19 DECEMBER - JANUARYforward to post-2020 and this figure has exploded: peaking at 77% in 2021, and 67% in 2022. And with the rise of remote work ­ the number of remote employees is expected to nearly double since pre-pandemic rates over the next five years ­ we're seeing people be more mobile and flexible than ever, expanding their search criteria to a new state or surrounding neighborhoods near larger metros. So much so, that from 2019 to 2022, we found the average move distance has increased by 38%. What does this mean? As buyers widen their search, the definition of good location widens along with it -- and condition will increasingly be the differentiator that moves the needle for buyers. Home sellers may need to rethink the adage "location, location, location." 3. Home condition stands out even more in a cooling marketWhile the housing market remains competitive for buyers, things are starting to cool as we enter the winter months. Our data shows new listings decline on average 21% from the summer to fall. And year-over-year existing home sales sagged for the third consecutive month in all four major U.S. regions, according to the National Association of Realtors (NAR).When Opendoor looked at the last six years of listing data, we discovered that home condition matters more in colder markets than in hotter ones. Home sales are slower in colder markets, so homes in better condition have a bigger advantage -- whereas people are more willing to look past condition in hotter markets where competition is fiercer. In hot markets, homes in better condition than comps typically sell six days faster. But in cooler markets, the speed of sales nearly doubles for better condition homes, shortening the time on the market by 11 days.What can sellers do to meet buyers where they are?Sellers who want to maximize price and minimize dates sitting on the market should prioritize home condition when getting ready to sell their homes. In preparation, they can:· Consider upgrades that will make their home more appealing · Replace outdated features that are no longer trendy or in fashion, like popcorn ceilings or fluorescent lighting· Invest in quality upgrades like premium appliances, cabinetry, and fixturesAnd for sellers who want to bypass the need to manage repairs and get their home "show ready," they can sell to Opendoor for a cash offer. As residential real estate continues to shift and settle post-pandemic, sellers can navigate the market with more confidence understanding what buyers are looking for. While sellers can't change the location of their home, they can improve the condition and deliver the move-in ready home that more buyers desire. As homeowners consider the sellability of their home -- and determine how to make it stand out in today's market -- it's important to understand buyers' mindsets and behaviors around home condition
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