Company kicks off 2021 by nearly doubling markets, reaching new customers in Houston, Charlotte, Raleigh-Durham, and the Washington, D.C. suburbs
Orchard, the home buying marketplace that makes purchasing a home stress-free, fair and simple, today announced market expansion plans for their industry-leading Move First program that lets homeowners buy their next home before selling their current one. Orchard is now available to customers in Houston and will be expanding into Charlotte, Raleigh-Durham, and the Washington, D.C. suburbs in the upcoming months. With the expansion into these four markets, Orchard will be nearly doubling its market footprint.
The market expansion follows an incredible year of growth and innovation for Orchard. Over the past year, the company has innovated on the traditional home buying and selling experience by launching features such as Home Match, Photo Switch, and Orchard Dashboard. The company has also radically simplified the closing process by offering customers a digitally-enabled suite of closing services across mortgage, title, home insurance, and home warranty. Additionally, Orchard announced two equity fundraises in the last year totaling $105M. In 2020, Orchard grew 4x year over year despite the COVID-19 pandemic, as its Move First offering transformed consumers into cash buyers in highly competitive markets and gave them the added benefit of getting to avoid living in their old home while strangers toured it.
“Orchard was founded to create the most customer-centric way to buy and sell your home. We have since pioneered the ‘buy before you sell’ model with our Move First offering. We’re thrilled to bring Orchard to new markets, where demand has outpaced inventory, and help more homeowners. We’ll make it easier for home buyers in these markets to secure their dream home as soon as they see it, while still selling their old home for top dollar,” said Court Cunningham, CEO and Co-Founder of Orchard.
Houston will be the first of the new markets where Orchard is available, making it its fourth market in Texas. Houston homebuyers face an ultra-competitive environment—according to MLS data, the percentage of homes selling above list price has tripled since 2019, and the number of homes going under contract within 30 days of listing has increased by 50%. Given the increase in demand, Houston homebuyers will greatly benefit from Orchard’s ability to help buyers secure their dream homes without worrying about selling their current home first. Additionally, Orchard’s Offer Boost product can help customers become cash buyers, using Orchard’s cash. These offers are more likely to be accepted by sellers, which is a huge benefit in the hyper-competitive environment.
“Buying and selling homes the traditional way isn’t sufficient in today’s hyper-competitive market. With demand at an all-time high, people need to make offers—ideally in cash—without contingencies. Orchard offers buyers in the hottest markets the tools to secure their dream home, providing more value, convenience, and peace of mind for the same cost as a traditional broker,” said Cunningham
Orchard is now available to customers in Houston and will be arriving in Charlotte, Raleigh-Durham, and the Washington, D.C. suburbs in the upcoming months. These new locations are in addition to the markets in which Orchard already provides its services, including Austin, Dallas-Fort Worth, San Antonio, Denver, and Atlanta.
Orchard is radically simplifying the home buying and selling experience from search to close. Traditionally, homeowners looking to purchase their next home face a stressful and uncertain process—they have to either sell their old home first and move twice or buy as a contingent buyer and risk not getting their dream home. Orchard pioneered the “buy before you sell” model in real estate with its Move First offering: after enabling the customer to move into their new home, Orchard sells their old home for top dollar. The company’s Offer Boost option is particularly attractive to customers in competitive markets by giving them the option of using Orchard’s cash to secure their dream home. Cash offers are more likely to be accepted by sellers—a huge benefit in the current competitive market environment. Orchard’s suite of products and services has transformed the home buying and selling experience with AI-powered home search and a vertically-integrated platform with Orchard Home Loans, Orchard Title, and Orchard Insurance, offering an all-digital closing for customers. Orchard is headquartered in New York City and offers its services in Colorado, Georgia, and Texas.