10% of the homes on market in my area are owned by Opendoor

[Matt Greer]

I'm an RE agent in the Phoenix East valley area. Today I was looking into opendoor and realized they have a 10% market share here. We currently have about 18,000 homes on market and Opendoor has about 1,800 homes listed (the numbers go up and down daily).

Most of their homes for sale have been sitting and they're all listed at or below what Opendoor paid for them. This has created tons of opportunity for buyers. You no longer have to buy a property in a matter of hours like we did a few months ago. 

We are literally able to write offers and when sellers counter I tell them to find a different buyer and all of the sudden they accept our original offer.

How are you taking advantage of this opportunity and are you seeing similar situations in your market where one or two massive institutional buyers are just selling? 

The crazy thing is 1,800 homes would've been half the homes on market for us just a few months ago.

[Chris Seveney]

@Matt Greer

Many are saying phoenix will be ground zero for some serious price drops because of companies like this. Be interested to see what happens