Bought my 1st house in April, we paid 20k over asking price. I know house market kinda come back down buy I'm glad that I paid only 20k over during those crazy time. I still have 5 or 6 houses that I liked, and we got beat by 100k to 200k over asking price. Nice to see those people lost a big buck lol
We toured a few opendoor houses when I was searching and after the 4th or 5th one I just started passing over their listings. They would 'fix' up houses in rough shape but it would literally be the definition of the lipstick treatment when we went in person and compared to the photos. Beat up cabinets and carpets, and a few houses we walked into and were immediately hit with intense smells of smoke and cat urine. Another house had chewed up trim, it looked like the owner had owned birds and never cleaned up. They were also just super overpriced back then.
I saw some opendoor house, and it’s look not up keep. We also went to some open house on Zillow and it’s over price. Some didn’t even bother to touch up, I can see the paint chip off and a crack. If you are looking to buy one just wait for bit longer. The housing is crazy, went over 100-150k over price for a house that was 200-250k in 2020, who is the right mind to buy a house just jump almost double in two years. 🤣🤣🤣
@@mollynguyen834 it's definitely crazy, the neighborhood I ended up buying in the houses had jumped 100-150k in two years. Today they're selling for around 200k more. I only paid 3% over asking though and the house appraised at my offer price, and I bought when the interest rates were super low (ended up being 2.75%) so I'm more than satisfied and not planning to go anywhere for a long time lol!
I had the same experience with an Open Door house we went to see one it looked nice from the pictures but Jesus seeing it in person was another thing….first of all it was listed as a 2br 2bth there was three bedrooms and that second bathroom in the basement didn’t even have a working shower, it was old wires dangling everywhere, an abandoned washer and dryer, old two pronged outlets not the up to date 3, a dead mouse, and the windows were about 40 years old and that’s me being generous now I see why it was on the market for 100+ days
In Cali. Bought our home recently from opendoor. Their original purchase price 575k. They tried to resale for 664k right before rates exploded. Today sold to us for 455k. Feels damn good. Homes in our area are still way more expensive than what we purchased for.
So I talked to somebody at open door I wanted them to put an offer in a $100000 lower than asking price but the home was not owned by open doore. It was owned by somebody selling it on open door. The lady at open door told me she has only seen houses go as much as 40000 under asking at the most. She showed me you can change the filters to only see houses owned by open door she's going to send me a list of my things I want in a home of homes that are owned by open door and I'm going to be sending a $100000 lowball offers on them see if I could snag a killer deal
Depends on how long the house has been on the market. I seen a few been on for almost a year. So I would start my offer at 100k less than asking and going from there.
Opendoor has 119 properties that I can find here in San Diego County, most of which are listed for sale about 10% less than what they purchased for. They have been mostly on the market for more than 2 months, which means they are still too high.
The starter home I’m getting outside of Dallas, TX a 3/2 open door listed in May 2022 for $375k. in Feb 2023 I’m paying $285k. I take that as a win for a first time home buyer
Just toured a home with a client that’s listed for $642k, 7 days on the market and they countered an offer we put in at $625k. They bought it for $688k one month ago! Crazy they’d take a $60k loss in a month knowing well where the market is.
Can I ask, with you looking for 2 years, does that mean that your downpayment, credit, and possible salary increased throughout the two year period and still no luck?
Won't the "loss" just help them on taxes? Cause it makes no sense to still keep buying in 2022 for an investment property, especially with that Nov 2022 purchase.
With the house I bought from OD, they got over 100k in seller concessions from the guy who sold it to them. So they may still be net positive on many of these as they don’t put in nearly the amount of work that they get in concessions.
@@mollynguyen834 Im a realtor and life is good. I help people buy and sell homes. Its often the largest purchase of a lifetime so it makes sense to use someone in the industry.
Im going through this right now just submitted an offer to an open door owned home. With me luck!!! OpenDoor Purchased for 657k listed 3 days later for 720k it's been 107 days on the market and today it's 682 (down from 687 last week) I offered 610k uggg I should have offered way lower.
@@kosmiccandie one of the reasons why 2008 happened was people just did not want to continue paying mortgage for a home that was worth lesser than what they owed and was continuing to decline, it did not make sense. Media always says its bad loans, it was also people stopped taking the pain to pay their mortgage. Big time those fools are underwater.
