HomeServices of America announced Thursday it had acquired Long & Foster Cos., without disclosing the financial terms of the deal. HomeServices is a Berkshire Hathaway subsidiary owned by Warren Buffett, a billionaire investor.
The deal will allow the company to expand its footprint in both Washington and Baltimore markets. Virginia-based Long & Foster has approximately 230 offices across the Mid-Atlantic region, including Maryland, Washington, D.C., Delaware, New Jersey, West Virginia and Virginia.
In 2016, Long & Foster, founded by Wes Foster and Henry Long, reported $29 billion in real estate sales. Now, as one of the largest residential real estate companies in the United States with over 41,000 agents in 30 states, it expects an estimated $123 billion in sales this year.
Wes Foster will serve as chairman emeritus, while the firm’s COO and president Jeff Detwiler will become the new chief executive officer.