One of the most popular real estate companies in the Bay area is Openedoor. Opendoor was launched in 2013 with the purpose of simplifying the home search for people.
When Opendoor was created, the founders expected that people would buy homes on Opendoor. For a while, it seemed like this would be the case. In past years, they’ve allowed potential buyers to tour the ceilings of homes they are planning to buy on the website.
However, in 2018, Opendoor is deciding to reduce their exposure to homes that are being bought. Instead, they want to focus on property they know they will get a better profit on.
One reason Opendoor is changing their model in 2018 is the high Bay Area housing prices. Over the last year, there has been a lot of pressure on the Bay Area real estate market. For example, in the more expensive areas, homes take an average of five weeks to sell.