RedfinNow Brings Cash Home Offers to Boston

Rhea-AI Summary

RedfinNow has launched in the Boston metro area, becoming the first major iBuyer to operate in this market. Homeowners can now receive cash offers without the need for repairs or open houses. RedfinNow provides certainty and control over selling timelines, allowing sellers to close between 10 to 90 days after accepting an offer. The service is part of Redfin's broader strategy to enhance home-selling solutions across 23 markets. Home prices in Boston have shown double-digit growth, presenting challenges for sellers needing to buy simultaneously.

Positive

• Launch of RedfinNow in Boston enhances home-selling options for local homeowners.
• Homeowners can receive cash offers without the hassle of repairs or showings.
• RedfinNow allows sellers to close on their timeline, improving flexibility.
• Expansion into Boston aligns with Redfin's strategy to simplify real estate transactions.

Negative

• None.

BOSTON, April 22, 2021 /PRNewswire/ -- (NASDAQ: RDFN) -- RedfinNow announced its launch today in the Boston metro area, the first major iBuyer to launch in the market. RedfinNow gives homeowners a convenient new way to sell through Redfin (www.redfin.com), the technology-powered real estate brokerage. Sellers can request a cash offer directly from Redfin and sell without the hassle of fixing up their homes or dealing with open houses and private showings.

"RedfinNow gives homeowners certainty and control over exactly when they sell with a strong cash offer that lets them avoid the stress of home prep and repairs and clearing out for open houses and home tours," said Jason Aleem, vice president of RedfinNow. "Boston home prices grew by double-digits in March, but this hot market is a double-edged sword for sellers who also need to buy. RedfinNow makes it easy for our customers to get a strong offer for their current home so they have the money to buy their next and the flexibility to line up their closings so they only need to move once." 

RedfinNow is available today to consumers in 23 markets in nine states and the District of Columbia. Expanding RedfinNow is part of Redfin's strategy to give homeowners a complete real estate solution with multiple ways to sell their home and technology to make the process simple. For sellers who prefer to list their home on the open market, Redfin's local real estate agents provide a full-service offering for a listing fee as low as 1%. Redfin also offers Concierge listing service for Boston-area sellers who want help getting their home ready to go on the market. Redfin's Concierge team prepares a customized plan to make your home shine, sources the vendors and manages the project at every step for a listing fee as low as 2%.

To request a cash offer, homeowners visit www.redfin.com/now, type in their address and provide some basic information about their home. RedfinNow uses local insight and its proprietary machine-learning algorithms to make a competitive cash offer based on the home's location, condition and the cost of repairs. Sellers can pick their closing date between 10 and 90 days from accepting Redfin's offer.

Once RedfinNow owns a home, it makes updates and then lists the home for sale on the open market. Redfin makes it easy for buyers to safely tour RedfinNow listings without an appointment. Buyers can unlock the door of most RedfinNow homes with the Redfin app and self-tour seven days a week, from 8 am to 8 pm, with or without an agent.

The company is initially making offers on single family homes and townhomes built after 1900 in parts of Middlesex, Norfolk and Plymouth counties. Redfin expects to expand to additional neighborhoods and property types in the region over time; the buying parameters are subject to change.

To learn more about RedfinNow and to request an offer for your home, visit www.redfin.com/now.

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we've saved customers nearly $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and employ over 4,100 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

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SOURCE Redfin

FAQ

What is RedfinNow and how does it work in Boston?

RedfinNow is an instant home-buying service allowing homeowners in Boston to receive cash offers quickly without the need for repairs or showings.

When did RedfinNow launch in Boston?

RedfinNow launched in the Boston metro area on April 22, 2021.

What benefits does RedfinNow offer to Boston homeowners?

RedfinNow provides certainty over selling timelines, strong cash offers, and eliminates the stress of home prep and open houses for sellers.

How does RedfinNow calculate cash offers for homes?

RedfinNow uses local insights and proprietary machine-learning algorithms to make competitive cash offers based on the home's condition, location, and repair costs.

In how many markets is RedfinNow available?

RedfinNow is currently available in 23 markets across nine states and the District of Columbia.