{"id":2636,"date":"2021-11-11T00:33:16","date_gmt":"2021-11-11T00:33:16","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2021\/11\/11\/groundhog-day-opendoor-keeps-growing-and-losing-money\/"},"modified":"2025-03-13T02:39:33","modified_gmt":"2025-03-13T02:39:33","slug":"groundhog-day-opendoor-keeps-growing-and-losing-money","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2021\/11\/11\/groundhog-day-opendoor-keeps-growing-and-losing-money\/","title":{"rendered":"Groundhog Day: Opendoor keeps growing and losing money"},"content":{"rendered":"\n

The more things change in iBuying, the more they stay the same. Opendoor<\/strong> again announced major revenue growth in the third quarter as the iBuyer hit the gas on cash purchases and subsequent resale of homes. <\/p>\n\n\n\n

Company revenue soared 91% from the second quarter<\/a> to $2.3 billion, and Opendoor sold 5,988 homes, a 72% leap from the prior quarter.<\/p>\n\n\n\n

However, the San Francisco-headquartered outfit could not leverage a historically fantastic housing market<\/a> to turn a profit, posting a $57 million net income loss.<\/p>\n\n\n\n

Opendoor has lost money every quarter<\/a> since becoming a publicly traded company in late 2020. The business\u2019s losses total $421 million in the first nine months of 2021. That compares to a $199 million in the first nine months of 2020, a period when operations were partially paused amid the coronavirus pandemic.<\/p>\n\n\n\n

There was, ahem, a bit of a backdrop to Opendoor\u2019s earnings call on Wednesday. The company\u2019s main rival Zillow<\/strong> shockingly announced a wind-down<\/a> of its iBuying arm one week earlier, deeming its home price forecaster \u201ctoo volatile.\u201d<\/p>\n\n\n\n

In the flurry of examinations and postmortems on Zillow, Opendoor has, by comparison, come off as a fiscally responsible company. For example, an analysis<\/a> from Mike DelPrete indicated that while Zillow wildly overpaid for homes in Phoenix and Atlanta, Opendoor forked over market value.<\/p>\n\n\n\n

The earning\u2019s report, meanwhile, revealed that Opendoor ramped up its purchases almost as quickly as Zillow. The company bought 15,181 homes in quarter three. That\u2019s a 79% hike from the second quarter.<\/p>\n\n\n\n

Opendoor now has 17,164 homes on its books. The iBuyer lists these homes on its balance sheet as a $6.4 billion asset.<\/p>\n\n\n\n

On the company\u2019s earnings call, Opendoor CEO Eric Wu said nothing at all about the company\u2019s net loss and gave limited remarks about the downfall of Opendoor\u2019s chief rival.<\/p>\n\n\n\n

The CEO spoke very broadly to investors and the public:<\/p>\n\n\n\n

\u201cWe\u2019re in a generational shift in housing from offline to online.\u201d<\/p>\n\n\n\n

\u201cOur value proposition is resonating.\u201d<\/p>\n\n\n\n

\u201cWe need to meet customer\u2019s expectations of a sale that is simple, certain and fast.\u201d<\/p>\n\n\n\n

Details were mostly left for Carrie Wheeler, the company\u2019s Chief Financial Officer.<\/p>\n\n\n\n

Wheeler said that responsible risk management is \u201cembedded in the company\u2019s DNA,\u201d and that the company has conservative home price appreciation estimates, in order to perhaps avoid what befell Zillow.<\/p>\n\n\n\n

Wheeler discussed several times Opendoor\u2019s \u201cbuy box,\u201d which is the company\u2019s ability to confidently price a greater range of homes. This evolution of the company\u2019s pricing model, Wheeler said, has helped enable Opendoor to expand into more than 40 markets and purchase somewhat more expensive homes.<\/p>\n\n\n\n

Wheeler forecasted Opendoor expanding its revenue again in the fourth quarter despite a seasonal housing market cooling, anticipating 39% revenue growth from quarter three. She did not discuss net income, but noted that an adjusted measurement of pre-tax, interest and depreciation income could be break even.<\/p>\n\n\n\n

Perhaps the closest to addressing Opendoor\u2019s profitability path was a question from Ygal Arounian of Wedbush Securities<\/strong> about ancillary services. Analysts have cited<\/a> in-house mortgage lending and title insurance as a possible iBuyer move toward making money. <\/p>\n\n\n\n

Wheeler did not break out any numbers on mortgage and title revenue. But she did discuss Opendoor\u2019s recently announced acquisition<\/a> of mortgage broker RedDoor<\/strong>, and the company\u2019s Opendoor Complete, a new consumer platform.<\/p>\n\n\n\n

Added Wu: \u201cThe end-to-end digital experience is what our customers will crave.\u201d  <\/p>\n","protected":false},"excerpt":{"rendered":"

Opendoor again announced major revenue growth in the third quarter as the iBuyer hit the gas on cash purchases and subsequent resale of homes. But it also lost $57 million in Q3.<\/p>\n","protected":false},"author":16592,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[736],"class_list":["post-2636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nGroundhog Day: Opendoor keeps growing and losing money - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"Opendoor again announced major revenue growth in the third quarter as the iBuyer hit the gas on cash purchases and subsequent resale of homes. 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