The Past, Present, and Future of Opendoor

December 22, 2020 — Written by Ian Wong

When Teresa got a new job in Charlotte, North Carolina, she was excited for the new opportunity, but also found herself in a tough position. She lived and took care of her mother in the Raleigh-Durham area—a three-hour drive from Charlotte. Given her mother’s medical condition, Teresa was not able to accommodate open houses or use the traditional process to sell their home. Instead, she commuted three hours to her job and three hours back to take care of her mother. But once Teresa discovered Opendoor, that all changed. She was able to sell their home with a few clicks online, skipping showings and reducing her stress and hassle. She unlocked the liquidity of her house and experienced mobility she didn’t think was possible.

Stories like these demonstrate the transformative effects technology has on people’s lives. And more importantly, it’s one of the best things about working at Opendoor: the opportunity to support our customers at their most important moments.

Since Opendoor’s founding in 2014, each year has brought new challenges and successes. And I’m extremely thankful for our customers, trusted partners, and our incredible team for helping bring Opendoor’s mission to life for the last six years. From launching with our first home purchase in Phoenix to expanding across the U.S. and partnering with organizations and agents, we’re honored to have helped more than 80,000 customers and their families move on to their next chapter with certainty and ease.

As we look to 2021 and beyond, we want to reflect on some of the monumental milestones that led us to where we are today. It was hard to pick just 10, but here are some of the highlights:

2014: First Home Bought.

In 2014, Opendoor proudly served our first customer and acquired a home in Phoenix, AZ. This first transaction demonstrated the need for Opendoor, and it was a humbling moment for us.

2015: First Market Expansion.

A year later after we launched Phoenix, Opendoor expanded to service customers in Dallas, TX. This would kickstart our expansion to markets across the country.

2016: Opendoor Trade-In Program Launched.

We asked customers to share their home buying experiences with us and found that for an overwhelming majority, buying a new home while navigating the home selling process was a tremendous source of stress. With that feedback in mind, Opendoor launched a trade-in service in March 2016, giving customers the ability to buy a new home and sell their current home in one simple transaction.

2017: 10,000 Customers Served.

By 2017, Opendoor helped over 10,000 customers buy or sell their homes. It was a huge moment for the company. During this time, we also expanded to Atlanta, GA, Raleigh-Durham, NC, and Orlando, FL. By the end of 2017, we were operating in a total of six markets.

2018: Homebuilder Partnership.

In 2018, we began partnering with home builders to make buying a new home easier. The program allowed homeowners to eliminate a double mortgage and double move whether they buy a spec home ready for move-in or one that hasn’t been built yet. Our partnerships with home builders have since expanded to cover all of our markets and, as of 2019, had delivered over $1.5 billion in total annualized sales for the top 25 home builders in the U.S. We also expanded to 12 more markets across the U.S. in 2018. From Charlotte, NC, to Sacramento, CA, we brought the power to move with convenience and ease from coast to coast.

2019: Opendoor Partners with Agents.

For many homebuyers and sellers, having the support of a trusted agent is an important part of their journey. After working closely with agents for four years and incorporating their feedback, we announced new ways for buyers and sellers to work with top agents across the country.

2019: Buy with Opendoor Introduced.

In 2019, we took another step forward to make moving easier and more affordable with the launch of Buy with Opendoor. Buy with Opendoor helps customers find their dream home on their terms, entirely through the Opendoor app.

2019: OS National Acquisition and Opendoor Home Loans Added.

In 2019, we launched Opendoor Home Loans to help buyers secure a mortgage. Navigating the complex world of mortgage terms, interest rates, and financing fees can be confusing and time-consuming—and for some, it can mean missing out on the home of their dreams. We designed Opendoor Home Loans to make financing as simple and frictionless as finding a home. We also acquired our longtime partner OS National (OSN). We celebrated expanding the Opendoor family and charted a path with OSN to improve the title and escrow process to be more transparent and streamlined for our customers.

2020: New Buying and Selling Options Developed.

In 2020, COVID-19 introduced waves of change, but despite the pandemic and its challenges, America was on the move. When our customers told us they wanted safer ways to buy and sell their homes, we introduced new options to do so.

2020: Listing Day!

And finally, to close out December 2020, Opendoor became a publicly-traded company listed on the NASDAQ under the ticker symbol “OPEN”.

We’re looking forward to a new year and continuing our mission of empowering everyone with the freedom to move.

Ready to unlock your next chapter? Get started today.

Affiliation Disclosure: Please be advised that Opendoor Brokerage LLC, Opendoor Brokerage Inc., and Opendoor Home Loans LLC are wholly-owned subsidiaries of Opendoor. Because of these relationships, transactions with these entities may provide Opendoor a financial or other benefit. You are NOT required to transact with any of these entities as a condition of working with Opendoor.