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Opendoor’s buying homes at a rate of $100M per month

10/19/2017

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Opendoor, a three-year-old San Francisco startup that uses technology to quickly buy and resell homes, reports that it’s reached a $1.3 billion annual purchase rate, which rounds out monthly home purchases at about $100 million. “It really shows that this new behavior of selling your home online is more mainstream than it seemed,” Opendoor CEO Eric Wu told Axios. Although the business is growing in popularity with firm footholds in Phoenix and Dallas-Fort Worth, a smaller operation in Las Vegas, and most recently announcing its expansion into Atlanta and Raleigh, North Carolina, it doesn’t represent your everyday transaction. “It may be ‘more mainstream’ than we originally thought, but I wouldn’t yet call it mainstream,” strategic adviser and global expert in real estate tech Mike DelPrete said in an email. “It’s still low, single-digit percent when it comes to overall market share. But the model is appealing to more and more homesellers and shouldn’t be ignored….

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