RedfinNow, the tech-powered brokerage’s iBuying service, has become the first major iBuyer to launch in Chicago, according to a company announcement released Tuesday.
Sellers in the Chicago area will now have the opportunity to request a cash offer from RedfinNow, rather than going on the open market to sell their home. Redfin has been operating its agent services in Chicago since 2008.
While Redfin says it has launched “the first major iBuyer” in the area, it is not the only company providing cash offers to sellers in Chicago — Realogy’s cash offer program RealSure has been available in Chicago since 2019.
There are many advantages to accepting a cash offer from RedfinNow, RedfinNow Vice President Jason Aleem said in a statement, including more flexibility during the process, avoiding the stress of home showings and being placed in a strong position to purchase a new home with plenty of cash at hand.
“RedfinNow is like having an ‘easy button’ to sell your home, and that’s appealing to lots of homeowners, whether they need to relocate quickly for a new job, have an investment property to sell from afar, want to limit in person interactions in the selling process, or simply desire more control and flexibility,” Aleem said. “It’s also valuable for move-up buyers in this hyper-competitive market because they can use the cash offer for their current home to make a strong offer for their next home and line up the closings so they only need to move once.”
RedfinNow has been expanding into northeastern markets recently, following a more general trend among iBuyers of expanding services beyond the more traditional iBuyer markets located in southern, southwestern and western states up into the northeast. In March, the company announced its expansion into the greater Baltimore and Washington, D.C. metro areas, and in April, it announced its entrance into the Boston market.
The service is now available in 25 markets across 11 states and the District of Columbia.
“What homeowner isn’t curious about what they could get for their home right now, in its current condition?” Aleem added. “With a no-obligation cash offer, we make it easy to compare your selling options and choose what works best for your situation. Expanding RedfinNow is part of our strategy to give homeowners multiple ways to sell, providing excellent service, technology and value regardless of whether they list with an agent or take the cash offer.”
Sellers who work with RedfinNow can choose their closing date anywhere between 10 and 90 days from accepting an offer from the iBuyer.
At this time, RedfinNow’s cash offers will be available for single-family homes, condos and townhomes built after 1880 in the following Chicago neighborhoods: Arlington Heights, Mt. Prospect, Edgebrook, Edison, Norwood, Park Ridge, Avondale, Jefferson Park, Lincoln Square, North Center, North Mayfair, Old Irving, Portage Park, Rogers Park, Sauganash, and West Ridge.
The company anticipates adding additional eligible neighborhoods in the future.
Update: This story was updated on August 4, 2021 to clarify that RealSure has been operating in Chicago since 2019.
