Offerpad has finally arrived in California, bringing its iBuyer services to the Inland Empire in Southern California with launches in Riverside and San Bernardino to be followed by the rollout of services to buyers and sellers in the Sacramento metro area later this year, it was announced Wednesday.
The addition of two new markets brings Offerpad’s coverage area to 23 markets in 16 states, as the Chandler, Ariz.-based company vies for the iBuyer crown against Opendoor, which has operated in the Inland Empire metropolitan area of San Bernardino, Riverside and the border of Los Angeles County since 2018.
“We’re thrilled to bring our services to Riverside and San Bernardino residents to help alleviate the headaches of traditional processes with a simpler, streamlined experience,” Offerpad CEO Brian Bair said in a statement. “Offerpad can provide buyers and sellers an easy, convenient experience that gives them more control and certainty in today’s market.”
After the demise of Zillow Offers last year, Offerpad secured more than $600 million in credit from an unnamed lender in December to in a bid to expand its iBuying volume.
Within the Riverside and San Bernardino markets, Offerpad reaches more than 70 cities and towns. The company says its real estate solutions — which include 24-hour cash offers, custom listing solutions, and access to home mortgage and title services — are now available in over 1,600 cities and towns.
Offerpad employs a dedicated real estate team in each market that provides local expertise. In Riverside and San Bernardino, Offerpad said Zillow veteran Carlos Rodarte will serve as general manager.
In California, Offerpad is currently listing more than 20 job openings in Riverside, San Bernardino and Sacramento for positions including real estate agents, real estate valuation specialists, and transaction managers.
“When you find the new home of your dreams, but you need to sell your current one first, the process can feel daunting for many home buyers,” Rodarte said in a statement. “They ask themselves, ‘Will I sell? When? And for how much?’ Offerpad’s entrance into these markets is a tremendous opportunity for home sellers and buyers in the area to make the real estate moves they’ve hoped for with less stress and more convenience.”
Homeowners can request cash offers at Offerpad.com with or without the help of a real estate agent. Like any other buyer, Offerpad is willing to negotiate, so agents can participate in that process.
“My clients were able to purchase their next home without a sale of home contingency and closed quickly on both sales,” said Joi Sherrill, a real estate agent who referred her home sellers to Offerpad and assisted them through their cash sale, in a statement.
Offerpad, which went public last year via a SPAC merger that valued it at $2.7 billion, said it plans to expand to more new markets in 2022 in addition to Sacramento. The company is currently active in the following markets:
- Alabama: Birmingham
- Arizona: Phoenix, Tucson
- California: Riverside, San Bernardino
- Colorado: Denver
- Florida: Jacksonville, Orlando, Tampa
- Georgia: Atlanta
- Illinois: East St. Louis
- Indiana: Indianapolis
- Kansas: Kansas City
- Missouri: Kansas City, St. Louis
- Nevada: Las Vegas
- North Carolina: Charlotte, Raleigh
- Ohio: Columbus
- South Carolina: Charlotte, Columbia
- Tennessee: Nashville
- Texas: Austin, Dallas-Fort Worth, Houston, San Antonio
Get Inman’s Extra Credit Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.
Email Matt Carter