Technology-driven real estate company Home Bay Technologies announced on Friday it is expanding to its sixth state: Colorado.
Back in July, Home Bay, a San Diego-based startup that offers real estate services for a flat fee, announced that it raised $5 million to fund its growth beyond California. Since then, the company has also made its platform available in Florida, Illinois, Georgia, Texas, and now, Colorado.
With Home Bay’s platform, Colorado consumers will be able to buy and sell homes without paying commissions. By paying its flat fee, a rate of $2,000 to $3,500, rather than the traditional 3% listing fee charged by real estate agents, Home Bay claims that it can save consumers an average of $16,000 per transaction.
Ken Potashner, Home Bay’s chairman and CEO, said the platform’s expansion to Colorado was well-timed, considering the rising home values predicted for the Colorado housing market.
"With Colorado home values predicted to rise within the next year, Home Bay's presence in Colorado couldn't be timed better," said Potashner. "Colorado residents shouldn't be forced to pay large real estate commissions when homes fall so quickly into escrow. It's never been easier for Colorado residents to sell a home."