How Opendoor and Zillow Are Making Our Market Weird

Here in 2022, and the market is in full swing. Unfortunately, inventory is still low; it’s even lower than we expected. We started to see that insane spring market again. There was a lull in November, but December was so busy that I hardly had any downtime.


One of the things I noticed was the number of Opendoor and Zillow listings. Many people think there’s nothing on the market; there are homes for sale, but they’re just overpriced. It amazes me how much they’ve overpriced these listings.


Zillow and Opendoor were picking up a lot of homes in 2021, so I wonder if they bit off more than they can chew. For example, if you look on Huddle, almost 60% to 70% of the homes under $450,000 were Opendoor listings.


I’ve made offers on these homes, and almost all of them have been countered at full price. One home had the same floor plan as another house that sold for $495,000. I offered that $495,000 price, and they countered with the full price: $560,000.


If someone had half a brain, they’d realize that this house is not worth that much, but they’re still staying out there after 89 days. Who knows what the end game is, but it’s definitely causing some issues with comps.


Homes that are priced correctly sell quickly with multiple offers. For those houses, it is exactly like that early 2021 market. Strap in because it looks like 2022 is going to be a roller coaster.


If you’re thinking about selling a property, now’s a great time to have a conversation. Inventory is really low, and there are a lot of buyers out there. I’d love to talk with you, so give me a call or send me an email.