Agents in seven more real estate markets will be able to help seller clients buy before they sell, according to a press release from Knock.
Home Swap, the fast-growing company’s flagship offering is now available in more markets throughout the South and West, including Boulder, Fort Collins, and Greeley in Colorado, and Athens/Clarke County, Dalton, Gainesville, and Rome in Georgia.
With the Knock Home Swap, homeowners can better compete in today’s cash-rich housing market without the stress of having to time a home purchase with a sale or selling to an iBuyer at a discount.
Knock is now operating in 34 markets, far surpassing its original goal of 21 markets by the end of 2021.
Knock announced last month its intention to go public and hired Goldman Sachs to help guide the process. Sean Black, Knock’s CEO and co-founder, was intregal in taking Trulia public before it was acquired by Zillow.
Knock is considering a public offering round with goals of between $400 million and $500 million at a $2 billion valuation. It might also merge with a SPAC (special purpose acquisition company) or execute a direct listing.
Home Swap is a lending product that helps sellers enter the market without the burden of having to sell their existing home to execute an offer on a new house. It can include up to a $250,000 bridge loan to cover market preparation for selling, a down payment advance on the new home and the seller’s mortgage while their home is on the market.
“By flipping the process, which usually begins with listing your house for sale, our customers are able to settle into their new home before even thinking about selling their old house,” Black said. “It’s a better way to buy and sell.”
Knock works with select brokerages to facilitate Home Swaps, as well as with individual agents who apply for the training. Most agents become Knock-Certified after a few hours of training.
According to the release, HomeSmart, Kittle Real Estate and RE/MAX Professionals will offer the Home Swap to homeowners in Boulder, Fort Collins and Greeley. Knock is working with its 15 current brokerage partners in Georgia to offer the Home Swap to homeowners in the new markets.
Home Swap was available in Atlanta and Denver in July and August of 2020, respectively, and it launched in Colorado Springs in February of this year.