Why Opendoor Stock Plunged 24% in January
Shares of digital real estate stock Opendoor Technologies (NASDAQ: OPEN) dropped 23% in January according to data provided by S&P Global Market Intelligence. There wasn't any significant news, but there was plenty of pessimism about the real estate industry.
Opendoor operates an iBuying platform connecting buyers and sellers. It makes quick offers on homes without the need for staging and open houses, which benefits sellers, and it makes the necessary home improvements to have homes ready for resale, which benefits buyers.
It touts its better way to navigate this important purchase, with an artificial intelligence (AI)-powered platform that helps buyers find the right home more easily, a robust suite of tools for sellers, and lower fees. Users can conduct all of their research and negotiations through Opendoor's app, and they can choose to sell directly to Opendoor or list on its marketplace. Real estate has one of the lowest rates of digital penetration at only 1%, and one of the biggest addressable markets, at $1.9 trillion.
Source Fool.com
