Affordability issues are hitting some parts of the nation particularly hard, making it extremely difficult for a first time home buyer. With NAR reporting home prices increasing on average 15 percent nationwide, reaching an astounding 55 percent in markets like Phoenix, many home buyers are looking for alternative ways to make it affordable.
A new start up in Seattle, where home prices increased 14 percent in the last year, is attempting to make the process easier for multiple buyers on one home. CoBuy, formed by a mother and son team, launched last month.
CoBuy’s main goal is to simplify the process for non-traditional buying groups, such as friends and relatives, looking to go in on a house together. CoBuy wants to get involved early in the process and help people fill in the blanks about home ownership because real estate remains an opaque industry.
Then CoBuy helps the buyers hash out important decisions like how much each person will pay, title details, respective responsibilities in the process, and what happens if one of the owners wants to sell. CoBuy formalizes these decisions and helps them find financing and connect with the right professionals in the industry.