IBuying has existed for years, but it's growing faster than ever and now approaching the scale that could finally make it profitable.
The company earned a profit of nearly $13 million during the final three months of 2021 while also handily beating revenue forecasts, according to a Q4 earnings report issued Wednesday.
Offerpad isn't the only publicly traded real estate brand to face headwinds in the stock market in January, but it is leading the pack.
Stocks slid for major iBuyers and tech companies on Wednesday, continuing a tough year on Wall Street for Offerpad.
Following the demise of Zillow Offers in November, Offerpad sought more than $600 million in credit from an unnamed lender in December, according to an SEC filing reviewed by Inman.
Acquisitions, spats, implosions and brawls: As the year wraps up and real estate professionals wish for the best in 2022, test your knowledge of the biggest real estate stories of 2021.
Finally, COVID-19 wasn't at the heart of the year's prevailing real estate technology trends. Instead, 2021 was marked by notable acquisitions and the fallout from the biggest of them all.
Phoenix homeowners unloaded a mind-blowing $1.47 billion worth of housing stock to an iBuyer in the third quarter, the first instance a single market has exceeded $1 billion in iBuyer sales.
With the implosion of Zillow Offers in October, all eyes will be on Opendoor and Offerpad as they duke it out for iBuyer marketshare in 2022. Here are the biggest challenges Offerpad faces next year.
The situation will certainly change with Zillow exiting the market and seasonality kicking in during Q4 2021. But for the time being, iBuyers have never been bigger, and Opendoor is now left as the undisputed category leader.
Offerpad backer Spencer Rascoff thinks iBuying will survive without Zillow, but emerging companies need a better name for their services.
At Connect Now on Tuesday, real estate analyst Mike DelPrete shared with Brad Inman where Zillow went wrong with Zillow Offers and what "Zillow 3.0" could look like.