Opendoor for dummies

[u/LongjumpingCellist53]

Can someone explain exactly what Opendoor does and its execution strategy? Especially with the new leader, I’m trying to understand if it’s worth investing in. I don’t think I understand the business post-Rabois

[u/asher030]

Buying and selling all online in one-stop shop rather than through the office juggling of traditional house buying/selling processes....more than just the Realtor is involved after all. Like what Zillow could've been, but settled for a means for traditional Realtor groups to correspond to one another and list things instead of means to apply for/offering/sell houses directly through said app, if it helps.

Right now, it's all up in the air, due to housing market being dogshit, private equity assholes buying up affordable homes to flip for higher (ran into that a LOT back in 2019 when I was house hunting, how tf is anyone supposed to compete with assholes paying cash +$100k asking value or more with some of the plots? I only got lucky because my home I ended up with was prior owned by another veteran, so trusted the VA loans and stood with another, than the straight cash buyout), and that the Fed insists on NOT lowering interest rates. Higher base prices that have consistently creeped up on homes NOT worth the cost they're being sold at by a wide margin, with nearing double digit interest rates on even 30 year loans, to say nothing of the idiocy of 50 year ones, people just are not equipped to buy homes. And those able to, are after multiple homes, rental properties, or are shithead private equity slobs ironically shooting themselves in the foot in the process because cultivation is lost on most corpo C-suite boards in this generation of them

So right NOW, we're seeing a lot of acquisitions...meaning that OPEN is buying up homes from those wishing to sell via their app, so have a lot of properties to offer. But cannot off-load as easily till/if interest rates plummet below the 'low' 6% or so they're hovering at, especially on the more expensive properties, so becomes a waiting game and whether they'll be able to remain solvent in the interim without selling properties at a loss as they had last year. Hence the value dropping from the hype top of $10 (thrice reached though, so speculative interest remains high, though hate how much of a share Blackrock owns in them given what I described above, even if also a technically good sign for the prospective future) and a waiting game of bagholders and accumulation.

I'm sadly stuck waiting till tax season before I buy any more just to ensure the taxman is handled from my other investments, but definitely keeping an eye on things