Opendoor

Summary

Opendoor is the largest iBuyer in the United States and operates in the St. Louis metro. The platform generates an automated cash offer based on recent comparable sales, then deducts a service fee typically running five to fourteen percent of the offer plus standard closing costs. Sellers receive an initial offer within minutes and a final offer after an in-person assessment. In St. Louis's currently appreciating market, Opendoor's algorithm tends to price closer to retail than in cooling markets, which can make it competitive for sellers with move-in-ready homes built after 1960. St. Louis's older brick housing stock in the city core is more likely to be declined or reduced; the suburban county markets are the better fit for the iBuyer model. Sellers should weigh the speed and certainty against a service fee that retail sales avoid.