Opendoor, a leader in the iBuying sector, faces significant challenges as its stock trades under $1, risking non-compliance with Nasdaq regulations. Competing firms like Offerpad also struggle amid a troubled housing market following the exits of Zillow and Redfin. In 2022, Opendoor lost its CEO and over $1 billion. Despite previous successes, the company's recent performance mirrors a decrease in housing demand, leading to hefty losses and cost-cutting measures, raising questions about its survival in a potentially bleak 2025 market.
"I probably should have closed the iBuying business earlier," Redfin CEO Glenn Kelman said at the time of closing. "It shouldn't have taken a housing market correction to realize how capital-intensive and risky that was."
Opendoor has soldiered on, but has consistently weathered heavy losses amid the housing market downturn. The company lost over $1 billion...in 2022."
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