If they are living in house for 7-10 years and have stable income - being underwater is less relevant If they are investors or trying to get out within 2-3 years or so - Then being underwater is a significant problem
@@straightdrive6192 this is not 2008 people lied and could not afford those homes. The price of rent is only going up. So would you give up your home to pay more in rent. Houses now have a ton of equity. For me I bought in 2009 then pulled tgen again in 2017. California. The house prices will mayybe go to 2019- 2020 but not back ti 2017. 2020 pre pandemic yes. I know I could bot afford tge mortgage payment now ifbI bought my house today.
Here are my guesses: House 1: Guess $420k House 2: Guess $450k, guess list price: $475k House 3: Guess $480k, guess list price: $510k House 4: Guess $460k Not the best showing, but I got close on a few of them. And Opendoor took the bigger L.
$250k is a fair price for any of them. Let’s get real. The reason these prices went up so hi is because these companies did fraud to get them up there. $150k is actually wha the market can afford.
I am listing a house for $270,000 on June first and open door has a house for sale a block away for $260,000 which has been on the market for 119 days. Is there a reason why realtors won't do business with open door? I am not a buying agent so I don't know.
If you're not going to use a real estate agent, then you need to go on those real estate sites like Zillow, and look up houses with price decreases. From there, look up the house on the local county's tax website to see the property owner and that's where it'll say Opendoor.
When you look at the online listings, it will usually say something like "Listing Agent Name OD" it's the same agent name repeating all the time in each city.
I wish that the market would fall so that I can get my 2nd property but I feel this is all for show. They are throwing these so-called price drops but it seems something it brewing in the background that the public is not seeing. Definitely intentional. Wait until the investors jump in again in spring and I feel that it will get crazy again...
I like these types of videos way more than your reaction video that you did with Dave ramsey. Anyone and everyone has already done those types of reactions at least with these we get to see your personality.
Opendoor and Offerpad are done. Research note from today: “we believe Opendoor's (OPEN) valuation will continue to be tethered to book value over the intermediate term until third-party marketplace economics represent a more material mix of its business, which we do not expect until late 2023/early 2024," analyst Ryan Tomasello wrote in a note to clients.” “Keefe Bruyette expects Offerpad's (OPAD) book value destruction to continue in 2023. "We also believe capital needs are an even more relevant risk given its weak liquidity position, which stems from high redemptions with its 2021 SPAC deal,"
Opendoor had a net loss of almost 1 billion in the 3rd quarter. Their company is worth 7B, they lost 1B in three months...and July - Sept wasn't even that bad yet. Also worth noting they ended the quarter with 2200 + homes under contract for purchase. It looks like now, they are trying to dump this crap before prices go even lower. Classic example of a contributor to a bubble imo.
Not just big companies like this won't make it...but every bloke who overpaid more than 100k during pandemic is going to hurt. The great forclosure era of 2023 is coming!
I think opendoor is ruining for everyone that trying to buy a house to live while mortage interest rates are low-causing bidding wars. I hope they all burn in hell.. lol
Lets play a game. Why dont you show us how much equity people lost in 6 months alone. Call up all your customers and ask them. You know the customers that you told will NOT experience a crash.
However, your video is only comedic. The open door has yet to sell any of their home for a loss. They only perform a paper loss and have yet to realize it. Therefore they are still expose to a small burn rate.
found 'em on their website. But looking up previous sales prices and adjustments on zillow show they're still at a markup of over 100k so they're still listed at a profit price for them in Charlotte, NC. Is what you're seeing just in Pheonix?
Open Door is so dumb. They have like five houses sitting in my community where the HOA forbids rentals to everybody. Mind you, this is an a city where the most investors have been flocking to in the nation. So of course all those houses just sit there unsold six months later...
![PASULOL รามเกียรติ์ ตอนที่ 4 นนทกพบรัก [Ramakien Ep.4: Nonthok in love]](http://i.ytimg.com/vi/tMUQgmZzf_A/mqdefault.jpg)
It’s kind of satisfying seeing the corporations that pushed so many out of the market lose a ton of money.
