Cash is King
Dallas-Fort Worth real estate experts share how to stand out as a buyer
So many people are moving to Dallas that it's become one of the hottest housing markets in the U.S. And with low mortgage rates, low supply, and high demand, home prices continue to climb, with the median list home price up 8.6 percent across Dallas compared to last year.
Whether it’s your first home or your fifth, all buyers need a competitive edge to help them stand out, especially in today’s market. Unsurprisingly, sellers favor cash offers for the certainty of their home sale. In fact, 36 percent of home sales are all-cash.
To help DFW homebuyers have a competitive edge in today's market, Opendoor introduced a cash-backed offers program to make it possible for everyone to reap the benefits of being an all-cash buyer. Opendoor enables buyers to present the certainty of an all-cash offer to a seller, free of financing, appraisal, and home sale contingencies, even if you need a home loan. Buyers don't need to drain their bank accounts upfront, either for a downpayment or full offer.
Buying with a competitive advantage
According to Chris Westrom, Opendoor's regional general manager in Texas, all-cash offers are more likely to be accepted in a competitive market, as they provide sellers with a stronger sense of certainty.
"Buyers who have made offers with Opendoor’s cash-backed offers program have an average acceptance rate that’s 50 percent higher than those who made offers without our cash backing," he explains.
Buying a home with Opendoor is managed fully online and through its app, which is the preference of 75 percent of homebuyers that the company surveyed. But the added benefit here is that you have a team of experts behind you every step of the way.
There's no extra work, no surprises, and no additional costs. Opendoor provides qualifying buyers the benefits of an all-cash offer while allowing them to skip the many hurdles required by other companies, such as a full pre-underwriting process or charging extra fees.
Good news for sellers
But it’s not only buyers who can reap the benefits — sellers can too. Robin Keating was commuting 45 minutes to work, so she and her husband decided it was time to move closer to their jobs. They found the perfect place in Euless, which was more centrally located between both Dallas and Fort Worth, but needed to sell their current home first.
"We really wanted a simple solution that bypassed all of the stressful steps of an open market: negotiation with buyers, cleaning and staging our home, and hosting open houses," says Keating. "We also wanted to move quickly and stick to our agreed upon timeline. Opendoor provided us with the most competitive all-cash offer. From start to finish, the entire process was a breeze."
Now, Robin commutes only five minutes to work and absolutely loves it.
For Dallas-Fort Worth residents who may be looking to buy or sell, Opendoor empowers homeowners to move quickly, easily, with certainty, all on their own timeline. Go online or download the app today to find out more.