Opendoor Is Just 2 Markets Away From Reaching 2021 Expansion Goal
Opendoor launched new operations in Birmingham and Indianapolis, according to an announcement on Tuesday. The iBuyer said it would be in 42 markets before the end of 2021.
Opendoor is just two markets shy of meeting its 2021 expansion goals following the launch this week of the iBuyer’s homeselling services in Birmingham and Indianapolis. The company also looped Galveston, Stockton and Modesto into the service range for its Houston and Sacramento operations.
“Across generations, 71 percent of Americans we surveyed think that now is a good time to sell, and we’re proud to offer an on-demand, fully digital solution that eliminates stress,” a blog post announcing the launches states. “With an all-cash offer from Opendoor, sellers can quickly unlock the equity on their current home, so they can seamlessly buy their next one.”
Homesellers can request an all-cash offer from Opendoor after providing their address and completing a questionnaire. After accepting the offer, homesellers will complete a video walkthrough to identify any necessary repairs.
Sellers can choose their own closing date and can decide to reject the offer any time before closing. They also have the option of listing their home on the open market through Opendoor, which includes a $10,000 interest-free advance for repairs and a 5 percent flat fee.
Opendoor said each of the new markets has a robust economy, fast-growing population and booming real estate market ripe with iBuying opportunities.
“The vitality of the city creates an active housing market with people both needing and wanting to move. This creates demand for a better way to sell a home,” Regional General Manager Jim Lesinski said of Indianapolis. “From our experiences in other Midwest markets and through [the] study of housing in the local Indianapolis metro area, we believe we’ll be able to deliver competitive home valuations, which is a prerequisite for delivering exceptional customer service to sellers and ultimately to buyers of our properties.”
“Birmingham is no longer the best-kept secret of the South,” Regional General Manager Jay Cherry added of Opendoor’s first Alabama market. “It’s a cultural hub with plenty of job opportunities, which still offers a low cost of living and high quality of life. Whether you’re leaning toward a historic neighborhood in the city’s downtown or a more suburban community, Birmingham has something for everyone.”
Opendoor is primed to meet its 42-market goal before the end of the summer, as the iBuyer has been launching new operations at a rapid pace. In June, Opendoor introduced its largest collection of new markets yet in Miami – including Fort Lauderdale and Palm Beach — Oklahoma City, Oklahoma; Columbia, South Carolina; Reno, Nevada; and Knoxville and Chattanooga, Tennessee.
The company also passed the 100,000 transaction threshold — a marker of consumers’ growing comfort with using iBuyers to complete their homebuying and homeselling goals.
“Our operational systems, pricing models and launch playbook have been tested at scale and are underpinned by a technology platform that automates and centralizes the transaction,” Opendoor CEO Eric Wu said in March of his goals for the company. “Thus, we are positioned to rapidly and profitably expand nationwide.”