OH NO NO NO THAT SUCKS!

File: 1.11 MB, 745x1390, housing is getting fucked.png [View same] [iqdb] [saucenao] [google]

OH NO NO NO THAT SUCKS! Anonymous Mon Sep 19 18:57:18 2022 No.51518406 [Reply] [Original]

*breathes in deeply*
HAHAHAHAHAHAHAHAHAHAH!
>Home-Flipper Opendoor Hit With Losses in Echo of Zillow Collapse
>Company lost money on 42% of its August resales after it failed to anticipate slide in housing demand.
>The US housing market’s sharp downturn has been bad for builders, flippers and almost anyone who had plans to sell a home when rising mortgage rates shut down the pandemic buying frenzy.
>The slump has been especially harsh for Opendoor Technologies Inc., pioneer of a data-driven spin on home-flipping known as iBuying.
>The company, which sells thousands of homes in a typical month, lost money on 42% of its transactions in August, according to research from YipitData.
>Opendoor’s performance — as measured by the prices at which it bought and sold properties — was even worse in key markets such as Los Angeles, where the company lost money on 55% of sales, and Phoenix, where the share was 76%.
https://www.bloomberg.com/news/articles/2022-09-19/home-flipper-opendoor-hit-with-losses-in-echo-of-zillow-collapse
https://archive ph/CKNHv

>>	Anonymous Mon Sep 19 19:00:21 2022 No.51518464 Lmao good fuck them. Crash this bitch.

Anonymous Mon Sep 19 19:20:50 2022 No.51518810

>>51518406
How much time does OpenDoor have?
In the Phoenix area almost all OpenDoor houses are under the purchase price and they still are not selling. How could they not understand that if you run up the mark to the point that no one can afford to buy a house.... YOU ARE A BAG HOLDER!

>>	Anonymous Mon Sep 19 19:22:48 2022 No.51518838 >>51518406 imagine trying to "flip" homes that are up 20% ytd literally 5iq

>>	Anonymous Mon Sep 19 19:25:10 2022 No.51518876 File: 1.69 MB, 400x400, get dabbed on scrub.gif [View same] [iqdb] [saucenao] [google] >a 10% dip causes 42% of a company's transactions to be unprofitable lol lmao

>>	Anonymous Mon Sep 19 19:30:41 2022 No.51518973 >>51518406 >doesn't include expenses incurred in renovating and marketing homes Oh Fuck... I hope everyone is working on their resume.

>>	Anonymous Mon Sep 19 20:09:19 2022 No.51519627 File: 366 KB, 512x512, 1663422015666935.png [View same] [iqdb] [saucenao] [google] >>51518406 Remember how all the faggots bragging about housing being up only? This deflationary spiral is a dish best served cold.

>>	Anonymous Mon Sep 19 20:10:07 2022 No.51519642 >>51518838 >>51518973 Its over for bottom feeding home flipping parasites. Good riddance.

>>	Anonymous Mon Sep 19 20:11:14 2022 No.51519662 File: 81 KB, 1280x720, thisisit.jpg [View same] [iqdb] [saucenao] [google] >>51518406 It's happening and I'm going to masturbate the whole time.

>>	Anonymous Mon Sep 19 20:11:44 2022 No.51519675 >>51518810 Greed. Same reason people HODL their crypto bags all the way up and back down. There is no data that matters more than greed.

Anonymous Mon Sep 19 20:43:23 2022 No.51520198

>>51519627
>Remember how all the faggots bragging about housing being up only?
Wonder where they are now?
>make thread about possible housing market downturn
>hoomers come out in droves to say values only go up
>make thread with proof of housing market downturn
>*crickets*
Really activates the almond.

>>	Anonymous Mon Sep 19 20:44:38 2022 No.51520215 >>51520198 BUT BUT BUTT!!! OPENDOOR WILL 10X https://www.msn.com/en-us/money/realestate/could-opendoor-and-offerpad-have-10x-potential/ar-AA11W5QV

>>	Anonymous Mon Sep 19 20:45:27 2022 No.51520236 >>51519627 this image is sick

>>	Anonymous Mon Sep 19 20:46:39 2022 No.51520257 >>51519627 >>51520198 They’re either shills or weren’t sentient during 2007/2008. Housing can and does crash, and one of the triggers is “they’re so goddamn expensive nobody can afford to buy one regardless of how much they might want to”

Anonymous Mon Sep 19 20:52:15 2022 No.51520346
File: 545 KB, 966x900, 1628579521545.png [View same] [iqdb] [saucenao] [google]

>bought house for 3% below asking in february
>wanted to see what it would go for now out of curiosity
>3 separate real estate agents estimated the value to be between 18-25% less than what i paid for it

>>	Anonymous Mon Sep 19 20:54:18 2022 No.51520379 >>51520346 Is your job safe? Can you pay more to get your house above water.

