{"id":18375,"date":"2021-01-19T12:22:30","date_gmt":"2021-01-19T12:22:30","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18375"},"modified":"2021-01-19T12:22:30","modified_gmt":"2021-01-19T12:22:30","slug":"opendoor-struggles-to-maintain-ibuying-dominance","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/opendoor-struggles-to-maintain-ibuying-dominance\/","title":{"rendered":"Opendoor Struggles to Maintain iBuying Dominance"},"content":{"rendered":"

Opendoor Struggles to Maintain iBuying Dominance<\/h1>\n
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iBuyers offer a contactless method for selling a home, so why aren\u2019t they booming during a pandemic that has made social distancing the norm?<\/p>\n

Sales for several iBuying platforms are way down. Opendoor, which started trading publicly on the stock market in December 2020, has seen its revenue fall by nearly half in the past year and doesn’t expect a full recovery for its business until 2022, The Wall Street Journal<\/em> reports.<\/p>\n

At the start of the pandemic last spring, most iBuyers\u2014companies that buy and resell homes electronically\u2014halted their businesses. By summer, they had come back online and resumed making instant cash offers to sellers who wanted to bypass the traditional homeselling process.<\/p>\n

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However, with high demand from buyers flooding the market\u2014enticed by low interest rates and the remote work phenomenon\u2014selling a home on the open market is appealing to many sellers. Traditional transactions aren\u2019t taking long to close, and low inventory has made bidding wars common. Since iBuyers often make offers below fair market value, sellers may be more likely to work with a real estate professional to earn top dollar during this buyer frenzy.<\/p>\n

Opendoor, which launched in 2014, remains a leader in the iBuying space, though it has faced challenges recently. While the company’s revenue surged 158% to $4.7 billion in 2019, Opendoor cut more than a third of its workforce in April 2020 due to economic hardship during the pandemic.<\/p>\n

iBuyers have sold off a significant amount of their property portfolios amid the pandemic. Opendoor\u2019s portfolio shrunk about 80% in the first six months of 2020. That has allowed other iBuyers, like Zillow Offers and RedfinNow, to gain market share. However, Opendoor doesn\u2019t view other iBuyers as its chief competition, according to the Journal<\/em>. Instead, the company sees traditional brokerages as its main rivals.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cOpendoor\u2019s Window Appears to Be Closing<\/a>,\u201d The Wall Street Journal (Jan. 13, 2021) [Log-in required.]<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Opendoor Struggles to Maintain iBuying Dominance iBuyers offer a contactless method for selling a home, so why aren\u2019t they booming during a pandemic that has made social distancing the norm? Sales for several iBuying platforms are way down. Opendoor, which started trading publicly on the stock market in December 2020, has seen its revenue fall … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-18375","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nOpendoor Struggles to Maintain iBuying Dominance - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/opendoor-struggles-to-maintain-ibuying-dominance\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/opendoor-struggles-to-maintain-ibuying-dominance\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/opendoor-struggles-to-maintain-ibuying-dominance\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Opendoor Struggles to Maintain iBuying Dominance\",\"datePublished\":\"2021-01-19T12:22:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/opendoor-struggles-to-maintain-ibuying-dominance\\\/\"},\"wordCount\":334,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/opendoor-struggles-to-maintain-ibuying-dominance\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/opendoor-struggles-to-maintain-ibuying-dominance\\\/\",\"name\":\"Opendoor Struggles to Maintain iBuying Dominance - 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