San Diego-based Home Bay Technologies Inc., which has developed an online platform that facilitates home sales and purchases, said June 19 it is expanding to Arizona and Virginia.
The move brings the company's presence to eight states, including California, Colorado, Texas, Illinois, Georgia and Florida.
Home Bay's platform links sellers and buyers, and charges the latter a flat fee of $2,000 to $3,500 rather than the 3 percent sales commission that real estate agents typically charge. The company claims this pricing model saves buyers an average of $16,000 per transaction.
"With Arizona and Virginia home prices on the rise, now is the ideal time for Home Bay to have a presence in these two states," said Ken Potashner, chairman and CEO of Home Bay. Home Bay recently integrated escrow services and issue title insurance policies into its platform.
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