The company said new listings had dropped by around 30% since their 2022 peak due in part to rising mortgage interest rates.

Opendoor began collaborating with Zillow in Colorado in June 2023. At that time Opendoor was the largest "iBuyer" in the United States.

Business model

Property owners bid to sell their properties on the online platform. When a bid is accepted, Opendoor purchases the property as-is, charging a fee comparable to the commissions real estate agents collect in return

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