Yes I don’t think that kind of stuff should be allowed with houses it’s to important for peoples lives
Bought my 1st house in April, we paid 20k over asking price. I know house market kinda come back down buy I'm glad that I paid only 20k over during those crazy time. I still have 5 or 6 houses that I liked, and we got beat by 100k to 200k over asking price. Nice to see those people lost a big buck lol
We toured a few opendoor houses when I was searching and after the 4th or 5th one I just started passing over their listings. They would 'fix' up houses in rough shape but it would literally be the definition of the lipstick treatment when we went in person and compared to the photos. Beat up cabinets and carpets, and a few houses we walked into and were immediately hit with intense smells of smoke and cat urine. Another house had chewed up trim, it looked like the owner had owned birds and never cleaned up. They were also just super overpriced back then.
I saw some opendoor house, and it’s look not up keep. We also went to some open house on Zillow and it’s over price. Some didn’t even bother to touch up, I can see the paint chip off and a crack. If you are looking to buy one just wait for bit longer. The housing is crazy, went over 100-150k over price for a house that was 200-250k in 2020, who is the right mind to buy a house just jump almost double in two years. 🤣🤣🤣
@@mollynguyen834 it's definitely crazy, the neighborhood I ended up buying in the houses had jumped 100-150k in two years. Today they're selling for around 200k more. I only paid 3% over asking though and the house appraised at my offer price, and I bought when the interest rates were super low (ended up being 2.75%) so I'm more than satisfied and not planning to go anywhere for a long time lol!
@@ivy5554 that’s good. I will wait till next year to buy one. Not in hurry. If they are lower to pre pandemic price it’s good enough for me. 😁
I had the same experience with an Open Door house we went to see one it looked nice from the pictures but Jesus seeing it in person was another thing….first of all it was listed as a 2br 2bth there was three bedrooms and that second bathroom in the basement didn’t even have a working shower, it was old wires dangling everywhere, an abandoned washer and dryer, old two pronged outlets not the up to date 3, a dead mouse, and the windows were about 40 years old and that’s me being generous now I see why it was on the market for 100+ days
In Cali. Bought our home recently from opendoor. Their original purchase price 575k. They tried to resale for 664k right before rates exploded. Today sold to us for 455k. Feels damn good. Homes in our area are still way more expensive than what we purchased for.
So I talked to somebody at open door I wanted them to put an offer in a $100000 lower than asking price but the home was not owned by open doore. It was owned by somebody selling it on open door. The lady at open door told me she has only seen houses go as much as 40000 under asking at the most. She showed me you can change the filters to only see houses owned by open door she's going to send me a list of my things I want in a home of homes that are owned by open door and I'm going to be sending a $100000 lowball offers on them see if I could snag a killer deal
I’ve been trying to convince my wife to lowball some of these Opendoor houses 😂
Depends on how long the house has been on the market. I seen a few been on for almost a year. So I would start my offer at 100k less than asking and going from there.
@@thegods2622 that’s exactly what I was thinking. Offer $550 on a house that’s listed for $650 (and started at $725 😂)
@@andrew_denver_realtor I would add a soft cap and hard cap
@@thegods2622you need to start at 30% less
@Straight drive I start were I like to start. Investors can suck it up and take an L. They the beggers now we ain't.
Prices are still too high, i am waiting for prices to return to low 300’s (pre-pandemic).
This time next year should present opportunities.
Idaho already has houses close to $300k. Other markets will follow have patience.
I hope they go out of business with any other flipping companies. They basically supercharged the market by scalping home sales.
I’m offended that these “starter” homes are still $350k+ That’s insane.
The 007 music lol!
I’m seeing some houses go under contract and they’re back on the market within a few weeks.
the goldeneye music got me too lol
Maybe fall out or they just play with our minds 🤣🤣🤣 thinking people fall into the trap.
Opendoor has 119 properties that I can find here in San Diego County, most of which are listed for sale about 10% less than what they purchased for. They have been mostly on the market for more than 2 months, which means they are still too high.
Open door bought 189 homes in wake county. NC, the same story here. I checked a couple of them they sold them for a big loss.
For sure, there will be further price drops, hopefully. The pittance of a couple grand off is nothing if the home has inflated equity.
