Redfin launches iBuying service in two major cities

by David Kitai09 Dec 2020

Redfin’s iBuying service RedfinNow claims to make selling a home easier and more convenient. Through the brokerage tech homeowners can sell their home by requesting a cash offer directly from Redfin rather than go through the traditional process of selling their homes.

The program has now been rolled out in the Seattle and San Francisco metro areas. With the addition of San Francisco, RedfinNow is available in all of California’s largest metro areas, as well as markets in Texas and Colorado.

"We're all spending more time at home than ever before and many of us are dreaming of a home with a larger yard, a dedicated office, maybe even in a new city," said Quinn Hawkins, head of RedfinNow. "Yet at the same time, the idea of selling your home before you've found a new place to move is daunting, especially if you're moving out of town."

A press release about the rollout stressed the record level of competition in home buying, which can complicate the timeline for homeowners as they sell their homes while trying to make offers on a new property. The release emphasized that the program lets homeowners choose their closing date ensuring that they only have to move once.

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Once RedfinNow has purchased the home, it will make necessary updates before listing it on the open market.

In the two new metro areas, RedfinNow will begin offering on homes based on a few key parameters. In Seattle they’re offering on single family homes and townhouses built after 1930 worth up to $1.6 million. Their Seattle coverage includes parts of King, Pierce and Snohomish counties which include neighborhoods in Seattle, Bellevue, Tacoma, Redmond and Everett.

In the Bay Area RedfinNow is offering on single family homes and townhouses built after 1930 worth up to $1.5 million with coverage of the East Bay and South San Jose areas.

"Every homeowner wants to know what they could get for their home from an instant sale and compare it to listing on the open market," said Adam Wiener, Redfin's chief growth officer. "Even for customers who start by requesting a cash offer, many end up selling their home with a real estate agent. We're the only national brokerage working to offer home sellers a complete range of options to meet their needs."