Ribbon Expands to Colorado, Giving a New Generation of First-Time Homebuyers a Competitive Edge
Homeownership company focuses on competitive solutions for Denver homebuyers; Synergy One Lending serves as launch partner in the state
NEW YORK, July 11, 2022 /PRNewswire/ -- Ribbon, the homeownership company, today announces its expansion to Colorado, with Synergy One Lending as its launch partner. Homebuyers in major cities across Colorado, including Denver, can now upgrade their mortgage-backed offers to contingency-free all-cash offers on homes that pass inspection, waiving mortgage, appraisal, and home sale contingencies.
In one of the most competitive housing markets in recent memory, home buyers are feeling immense pressure to overcome low inventory, rising prices, Wall Street investors, and increasing rent that could stunt their chance to achieve homeownership. Despite these factors and the consistent economic challenges the generation has faced, millennials made up 43% of homebuyers last year.
The desire for homeownership among millennials is vital for Denver's housing market as that generation makes up 33% of the city's population, with projections revealing further increase as Denver continues to be their top choice for relocation. Colorado Springs follows closely as the number five most-desired landing spot among the demographic.
These hopeful homebuyers are facing significant headwinds. In April 2022, nearly 77% of homes in Denver sold above the asking price by an average of 7%, and the number of homes sold is down 10% compared year-over-year due to a tight market marked by high demand. Investor purchases of homes in Denver increased by 51% year-over-year in the last quarter of 2021, making up one out of six homes in that period. Compounding these factors is the fact that homes are off the market in a median of five days.
"Colorado's popularity has boomed over the last several years, with good reason. Everyday buyers will have to consider making serious concessions on their wish lists to formulate the strongest offer that can compete against high-net-worth investors with cash-in-hand," said Shaival Shah, CEO and co-founder of Ribbon. "Ribbon's mission is to level the playing field for Colorado homebuyers by empowering them with all-cash offers that can keep everyday folks at the top of the offer stack."
As the only cash offer company that does not displace the local ecosystem, Ribbon works directly with real estate professionals who remain key advocates for buyers and sellers. Ribbon holds webinars weekly.
With a focus on providing the strongest advantage for home buyers, Ribbon partnered with leading national mortgage lender Synergy One Lending in Colorado. Synergy One Lending's expansion of the CASH Advantage program, powered by Ribbon, will provide everyday homebuyers across Denver, Colorado Springs, and Ft. Collins with access to a powerful tool to win in even the most challenging conditions.
The CASH Advantage program provides additional certainty to the homebuying process by eliminating key contingencies that often leave sellers looking elsewhere. Through the program, buyers can provide sellers with an added layer of assurance that the deal will be predictable and close on time.
"We felt it was important to bring this kind of innovative approach to our buyers and the real estate community to bolster their chances that offers they make on homes will be winning offers," said Steve Majerus, CEO of Synergy One Lending. "Many buyers experience a great deal of stress and frustration when they see their dreams dashed as their offers are not accepted—often on several occasions. The CASH Advantage program simply helps offers stand out among many other offers on a home, which is particularly helpful for first time buyers as they seek their path to homeownership."
In addition to Colorado, Ribbon operates in 13 states across the South and the Midwest with plans to expand to half of the U.S. by the end of 2022. For more information about Ribbon, visit www.ribbonhome.com.
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 home buyers and sellers through powerful financial products and digital workflow software. Visit ribbonhome.com.
Synergy One Lending is based in San Diego, CA, is currently licensed in 49 states plus DC. To find out why so many elite mortgage professionals are choosing Synergy One, please contact Aaron Nemec or Ben Green, or visit Join Synergy One.
Media Contact:
Charlie Ozuturk
GtM Communications Manager, Ribbon
[email protected]
732.552.5080
Media Contact:
BLASTmedia for Ribbon
[email protected]
317.806.1900
SOURCE Ribbon
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