NEW YORK, June 15, 2021 /PRNewswire/ -- Ribbon, a real estate technology company making homeownership achievable with cash-powered offers, today announces its milestone of more than $650m a month in RibbonCash Offers on its platform, and north of $600M a month in Buying Power for fully-approved cash buyers. The company's growth comes in the midst of an extremely active U.S. housing market.
Since January, RibbonCash Offers have seen more than 10x growth on the way to the $650M a month milestone, providing homeowners the strongest offer in real estate with a 100% on-time closing rate. The number of weekly active agents on the platform has grown by 500% with listings on the platform receiving an average of six offers.
"Everyday families are up against one of the most competitive housing markets in recent memory. Over a third of homes today are purchased with cash," saidShaival Shah, CEO and co-founder of Ribbon. "From day one, Ribbon's mission has been to make homeownership achievable for all. Our rapid growth in the past year gives us the opportunity to deliver on that promise — while making the experience fast, simple, and certain for buyers, agents, and lenders alike."
Ribbon is increasingly relied upon as a competitive solution to everyday buyers in the markets it operates. Among its markets:
The state of Georgia, home to Ribbon's fastest-growing market in Atlanta, totalled nearly $250m in offers last month.
The Charlotte market has seen over 8x growth in offers, and Research Triangle has seen over 5x growth in offers. The state of North Carolina totalled nearly $200m in offers last month.
To meet the needs of homebuyers in today's market, the company accomplished the following since the beginning of 2021:
Launched Appraisal Protection, a feature of RibbonCash Offers waiving the appraisal contingency for homebuyers with Ribbon covering any difference if the home is under-appraised
"When we started discussing the idea of buying a new home, we were hesitant at first because we knew how competitive Charlotte was. We didn't want to deal with making multiple offers on homes we loved, just to lose them. Fortunately our neighbor told us about Ribbon," said Jordan and Katie, who bought a home in the Charlotte area with Ribbon.
"We found the house we wanted but it already had several offers and was completely booked for showings. Our first offer was accepted by the seller. This was our first and only offer we made. Without Ribbon, there's no way we would have gotten our home."
Ribbon helps homebuyers, agents, and lenders in five states currently, with plans to be in half of U.S. states within the next 12 to 18 months. As Ribbon continues its mission to make homeownership achievable, it plans to more than double its team by the end of 2021 to more than 200. The company is hiring across all departments. For more information, visit ribbonhome.com/careers.
About Ribbon: Founded in 2017, 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. Ribbon is the leading real estate technology platform that empowers agents, brokerages, and lenders to create a world-class experience for home buyers and sellers through powerful financial products and digital workflow software.