{"id":154996,"date":"2023-07-07T08:00:00","date_gmt":"2023-07-07T14:00:00","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=154996"},"modified":"2023-08-20T01:21:48","modified_gmt":"2023-08-20T07:21:48","slug":"new-survey-from-opendoor-reveals-interesting-trends-guess-what-groups-are-getting-competitive","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/new-survey-from-opendoor-reveals-interesting-trends-guess-what-groups-are-getting-competitive","title":{"rendered":"New Survey From Opendoor Reveals Interesting Trends\u2014Guess What Groups are Getting Competitive"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC8598366177\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If you\u2019re planning on buying or selling an investment property, having a handle on market conditions is critical. Can you expect a bidding war? Do you need to pay in all cash to win? What concessions might you need to make for buyers?<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">There\u2019s no way to answer all these questions with certainty, but a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.opendoor.com\/articles\/todays-mismatched-market-real-estate-perceptions-vs-reality\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">new survey from Opendoor<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;does offer some insights.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Here\u2019s what to keep in mind as you prepare for buying or selling a property in the current market.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Buyers are Prepared to be Competitive<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The vast majority of buyers expect to see a bidding war when they go to purchase a home. Millennials and Gen Z, in particular, see bidding wars in their future at rates of 76% and 73%, respectively. Baby Boomers are the least likely to expect big competition when buying a home.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Still, that doesn\u2019t mean you can price your property extravagantly. Nearly 70% of buyers say homes are currently unreasonably priced, and 72% say affordability is their biggest concern when buying a house. So much so that a whopping 73% of buyers intend to bid below asking price. Intent to under-bid is highest with Baby Boomers and Gen Xers.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">\u201cBaby Boomer buyers are hunting for deals,\u201d wrote Amita Amora, Opendoor\u2019s vice president of investments. \u201cSome 80% say they intend to make an offer on a home at or below the asking price, and only 14% are willing to make an offer above.\u201d<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Speed and Certainty Matters Most to Sellers<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If you\u2019re buying a property, offering speed and certainty to the seller can give you the upper hand. Nearly nine in 10 sellers say the certainty of an offer not falling through is \u201cextremely\u201d important to them, and another 58% say&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/cash-transactions-now-making-up-a-third-of-sales\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cash offers<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;are important.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">\u201cWith many buyers facing financing challenges and searching for a better deal, the rate of contract cancellations has increased significantly,\u201d Amora wrote. \u201cToday, 18% of home sales fall through\u2014the second-highest percentage since 2014.\u201d<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">About three in four sellers are looking to sell their home as quickly as possible, so getting preapproved for your mortgage, having your documentation ready, and being quick with inspections and repair requests can help (cash offers can help even more, though).&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Finally, be choosy about any demands in negotiation. Sellers are most willing to negotiate on their closing date and asking price, and 42% are willing to cover inspection fees. They\u2019re not as amenable to paying for home warranties, helping with closing costs, or offering repair credits.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">A Disconnect<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Buyers and sellers aren\u2019t exactly aligned in today\u2019s market, and that can make it challenging on both sides of the transaction. If you\u2019re on the selling side, be reasonable about your list price and be willing to negotiate. Don\u2019t expect tons of over-asking bids, and with older buyers, be prepared to play hardball. Baby Boomers aren\u2019t nearly as likely to expect a bidding war or bid over asking price.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If you\u2019re in the market to buy a new property, make sure your offers are as clean as possible. Have your ducks in a row financially (or come with a cash offer), and be careful what you ask for in negotiations. Some concessions are more likely than others.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">As Amora wrote, \u201cThe good news is that both prospective sellers (76%) and buyers (80%) indicate a willingness to make concessions to expedite their process.\u201d<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_ab1179455d92cbfebbe581c229b959cc\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_9d9c099232e1450e334433b911a76934\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size wp-block-paragraph\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color wp-block-paragraph\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_f357231f012beb7326d129a556ee4977 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/new-survey-from-opendoor-reveals-interesting-trends-guess-what-groups-are-getting-competitive&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color wp-block-paragraph\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/new-survey-from-opendoor-reveals-interesting-trends-guess-what-groups-are-getting-competitive&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re planning on buying or selling an investment property, having a handle on market conditions is critical. Can you expect a bidding war? Do you need to pay in [&hellip;]<\/p>\n","protected":false},"author":613679,"featured_media":155000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,7119],"tags":[],"class_list":["post-154996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/154996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613679"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=154996"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/154996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/155000"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=154996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=154996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=154996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}