In an August 1, 2022 press release the FTC had some harsh words for Opendoor Labs, Inc. In addition to imposing a $62 Million fine, the press release said:
"There is nothing innovative about cheating consumers."
"in reality, most people who sold to Opendoor made thousands of dollars less than they would have made selling their homes using the traditional process."
The FTC investigation found that Opendoor violated law by misrepresentation:
- Opendoor used projected market value prices when making offers to buy homes but included undisclosed downward adjustments to the market values.
- Opendoor claimed they made money from disclosed fees, but in reality made money by buying low and selling high.
Read more at "Opendoor iBuyer - nothing innovative about cheating"
Earlier this year on Feb 10, 2022 the Wall Street Journal reported that Zillow offers posted a loss of $881 Million on its Zestimate driven home flipping business Zillow Offers.
The Juliana Lee Team at JLee Realty has long believed in providing home sellers and buyers with accurate sales statistics so that sellers and buyers can make their best decisions. Every home buyer sets their own value on what a home is worth. Sellers make the best sale by selling their home to the buyer who values it the most. One part of the worth of hiring JLee Realty to sell your home is that we go to great efforts to get every good buyer to consider buying your home. One example of this is that we promote our homes for sale on over 1,100 of our own custom websites. For home buyers, our buyer team goes to great efforts to understand our buyers needs and desires, then explains the values of any homes that our buyers might be interested in. Our buyer team then uses the buyers' responses to refine and find the homes that are the best match for them. We provide extensive real estate statistics showing real estate trends so that home buyers and home sellers can make informed decisions. We discuss the current real estate market with our clients helping them see and understand what is important to them.
What are some of the real estate trends we provide:
- Palo Alto average and median home sales price.
- Palo Alto average home sales price per square foot.
- Palo Alto home sales price vs. list price.
- Palo Alto home sales average days on market.
- Palo Alto average home size.
- Palo Alto average lot size.
Take a look then call us 650-857-1000 and let us know how we can help you, the Juliana Lee Team at JLee Realty.