- Begins offering services in Raleigh, Durham, Chapel Hill and surrounding areas
- Brings home trade-in solution to 71% of home sellers simultaneously buying a new home in the Triangle, where home prices are up 11% YoY and inventory is down
- Hires Licensed Local Experts, and plans to add several full-time employees and engage hundreds of local vendors in the next few months
Knock today announced its launch in the North Carolina Research Triangle: Raleigh, Durham and Chapel Hill, and their surrounding areas. On a mission to make home buying and selling simple and certain, Knock brings a first-of-its-kind solution to the Triangle’s competitive housing market: the Knock Home Trade-In. Knock purchases customers’ new homes on their behalf, moves them in, and then sells their existing homes for them on the open market.
“We’re incredibly excited to launch in the Triangle as our third market, and to bring its consumers convenience, certainty and cost savings through our revolutionary new approach,” said Sean Black, Co-Founder and CEO of Knock. “Our Home Trade-In program is life-changing for people who are buying and selling at the same time. We manage the entire complex process for them, help them unlock the equity in their existing home in order to make a successful offer on their dream home, and so much more.”
The Knock Home Trade-In provides a much-needed solution to the 71% of home sellers simultaneously buying a new home in a competitive housing market like the Triangle. Home prices are up 11% year over year, and inventory is down. Compared to the national average, homes are on the market 30% fewer days in Durham and 17% fewer days in Raleigh. This competition is largely due to rapid population growth driven by economic development. The Raleigh-Cary metro area saw an 18% population increase from 2010 to 2017, and an average 40 people move into Wake County alone every single day, with 78% coming from out of state.
Many out-of-state buyers already have equity in hand from the sale of their previous homes, making their offers on homes highly attractive to sellers. Knock gives the Triangle’s homebuyers a similar competitive edge in bidding wars by making an all cash offer on their new home before the old one sells. Knock already has a team on the ground to provide this service in the Triangle. As part of the launch, the company hired Licensed Local Experts (LLE), or Knock salaried agents, who are based in the Triangle and specialize in each and every area Knock operates in. Knock will make several more full-time hires and engage hundreds of local vendors over the next several months.
“I’m thrilled to be joining Knock because I believe the company will truly help people get their dream home in the Triangle’s difficult market,” said Madeline Stephens, a Knock LLE based out of Raleigh.
The Triangle is Knock’s third new market since launching in Atlanta in 2016, where it has already helped over 2,500 people. The company also launched in Charlotte earlier this year, where it has helped dozens of customers. In addition to offering the Home Trade-In within those markets, Knock can help homebuyers and sellers interested in trading-in between cities. This is a growing offering; Knock is licensed in 10 states and plans to launch in at least 10 markets within those states by the end of 2020.
ABOUT KNOCK: Knock (www.knock.com) is the first online home trade-in platform, a revolutionary new way to buy and sell your home that is both simple and certain. Launched by the founding team members of Trulia.com, the company uses data science to price homes accurately, technology to sell them quickly and a dedicated team of local licensed experts to guide consumers through every step of the process. Knock’s top tier investors include RRE, Redpoint, Greycroft, Corazon Capital, Correlation Ventures, Great Oaks Venture Capital and FJ Labs. The company has offices in New York, San Francisco, Atlanta and Charlotte with several more on the way.