The Motley Fool fool.com 05 Aug, 2022 17:45 am

Why Opendoor Technologies Stock Is Soaring Today

Why Opendoor Technologies Stock Is Soaring Today
The iBuying specialist is teaming up with one of the biggest names in real estate.

The Fed's actions led to a spike in mortgage rates that at least temporarily stunned the housing market, causing a drop in the number of transactions and lower levels of home-price appreciation.Opendoor is trying to take the steps needed to make sure when the housing market is healthy again, it is well positioned to make the most of the opportunity.It is no wonder investors are brushing off what happened last quarter in favor of how Opendoor is setting itself up for the future.55%) that will allow sellers on Zillow's platform to seamlessly request a quote from Opendoor to quickly sell their home.

Opendoor gets access to Zillow's massive audience, while Zillow gets to keep a toehold in iBuying instead of abandoning it completely.In a post-earnings letter to investors, Opendoor CEO Eric Wu said the company is taking steps to adapt to current market conditions, including adjusting its pricing to account for shifts in the market and "prioritizing inventory health by reducing the price of our existing inventory in line with the market.

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