This past year has seen rapid rises in interest rates, with most economists believing that rates will remain higher for longer. At Divvy, we are exposed to interest rates through our cost of financing. Given the current interest rate outlook, we are pausing new home acquisitions with a plan to reopen once rates sufficiently decline. While we believe our product is more necessary than ever before, we also recognize we have an obligation to make financially smart decisions to protect our current customer base and see Divvy succeed in the future.
We know this might be disappointing to our agents and partners, but we think this is the right decision to ensure Divvy is able to achieve our mission in the long-run. Despite not doing home acquisitions, we will continue to support new customers and agents via our “Divvy-Ready” properties which offer a rent-to-own option for properties Divvy already owns.
What Does This Mean for Our Customers?
For Divvy Residents
Nothing changes. In fact, we’re focused on building an improved resident portal where you can self-serve on all your homeownership needs–from maintenance, payments, credit score support and more. Our goal has always been to help you become a homeowner and we are laser focused on building products to help you make that transition.
For Aspiring Divvy Residents
Divvy has an inventory of wonderful properties that might be just right for you–what we call “Divvy-Ready” properties. These are “off-market” properties that are ready for you to move in immediately and begin making your own.
For Agents
Divvy will continue to support your customers through our “Divvy-Ready” Properties. These are homes that are not listed on the MLS and can only be accessed via the Divvy program1.
In the meantime, the team at Divvy Homes remains committed to responsibly helping Americans achieve their dream of homeownership. As always, thank you for putting your trust in Divvy. If you would like more information on Divvy-Ready homes, please take a moment to read through Divvy’s FAQ.
1 As an agent, you’ll receive 1.5% guaranteed commission, without the typical arduous offer & closing process.