The starter home I’m getting outside of Dallas, TX a 3/2 open door listed in May 2022 for $375k. in Feb 2023 I’m paying $285k. I take that as a win for a first time home buyer
Just toured a home with a client that’s listed for $642k, 7 days on the market and they countered an offer we put in at $625k. They bought it for $688k one month ago! Crazy they’d take a $60k loss in a month knowing well where the market is.
Maybe I'll finally be able to afford a house after 2 and a half years of looking
Can I ask, with you looking for 2 years, does that mean that your downpayment, credit, and possible salary increased throughout the two year period and still no luck?
Tell us when it's safe to buy again, please!
Fantastic. Could you do this with a few houses in southern California. Even better with the hot areas like Orange County or south of Orange County 😁?
Won't the "loss" just help them on taxes? Cause it makes no sense to still keep buying in 2022 for an investment property, especially with that Nov 2022 purchase.
They should discount these prices to 50% to match pre pandemic
Can I be honest? I still think they are overpriced.
With the house I bought from OD, they got over 100k in seller concessions from the guy who sold it to them. So they may still be net positive on many of these as they don’t put in nearly the amount of work that they get in concessions.
Came for the bloodbath, stayed for the Nintendo tunes.
I am trying to become a realtor and I truly appreciate your content. Not too many ppl like to help. Thank you so much!
Help yourself. 😂
Most realtor just want to make $$, they have no interest in helping except their pocket. 😁
@@mollynguyen834
Im a realtor and life is good. I help people buy and sell homes. Its often the largest purchase of a lifetime so it makes sense to use someone in the industry.
I like these gaming style real estate videos.
Im going through this right now just submitted an offer to an open door owned home. With me luck!!! OpenDoor Purchased for 657k listed 3 days later for 720k it's been 107 days on the market and today it's 682 (down from 687 last week) I offered 610k uggg I should have offered way lower.
So in other words most if not all those who “won” bidding wars are now suffering buyer’s remorse!
And under water
It depends because interest is half so the payments are still affordable. It becones remorse if you can't afford it. Purchase price isn't everything.
@@kosmiccandie one of the reasons why 2008 happened was people just did not want to continue paying mortgage for a home that was worth lesser than what they owed and was continuing to decline, it did not make sense. Media always says its bad loans, it was also people stopped taking the pain to pay their mortgage. Big time those fools are underwater.
If they are living in house for 7-10 years and have stable income - being underwater is less relevant
If they are investors or trying to get out within 2-3 years or so -
Then being underwater is a significant problem
@@straightdrive6192 this is not 2008 people lied and could not afford those homes. The price of rent is only going up. So would you give up your home to pay more in rent. Houses now have a ton of equity. For me I bought in 2009 then pulled tgen again in 2017. California. The house prices will mayybe go to 2019- 2020 but not back ti 2017. 2020 pre pandemic yes. I know I could bot afford tge mortgage payment now ifbI bought my house today.
There's one a few houses down from me that's been on the market for well over 100 days, asking $66K under what they bought it for
"What are they gonna do say No?" "they're already underwater" 😭👏🏾😭
Hmm, lessee... one bedroom condo within four hours drive of me...
2019: 80k.
2020: 120k
2021: 190k
2022: 200k
2022 (december): 199,700
... yeah, it's crashing alright.
Loving the N64 music. Taking me back to my days in middle/high school.
I love watching Opendoor crash and burn. It's so satisfying.
Here are my guesses:
House 1: Guess $420k
House 2: Guess $450k, guess list price: $475k
House 3: Guess $480k, guess list price: $510k
House 4: Guess $460k
Not the best showing, but I got close on a few of them. And Opendoor took the bigger L.
$250k is a fair price for any of them. Let’s get real. The reason these prices went up so hi is because these companies did fraud to get them up there. $150k is actually wha the market can afford.
I am listing a house for $270,000 on June first and open door has a house for sale a block away for $260,000 which has been on the market for 119 days. Is there a reason why realtors won't do business with open door? I am not a buying agent so I don't know.
CAN WE JUST COMPLIMENT THE EDITOR ON THE SOUND EFFECTS PLEASEEE!!
Love this video because I've been wanting to low ball some of these Opendoor houses.
I'll assume they are cool with these losses to get out before a bigger loss. I wonder what they averaged during the good time they had.
Oh this makes me happy. All of those companies need to lose their shirts. The average person can't afford to live.
