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Is Open Door doing flips using cheap materials (or has that reputation)? Or do they overprice in resales?
BTW, go HEELS tonight!
lol at the idea of OD using cheap materials in the updates to their flips...
Because they don't do any updates to their flips anymore. They used to at least slap some beige paint and install new warehouse gray carpet. Now? They install a kwikset keypad on the front door and put some blue tape on the toilets and call it a day
The reality is; in a market like this...the only homeowners who really want to "bypass the market" and sell directly to an i-buyer....are those who own homes they know have a ton of issues that they fear would make a traditional sale messy. They sell to OD for what may be a market-value purchase price; pay OD their fees and for "repairs" that OD claims will need to be done...and walk away with the monies.
OD is a tech company masquerading as a RE firm. They have no clue how to properly price or market these problematic properties they have purchased en-masse and are just trying (mostly unsuccessfully) to not lose thousands of dollars on each sale. Thus they price the properties well above better-condition comps in the neighborhood and just wait.
Also yes my vocal chords are SHOT that was an unfathomably thrilling game!
Last edited by TarHeelNick; 04-03-2022 at 09:38 AM..
May be interesting how rising interests rates will affect the situation, especially after what happened with Zillow. I am not in the field (nor is anyone in my family) but I generally feel you get what you pay for as far as professional services and beware otherwise.
Here in the Triangle; that's a significant chunk of the very few homes that are sitting on the market....those owned by Opendoor.
This one actually wasn't, but I agree, most of the previous houses I saw that had any significant DOM were owned by OpenDoor. Although I did just double check the listing and apparently it was on the market for 13 days (my wife had told me 3 weeks). Still considered a long time in this market IMO.
So actually the same people just listed their current house in the same town on Friday. Sub 2k square feet so on the smaller side for the area, but also sub $400k so also on the lower end of the price point. Priced pretty much in line (actually a little lower) with recent sales that have closed within the past month. No major flaws other than the size. Lot of showings but no offers yet, and they said they may already be lowering the price soon. Yes anecdotal but just surprising.
Ugh! Put in an offer on a house today for a client. It was listed at $1.65M. The listing agent sort of told me the highest offer they got was about $1.9M (maybe a little more). A year ago, this house probably would have sold in the 1.5's maybe 1.6 max. This market is CRAZY!!!
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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No. A friend just sold his house, a little old 2 bedroom on a small lot, in the $600k range. This was in a small town not near any big job centers, and it took 5 days, for $50k over asking.
We are still in the hell-hole of insanity in the Wash, DC area. Builders are taking bids now on each lot release, have trimmed Realtor's commission to the point of insult (watch out builders, as a Loan Officer, I can tell you Realtors have very long memories of who done them wrong). The practice of playing contracts off each other and the way it's being handled is bound to wind up in court soon. I'm not sure I believe all supporting documents to be true...but that's just because I am a serial skeptic. But the latest thing to catch on fire around here (and it's being marketed as such) are pocket listings. Agents are advertising to homeowners, "don't want all these people in your house? We have a stable of buyers that understand the terms needed to buy your home." The are hinting at high EMDs, no contingencies, on and on, sell it your way without the masses coming into your home. It's working, too. I had two such contracts last week. One was showing by video only.
Complete insanity. We are an ARM lender and who knew no one has ARMs anymore? We are at 3 weeks UW and hiring the layoffs as fast as we can.
We are still in the hell-hole of insanity in the Wash, DC area. Builders are taking bids now on each lot release, have trimmed Realtor's commission to the point of insult (watch out builders, as a Loan Officer, I can tell you Realtors have very long memories of who done them wrong). The practice of playing contracts off each other and the way it's being handled is bound to wind up in court soon. I'm not sure I believe all supporting documents to be true...but that's just because I am a serial skeptic. But the latest thing to catch on fire around here (and it's being marketed as such) are pocket listings. Agents are advertising to homeowners, "don't want all these people in your house? We have a stable of buyers that understand the terms needed to buy your home." The are hinting at high EMDs, no contingencies, on and on, sell it your way without the masses coming into your home. It's working, too. I had two such contracts last week. One was showing by video only.
Complete insanity. We are an ARM lender and who knew no one has ARMs anymore? We are at 3 weeks UW and hiring the layoffs as fast as we can.
Builders only want agents involved when it is a buyers market and they are starving for traffic.
They are much happier when there is no agent involved, particularly no reasonably qualified agent who works for their client.
Builders only want agents involved when it is a buyers market and they are starving for traffic.
They are much happier when there is no agent involved, particularly no reasonably qualified agent who works for their client.
Absolutely it's a matter of need, but I remember 2010 to 2012 very well. Builders lost land, hand over fist, other builders bought at fire sales and built, but the Realtors had a hawkish memory of who cut them out in 2005 and 2006 and avoided new construction. (This is also just before the builder could put listings on the MLS or they had to hire an agent to do it). The builder reps made trips to each sales office begging for time at sales meetings with offerings of door prizes to show their communities. They hosted large, fancy luncheons. It was a long, mia culpa era.
We are doomed to repeat our history. I just hope we don't expect a different result.
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