Ribbon's Novel All-Cash Offer Now Live in Michigan, Providing Certainty for Buyers and Sellers in an Uncertain Real Estate Market

Ribbon expands to its 16th state to help make homeownership achievable for Michigan homebuyers

NEW YORK, Sept. 13, 2022 /PRNewswire/ -- Ribbon, the homeownership company, has expanded its services into Michigan. With a focus on improving the home buying and selling process, Ribbon's Cash Offer is a guaranteed close for Michiganders, removing home sale, financing and appraisal contingencies that often force deals to fall through while providing certainty in an unpredictable market for buyers and sellers.

The entire real estate ecosystem faces significant challenges, including Wall Street and sovereign wealth funds competing for single-family homes, increased mortgage rates and rising rental prices. In addition, iBuyers are destabilizing the real estate ecosystem and real estate agents' small businesses, to the detriment of everyday buyers in need of an advocate. While these challenges remain, the desire to buy a home continues for many first-time homebuyers. Homeownership must be more achievable.

In July 2022, home prices in Michigan were up 7.7% compared to last year, selling for a median price of $256,600. The number of homes sold was down 13.3% year over year, highlighting the impact mortgage rates have on buyers and the fears facing sellers looking to put their home up for sale. The median days on the market were 16 days. Additionally, there was over 100% sale-to-list price, meaning buyers typically pay more than the asking price. Finding solutions that provide buyers the time and flexibility necessary while simultaneously offering sellers with closing certainty is necessary during a time when home affordability is becoming more difficult.

"Rising mortgage rates are deterring or stalling many buyers' dreams to purchase a home," said Shaival Shah, CEO and co-founder of Ribbon. "Without accessibility or affordability, buyers, sellers, agents and lenders are all impacted. Ribbon's mission is to make homeownership achievable for all. By launching in Michigan, we can empower the real estate ecosystem and help buyers and their agents with contingency-free all-cash offers that help them secure their dream home."

RibbonCash Offers enable Michigan homebuyers to waive mortgage, appraisal, and home sale contingencies through the power of an all-cash offer. Ribbon's guaranteed close, and appraisal protection gives buyers, sellers and agents predictability, helping to move its users to the front of the offer pool. Loan officers share the excitement for streamlined solutions to serve their communities and grow businesses.

"Ribbon brings a powerful resource to our clients and agent partners," said Katie Lawrence, Branch Manager, Amerifirst Home Mortgage. "Their contingency-free all-cash offers can help increase homebuyer competitiveness in the market while helping our agent partners secure more wins. RibbonCash Offers give Amerifirst loan officers another competitive resource—which triples local homebuyers' chances of winning their bids—to respond to the market and better serve client needs."

In addition to Michigan, Ribbon operates in 16 states across the South and the Midwest. 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.

About Ribbon:
Founded in 2017 in New York and Charlotte, Ribbon is on a mission to make homeownership achievable. A tech-enabled homeownership company, 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 empowers agents, brokerages, and lenders to create a world-class experience for homebuyers and sellers through powerful financial products and digital workflow software. Visit ribbonhome.com.

Media Contact:
BLASTmedia for Ribbon
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317.806.1900

SOURCE Ribbon