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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Homepie Gives Home Buyers and Sellers Relief from Anticipated Mortgage Interest Rate Hikes

March 10, 2021 GMT

SIMI VALLEY, Calif., March 10, 2021 (GLOBE NEWSWIRE) -- Homepie, Inc®, a leading provider of do-it-yourself tools for home buyers and sellers, announced today that the savings gained from using the Homepie online marketplace to sell your own home in lieu of a real estate agent, will offset anticipated rising mortgage rates for buyers. Not having to pay commissions gives sellers the ability to pass along the savings. Currently, the average 30-year fixed mortgage rates have increased from 2.25% to 2.625% with additional increases expected. Buyers and sellers who use Homepie will more than cover the cost of those anticipated interest rate hikes with the savings gained by avoiding sales commissions.

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Homepie, Inc is a property technology (proptech) startup that made headlines providing California home sellers an online marketplace with all the tools needed so they can sell their homes with ease. The company provides a free listing on homepie.com for sellers, and has options for various marketing plans for additional exposure including MLS syndication to over 100 popular home buying sites, allowing them to escape the traditional 6% real estate agent fee. Since its launch in January 2020, Homepie’s hybrid model using technology/live help via a personal concierge, has established itself as the lowest cost and highest service option on the market. Homepie customers consider their easy transaction wizard with built-in purchase agreement along with a personal concierge to be their greatest value.

Buyers and sellers both benefit from the elimination of tens of thousands of dollars in commission by leveraging Homepie’s technology to confidently prep and sell property directly between parties.

According to the California Association of REALTORS®, the average sale price of property purchased or sold in California is $717,930. The average commission on a real estate transaction is 6% of the sale price, and is usually paid by the seller, split between the seller’s and buyer’s agents. Using Homepie’s technology in California, sellers stand to save an average of $43,075 on a $717,930 transaction.

Jamie Cavanaugh of Amerifund Home Loans, Inc. says, “Buyers can expect the recent .375% increase in mortgage rates on a $717,930 home with 20% down to cost about $25,662 – it is easy to see that this amount is more than covered with a $43,075 savings.” In response, Brad Rice, Founder and CEO of Homepie says, “Homepie’s innovative technology continues to disrupt the real estate industry by bringing the largest savings that ever existed to both home buyers and home sellers.”

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About Homepie

Homepie is the place where savvy consumers go for commission-free help to buy or sell homes.  Today, nearly one in 10 home sales already close directly between buyer and seller without a real estate agent. Now, with Homepie’s central online marketplace and a simple step-by-step process, anyone can do the same with confidence. Homepie has all the tools to list, market, search, view, offer, negotiate, and auto-generate a purchase agreement that is digitally signed. Best of all, they offer a 100% free listing for consumers, as the recommended service providers (photography, insurance, inspectors, etc.) cover the costs. Homepie takes the worry and guesswork out of home buying and selling. Learn how at homepie.com

Media Contact:
Myra Jolivet
myra@wavgroup.com
760-610-9096

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e9e98bf1-24ff-413d-a103-2aee7c828fdb