The company, which provides cash backing to homebuyers, will now operate in both Oregon and Washington, bringing the total number of states in which Homeward operates to seven.
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Cash offer startup Homeward announced Tuesday, it has expanded operations to the West Coast for the first time, with an initial focus on the Portland and Seattle metro areas.
The expansion brings the total number of states in which Homeward operates to seven.
Homeward founder and CEO Tim Heyl described the move into Seattle as a “pivotal moment,” he said a statement.
“This region has set the standard for innovation and is home to many early adopters in the tech industry,” he added. “We couldn’t be more excited to work with real estate agents and their clients to make homebuying more accessible, equitable, and simplified.”
The company works by partnering with agents, whose clients can then use Homeward tools and funding to make cash offers on properties. The idea is that cash offers are more attractive to sellers in a competitive environment. Though the company’s focus in its new markets is the Seattle and Portland metro areas, agents across both Oregon and Washington can team up with and use Homeward’s products.
Heyl was similarly upbeat about moving into the Portland metro area — which also includes Vancouver, across the state line in Washington — and noted that he is excited to partner with agents in the region.
A long-time agent and team leader with Keller Williams in Austin, Texas, Heyl founded Homeward in 2018. The company’s Homeward Cash Offer is designed to eliminate contingencies related to financing and appraisals, thus “enabling homebuyers to win with cash and, when necessary, to buy their new home before they sell their old one,” according to Tuesday’s statement.
In addition to Oregon and Washington, Homeward operates in Texas, Georgia, Arizona, Colorado and Florida, with its debut in the latter state coming just last month. Homeward should be in eight states and 20 metro areas by the end of 2022, Tuesday’s statement added.
Last year, Homeward also secured $371 million in funding.
Though the real estate market across the U.S. has been shifting for some time now, Homeward Chief Real Estate Officer Brian Gubernick said in the statement, he still believes his company provides a major benefit to consumers.
“This area,” he said, referring to the Seattle market, “is experiencing a drastic increase in valuation, and even with a softening market, inventory still hasn’t caught up to buyer demand. We’re providing more than just a strong offer for buyers — we’re offering confidence for sellers who don’t have to worry about the uncertainties of a traditionally mortgaged offer and the speed of a faster close in as little as 14 days.”
Correction: Homeward plans to operate in eight states and 20 metro areas by the end of 2022. This post originally misstated the number of states Homeward will expand to by the end of the year.
Email Jim Dalrymple II