Ribbon Launches in Ohio, Expanding Empowerment of Homebuyers to the Midwest
Homeownership company partners with Coldwell Banker Heritage to level the playing field for Ohioans looking to purchase their dream home
NEW YORK, June 7, 2022 /PRNewswire/ -- Ribbon, the homeownership company, today announces its expansion into Ohio, empowering homebuyers with the opportunity to write RibbonCash Offers which create unique opportunities to give everyday buyers an advantage in today's red hot real estate market.
Homeownership and the opportunity to create generational wealth are baked into the American dream, but Wall Street investors combined with lower inventory and rising prices, are making that dream harder to achieve. Cincinnati and Columbus both saw a remarkable rise in investor purchases - made with a traditional all-cash offer - with 46.5% and 31.6%, respectively, with around one of every six homes in these markets going to an investor in the last quarter of 2021.
According to Columbus Realtors, 21 percent of buyers paid all cash in 2021, increasing 5% year-over-year. In the first two months of 2022, the share of cash purchases increased to 24.3%. Home prices statewide were up 11.7% year-over-year in February while the number of homes sold rose 1% and the number of homes for sale fell 26.1%, according to Redfin. Key markets like Cincinnati, Dayton and Columbus have all seen a decrease in the number of days a home stays on the market and increased investor activity.
Add in struggles with a vicious cycle of increasing rent that prevents buyers from saving for a home, and many people – particularly people of color, veterans and other underserved communities – are left feeling they'll never be able to buy a home.
"While home buyers see the increasing prices of homes as a result of decreasing inventory as a challenge to their own dream of homeownership, institutional investors see the gold mine of giving people no choice but to rent –moving equity out of these communities," said Shaival Shah, co-founder and CEO of Ribbon.
"Our goal is to make homeownership achievable for all by empowering them with the monetary and local community resources they need to create competitive offers while making the journey to homeownership easier and more enjoyable."
With a focus on building community, Ribbon gives buyers, sellers and agents the advantage of certainty and predictability. RibbonCash Offers provide a better chance to win the home than traditional cash offers because they are guaranteed to close with backing by Ribbon. Homebuyers can waive mortgage, appraisal and home sale contingencies through the power of an all cash-offer on their dream home. Ribbon holds agent and loan officer webinars weekly.
Connecting Ribbon's powerful all-cash offers with Coldwell Banker Heritage's extensive knowledge of the Ohioan community will enable everyday buyers to become a competitive force against challenging marketing conditions and an increasing investor presence.
"Part of what we love most about partnering with Ribbon is knowing how hard they work to meet each and every client's unique needs, just as our real estate agents do each and every day," said Ron Sweeney, Managing Partner of Coldwell Banker Heritage in Ohio. "Buyers get a chance to connect with someone they can meet in person and who knows the community while still being empowered with the competitive tools of a large international organization. Every aspect of this process becomes smoother for the buyer, the seller and our agents."
"Coldwell Banker Heritage was a natural fit as a partner because they funnel more than 50 years of industry knowledge down to each of their 525 agents in Ohio," said Shah. "We're pleased to work alongside their agents and create opportunities to build up the very communities they work in."
In addition to Ohio, Ribbon operates in the Midwest, South, along the East Coast, and the Great Plains, with plans to expand to half of the U.S. by the end of 2022. For more information about Ribbon, visit www.ribbonhome.com.
About Ribbon:
Founded in 2017 in New York and Charlotte, Ribbon is on a mission to make homeownership achievable. 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. As the leading real estate technology platform, 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.
About Coldwell Banker Heritage:
Coldwell Banker Heritage is locally owned and operated in Southwest Ohio and was established in 1967. They have been the number one real estate firm in the region since 1974 and supports over 500 real estate agents. To learn more about Coldwell Banker Heritage, visit ColdwellBankerIsHome.com.
The Coldwell Banker brand is the oldest and most established residential real estate franchise system in North America. In fact, in many ways it was the original real estate "start up." Founded by young entrepreneurs Colbert Coldwell in 1906 and later Benjamin Banker, Coldwell Banker changed the way people bought and sold homes across America, ultimately becoming one of the most trusted real estate brands in the world. More than 100 years later, the Coldwell Banker network is still continuously recognized for its innovation and leadership across 3,000 offices in 49 countries and territories.
Media Contact:
Charlie Ozuturk
Communications @ Ribbon
[email protected]
732.552.5080
Media Contact:
Rachel Ennis
Coldwell Banker Heritage
[email protected]
937.789.7343
Media Contact:
BLASTmedia for Ribbon
[email protected]
317.806.1900
SOURCE Ribbon
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