It’s been an exciting time at Ribbon - We’re making more strides than ever in fulfilling our mission of making homeownership achievable for all. And it couldn’t come at a more important time: US housing markets have seen an increase in large institutions pricing out everyday families looking to purchase the home they love. With so much growth and movement happening, we wanted to take a moment to share the milestones we’ve reached and what it means for buyers, sellers, real estate agents and more.
We—our company, the agents we work with, and the clients we help—are in an extremely unique and competitive home buying market. A third of all offers today are cash offers; agents - small business owners - are being squeezed out of the homebuying process; and everyday families fall in love with homes only to lose them to institutional buyers.
This has made Ribbon the ally of choice in the competitive homebuying process: We announced this week that we’ve reached the milestone of providing homebuyers more than $650M a month in RibbonCash Offers. And we’re now north of $600M a month in Buying Power for fully-approved cash buyers.
Since January we’ve seen more than 10x growth and the number of weekly active agents on the platform has grown by 500% with listings on the platform receiving an average of six offers. We’re honored that we’ve been able to help so many agents and their clients navigate a one-in-a-lifetime competitive market.
Ribbon’s growth allows us to increase our competitive solutions to everyday buyers in our markets. This includes the state of Georgia -- home to our fastest-growing market, Atlanta—which 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 we’ve launched:
Appraisal Protection, a feature of RibbonCash Offers that waves the appraisal contingency for homebuyers with Ribbon covering any difference if the home is under-appraised.
We’ve also released an iPhone app, Ribbon for Agents, to help agents make fast offers on the go and expanded and accelerated operations in North Carolina, South Carolina, Georgia, Texas and Tennessee, with several new states in development.
Lastly, we’ve brought on a new VP of Sales and Operations and a new advisor to help us accelerate our team and product development, so that we can bring you best-in-class features and solutions that meet the needs of our ever-changing industry. The market is changing and we’re here to help.
Want to learn more about what we can do to get your client in the door? Book some time with your complimentary Ribbon expert to chat.
Want to be a part of our ongoing mission to make homeownership achievable? Check out our careers page for opportunities.