Knock Expands Presence in Arizona, Florida, Minnesota, Tennessee and Texas to Empower More Homeowners to Buy Before They Sell
Knock, the fast-growing real estate technology company that is bringing convenience, certainty and cost savings to the process of buying and selling homes, today announced that it is building on its existing presence in Arizona, Florida, Minnesota, Tennessee and Texas to bring the Knock Home Swap to homeowners in nine additional markets. With the Home Swap, a consumer is able to make a strong non-contingent offer that empowers them to buy and move into their new home before they list, alleviating the need to time a sale with a purchase, moving twice and living through repairs and open houses.
With today's announcement, the Knock Home Swap is available in 59 markets coast-to-coast. The expansion into Prescott and Yuma, Ariz., The Villages in Florida, Duluth, Rochester and St. Cloud, Minn., Knoxville and Memphis, Tenn. and Sherman-Denison, Texas, builds on the company's established presence throughout Arizona, Florida, Minnesota, Tennessee and Texas.
"With the Knock Home Swap, homeowners can unlock the equity in their old house so they can buy their dream home and then repair and list their old house on their timeline for the maximum sale price," said Knock Co-Founder and CEO Sean Black. "Based on our rapid growth, it's clear that homeowners across the country are looking for a more digital, streamlined real estate experience that includes the expertise of a real estate professional. We are excited to bring the Home Swap and the certainty, convenience and cost-savings it provides to more homeowners."
The Knock Home Swap offers homeowners an end-to-end digital solution that includes a competitively priced mortgage and an interest-free bridge loan, which covers the down payment on the new home, home prep and up to six months of mortgage payments on the old house. A homeowner can qualify for the Knock Home Swap from their mobile device and then confidently shop for the home they want with their own agent by their side and in the app. In addition, they have the advantage of waiting until they have moved into their new home to prep and list their old house on the open market, so there's no living through repairs and showings or selling for less than full value.
As part of its Home Prep Concierge, Knock provides access to its contractor network and manages the payment of client-approved work until closing. Additionally, Knock provides a backup offer on the old house in the unlikely event that it doesn't sell within six months. Ninety-nine percent of Knock homes sell in 90 days or less, with 83 percent selling in 30 days or less.
For Meisha Cleland, who recently used the Knock Home Swap to purchase her new home in Prescott Valley, Ariz., before listing her house in Mesa, the Home Swap eliminated the need to move twice. "In the past when I've bought and sold a home, I've needed the money from the sale of my house for the down payment on my new home. It has meant having to sell my house and find temporary housing while looking for a new home. The Home Swap eliminated a step in the process, and it allowed me to be a more competitive buyer," Cleland said.
Nationwide, the Knock Home Swap is available through 245 real estate brokerage firms with 100,000 agents in approximately 4,700 ZIP codes throughout Arizona, Southern California, Colorado, Florida, Georgia, Illinois, Minnesota, North Carolina, South Carolina, Tennessee and Texas. Knock plans to offer the Home Swap in over 100 markets by 2023.
Knock is on a mission to empower people to move freely. The Knock Home Swap™ makes it easy for consumers to buy their new dream home before selling their old one, skipping the hassles of living through repairs and showings, paying only one mortgage at a time, and having home prep covered upfront, so their old house sells for the highest possible price. Knock currently offers the Home Swap in 59 markets and plans to be in over 100 markets by 2023.