Ribbon, the homeownership company, expands RibbonReserve – offering first-time homebuyers a 12-month price lock on the home of their dreams, and providing more time to secure financing at the best possible terms. The new option also allows existing homeowners to buy a new home with more time to sell their current home.
With RibbonReserve, Ribbon purchases the home on behalf of the buyer, providing up to 12 months to secure financing at the best terms for them. Ribbon leases the home to the buyer, then sells back with a guaranteed home price lock for 12 months.
The current housing market is impacting both buyers and sellers. Nearly 16% of pending home sales failed to close in June. This post-pandemic high has shaken sellers’ confidence as they consider searching for a new home. Meanwhile, for first-time buyers, all eyes are on the U.S average rate on a 30-year fixed-rate mortgage, which recently rose above 5.8% and was above 6% earlier this summer. That is well above the 3.11% that closed out 2021.
Considered the cornerstone of the American Dream, hopes of homeownership have dwindled for many in the face of rising prices and interest rates, low inventory, institutional investors and more headwinds in the U.S. housing market. With RibbonReserve’s new 12-month price lock program, more time can be the difference between achieving homeownership or not.
“We are in the middle of a major housing crisis with accessibility becoming harder on a daily basis. One of the most consistent things we hear – from agents, loan officers and their clients – is the challenge of affordability as inventory and mortgage rates see-saw,” said Shaival Shah, co-founder and CEO of Ribbon. “Ribbon has always been dedicated to adapting products to empower buyers and sellers alike to achieve homeownership. Today, we adapt again to meet our customers where they are.”
Ribbon-backed Offers allow homebuyers to make an all-cash offer on their dream home: waiving mortgage, appraisal and home sale contingencies. Ribbon’s guaranteed close, and appraisal protection gives buyers, sellers and agents added certainty in the homebuying process. Through RibbonReserve, buyers, sellers, agents and lenders have added flexibility, time, and power – in shifting markets – to strike at the right time for them.
Ribbon empowers buyers, sellers, agents and loan officers across 17 states in the United States with its first-to-market cash offer product, RibbonCash. For more information about Ribbon, visit www.ribbonhome.com.
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.
Director of Communications, Ribbon
BLASTmedia for Ribbon