NEW YORK — 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 the 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.
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