I just need the crash to happen in Florida too so I can stay near family
Yesss let it burn!! Housing should never be an investment
That goldeneye music.
How can we recognize an open door house?
They have a sign and normally use an app to open the door. You can use the app or website to look for houses they own
If you're not going to use a real estate agent, then you need to go on those real estate sites like Zillow, and look up houses with price decreases. From there, look up the house on the local county's tax website to see the property owner and that's where it'll say Opendoor.
When you look at the online listings, it will usually say something like "Listing Agent Name OD" it's the same agent name repeating all the time in each city.
How do i look for these under water houses
I wish that the market would fall so that I can get my 2nd property but I feel this is all for show. They are throwing these so-called price drops but it seems something it brewing in the background that the public is not seeing. Definitely intentional. Wait until the investors jump in again in spring and I feel that it will get crazy again...
You can't even get a crack-house in Compton in L.A.
Its OK, they can make up for the losses on volume and growth.
Hey man love your videos 😅😂😂😂
Can you do same information on the same company opendoors but in Washington state ? “Seattle
Thanks 💪👏🏼👏🏼
Hey Javier! Why they still buying then?
These prices should be at least half.
I like the Dr.Disrespect Alleyways shirt
I like these types of videos way more than your reaction video that you did with Dave ramsey. Anyone and everyone has already done those types of reactions at least with these we get to see your personality.
Wait till this time next year..... only the beginning for houses flopping
Opendoor and Offerpad are done. Research note from today:
“we believe Opendoor's (OPEN) valuation will continue to be tethered to book value over the intermediate term until third-party marketplace economics represent a more material mix of its business, which we do not expect until late 2023/early 2024," analyst Ryan Tomasello wrote in a note to clients.”
“Keefe Bruyette expects Offerpad's (OPAD) book value destruction to continue in 2023. "We also believe capital needs are an even more relevant risk given its weak liquidity position, which stems from high redemptions with its 2021 SPAC deal,"
Low offers rolling in like crazy
Your hair looks good :)
Opendoor had a net loss of almost 1 billion in the 3rd quarter. Their company is worth 7B, they lost 1B in three months...and July - Sept wasn't even that bad yet.
Also worth noting they ended the quarter with 2200 + homes under contract for purchase. It looks like now, they are trying to dump this crap before prices go even lower. Classic example of a contributor to a bubble imo.
Not just big companies like this won't make it...but every bloke who overpaid more than 100k during pandemic is going to hurt. The great forclosure era of 2023 is coming!
Gilbert in the house 👍🏽👍🏽
Goldeneye!
Awesome always
Opendoor took all their homes off the market in Colorado springs
I think opendoor is ruining for everyone that trying to buy a house to live while mortage interest rates are low-causing bidding wars. I hope they all burn in hell.. lol
They're selling at a loss for tax purposes.
This was dope.
Maybe they are doing this to report losses at the end of the year for tax purposes 🤷🏾♂️🤷🏾♂️
Super under water before I even watch this
wow that is insane...
Lets play a game. Why dont you show us how much equity people lost in 6 months alone. Call up all your customers and ask them.
You know the customers that you told will NOT experience a crash.
All these companies are the canary in the coal mine for the pending crash.
However, your video is only comedic. The open door has yet to sell any of their home for a loss. They only perform a paper loss and have yet to realize it. Therefore they are still expose to a small burn rate.
Don't Buy. Let Them HOLD All. We Want The Prices To Go Back, So Low Income Can Afford It.
Had to stop watching this video cus the prices were too good. *cries in San Diegan
700,000 dollars, Alex?
Let’s gooooool
how do you find houses sold by open door?
found 'em on their website. But looking up previous sales prices and adjustments on zillow show they're still at a markup of over 100k so they're still listed at a profit price for them in Charlotte, NC. Is what you're seeing just in Pheonix?
Don't forget open door wasn't making g a profit at the top either...
There goal is to sell at a loss and make up for it with volume :)
🤓
Going to get wayyyy worse here soon...
Lmao this made my day
1st
Open Door is so dumb. They have like five houses sitting in my community where the HOA forbids rentals to everybody. Mind you, this is an a city where the most investors have been flocking to in the nation. So of course all those houses just sit there unsold six months later...
Open door is throwing deals lmao
I will offer 300k lmao