Brief Thoughts on Opendoor's Q1/2023 Results

Poised for Takeoff

I used to do a lot more detailed analysis of Opendoor from the earnings reports, looking at things from an industry perspective rather than from an investor perspective. I do less of it, because I’m not an investment advisor or analyst, and there hasn’t been a lot to talk about from an industry strategic perspective.

But the Q1 results of Opendoor do point to a possibly interesting takeaway.

I think Opendoor is poised for a huge rebound in the second half of 2023 and into 2024. And just like the fall had little to do with Opendoor, the rebound will have little to do with Opendoor.

My fear is that Opendoor, like many in the real estate space, will have misread the situation, misunderstood what’s going on, and will pivot away from what it does best and into uncharted waters.