How HomeLight Will Use $109M to Build the Real Estate Transaction of Tomorrow
What we’re building at HomeLight is personal to me. It’s personal to those on the team who’ve experienced letdowns in real estate. It’s personal to the over 5 million people who sell a home in any given year. And if you’re one of the 75% of non-homeowners who see homeownership as part of the American Dream — it’s personal to you.
Consider this:
- Rather than hire the most objectively qualified agent for their needs, 4 out of 5 sellers hire one of the first two agents they happen to meet.
- On average it takes 69 days, or over two months, to sell a home.
- On average it takes 42 days to close on a loan.
- 20% of recent settlements were delayed while 4% were cancelled altogether between April and June of 2019. 35% of those delays were caused by issues related to buyer financing. That’s 2.1 million home buyers and sellers impacted every year with the process completely failing for nearly 800,000 of them.
- Between market prep, taxes, fees, and commissions, it costs nearly $21,000 to sell a home in 2019.
- Buyers pay 2%-5% in closing costs, including lender fees which are typically 1%-3% of the loan’s value on a conventional mortgage. Read rest here.
