The company is losing huge sums of money on cookie-cutter homes—suggesting a fundamental weakness in the US housing market.
in the same time period, indicating that buyers were thinking harder about their purchases—a problem for iBuyers, who rely on quick sales.softness in the market in September, and that became a reality, as Opendoor sold large numbers of properties at a loss. Seru does think that the struggle iBuyers face now is indicative in some way of economic headwinds, because of the way that iBuyers work. When times are good, they win big. And when times get tough, they’re among the first to struggle.
An iBuyer’s gross profit on any transaction is in the range of 5 percent, according to Tomasz Piskorski of Columbia Business School, who is also a member of the National Bureau of Economic Research. When that margin gets squeezed, iBuyers are among the first to drop out because their business model is predicated on selling the homes they buy quickly at a profit.
DelPrete makes an analogy between iBuyers like Opendoor and short-term stock traders. For decades, people bought shares in a company with the goal of holding onto them for years and earning steady returns on their investment. People did the same with property: moving into a home, living in it for decades, then selling to trade up or downsize as needed, banking the often considerable profits as they went.
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