Should You Sell Your Home To Opendoor In 2024?
In 2021 I sold my home to Opendoor for substantially more than I could have sold it myself as a Real Estate Agent. In fact I beat the market comparable sales by around $50,000 by selling to Opendoor! If you would like to see a short video about my home sale to Opendoor you can watch it on YouTube by clicking HERE.
But how about now, Does it still make sense to sell Your home to Opendoor in 2024? The answer to that question is It Depends!
In 2021 when I sold my home to Opendoor the company was still trying to gain real estate market share, and they were more concerned about getting for sale signs in neighborhoods than they were about profitability. According to SFR Analytics most homes purchased by Opendoor in 2022 resulted in a loss of around $25,000 per home purchase. Since then, Opendoor has made some big changes to its acquisition practices and prices, and in 2023 Opendoor averaged a $49,000 profit per home sale.
In my opinion if your home is market ready and in overall good shape Opendoor’ s offers are not beating the conventional real estate market sales like they did back in 2021.
However, if your home has deferred maintenance or is what's known as a "fixer", Opendoor might be a good option.
No matter what option you choose I would always recommend getting a free market analysis done for your home by a real estate professional before getting an offer from Opendoor's website. That way you will know exactly what Opendoor's offer price needs to be in order to be competitive.