Offerpad is expanding into five new markets across the United States, a sign of strength for the iBuyer and iBuyers at large as the real estate market undergoes rapid changes.
Offerpad will expand into Cincinnati, Ohio; Colorado Springs and Fort Collins, Colorado; Fort Myers, Florida; and Fort Wayne, Indiana, it announced in a news release Thursday.
“At Offerpad, we do things differently. Bringing together technology with our local real estate expertise, we take buying and selling homes from stressful to seamless,” Offerpad Chief Real Estate Officer Vaughn Bair said in a statement.
“Traditional real estate, especially in today’s competitive market, often leaves homeowners feeling out of control and uncertain. Our solutions provide buyers and sellers with the flexibility to act fast and take care of all their needs under one roof. Americans increasingly want more convenience and control over their transactions, and we’re excited to help more homeowners in these new markets.”
The Fort Myers expansion is expected to open in the second quarter, while the remaining expansions are expected to be completed later in the year, Offerpad said in a news release.
Its expansion into Fort Myers comes as home values in the Gulf Coast city have ballooned 42.7 percent over the past year according to Zillow data.
The announcement came on the heels of Offerpad’s first quarter earnings report, which showed that the company maintained profitability for the second straight quarter, posting $1.37 billion in revenue and turning a $41 million profit after going public in 2021.
The iBuyer has distinguished itself from its competitors by posting fewer losses per home than companies like Opendoor and Redfin.
The iBuyers expansion comes as Opendoor, one of its main competitors, announced last month that it would be making a major expansion into the New York suburban market — though not the Big Apple itself.