Falling home price appreciation threatens iBuyer profits: DelPrete
IBuyers are closer than ever to profitability. But the overwhelming majority of profits are coming from record home price appreciation, which won't last and is on the decline
by Mike DelPrete Sep 8
Offerpad enters the NY Stock Exchange with a $2.7B valuation
The iBuyer went public a day after merging with the Spencer Rascoff-led Supernova Partners Acquisition Company. The company will now be known as 'Offerpad Solutions'
Offerpad posts first profitable quarter ahead of public offering
The Arizona-based iBuyer took in $376.8M in revenue during Q2 2021 and its net income grew to $9.2M, giving the company its first profitable quarter
by Marian McPherson Aug 18
IBuyers are paying above market — and reselling for more: Mike DelPrete
Home prices are record high, and iBuyers are paying above market values for the houses they buy, but they're also reselling them for more than ever before
by Mike DelPrete Aug 11
Offerpad goes live in Indiana as part of Midwest expansion
The iBuyer has started buying and selling homes in the Indianapolis area as it eyes new markets in Kansas City, St. Louis and Columbus, Ohio
by Daniel Houston Jul 13
Offerpad is now a mortgage broker
The pioneering iBuyer is now a licensed mortgage broker in Alabama, Arizona and Colorado, with plans for rapid expansion into other states
by Matt Carter Jun 28
IBuyers are entering the previously untouched Northeast market: Mike DelPrete
Billion-dollar disruptors are coming to the Northeast market, featuring new models like instant offers, cash offers and buy-before-you-sell programs. Are agents and brokers ready?
by Mike DelPrete Jun 28
Offerpad draws from big companies as iBuyer prepares to go public
Four new members will join the iBuyer's board later this year, including a Zillow executive and the former chief executive officer of Move, Inc.
by Daniel Houston Jun 28
IBuyer transactions return to near pre-pandemic levels
IBuyer purchases by Redfin, Zillow Offers, Opendoor, Offerpad and Bungalo rose 20% in the first quarter of 2021, but remained down year over year, according to new data
by Daniel Houston Jun 25
Offerpad expands to 4 markets in Midwest, Southeast
In the second half of the year, the iBuyer will launch its services in Columbus, Ohio; Kansas City and St. Louis, Missouri; and Columbia, South Carolina
by Lillian Dickerson Jun 22
Offerpad is a more profitable flavor of iBuying: Mike DelPrete
Offerpad's latest financials strongly suggest that a less venture-funded, less tech-enabled, more real estate-focused, and less breakneck version of iBuying can be (almost) profitable
by Mike DelPrete Jun 10
Offerpad sees dip in revenue as it preps for public debut
The iBuyer's revenues were down year over year, but up compared to the end of 2020. The company is also nearing completion of a merger that will allow it to begin publicly selling shares
by Jim Dalrymple II Jun 9
5 people to watch at Offerpad as the iBuyer continues to expand
Over the last half decade, the instant cash offer startup upended the industry in no small part due to the people who work there
IBuyer purchases recover to pre-pandemic levels: DelPrete
The business model is undoubtedly here to stay, but not without its recovery challenges
by Mike DelPrete Apr 21
Everyone wants a slice of the housing market. That’s the problem
Opinion
Right now, the housing market has a slew of uninvited guests in one of the worst housing shortages in the history of America
by Brad Inman Apr 16
Offerpad launches full-suite of services in Indianapolis
Offerpad has chosen Indianapolis as its first Midwestern market. The iBuyer's full suite of services will be available this summer
by Marian McPherson Apr 8
Offerpad: Sellers can stay in homes up to 60 days after closing
To help alleviate the stress of selling, Offerpad will now give sellers the option of remaining in a home up to 60 days after closing escrow
How much are iBuyers paying for customer acquisition?
Opinion
Customer acquisition costs for major iBuyers is roughly similar at $3,000-$4,000, which is about 2-4X more than Redfin
by Mike DelPrete Mar 24
How the marriage between Spencer Rascoff and Offerpad came to be
Spencer Rascoff and Offerpad CEO Brian Bair spoke to Inman about the behind-the-scenes moves that led to Offerpad's decision to go public via a special purpose acquisition company
by Patrick Kearns Mar 18
Spencer Rascoff's SPAC is taking Offerpad public
One of the nation's largest iBuyers is going public with the help of a former rival executive
by Patrick Kearns Mar 18
Offerpad brings iBuyer, listing solutions to Denver and Nashville
With the expansion, the real estate services company is bringing its offering to nearly 300 new ZIP codes
by Patrick Kearns Mar 15
Sellers choose 'buy-before-you-sell' offers 5X more than iBuyer offers
Bridge programs have lower service fees and alleviate seller worries about buying in an inventory-starved market, according to a new report from real estate tech firm Zavvie
by Andrea V. Brambila Feb 25
Opendoor's revenue plunged nearly 50% in 2020, according to SEC filing
The newly public company revealed in US Securities and Exchange Commission filings Tuesday that it expects to report $2.58B in revenue in 2020, down from the $4.7B in 2019
by Patrick Kearns Feb 3
Offerpad expands full suite of services to Denver and Nashville
Announced Wednesday, the Denver and Nashville launches mark the first new markets for the company since it expanded into Birmingham, Alabama, in early 2020
by Patrick Kearns Dec 9
Offerpad partners with nation's largest private new homeseller
The deal with New Home Star is a first for Offerpad, whose Homebuilder Alliance program counts more than a dozen direct builder partnerships but, until now, no sales firms
by Patrick Kearns Dec 3
Offers from iBuyers are getting weaker: zavvie report
Total iBuyer purchases plummeted 82% year over year in Q3, according to the report
by Patrick Kearns Dec 1
Offerpad remakes its C-suite as its business model evolves
Steve Johnson joins Offerpad as chief operating officer, as the company expands its real estate offerings beyond iBuying
by Patrick Kearns Nov 18