SEATTLE, June 28, 2022 — Homeward, a modern home finance company that partners with real estate agents to give every buyer the power to buy with cash before they sell a home, announced it has expanded to serve Washington. This expansion, partnered with Homeward's launch in Oregon, also announced today, marks a significant milestone for the business as it enters the West Coast markets.
Founded by Tim Heyl, an agent himself, Homeward offers the broadest set of solutions for both home buyers and sellers looking to leverage the power of cash in the real estate market. "Our move into Seattle marks a pivotal moment for Homeward as we grow our business, driven largely in part by our vast network of real estate agents requesting our products here," says Tim Heyl, Homeward's CEO and Founder. "This region has set the standard for innovation and is home to many early adopters in the tech industry. We couldn't be more excited to work with real estate agents and their clients to make homebuying more accessible, equitable, and simplified."
By partnering with real estate agents, Homeward will make a cash offer on behalf of the agent's client, eliminating the finance, home sale, and appraisal contingencies. This helps a home buyer's offer stand out and, when necessary, buy their new home before selling their old one. Clients then obtain a mortgage from Homeward or the client's preferred lender and buy the home back from Homeward.
Homeward's Cash Offer is now available across the state of Washington, with a focus on the metro area of Seattle. As one of the country's most popular markets, the median home price in the Seattle metro area increased 14% last year to $868,492 in Q1.
"This area is experiencing a drastic increase in valuation, and even with a softening market, inventory still hasn't caught up to buyer demand," says Brian Gubernick, Chief Real Estate officer at Homeward. "We're providing more than just a strong offer for buyers — we're offering confidence for sellers who don't have to worry about the uncertainties of a traditionally mortgaged offer and the speed of a faster close in as little as 14 days."
Cash offers are four times more likely to drive better terms because sellers prefer contingency-free contracts, and they know the transaction will close on time without any surprises. For clients that need to sell their current house before purchasing a new one, Homeward's Buy Before You Sell solution makes that a reality, while helping them save money on transaction fees and closing costs and getting them in their new home faster.
Homeward has continued to build on last year's success. With expansions into Florida, Washington, and Oregon regions this year, Homeward plans to be in 20 markets by the end of 2022. Through February 2022, the company recorded a revenue increase of around 5x year over year while launching partnerships with over 50 brokerages across the country.
Homeward is a modern home finance company that helps real estate agents and their clients overcome the limitations of traditional mortgages. The Homeward Cash Offer eliminates finance, home sale, and appraisal contingencies, enabling homebuyers to win with cash and, when necessary, to buy their new home before they sell their old one. Homeward has an office in Austin, TX, but operates with a fully remote workforce. If you're an agent, please visit homeward.com/washington to learn how to make every client a cash buyer.