Ribbon launches in Alabama, kicking off multi-state expansion in 2022

News provided by

Dec 07, 2021, 09:00 ET

Homeownership company sets sights on Birmingham and Huntsville as focus cities;
Crye-Leike to serve as first partner in the state.

NEW YORK, Dec. 7, 2021 /PRNewswire/ -- Ribbon, the homeownership company, today announces its expansion to Alabama, deepening its presence in the Southeastern U.S. -- and providing a new competitive advantage to Alabama's everyday buyers.

Alabama homebuyers continue to face steep headwinds in purchasing their dream home. The statewide median sale price increased 11.3% and the average days on market decreased from 71 days to 45 days, year-over-year, according to the Alabama Center for Real Estate.

"There are always challenges in the homebuying process, but the current housing market exacerbates those challenges with low inventory and investors outbidding everyday families," said Shaival Shah, CEO and co-founder of Ribbon. "Ribbon's mission is to help ease those challenges, and - with the power of our cash offers - we're leveling the playing field for Alabama homebuyers and their agents."

With RibbonCash Offers, homebuyers can make an all-cash offer on their dream home: waiving mortgage, appraisal and home sale contingencies. Ribbon's guaranteed close, and appraisal protection, give buyers, sellers and agents added predictability.

Ribbon's initial focus cities will be Birmingham and Huntsville. Over the past year, 44.5% of homes in Birmingham have sold over asking price, and Huntsville home values are up 20.9% since last year. Ribbon holds agent and loan officer webinars weekly.

Crye-Leike Real Estate Services teams with Ribbon in Alabama

To offer as many prospective buyers a competitive advantage as possible on day one, Ribbon's launch partner in Northern Alabama will be Crye-Leike Real Estate Services, ranked the third largest independently-owned real estate company in the nation. With RibbonCash, Crye-Leike agents will have a powerful tool to help everyday buyers compete - even in the most competitive market conditions, head-to-head with investors.

"We're excited for our agents and customers in North Alabama, because using Ribbon as part of the CRYE-LEIKE ADVANTAGE program will give them a better chance of being successful when making offers," said Steve Brown, president of residential sales at Crye-Leike. "By making offers not contingent on appraisal and the equivalent of cash, they can compete with investors. It's a win for the buyer, the seller and our agents who show fewer houses to get an accepted offer."

"Crye-Leike is one of the most recognizable names in real estate, and with good reason," said Shaival Shah. "This was earned through a network of agents who're steadfast in making homeownership dreams a reality, using whatever tools necessary to deliver. With this partnership, we'll give more Alabama buyers an upper hand from the start."

In addition to Alabama, Ribbon operates in North Carolina, South Carolina, Texas, Tennessee, Georgia and Florida, with plans to expand to half of the U.S. by the end of 2022. For more information about Ribbon, visit www.ribbonhome.com.

About Ribbon:

Founded in 2017 in New York and Charlotte, Ribbon is on a mission to make homeownership achievable. Ribbon allows everyday families to compete on a level playing field with high-net-worth individuals and institutional buyers by upgrading their offers to winning RibbonCash Offers. As the leading real estate technology platform, Ribbon empowers agents, brokerages, and lenders to create a world-class experience for home buyers and sellers through powerful financial products and digital workflow software. Visit ribbonhome.com.

About Crye-Leike Real Estate Services:

Crye-Leike is a full-service real estate company founded in Memphis in 1977. Today it is ranked the third largest, independently-owned real estate company in the nation and the largest real estate company serving markets in Tennessee, Arkansas, Georgia, Mississippi and the Mid-South. Crye-Leike has a network of more than 3,200+ licensed sales associates, 600+ staff members and over 130+ branch and franchise offices located throughout an eight-state region of Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, Oklahoma, and Tennessee. Crye-Leike also has a franchise location in Puerto Rico.