At a time when Cincinnati's real estate market continues to break its own records, a New York startup is entering the market in an attempt to help level the playing field for all buyers.
On Tuesday, Ribbon announced its expansion to Ohio, targeting Cincinnati and Columbus. Launched in 2017, Ribbon allows buyers to make all-cash offers, backing their bid with a guaranteed close. Having that guarantee can make all the difference in a market as tight as Cincinnati's.
A so-called “balanced” residential real estate market for this area is to have a 5½- to 6-month supply, meaning if no more homes were listed for sale, the inventory would last that long. But Cincinnati’s inventory has not been above a 3½-month supply in five years. And since the pandemic, there has only been more than a one-month supply on three occasions.
That tight inventory comes as institutional investors snap up properties throughout the region, converting those into rental sites.
To fuel its local launch, Ribbon is partnering with Coldwell Banker Heritage, a Dayton-based real estate firm that expanded into Greater Cincinnati in 2018. Overall, Coldwell has more than 520 agents in its Ohio footprint, according to the news release.
Ribbon's expansion to Cincinnati comes on the heels of the company's $150 million fundraising round in September. At the time, CEO Shaival Shah told The Real Deal the funds would help pay for the company's national expansion.
Ribbon, the release states, intends to expand to half the United States by the end of 2022.
