Florida homebuyers struggle to compete. Can a real estate startup help?
Cash is king, especially for homebuyers in Florida.
The number of homes bought without a mortgage has skyrocketed, according to Florida Realtors. From May 2020 to this year, the number of houses bought fully in cash spiked by 150 percent. The booming housing market has put homebuyers who need a loan at a disadvantage.
Ribbon, a real estate startup, wants to give homebuyers a leg up against cash offers. The company is expanding into Florida this month.
“Florida right now, and Tampa, is one of the hottest real estate markets in the country,” said Shaival Shah, Ribbon’s co-founder. “And there are multiple offers from many different home buyers on any given day.”
The company will place an all-cash offer on a house in place of the buyer. If the offer is accepted, Ribbon will purchase the house and then sell it to the buyer at the same price when they finish securing a loan.