Opendoor is expanding its reach. The San Francisco-based iBuyer announced its launch in the greater Detroit area and an expansion of its services in Southwest Florida and the Portland, Oregon area on Tuesday.
Through this latest expansion, Opendoor now has a presence in 48 markets nationwide.
In Detroit, residents in six counties and across 170 ZIP codes will now have access to the iBuyer’s services.
“Today’s announcement builds on our established Midwest presence in Cleveland, Columbus, Indianapolis, Kansas City, and Minneapolis-St. Paul where we help consumers every day experience a better way to sell a home,” senior regional general manager Jim Lesinski said in a statement.
Opendoor’s expansion in Southwest Florida will bring its services to Fort Myers, Naples and all of Lee, Hendry and Collier counties.
After launching in the Portland, Oregon area in 2019, Opendoor will now expand its coverage area across the Columbia River to Clark and Cowlitz counties in the neighboring state of Washington.
Jessie Smith, a regional general manager, said in a statement that Vancouver, Washington is a “natural next step” for the iBuyer.
“Vancouver sits in between the Pacific Coast, the Cascades, Mount St. Helens, Mt. Hood and the Columbia River Gorge, making it ideal for homeowners who want to be close to the outdoors but near a major metro like Portland,” Smith said.
This latest expansion comes less than a month after Opendoor announced its entrance into the Northeast with a launch in New York and New Jersey.
Like other iBuyers on the market, Opendoor came under scrutiny after Zillow killed off its iBuying program in early November of 2021. In 2021, the company recorded a net loss of $662 million, a 161% increase over its 2020 net loss and well above Zillow’s 2021 net loss of $528 million.
However, these losses came as the firm rapidly expanded, entering over 20 new markets in 2021. In addition, Opendoor resold 21,725 of the homes it bought in 2021, up 119% from 2020. It had $5.7 billion in unsold real estate inventory at the time of its full year 2021 earnings call with investors.
The iBuyer’s first quarter 2022 earnings call with investors is scheduled for this Thursday, May 5.
