 2021 /PRNewswire/ -- Today Knock and high-profile LA brokerage firm The Agency are arming homeowners in Los Angeles with a new way to compete and win in today's competitive housing market by being able to buy their new dream home before they sell their existing one. The Agency is one of LA's most successful real estate brokerage firms and now its agents can further exceed client expectations by offering them the Knock Home Swap, which gives homeowners the advantage of being fully pre-funded to make a cash-equivalent offer on their dream home before even listing their old home.
Today's launch in Los Angeles -- the nation's second-largest housing market and the largest market where the Knock Home Swap is available to date -- marks Knock's expansion into California. In the seven months since the Knock Home Swap launched in Atlanta, Dallas and Phoenix, it has grown to a total of 18 markets in seven states.
As part of its expansion into LA, one of the nation's highest-priced housing markets, Knock has increased its interest-free Home Swap bridge loan that allows homeowners to buy before they sell from $200,000 to $250,000.
"Selling a home is always stressful, and that is only magnified in today's fiercely competitive housing market, where inventory is at an all-time low and bidding wars make it difficult for anyone with a contingency to compete," said Knock Co-Founder and CEO Sean Black. "With the Knock Home Swap, we are reimagining the process of buying and selling homes, giving existing homeowners the ability to buy their dream home first and then repair and list their old house on the open market for the maximum sale price. We're thrilled to bring the Home Swap to Los Angeles -- one of the largest, most diverse and competitive housing markets in the country -- in partnership with The Agency."
According to The Agency's 2020 Annual Report, The Red Paper, buyers in Los Angeles seeking a single-family residence with a backyard for under $2 million faced record-breaking competition in 2020 and that will only continue in 2021. The Agency reports that in January, the median sale price of a single-family home in Los Angeles County was $785,000, up 15.4% over last year, and homes were selling in 13 days, 21 days faster than a year ago.
"Buyers in Los Angeles are competing in a market where aggressive deal terms, bidding wars, and homes snapped up hours after they hit the market are par for the course in the $2 million and under price range," said Mauricio Umansky, CEO and Founder of The Agency. "Our Knock Certified Agents will be able to work with their clients to offer Knock Home Swap as an option to present competitive deal terms and to help them move into their dream homes sooner. We believe Knock Home Swap will be a great tool for our clients in Los Angeles, Scottsdale and South Florida."
In addition to Los Angeles, The Agency's real estate professionals in Scottsdale, Ariz. and South Florida also will be able to offer the Home Swap to their clients.
The Knock Home Swap includes a fully integrated and competitively priced mortgage as well as up to $250,000 in an interest-free bridge loan to cover the down payment on the new home in addition to home prep and up to six months of mortgage payments on the old house.
With the Home Swap, consumers immediately take ownership and begin earning equity in their new home, avoiding the hassles of living through repairs and showings. As part of its Home Prep Concierge, Knock provides access to its approved contractor network and manages the payment of all bills upon client-approved completion of work. Additionally, Knock provides a backup offer on the old house in the unlikely event that it doesn't sell within six months. Ninety percent of Knock homes sell in 90 days or less.
The Knock Home Swap is available in Atlanta; Austin, Texas; Charlotte, N.C.; Colorado Springs, Colo.; Dallas-Fort Worth; Denver; Fort Lauderdale, Fla.; Houston; Jacksonville, Fla.; Los Angeles; Miami; Orlando, Fla.; Phoenix; Raleigh, N.C.; San Antonio; Tampa, Fla.; Tucson, Ariz. and West Palm Beach, Fla. Knock plans to nearly double the number of markets it serves in 2021 and be in 75 markets by 2023.
About Knock Knock is on a mission to empower people to move freely. The Knock Home Swap™ makes it easy for consumers to buy their new dream home before selling their old one, skipping the hassles of living through repairs and showings, paying only one mortgage at a time, and having home prep covered upfront so their old house sells for the highest possible price. Knock currently offers the Home Swap in 18 markets in seven states and plans to nearly double the number of markets it serves in 2021 and be in 75 markets by 2023.
Launched in 2015 by founding team members of Trulia.com, Knock has raised more than $600 million in debt and equity from top tier investors, including RRE Ventures, Foundry Group, Redpoint, Greycroft, Corazon Capital, Correlation Ventures, Great Oaks Venture Capital and FJ Labs.
About The Agency The Agency is a full-service, luxury real estate brokerage and lifestyle company representing clients in a spectrum of classes, including residential, new development, resort real estate, residential leasing, and luxury vacation rentals. Since its inception in 2011, The Agency has modernized and advanced the real estate industry by fostering a culture of partnership in which all clients and listings are represented in a collaborative environment. Shunning the traditional brokerage model, agents share knowledge, spheres of influence, contacts, and expertise, ensuring clients better representation and a true competitive edge. The Agency has closed more than $25 billion in real estate transactions since its inception and has almost 700 agents in more than 36 offices in the U.S., Canada, Mexico, and the Caribbean.