Home Bay, a growing flat fee real estate company, is set to grow again.
The company announced this week that it is expanding to Arizona and Virginia.
The news comes just a few weeks after Home Bay announced that it is expanding into the title and settlement services business by acquiring a 50% stake in OTC National, a title insurance provider that operates under the name OnTitle.
Beyond that expansion into title, Home Bay, which started in California, now offers real estate services for a flat fee in Florida, Georgia, Illinois, Texas, Colorado, California, and now Arizona and Virginia as well.
Instead of charging its customers 3% commission on the buy or sell side, Home Bay charges between $2,000 and $3,500, which the company claims can save borrowers thousands of dollars.
According to the company, by combining its team of licensed real estate agents with a proprietary technology platform, it can save consumers an average of $16,000 per transaction.
And now, the company is expanding into Arizona and Virginia at an “ideal” time.
“With Arizona and Virginia home prices on the rise, now is the ideal time for Home Bay to have a presence in these two states,” said Ken Potashner, chairman and CEO of Home Bay. “Residents shouldn't be forced to pay large real estate commissions when homes move so quickly into escrow.”
According to the company, it plans to continue adding states throughout the rest of this year and beyond.