Homeownership company expands to Louisville market with partner Finish Line Realty, to offer certainty in the home transaction to buyers and sellers
NEW YORK, July 26, 2022 /PRNewswire/ -- Ribbon, the homeownership company, has expanded into Kentucky, a move that empowers Kentucky homebuyers to make all-cash offers with RibbonCash and guarantee closing.
Kentucky represents a major milestone of fifteen states of operation for Ribbon. Kentucky is the company's eighth expansion state this year alone - on its way to half of the U.S. by the end of 2022.
Considered a cornerstone of the American Dream, hopes of homeownership have dwindled for many in the face of rising interest rates, on top of increased competition from wealthy investors. At the end of 2021, total home sales skyrocketed to their highest annual level ($6.2 million) since 2006. In January, high prices and the lowest inventory of unsold homes (860,000 units) plagued the nation.
Home sales in Louisville rose 3.5% in June 2022 compared to last year, selling for a median price of $211,000. Homes sat on the market for 15 days - on par for a tight market compared to 16 days a year ago when competition was at its peak. With high mortgage rates causing additional disruption, buyers lean on real estate brokerages to get the most value for their purchase while sellers prioritize certainty in the transaction.
"Buyers in the market are swimming against a current of fluctuating costs, rising rates, and low inventory," said Shaival Shah, co-founder and CEO of Ribbon. "At Ribbon, we advocate for everyday people who want to own a home - not investors. We're leveling the playing field by equipping buyers with the most powerful offer in real estate and working directly with their agent and loan officer of choice. Further, sellers can feel confident that their deal will close, so they can move on to the next chapter."
RibbonCash Offers are guaranteed to close, providing sellers certainty even in the most competitive and volatile markets. And in a time of fluctuating interest rates, buyers utilizing Ribbon can shop around for the best mortgage rates, elevate their home purchase options, and bid with confidence for the home of their dreams using the most powerful offer in real estate.
As the only cash offer company that does not displace the local ecosystem, Ribbon works directly with real estate professionals and lenders who remain key advocates for buyers and sellers.
Ribbon will hold Kentucky-specific webinars on July 26th & 28th at 10am ET.
To ensure the broadest access for consumers, Ribbon is partnering with Finish Line Realty in Louisville, Kentucky. Through this partnership, Finish Line Realty can now provide all-cash, non-contingent offers on homes that pass inspection to its customers - empowering them to more effectively compete with the institutional investors snapping up residential homes and driving up prices beyond actual value.
"Finish Line Realty's goal is to help everyday buyers achieve their home ownership goals in Louisville's challenging housing market," said Scott Hack, Broker/Owner at Finish Line Realty. "Leveraging Ribbon's all-cash offers allows us to make the American Dream, with all its traditions, a reality for more of our clients."
With its growth into Kentucky, Ribbon now operates across the U.S. in 15 states. The company plans to expand to half of the U.S. by the end of 2022. For more information about Ribbon, visit www.ribbonhome.com.
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.
Finish Line Realty has been helping buyers and sellers in metro Louisville, Kentucky since 2011. As a tech-forward independent brokerage, the focus remains on offering or partnering with services and tools that give clients an advantage in the constant changing real estate market. The agents of Finish Line Realty strive to offer an experience that creates raving fans and clients for life. Learn more at louisvillerealestate.com.
Go-to-Market Communications Manager, Ribbon
BLASTmedia for Ribbon