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Like other online real estate stocks, Opendoor's business is highly sensitive to the state of the housing market, and with existing home sales still down roughly 40% from before the pandemic ...
Opendoor Technologies Inc. is an online company that buys and sells residential real estate. Headquartered in San Francisco, it makes instant cash offers on homes through an online process, makes repairs on the properties it purchases and relists them for sale. [2] It also provides mobile application-based home buying services along with financing.
Well, that affected Opendoor's ability to buy homes, which is essentially its entire business model. Revenue for the company went from a peak of $15 billion to $4.5 billion over the past 12 months.
The commission alleged that Opendoor, which uses software to buy homes from consumers and then put the properties back up for sale, tricked customers by promising they could make more money by ...
The real estate tech leader is taking steps to get back on track.
In June 2019, Redfin began allowing buyers to submit offers on homes listed by Redfin's selling agents without using a buyer's agent. [10] A month later, the company partnered with Opendoor, whereby visitors to the Redfin website can request an offer to buy their houses from Opendoor. [11] In June 2022, the company announced layoffs of 8% of ...
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