If you are looking to buy, sell or invest in real estate here are some facts about online services that may interest you. For example, opendoor.com say they have competitive offers to buy your home. In being a realtor myself, this interested me to where I asked the question “Will this revolutionize the market ultimately forcing people like me without a market?”
To satisfy my curiosity I contacted opendoor.com to get an offer on my home.
Here we go! Below you will find an example of where I’ve solicited an offer from opendoor.com for our home built in 2017. Our home is a modest home that is 2600 sq. ft. 4/2.5/3 Car Garage located in a 54 home gated community about 2 miles from the gulf.
Drumroll! In less than Two days, they came back with a net offer of $200K (Opendoor.com offer $216,562. Minus Service Fees $16,242.15). We purchased this home for $300K. Since this purchase, the value has increased slightly. Which left me wondering what they used to value my home? I expected this offer to be low, however, I wasn’t expecting it to be so ridiculous – I felt that I was contacting a pawn shop about my home.
As a realtor, I did the comparisons and had I been representing myself, I would have recommended to the owner (myself) a market sale price of $320,000.00
Home purchased $305,900.00
Current Value $320,000.
Comps Avg $336,125.
Accepting that, will show you where you stand to lose thousands of dollars in value on your home.
It makes me wonder what a website like opedoor.com and their overpowering marketing will do to the market over time where home values will be distorted.
Keep in mind “Investor” type websites such as opendoor.com can and will de-value your home eventually. As a consumer and realtor, I felt obligated to expose this experience to urge you all to consult with a licensed realtor before allowing big companies that could care less about you.