RedfinNow is the first major iBuyer to enter the Boston real estate market, according to an announcement on Thursday. RedfinNow is currently available to sellers in Middlesex, Norfolk and Plymouth counties with single-family homes and townhomes built after 1900; however, the iBuyer plans to expand its coverage in the coming months.
“RedfinNow gives homeowners certainty and control over exactly when they sell with a strong cash offer that lets them avoid the stress of home prep and repairs and clearing out for open houses and home tours,” RedfinNow Vice President Jason Aleem said in a statement. “Boston home prices grew by double-digits in March, but this hot market is a double-edged sword for sellers who also need to buy.”
“RedfinNow makes it easy for our customers to get a strong offer for their current home so they have the money to buy their next and the flexibility to line up their closings so they only need to move once,” Aleem added.
With RedfinNow, homesellers can request an all-cash offer after providing their address and basic property details. Using its proprietary machine-learning algorithm, Redfin provides an offer that reflects local market trends, the home’s condition, and the cost of any needed repairs.
After accepting an offer, sellers can close in as soon as 10 days. From there, Redfin will make the necessary repairs and list the home on the open market, where buyers can use the Redfin app to access Redfin-owned homes with or without an agent from 8 a.m. to 8 p.m. local time.
Boston is RedfinNow’s second new market after temporarily pausing its iBuying services last March due to the coronavirus pandemic. RedfinNow has slowly inched its way back into buying, with Austin, Denver and the Inland Empire in California being the first markets to resume services.
Existing markets Dallas, San Antonio, Los Angeles and Orange County were next on the list, with Sacramento, San Francisco and Seattle coming on board as new markets in October and December. RedfinNow expanded once again in April, with launches in Las Vegas and Tucson, Arizona.
With Thursday’s announcement, RedfinNow is in 23 markets across nine states and the District of Columbia.