Nestled in the sprawling desert community of North Las Vegas, the three-bedroom home at 6043 Clovelly St. perfectly embodies what has gone terribly wrong at Opendoor Technologies. Back in April 2022, Opendoor bought the home for $420,900. The company then flipped it back onto the market in May 2022 for $480,000, only it was too late: Las Vegas had already shifted from a housing boom into a sharp housing correction. By the time the home sold in January 2023, Opendoor only fetched $346,000—or 17.8% less than the purchase price.
"They [Opendoor] are taking huge losses, and as buying agents, we are all testing their pain threshold. When I represent a buyer, it’s my fiduciary duty to represent them the best I can. So when I look at an Opendoor house for a client, as a buyers agent, we are coming in low and hard. We are getting counter offers and we are having conversations. If they weren’t desperate, we wouldn’t be having conversations or getting counter offers, but they want these things off their books," Chris Davis, a real estate agent in Phoenix, tells Fortune.
