“We think it’s mainstream,” Opendoor CEO Eric Wu said of his company’s instant homebuying platform. “All the homeowners crave what we’re offering.”
“Over the long haul,” Wu added, regarding iBuying. “We think it will be the majority of transactions.”
That could be the future, but in the present iBuying is about .5% of U.S. home sales, per a Redfin report in June. Also, in the present Opendoor continues to lose money but grow as a company.
The seven-year-old, San Francisco-based company reported Wednesday a $144 million net income loss for the second quarter of 2021, and $1.2 billion in revenue.