2024 Opendoor Update

Opendoor lost another $275 million.  A few years ago, the iBuyer craze was all the rage.  Companies like Opendoor, Zillow, Offerpad, and Redfin were all major players.  The goal is to buy houses, then resale them at a higher price. Sometimes they may make improvements, but many times they don’t.  Opendoor is the only major company still standing as the others have bowed out after losing a lot of money.  Going back to when they became a public company in 2020, Opendoor has lost a total of almost $2.6 Billion.  They’ve told their shareholders they expect to lose money in 2024. Flipping a house isn’t always profitable, and these companies have demonstrated that it doesn’t seem to scale well.  I’ve studied Opendoor a lot and had my own clients sell to them when they were overpaying for homes back in 2021.  But today, you can do better.  If you want a quick sale at an under-market price, I can personally help you with that so reach out to me.

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