AUSTIN, Texas--(BUSINESS WIRE)--UpEquity, the tech-enabled mortgage company creating a better way to buy a home, today announced the expansion of its platform into the California real estate market to empower every well-qualified homebuyer to make an all-cash offer.
California is a booming market, with the average home costing around $800,000, which is well above the average in the United States. In competitive markets like this, it’s important to make an offer as appealing as possible. UpEquity is evening the playing field for those well-qualified buyers by removing the financing contingency, making their offer significantly more appealing and likely to be accepted.
“Homebuying is complicated, slow, and uncertain. Our technology-first model removes the stress and pain from the process,” said Tim Herman, CEO and co-founder of UpEquity. “Everyone should be able to have a fighting chance to get into the home they want to buy.”
UpEquity is expanding rapidly into new markets by increasing the number of states in which they are licensed, expanding their realtor partnerships into new states, and launching localized marketing campaigns to drive awareness in major Metropolitan Statistical Areas. Along with California, it’s currently licensed in 11 states total and plans to enter at least eight more in 2022.
Competition in the residential real estate market has heated up dramatically as institutional investors are buying up entire neighborhoods. But with cash offers, UpEquity is among a new class of companies called “power buyers,” enabling consumers to compete against these investors with cash offers and helping realtors win more deals. In addition to a differentiated technology, UpEquity’s 4.9 out of 5-star Google rating is a clear indication of the exceptional, white-glove experience it prides itself on.
“UpEquity’s new technology solution is arming realtors to stay competitive,” said Susie Lee, an Austin-based broker who leverages UpEquity with her clients. “UpEquity doesn’t force clients to use a particular realtor, unlike others so called ‘power buyers,’ so they’re really supporting us and our business rather than removing us from the process.”
With its technology-centered approach, UpEquity boasts a faster close rate than other power buyers. With an average closing time of 21 days, more than twice as fast as the national average, UpEquity can provide California homebuyers with the edge they need in an increasingly competitive market and close them with a mortgage, avoiding the need for two separate closings (the norm among most power buyers).
Starting today, California homebuyers can utilize the digital mortgage platform to guarantee they are able to acquire their dream home. The announcement comes on the heels of the recent Series B funding secured by UpEquity, raising $77 million to date.
To learn more, visit www.upequity.com/.
About UpEquity
Co-founded by Tim Herman and Louis Wilson, UpEquity is on a mission to transform the homebuying experience by giving every homebuyer the opportunity to make a competitive, winning offer on their dream home. Its Buy with Cash program helps homebuyers make an all-cash offer that's four times more likely to be accepted than traditional mortgages. UpEquity's differentiated mortgage technology works at superhuman speed to provide a painless, fast mortgage experience for its customers. The company has experienced 500% year-over-year growth in revenue and carries a Net Promoter Score five times higher than the industry average. This further highlights the company's truly unique approach in an otherwise saturated market. UpEquity is headquartered in Austin and has locations around the country. Visit their website at upequity.com.
