Real estate technology platform HomeLight is broadening the reach of its financial products, HomeLight Trade-In™ and HomeLight Cash Offer™, to real estate agents, homebuyers and sellers across Arizona, according to a Monday (Oct. 25) press release.
Both products have been used extensively amid the housing boom. Based on transactions closed since December 2019, HomeLight Trade-In homes have sold for 5% above valuation, while offers with HomeLight Cash Offer saved buyers up to 4.4% compared to offers with a loan, per the announcement.
As part of a recent 700% growth in the two products since their January 2020 launch, HomeLight has relocated its headquarters from San Francisco, California to SkySong Center in Scottsdale, Arizona, a high-growth community for tech companies in the Arizona State University Scottsdale Innovation Center.
The new headquarters is the 9-year-old company’s biggest office, housing its customer service, sales and title and escrow divisions. HomeLight intends to hire up to 300 staff members for its new location within the next 12 months, according to the release.
HomeLight’s relocation and expansion comes on the heels of last month’s $363 million fundraising round, which pushed the company’s valuation to $1.6 billion, as PYMNTS reported. The most recent round was allocated to broaden the reach of HomeLight’s Cash Offer and HomeLight Trade-In, as well as to hire more employees and open new offices in the U.S. and abroad. The company has raised approximately $530 million to date.
Related news: PropTech FinTech HomeLight Nets $363M, Ups Valuation to $1.6B
In a recent interview with PYMNTS’ Karen Webster, HomeLight Founder and CEO Drew Uher said he began the company with the objective of offering “the contingency-free real estate transaction of the future.” The Cash Offer product, for example, enables a buyer in need of a mortgage to make a cash offer on a property, making them more competitive and increasing the probability of securing the purchase.
HomeLight Trade-In frees up the buyer’s equity ahead of the full listing process, according to the announcement. HomeLight buys the client’s home – usually for 90% of its anticipated value – and then lists and sells the home on the market with the agent.
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