Ribbon, a tech-enabled company that helps homebuyers make all-cash offers, announced Monday it has expanded into Arkansas, beginning with Little Rock.
Arkansas homebuyers can now make all-cash offers through RibbonCash Offers, waiving mortgage, appraisal, and home sale contingencies, the company said.
While purchasing a home is part of the American dream, a combination of low inventory, bidding wars, Wall Street investors, and increased rent prevents buyers from purchasing or saving for a home, Ribbon said.
Homebuyers in Arkansas have felt similarly, it said, noting that despite a 30.2% increase in new listings compared to last year, there were 24.6% fewer homes for sale in February in Arkansas than a year earlier and the median days a home was on the market was cut nearly in half from 58 days to 30 days year over year.
Across the country, home prices were up 15.2%, while the number of homes available for sale was down 33.2% in December 2021 compared to the year prior.
"The quick pace of homes sold in Arkansas indicates the hard competition buyers face, driven by Wall Street investors and high net-worth individuals with all-cash offers,” said Shaival Shah, CEO and co-founder of Ribbon. “Having access to cash offers through RibbonCash will empower Arkansas homebuyers to compete on equal footing with institutional investors."
"Ribbon's mission,” Shah added, “is to help ease these challenges, and — with the power of our cash offers — we're leveling the playing field for Arkansas homebuyers and their agents."
Arkansas is also home to five U.S. military bases, including the Little Rock Air Force Base, the company said. In 2021, 12,396 Arkansas Veterans applied for home loans, compared to 5,525 in 2019, according to Veterans United Home Loans. Veteran homebuyers often face unique challenges; VA loans can face headwinds given the misperceptions, lengthy process, and increased cash offers and investor activity. With Ribbon as an advocate, Veterans can win their dream homes, the company said.
With RibbonCash Offers, homebuyers can make an all-cash offer on a home, waiving mortgage, appraisal, and home sale contingencies. Ribbon's guaranteed close gives buyers, sellers, and agents added predictability, the company said.
To offer as many prospective buyers a competitive advantage as possible on day one, Ribbon's first launch partner in Arkansas will be Crye-Leike, ranked the third-largest independently owned real estate company in the nation. With RibbonCash, Crye-Leike agents will have a tool to help everyday buyers compete — even in the most competitive market conditions — head-to-head with investors, Ribbon said.
"We're excited for our agents and buyers in Little Rock, as leveraging Ribbon will allow them more success with their offers," said Angie Johnson, managing broker of Crye-Leike in Benton, Ark.. "By making offers not contingent on appraisal and the equivalent of cash, they can compete with investors. It's a win for the buyer, the seller and our agents who show fewer houses to get an accepted offer."
Founded in 2017 in New York and Charlotte, Ribbon now operates in Alabama, Arkansas, Florida, Georgia, Indiana, Missouri, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, and Virginia, with plans to expand to half of the U.S. by the end of 2022.
Crye-Leike is a full-service real estate company founded in Memphis in 1977. It has a network of more than 3,200 licensed sales associates, more than 600 staff members and over 130 branch and franchise offices throughout Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, Oklahoma, and Tennessee. It also has a franchise location in Puerto Rico.
