Home-buying hassles don’t have to be bigger in Texas

We know the process of buying a home can be emotional: it’s exciting to envision a fresh start in a new place — but buyers also worry about overpaying and committing to a home they’ve potentially seen only once. When they’re buying and selling at the same time, there’s the extra effort of trying to line up two transactions at once.

While buying a home has always been stressful, the stakes feel particularly high in the context of current interest rates, which continue to place pressure on affordability. We recently interviewed 2,010 respondents across the U.S., including 170 residents of Texas, to understand the hopes and fears of today’s buyers and how Opendoor’s products can help. Our conclusion: buying a home will always be a major life decision, but unlimited self-touring and features like our Appraisal Price Match Guarantee can make it feel a lot less stressful.  

Scoring with self-touring

A buyer recently reflected to me how strange it was that she could test-drive a car for a week, but had to commit to a home and neighborhood after a 15-minute tour.

That buyer was not alone: 73% of respondents to our survey would prefer to visit a home multiple times to ensure it meets their criteria. Even before they’ve found a potential match, buyers want to see homes in person to inform their view of the market and what they can afford. 35% of Texans told us they even enjoyed visiting different properties, exploring neighborhoods, and imagining themselves in each place. All of this makes sense — on a house-sized purchase, buyers want to make an informed decision.

On eligible homes, Opendoor’s self-touring feature allows buyers to truly test-drive a home. They can pop in several times, such as on their way to shop for groceries, while taking their kids to school, or with their agent. It allows people to tour on their own schedule, at a pace that’s comfortable for them. And it helps buyers avoid the complexity of aligning multiple schedules. Buyers tell us they love self-touring, but we also see it in our data: buyers of Opendoor homes self-tour an average of 2.5 times.   

How it works:

• Once they’ve found the perfect home (or ten!) to tour, prospective buyers can schedule a self-tour through Opendoor and either tour alone or with their agent. We see buyers frequently do a first pass themselves, and then return with their agent if they’re interested in moving forward. 

• At eligible properties, they can scan the QR code on the front of the house. (Note: some properties on opendoor.com/exclusives require an appointment and a tour assistant to let you in, but you can still roam on your own inside, and take as much or as little time as you need.)

Self-touring can also help buyers see homes without committing to an agent or signing any paperwork, which may become harder after August 2024 when new National Association of REALTORSⓇ rules go into effect. The new rules will require agents to have a written agreement in place to work with a client as a buyer’s agent before a tour occurs. 

Whether someone wants to take things slow and solo or take a quick turn with others, self-touring removes the anxiety of committing to a home after a 15-minute spin. 

An alternative to negotiation 

Unsurprisingly, people are also anxious when negotiating a home's price — especially if they’ve already lost a bid to another buyer. Our survey data shows that 47% of Texans would prefer to avoid negotiating the price of a home. Opendoor Exclusives – currently only available to Texans in Dallas-Forth Worth, Houston, and Austin – helps alleviate this worry by giving Opendoor customers exclusive access to homes weeks before they hit the market, reducing competition from the get-go. Certain listings also have simple, fixed pricing, so buyers can reserve a home with a few clicks.

Getting over the fear of overpaying

On Opendoor Exclusives, we back all transactions with an Appraisal Price Match Guarantee to give buyers peace of mind about the price they’re paying for a home. If a home appraises for less than the contract price, we’ll match the appraisal gap up to $50k. On eligible homes, if buyers want to back out of the purchase for any reason, they can get a full refund of their earnest money deposit.

With these Opendoor features, Texans can better handle one of the most emotion-laden purchases they’ll ever make with confidence and ease. Check out our Exclusives listings in Texas to self-tour or buy a home before it hits the market. 

Merav Bloch is the VP & General Manager, Opendoor Exclusives 

Methodology: The report was conducted by YouGov via online survey on behalf of Opendoor in December 2023. The survey targeted 2,010 U.S. adults who had either bought or sold a home within the last 12 months or were in the process of doing so, including those in the initial stages. The sample was designed to be representative across various demographics, and data has been weighted to facilitate tracking. Although the survey initially targeted a broad demographic, this report specifically focuses on respondents based in Texas.