Opendoor: The Housing Market Looks Like It’s In Trouble


  • Opendoor is an iBuyer operating in the US market.
  • The business rose to fame as it benefited from COVID-19 demand but has subsequently slumped over 90%.
  • Our view of the economic climate suggests the housing market will continue to fall in 2023 and into early 2024.
  • Opendoor’s financials are a mess. The company does not have a route to profitability and its balance sheet is full of debt.
  • Opendoor is transitioning to facilitating buying/selling, which means investors are essentially buying into a brand and management’s ability to execute.

Full length of saleswoman greeting female customers while standing outside house

The Good Brigade

Company description:

Opendoor Technologies Inc. (NASDAQ:OPEN) operates a digital platform for residential real estate in the United States. The company’s software platform allows consumers to buy and sell a property online. Opendoor also offers supplementary services, such

Data by YCharts

Data by YCharts


5/1 adjustable mortgage rate average (FRED)


Opendoor – Financial analysis (Tikr Terminal)


Valuation (Tikr Terminal)


Analyst forecasts – OPEN (Tikr Terminal)

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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