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First Zillow, Now OpenDoor? Is iBuying Doomed?

First Zillow, Now OpenDoor? Is iBuying Doomed?

Last November, Zillow Group (NASDAQ: Z)(NASDAQ: ZG), the largest online real estate platform, abruptly announced its plan to exit iBuying. Now it seems the largest iBuyer in the industry, Opendoor (NASDAQ: OPEN), may be following in Zillow's footsteps for losses. A recent report from YipitData shared the company incurred losses on 42% of the homes sold in August 2022.