Offerpad Solutions (OPAD) is an iBuying real estate company that recently went public via s SPAC merger. The stock is up more than 80% this past week.
There isn’t any company specific news that could of propelled OPAD stock, but here are a few things you should know about Offerpad Solutions.
Unlike other iBuying solutions, Offerpad focuses on being the most efficient platform in the market.
Today, under CEO Rich Barton, Zillow’s revenue and expenses come predominantly from iBuying. Offerpad turned a $9.2 million profit in second quarter, a rare feat in iBuying in which the cost to purchase homes plus operating expenses traditionally exceed revenues from reselling the home. But Bair acknowledged last month that Offerpad would likely lose money the next two quarters thanks to increased marketing costs and ramping up its engineer and product teams.
Offerpad generated $379 million in second quarter revenue.