Opendoor posts nearly $1B loss, Santa Clara County High's and Low's






 


Opendoor posts nearly $1B loss
PROBATE AND ESTATE SALES
How your Home will be Marketed
Los Gatos Home of the Week
Santa Clara County Price Reductions
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High's and Low's

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OpenDoor vs Homeowners

Open door. The company that screws homeowners worse than wholesalers. They posted a $ 1 billion loss in the last quarter, and it's just showing it's time for us to take back the reins and show you how to get value outta your house. Open doors practice is all about taking as much value out of your house and putting it into their coffers, rather than your pocket, and I don't think that's a fair way to go.

Why Investors Undervalue Homes
Same thing with homes, wholesalers, or investors. Investors love to say, oh, we're gonna give you the best value you can, but they're going to give you like. I dunno, 50, 60 cents on the dollar for your house, stating that they need to make their profit and do a repair, and then sell it off to their buddies who're going to do the actual fix?

Always, always, always talk about getting your house on the market and seeing what fair product or fair price you can get for it, because there are always willing buyers on the MLS. Not just in, in investors. It's the same thing that's going on, coming soon. N it's a horrible practice.

OpenDoor Losses Explained

Anyway, it's right here. It talks about open doors adjusted prop Q4 earnings per share, set down 7 cents. They actually estimated it was gonna be 8 cents per sale because they knew it was coming in, so they, they purposely attracted that.  Net loss widened to 896% or 1.1 billion, as home sales dropped to 4 42, almost 2000 units.

So they buy on discount, and they try to sell at a premium or at market rate, and that's their business model, just like everybody else. That's in a business, in any kind of business, right? You buy a car, you buy it as low as you can, and try to fix it up and sell it as high as you can.

Stocks the same way. I get it. I just don't like their hedge fund mentality because it screws a lot of people out of a lot of money out of their house that should have been theirs. 





Sell Smart in Probate
Probate sales. We're always doing probate sales.

Getting your house ready to sell is important. Get it on the market, get it pretty, get it empty, get it clean, and get the stink out. And yes, when you live in a house for 50 years, your house is going to smell funny to most buyers. So it's clean it up. Present it a lot better and get it on the market and get you that seven, I don't know, 90 to a hundred percent of market value instead of the 60% that open door or investors would offer you.






Marketing Your Listing
On top of everything else that we do to sell your home, I get your home listed and advertised across multiple platforms. On top of that, we have Matterport, which is, I use somebody else, another company, but they use it, so it's part of the process.

They get you a 2D floor plan, and you get to walk through the house. Like this. And when it's staged up, and it looks pretty like this house, which looks like a brand new model home, you get to enjoy it a little bit better. And this is nice. You get a little, I want to go to the living room, see how that works.

Look, there's the thing, and then you can go to the second floor if you want. Look at that. That's pretty cool. Anyway, that's another part of what we're doing for you to help market your house on top of going to all of these and more different platforms or partners, advertising partners that we use to get your house in front of the right buyers.

All right. 





Los Gatos Home of Week

This is Los Gatos, home of the week, $1.649 million. For one bedroom, one-bath, 6, 7, 64 square foot house. It's not even the lot is that big. It's not anything. I don't know. I don't know what you can do with this. That's the thing. I just don't know. This was like, it feels like this was a parcel off and they're just trying to get rid of it.

So, one bath, 764 square foot house for $1.6 million in Los Gatos. So if you wanna live and have the title of being a Los Gatos neighbor, then there you go. And the beautiful thing is, is walking distance to Santa Cruz. And I don't know what else you can do with this.

That's just the crazy thing. And here's a little bit more about what the house looks like. Cute. Dolled up looks nice.  But it also has plans, so you can take on the risk and stress of adding onto it like this, right here. There you go. Okay. 





Weekly Highs and Lows
Highs and lows of the week. Right here, colonial is sold for 6.8.
It's the highest, most expensive house sold in Santa Clara County this week, and it's in Palo Alto. We'll go into it real quick.

And Colonial Lane is a five-bedroom, four and a half bath, 3,200 square feet, just built last year, Monday on the market sold. That means they already had it on the market, and then they wanted to confirm that they had it sold before they did it. So, you know, when you have a home like this, it doesn't really sell within a day.
It sells before it actually goes on the market, and they got the number that they wanted, and they lowered it so they can make their numbers look good. And then the next one is the lowest-selling house in Santa Clara County, which is in San Jose on Fifth Street. Sold for $800,000. A two-bedroom, one bath, 1300 square foot.

Home built in 1920. It's 105 years old. Imagine that. Let's take a quick look inside. Nice. It's a craftsman. It's pretty, I like that. I like the craftsman-style houses. As long as it's done right. And a lot of times, what you see in these houses, especially because there's a basement downstairs, is that the foundation's pretty wonky up and down.

So you have to be careful about that. The outside of that. That's pretty much the only thing, 'cause you have the sash windows, which are original, and then it looks like they did some stucco. So it's not a true craftsman home. But yeah, it's a nice-looking house. 

Pricing to Attract Offers

Sold for 2.8, which is 140% over the list price. They didn't mess around. Took eight days to sell, and this is in 9 5 0 1 2. Right off of Almaden Expressway and one for Chian Court. 3035 square feet, six bedrooms, three baths, built in 1987,

And I'm telling you, attract the market. Don't try to be a market maker unless you have a luxury home. Unless your home is worth 10, 15, 20, or 80 $8 million. Attract the market. List it low. What you list it for is not what it will sell for; buyers determine the sales price. And in this case, they sold it for almost a million dollars over what they listed it for.

Because they listed it low. They attracted the market. Right. Is there anything fancy or crazy about this house? No. It's a track home. It's Almaden. They upgraded it, made it look nice and pretty. And they didn't mess around with the sales price. Right? What they did was just say, let's see what the buyers are willing to buy. They probably had 20 offers on it, right? As opposed to this area here. Who said, my house is worth $1.4 million. 'cause the house 10 miles down the street six years ago sold for $1.4 million.

Took almost a year. Well, three, nine months to sell a standard three-bedroom, 2200 square foot house. And it's a funky dome type shaped house. The only thing you have is 25 acres that you're selling, built in two, 2017. Look, buyers are willing to pay what they're willing to pay, right? And buyers come in and say, let's just see what happens. And this is off of Pacheco Pace. Pacheco Pass, Pacheco Pass Highway. You know the thing right there, and it's never a fun thing to travel every freaking day. I wouldn't want to do it and try to list your house for $1.4 million. I mean, maybe they thought for sure it could have been, but.

Don't be a market maker. Attract the market. Gotta tell you, that's the easiest way to do it. 

Market Stats and Wrap Up

So far we're $6.8 million, and that's 6.9 is the average for the year so far, and 131% over list price. The highest list price right now. And we have 923 active homes for sale. We need to be at about 2000.

To be an active, balanced market. It's not gonna happen this year. I don't see it happening this year. I just don't. All right. That's it for now. Thanks for watching. I'm Vito with Abano. We'll see you out there. 



 




đź”´  5 Cities Near San Jose | Moving to San Jose https://youtu.be/sDkdDq42vo8?t=46  
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Vito Scarnecchia
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