Real estate tech company Home Bay Technologies, led by new CEO and former Zillow executive Chris Crocker, launches "trade-in" service for home selling.
Online PR News – 20-May-2021 – San Diego, CA – Home Bay Technologies, Inc., a San Diego-based technology-driven real estate company announced today the launch of a new real estate service aimed at making the home selling process less expensive, more certain, and less stressful by combining innovative technology with service from highly skilled employee agents.
“The real estate industry is long overdue for innovation that makes it easier for a homeowner to simply sell their current home and buy another one,” said Chris Crocker, a former Zillow executive, who was recently tapped to serve as the Chief Executive Officer to develop and launch this new service. “No one wants to sell their house before they know where they are moving to, yet most need the equity in their current house to purchase the new one. This creates a great deal of uncertainty and anxiety for both buyer and seller alike. Our new home trade-in program alleviates this uncertainty, achieves better financial outcomes for our clients, and takes the stress out of home transactions.”
Designed to smooth out the home buying process, the Home Bay Trade-In service transforms current homeowners into cash buyers who are then enabled to purchase a new home before they sell their current home. In this highly competitive market, this can mean the difference between losing out to other buyers on the home of your dreams or getting the keys and popping the bubbly.
The Home Bay Trade-In program works by enabling a homeowner to access the built-up equity in their house by “trading it in” to Home Bay so they can get a new mortgage and buy a new home before they sell their current home. The clients are then given a week to move into the new home to reduce the stress of the moving process. After the old home is vacated, it is then deep cleaned, professionally staged, and prepped to look its very best to attract top dollar from buyers. It has long been accepted that staged, vacant, and fully repaired homes sell for more money versus their peers which enables the clients to unlock the maximum equity out of their former home. When the old home is ultimately sold to a new buyer, the client receives the additional equity from the final sale after Home Bay’s fees. If the home sells over the asking price due to the great condition and staging, the clients make even more money from the sale.
“When a buyer submits an offer on a house, that seller is also looking for certainty, so they too won’t lose out on their next purchase if the buyer backs out,” added Crocker. “This explains why sellers frequently sell for lower prices to cash buyers. By using Home Bay Trade-In, our clients improve their odds of not just winning the new home but securing it at a better price. They also maximize the equity they can extract out of their former home, so they don’t have to surrender their equity to a flipper, investor, or website for the convenience gained. At Home Bay, we believe you should not have to give up six percent of your hard-earned equity just to move house.”
Home Bay has dedicated local agents assisting remotely, saving time, money, and hassle. Plus, access to a full team of brokers, transaction coordinators, and legal consultants.
Such was the case with Ross Bixler, a 15-year resident of the San Diego area. He wanted a larger home with a pool for the summer. He found one in Chula Vista, but the seller wanted all cash and a 15-day close.
“Home Bay gave me superpowers that allowed me to compete in a hyper-competitive buyers’ market. Without this program, my search would have taken much longer, and I would have paid a lot more,” said Bixler. “Because of the benefits of the trade-in program, I was able to upgrade my house, hassle-free, and extract the equity without compromising on anything.”
Bixler, who is now packing, will be moving into his new Chula Vista home next week and his home in Logan Heights will be prepped, staged, and ready to sell by Home Bay, within the week after he moves out.
No stranger to real estate technology, Crocker has been the driving force behind a number of innovative real estate companies. “Chris’ deep bench of knowledge in real estate tech adds to the strength of his leadership in his new role as CEO,” said Ken Potashner, Chairman at Home Bay Technologies. “Home Bay is focused on lowering the cost of real estate transactions while also lowering the stress and uncertainty consumers typically face when they move. Under our new leadership, Home Bay is poised to enable the average homeowner to enjoy the benefits cash investors have enjoyed for years.”
Crocker, who brings twenty years of experience at the intersection of technology and real estate, has already created a name for himself in the PropTech industry, having held senior leadership roles at Zillow, HomeLight, Pacific Sotheby’s, and Realogy.
About Home Bay:
Home Bay Technologies Inc. provides consumers a smarter way to buy and sell homes with data-driven intelligence, complete transparency, and an on-demand customer experience. Home Bay's sophisticated platform expedites the transaction with efficient, seamless systems that save consumers and real estate agents time and money. For more information, visit HomeBay.com.