Posted on 04/21/2023 8:48:33 AM PDT by dynachrome
Headquartered in SoMa, Opendoor is a so-called “iBuyer," or instant buyer, a data-driven real estate buyer that uses pricing algorithms to quickly buy and sell homes. Opendoor has steadily expanded its services metro by metro, and in early 2022, it started buying houses in the Bay Area. Other real estate tech firms like Zillow and Redfin have halted their own buying initiatives amid economic pressure and complaints about the controversial business method.
Opendoor went public through a special purpose acquisition company in June 2020 and saw its valuation peak the following February. But the real estate market, at a frenzy during the pandemic’s early months, eventually turned sour as interest rates rose.
(Excerpt) Read more at sfgate.com ...
Gee, what an economy! Thanks, Uncle Biden.
“2022”
a bit late to the rising curve feeding frenzy
"The buck stops here." - Harry S Truman
"What buck? I never saw any buck. Trump must have stolen the buck. Can I have some ice cream now?" - Joseph Robinette Biden
Lots of people are still making lots of money.
“Consolidated pre-tax income of $1.3 billion, with a pre-tax profit margin of 17.5%
Consolidated revenues increased 3% to $7.3 billion
Home sales revenues increased 1% to $6.7 billion on 17,340 homes closed”
https://www.yahoo.com/now/d-r-horton-inc-america-113000173.html
With tech companies laying off workers like crazy, that should not help the market in that area.
Are these the people who keep calling and texting me about buying my house? If so maybe I am glad that there will be 20 fewer of them.
But in a close tie with very hungry hyenas who are stalking you.
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