This Current Housing Market For Opendoor Keeps Growing And Losing Money

Dated: November 12 2021

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There was, ahem, a bit of a backdrop to Opendoor’s earnings call on Wednesday. The company’s main rival Zillow shockingly announced a wind-down of its iBuying arm one week earlier, deeming its home price forecaster “too volatile.”

In the flurry of examinations and postmortems on Zillow, Opendoor has, by comparison, come off as a fiscally responsible company. For example, an analysis from Mike DelPrete indicated that while Zillow wildly overpaid for homes in Phoenix and Atlanta, Opendoor forked over market value.

The earning’s report, meanwhile, revealed that Opendoor ramped up its purchases almost as quickly as Zillow. The company bought 15,181 homes in quarter three. That’s a 79% hike from the second quarter.

Opendoor now has 17,164 homes on its books. The iBuyer lists these homes on its balance sheet as a $6.4 billion asset.

On the company’s earnings call, Opendoor CEO Eric Wu said nothing at all about the company’s net loss and gave limited remarks about the downfall of Opendoor’s chief rival.

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Dan French

A Southern CA transplant, Dan has over 11 years in home financing with a multi-faceted background in lending and Real Estate. I have The main objective of providing the highest level of customer servi....

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