Alternative financing model Ribbon is expanding to Florida. Through Ribbon’s Cash Offers, Florida homebuyers can now make a non-contingent, all-cash offer with Ribbon: waiving mortgage, appraisal and home sale contingencies.
Florida homebuyers, and first-time homebuyers in particular, are faced with significant headwinds in purchasing their dream home. According to Florida Realtors data, 3,771 single-family homes were purchased with cash offers in May 2020. In May 2021, the number tripled to 9,376 — a 148.6% increase.
“There are immense challenges homebuyers face in Florida’s real estate market, but Ribbon aims to ensure they aren’t insurmountable. Aside from increased interest in home ownership, homebuyers now have to compete against Wall Street investors, turning housing into long-term rentals at the expense of qualified buyers,” said Shaival Shah, CEO and co-founder of Ribbon.
Ribbon works directly with real estate professionals who remain key advocates for buyers and sellers – and experts in how the local market can meet a buyer’s needs.
The trend toward making every buyer an all-cash buyer has been accelerating in this highly competitive real estate market. In an interview with RealTrends, Redfin’s CEO Glenn Kelman discussed how he believes real estate competition in this arena is heating up. “There’s just this massive vertical integration where everybody feels like you’ve got to have a lender, a title company and have to offer some kind of cash deal to people who want to sell right away. And that is just going to put a bunch of pressure on everybody running a brokerage to do a lot very fast to keep up with this competitive environment.”
Alternative financing models are expanding quickly, from to iBuyers such as Opendoor and Zillow, to bridge offerings from companies like Knock and Ribbon. While Ribbon isn’t an iBuyer, they have a bridge offering that enables home buyers to make all-cash offers on residential homes
In addition to Florida, Ribbon operates in North Carolina, South Carolina, Texas, Tennessee and Georgia, and plans rapid expansion in 2021 and 2022. For more information about Ribbon, visit www.ribbonhome.com.