So-called iBuying companies continue to rack up major losses, with the two largest companies in the industry, Opendoor and Zillow, losing a combined $607 million from their business of buying up homes and selling them in 2020. That’s according to the latest research from the real estate technology industry strategist Mike DelPrete, who revealed that
Opendoor says it will help buyers make cash offers
iBuying company Opendoor is responding to a slump in its business by helping customers who need to secure financing to buy a home make cash-backed offers that can improve the chances of their bid on a home being accepted. The company said that in order to take advantage of the offer, buyers will first need
iBuyer revenues slump amid high market demand
iBuying companies are experiencing a slump in sales during a time when many thought the opposite might happen, as they provide a contactless way to sell a home. Opendoor, the biggest iBuying company, has seen its revenue fall by almost half in the past year, and said it doesn’t expect its business to recover properly
Opendoor moves into Los Angeles, will now spend up to $800K on a home
Leading iBuying company Opendoor says it’s expanding into Los Angeles for the first time with a new maximum offer of up to $800,000 for homes situated in the city. Previously, the most Opendoor would offer for a home was up to $600,000. The move comes at a time when iBuying firms are increasingly boosting their