The Pros and Cons of Using Opendoor to Sell Your Home

As the years go by, technology changes how we do things. Gone are the days that you called a taxi company to pick you up and now we all use Uber and Lyft to get where we need to go. Well, we are starting to see these changes in the real estate industry in Raleigh as well. 

Opendoor has started to provide services with selling homes in the Triangle. The concept is a homeowner would sell their home to Opendoor then Opendoor would choose the next buyer. As the team at Raleigh Cary Realty, we are suggesting our clients do their research before using Opendoor over a local Cary realtor.

5 key pros and cons of using Opendoor are: 

1. Hassles of Showing:  Some sellers do not like the idea of showing their home and having it ready to show while in the home. If this is you there are ways around this and many Realtors can help with solutions that can help plan around a vacation etc. to let the market still see your home and see what it says.
2. Speed: If there is some reason that a home needs to be sold quickly and a family needs to move quickly, Opendoor will buy a home from a Raleigh homeowner rather quickly. Opendoor still performs inspections & may charge or deduct money for repairs needed. Depending on the market you are in however your home can still close within a couple of weeks of closing with Opendoor and put more money in your pocket.
3. Lost Money: Opendoor is taking these homes, fixing them up then determining when the right time to list is. Sometimes, they will hold onto the home for a few months to be in a more competitive market. On average, they typically make $20,000 per home they are selling.
4. Fees: Opendoor charges an average of a 6% fee for each home. But, there are situations that are riskier that they will charge higher fees on which means the fees could go as high as 12%.
5. Local Economy: When using a Cary realtor, your money stays in your local economy. When using Opendoor, your money is going to a large corporation which will not stimulate our economy in the same way.

Every real estate situation is different. There will be some transactions that will benefit from using Opendoor, but there are a lot of situations where a local real estate agent is the best way to go. If you want to have your situation reviewed, contact our team at Raleigh Cary Realty today.