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Forum » Opendoor trading at $2.97, down from peak of $34.59, 2020-2022 home buyers on alert
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Thread: Opendoor trading at $2.97, down from peak of $34.59, 2020-2022 home buyers on alert

post 1668337603 09-23-2022, 09:03 AM
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Opendoor trading at $2.97, down from peak of $34.59, 2020-2022 home buyers on alert

Investors were propping up the real estate market and making real estate extremely overvalued. They’re now on the hook for billions of dollars for properties that they invested that have crashed in value.

In b4 misc real estate agents say right now is the perfect time to buy.
post 1668337673 09-23-2022, 09:04 AM
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  1. rectifryer
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Yeah **** is burning down. Sellers are in denial so the only properties that are selling are to complete idiots.
Boycott foodservice industry crew
post 1668337763 09-23-2022, 09:06 AM
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Something fundamentally changed on March 1st, 2022.....
Everything I post is satire.
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post 1668338113 09-23-2022, 09:12 AM
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"30% price decrease by March 1st 2022"

-Prices increased through August 2022...and still increasing in areas.
post 1668338733 09-23-2022, 09:23 AM
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  1. rectifryer
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Originally Posted By SaltyDog920⏩
"30% price decrease by March 1st 2022"

-Prices increased through August 2022...and still increasing in areas.
Now tell me about sales volume

Then explain how that can affect averages
Boycott foodservice industry crew
post 1668338823 09-23-2022, 09:24 AM
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Lol rentcels
post 1668338933 09-23-2022, 09:27 AM
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2 million new Americans (that were actually counted) so far this year. They all need somewhere to sleep.
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post 1668339013 09-23-2022, 09:29 AM
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oh no - guess i'll have to continue living in my beautiful house for another few years, pure doom.
post 1668339183 09-23-2022, 09:33 AM
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  1. OffwhiteBrah
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The Phoenix market is single handidly causing this, can PHX brahs confirm yall RE market in the shiiiter ?
post 1668339243 09-23-2022, 09:34 AM
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Opendoor, Zillow, multiple other iBuyers that had each been doing quick flips each by the thousands every week have crapped the bed. Zillow stopped their flipping at the end of last year and Opendoor admitted they're losing money on almost half of their recent flips through July, which is sure to be over half right now. I do feel bad for the people who bought in the last year especially, as many are going to be underwater and will have negative equity for years.

I saw a headline about how after skyrocketing for some time, NYC rents have plateaued. That's a bearish sign itself.
Yeah Buddyyy! Light weight! Light weight baby!!!!
post 1668339263 09-23-2022, 09:34 AM
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Originally Posted By Kev1972⏩
2 million new Americans (that were actually counted) so far this year. They all need somewhere to sleep.
Originally Posted By OffwhiteBrah⏩
The Phoenix market is single handidly causing this, can PHX brahs confirm yall RE market in the shiiiter ?
case and point

phx RE was claiming net positive migration when they actually had net negative.
Boycott foodservice industry crew
post 1668339463 09-23-2022, 09:40 AM
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Rents due bud?
See monster0ultra's sig
post 1668340063 09-23-2022, 09:50 AM
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Originally Posted By OffwhiteBrah⏩
The Phoenix market is single handidly causing this, can PHX brahs confirm yall RE market in the shiiiter ?
Phoenix, San Jose, Las Vegas, Austin, Boise, and more are in the shyter. North of you up here in NC prices are falling, just not as quickly as out West. I live in Wake County, NC the wealthiest county in the Carolinas. Prices are aggressively dropping despite people moving here nonstop (BTW fuk off, we're full). Over in Charlotte prices are going down too.
Yeah Buddyyy! Light weight! Light weight baby!!!!
post 1668341033 09-23-2022, 10:09 AM
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Originally Posted By Kev1972⏩
2 million new Americans (that were actually counted) so far this year. They all need somewhere to sleep.
The only thing keeping US population growing right now appears to be illegal immigration. Legal immigration isn't enough to keep the numbers growing. Back in Obama's first term the predicted US population in 2050 was 440 million. That's been scaled back to 375 million. If we shut the border pretty effectively, US population will be in permanent but slow decline.
Yeah Buddyyy! Light weight! Light weight baby!!!!
post 1668341673 09-23-2022, 10:20 AM
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Originally Posted By frankdtank20⏩
Opendoor, Zillow, multiple other iBuyers that had each been doing quick flips each by the thousands every week have crapped the bed. Zillow stopped their flipping at the end of last year and Opendoor admitted they're losing money on almost half of their recent flips through July, which is sure to be over half right now. I do feel bad for the people who bought in the last year especially, as many are going to be underwater and will have negative equity for years.

I saw a headline about how after skyrocketing for some time, NYC rents have plateaued. That's a bearish sign itself.
Exactly, and even if they were to flip the homes they bought into rental properties, it’s going to take at least decade (realistically more) to break even on the investment.

The greed and mismanagement of these companies left them holding the bag. I do hope to profit off of the mistakes of their greed though.
post 1668342113 09-23-2022, 10:28 AM
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I did a deal with OpenDoor and it was a nightmare. They were trying to sell a property with several building code violations including an illegal garageandand an illegal extra attachment/room. Whether they knew about it or not they dun goof'd. We got it done but I'm sure that's not the only property they ****ed up on. These companies tried to profit off of a temporary seller's market while taking money out of realtors pockets. Now they are paying the price, good riddance.
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post 1668342463 09-23-2022, 10:33 AM
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Originally Posted By iamdetermined⏩
I did a deal with OpenDoor and it was a nightmare. They were trying to sell a property with several building code violations including an illegal garageandand an illegal extra attachment/room. Whether they knew about it or not they dun goof'd. We got it done but I'm sure that's not the only property they ****ed up on. These companies tried to profit off of a temporary seller's market while taking money out of realtors pockets. Now they are paying the price, good riddance.
A lot of the BDEs running their sales were kids fresh out of college with a few years of work experience.

Not exactly who I would want to be responsible for my P&L.
post 1668343243 09-23-2022, 10:47 AM
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I bought a house in December
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post 1668343983 09-23-2022, 11:00 AM
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Originally Posted By frankdtank20⏩
The only thing keeping US population growing right now appears to be illegal immigration. Legal immigration isn't enough to keep the numbers growing. Back in Obama's first term the predicted US population in 2050 was 440 million. That's been scaled back to 375 million.If we shut the border pretty effectively, US population will be in permanent but slow decline.
We can dream.

And I'm not even anti-immigration. I'm anti-uncontrolled illegal immigration.

IMO we should be making it less difficult for skilled workers and investors that want to come to the US. I'm even alright with some level of humanitarian immigration.

But this "every one just walk in and we will decide later if you have to leave" policy is total insanity.
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post 1668344063 09-23-2022, 11:02 AM
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OpenDoor is basically a tech startup that thought they could profit off day trading real estate. lol
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post 1668344243 09-23-2022, 11:04 AM
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arent interest rates at 7%??
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