HomeLight, the real estate technology platform transforming the home buying and selling process for the top real estate agents and their clients, is expanding its financial offerings, HomeLight Trade-In™ and HomeLight Cash Offer™, to top real estate agents, homebuyers, and sellers across Texas. The expansion is fueled by a $100 million credit facility from Credit Suisse.
The launch of these financial offerings comes at a crucial time for top agents and their clients, as record-setting inventory shortages continue to fuel steep growth in home values and intense bidding wars for homebuyers and sellers in Texas and across the United States. HomeLight Trade-In™ and HomeLight Cash Offer™ enable top agents to make real estate transactions possible for countless individuals who otherwise wouldn’t be able to compete by using traditional financing in today’s competitive real estate market.
HomeLight Cash Offer™ gives top agents and their clients the ability to make an all-cash offer on their next home, even if they need a mortgage. HomeLight Home Loans™ verifies the client’s income and assets to determine purchasing power, and once the client and their agent find a home, HomeLight makes an all-cash offer on the client’s behalf and holds the home until the client secures financing. As soon as the client’s loan closes, HomeLight sells the home to the client at the purchase price, plus a small program fee.
HomeLight Trade-In™ solves another important issue that agents and homeowners face: the ability to buy and sell at the same time, while still capturing the full market value of their home. HomeLight purchases the individual’s home — typically for 90% of the home’s expected value — which frees up their equity when they need it before going through a full listing process. HomeLight then lists and sells the home on the market with the agent. If the home sells for more than HomeLight’s purchase price, the company pays the client the difference, less a small program fee.
By unlocking contingency-free transactions, both products have been effective in particularly competitive markets. Based on transactions closed since December 2019, HomeLight Trade-In™ homes have sold for 5% above valuation, closed 5x faster, and helped clients save 3.5% on the purchase price of their new home compared to the traditional method of listing on the market. Offers powered by HomeLight Cash Offer™, meanwhile, have saved home buyers up to 4.4% compared to offers with a loan. Now, top agents across Texas can use HomeLight Trade-In™ and HomeLight Cash Offer™ to accelerate their commission and deliver an exceptional experience to their clients.
“At HomeLight, we are deeply committed to providing the best agents in the U.S. with the most innovative solutions to compete and win in today’s real estate landscape,” said Drew Uher, CEO and Founder of HomeLight. “With the expansion of HomeLight Trade-In™ and HomeLight Cash Offer™ into Texas, thousands of top agents can apply to have access to these revolutionary products enabling them to provide their clients with real estate transactions that are simple, certain, and satisfying.”
Since launch, HomeLight Trade-In™ and Cash Offer™ have experienced 800% growth.