NEW YORK — The online real estate app called Estoppel has raised a $150m Series A funding round from a number of top Wall Street investors.
The company will build its platform from scratch, not using existing apps that were already on the market.
Its goal is to become the leading app for home buyers, and it’s set to have over 3,000,000 real estate listings and 3,600 properties available to rent.
It also will sell rental apartments for rent.
The app has been in development for more than a year, and has been described as a “game changer” in the real estate industry.
It will be available to consumers, who will be able to search by price, neighborhood, and other criteria, but also buy, rent, or sell.
The firm plans to launch its app for $99 a year.
In a recent survey of 200 analysts, real estate analysts surveyed by CMA Real Estate Investment Trust were asked to predict the future of the real estate industry.
The majority predicted a correction to be the case, with only 12 percent saying it was unlikely.
The market is not likely to continue to recover until a new recession is in place, CMA said.
“As a market, we see a lot of cycles of events and recessions that occur,” said Paul J. Schaffner, CEO of CMA, in a statement.
“We are in this for the long haul, and that means investing in our businesses is our best bet.”
Real estate analyst Peter E. Shih, a partner at Morningstar and a senior adviser to the U.S. Treasury Department, believes the downturn will take longer than anticipated.
“I think it will be longer than some people expected.
And the way the market is moving right now, the longer it takes for the market to recover, the worse it will get for the housing market,” he told CNBC.
CMA will hold its next conference call on May 18 to update its analysts and share its results.