The Opendoor Experience: A New Era of Home Buying and Selling
When doing a Google search on “buying and selling a house” one of the first results is an article titled, “How to Buy and Sell a Home at the Same Time — Without Losing Your Mind.” The perfect headline to put into perspective the frustration and anxiety consumers have toward the home buying and selling experience.
As a seller, you first have to find a realtor you trust, then work on getting the house “sale ready”, which typically costs thousands considering the renovations, yard work and cleaning that comes along with it. Next, you list your home and host a string of open houses or private showings — all while you are trying to find a new home for your family. Day after day you live with the feeling of uncertainty.
Now imagine going through this for more than 100 days straight. This is the reality for more than 5.5 million Americans per year who are looking to buy or sell their homes. It’s no wonder that studies have found this process is more stressful than changing jobs, getting married or even having a child.
In the past decade, we’ve seen companies like Trulia and Zillow enter the real estate scene to help ease the pain of finding a home, but search is only a small part of the process. We need a solution that overhauls the entire experience.
Enter Opendoor, a simpler way to buy and sell your home. In 2014, Opendoor was founded to remove the headache, uncertainty and risk from buying and selling real estate — an industry that had $1.4 trillion in transaction value and $100 billion in fees last year alone. Clearly, not only is this industry deserving of better solutions, the market is also massive.
This week, we are excited to announce that Norwest Venture Partners led Opendoor’s Series D to simplify life’s most important transaction: buying or selling your home. Opendoor is entering a traditional industry that hasn’t been changed in over 100 years and bringing a completely novel product to home buyers and sellers.
Opendoor’s solution is to provide sellers with a fair, competitive offer on their home and a simple, near-instant online sale. This allows homeowners to close on their timeline and skip repairs, open houses and months of uncertainty.
Opendoor has also created a completely different home shopping experience for buyers, featuring on-demand open houses and a seamless purchase process. With a few taps, buyers can access hundreds of homes, find the ones that match their criteria, and see them on their own timeline with Opendoor’s 7 days a week, all day open houses.
You may be wondering, “So, isn’t this flipping homes?” The answer is emphatically, “No.”
Flipping homes come from either buying low and selling high, or buying a house that needs repair and fixing it up before reselling it for a profit. Opendoor is making offers at market price for quality, single-family homes that are move-in ready or require minimal work needed.
Opendoor’s CEO Eric Wu and his team also caught our eye. Eric has spent his entire career in real estate and has had a relentless focus on making the home buying and selling process simpler for everyone. Eric’s team has both the real estate and the technical experience the company needs to succeed in changing the way we tackle the home buying and selling process.
Congratulations to Eric and the Opendoor team — we’re excited to be a part of the Opendoor journey.
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