Opendoor Update

Let’s check in on Opendoor.  If you don’t know, they buy homes from consumers and resell them at a higher price.  In 2021, they overpaid for a ton of homes in Austin and around the country.  They lost a boatload of money and their stock is down 93% from its 2021 high.  So far this year, Opendoor has sold 424 homes in the Austin area.  They have 38 homes for sale and under contract.  If they all closed this year, that would be 462 sales or a drop of 67% from last year.  Why are they selling so few?  Mostly because they are buying fewer homes.  And why is that?  Because they’re only buying homes they can get really cheap. For example, they offered $282,000 for a condo that I sold for $380,000.  So if you’re thinking of selling to Opendoor, call me because I’ll either buy it personally or sell it for you.  

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