Opendoor and other iBuyers pride themselves on speed. But they’re not always so quick...
Opendoor and other iBuyers such as Offerpad — which pride themselves on speed — are not always so quick about selling the homes they buy in San Antonio, according to Bexar County deed records.On May 13, the Silicon Valley tech company Opendoor purchased its 1550th home in San Antonio: a four-bedroom, 3.5-bath at the end of a cul-de-sac in the Sueños at Cibolo Canyons gated community near the TPC San Antonio golf course.
A median of 105 days passes between when the county records Opendoor’s purchase of a home and the home’s sale, the records show. In other words, it typically takes the company three and a half months to sell a home it has bought. For Offerpad, the median is similar, 101 days.after announcing last fall that it was leaving the home-flipping business, the median is 94 days.
That 34-day time span is “on par with our monthly average” for the amount of time that passes between when Opendoor lists a home for sale and when the sale is pending, company spokeswoman Stephanie Miller said in response to an emailed list of questions. “There is a labor and material shortage across the country. Despite these challenges, Opendoor has continued operating and delivering homes for our customers,” she said. “Homes we buy are generally in good condition — we typically do small jobs, light repairs, so getting homes resale ready does not require specialty labor.
Since the pandemic, with home prices spiraling across the U.S., the price appreciation has come to represent a much larger share of their revenue, he said.
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