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How much money do Opendoor sellers leave on the table?

03/22/2017

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How much money do homesellers leave on the table if they sell to Opendoor, the property-exchange platform that’s raised $320 million?A look at Opendoor’s listings in Las Vegas, the company’s latest market, points toward the answer.On March 17, Opendoor was trying to sell its Las Vegas listings for an average of 6.13 percent more than it bought them for.Looking at the data from a seller’s perspective, Opendoor customers sold their homes at an average discount of 5.75 percent off what Opendoor had listed the properties for on March 17. These stats are based on the 11 Las Vegas-area listings that appeared on Opendoor’s website on March 17.The figures seem to support the view that homeowners generally sell their homes to Opendoor for less than they’re worth, despite the company’s claim to buy at market value.Considering that Opendoor also charges a service fee ranging from 6 to 12 percent, homeowners could easily end up paying more than double what they woul…

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