The article talked about Opendoor being able to increase liquidity. However a lot of real estate illiquidity is due to people who refuse to sell at market valu

The article talked about Opendoor being able to increase liquidity. However a lot of real estate illiquidity is due to people who refuse to sell at market value for irrational reasons. For example, "I paid X so I won't sell below that", "I added a pool plus 100k in renovation so I should get that much of a premium", "I'll just wait a few months and see if prices get better". A big function of realtors is to console and convince people to sell at a realistic price. This behavior makes it harder for OD to improve liquidity, and in fact liquidity could take a hit with no realtor therapy for sellers. I predict a major issue for Opendoor will be seller sticker shock. Many will balk at paying 8-12% in fees even if it's in their best interest. Willingness to paying more for convenience or speed is not a constant. See mental accounting from University of Chicago, or ask any realtor about seller psychology.