>>	Anonymous Mon Sep 19 21:00:29 2022 No.51520474 >>51518406 Imagine being the guy at Zillow or Opendoor who got fired for saying the flipping operation would lose a lot of money.

>>	Anonymous Mon Sep 19 21:02:54 2022 No.51520510 File: 59 KB, 270x230, file.png [View same] [iqdb] [saucenao] [google] >>51520474

>>	Anonymous Mon Sep 19 21:06:22 2022 No.51520561 >>51520474 >imagine think the something that doubled in prices in 2 year is not going to crash Sure I don't think the US housing market is going to crash tomorrow. It will crab until spring. In spring there is a good chance it will crash.

Anonymous Mon Sep 19 21:20:06 2022 No.51520749

>>51518406
They could have provided a real service by automating these things.
>Be home buyer
>See house that you want to buy
>Go to OpenDoor
>OpenDoor walks buyer through process
>Helps find a Lender
>Generates offers on houses
>Sets up home inspector
>Sets up an appraisal
>Helps find homeowners insurance
But they got to greedy and started buying houses 20K over asking. throwing paint on the walls and raising the price another 50k.
Fuck them. I hope they go bankrupt.

>>	Anonymous Mon Sep 19 22:37:37 2022 No.51521843 File: 374 KB, 512x512, 1663614272782278.png [View same] [iqdb] [saucenao] [google] >>51519627 the AI making all of these is amazing

Anonymous Mon Sep 19 23:07:49 2022 No.51522167

>>51520379
are you fucking dumb? He should pull as much equity out of it as possible, make it disappear by putting it into Monero, then making the proper moves to establish holdings companies to protect whatever he has that's valuable and set himself up to buy into a nicer property when the prices bottom out. Personal bankruptcy is practically guaranteed but this is America motherfucker, when there's a will, there's a way.

>>	Anonymous Mon Sep 19 23:10:49 2022 No.51522200 >data-driven spin on home-flipping known as iBuying. >iBuying Did I time travel back to the dotcom bubble?

Anonymous Mon Sep 19 23:25:25 2022 No.51522339
File: 17 KB, 228x221, 0D064FB9-00D9-4BD6-B7B9-6CCFCDA22E12.jpg [View same] [iqdb] [saucenao] [google]

Fucking hoomers no where to be found. We haven’t even seen the worst, BoA only JUST allowed unqualified minorities to buy “the dip.”
It’s gonna get worse.

>>	Anonymous Mon Sep 19 23:27:57 2022 No.51522363 >>51522200 it is different this time

>>	Anonymous Mon Sep 19 23:28:10 2022 No.51522368 >>51520749 Buying houses with minor damages and repairing it, even if cosmetic, then selling it as move in ready is a service. If you don't think so then you haven't met many people looking to buy homes.

>>	Anonymous Mon Sep 19 23:29:06 2022 No.51522379 >>51518406 look at all that cradboard

>>	Anonymous Mon Sep 19 23:29:20 2022 No.51522381 >>51519627 The issue is that boomers and homers are just like baggies with their homes. They sold their souls on the premise that "line only go up okay" and when it doesn't they are dumbstruck as to what could have ever went wrong

Anonymous Mon Sep 19 23:37:03 2022 No.51522466
File: 26 KB, 350x350, 1652555008345.jpg [View same] [iqdb] [saucenao] [google]

>>51518406
I wonder if the accusations of the attempted market manipulation are true. Wonder if they were trying to do what the car market dose where they control the same people that buy, sell, and value homes.

Anonymous Mon Sep 19 23:37:49 2022 No.51522472

>>51522368
Yes real flipper who take homes with major issues fix them up and sell then are doing a service.

OpenDoor was not doing that. They were outbidding potential real people. Slapping some paint on the wall and maybe fixing a thing or two.
>That'll Be an extra 50k
It wasn't like these homes were sitting on the market. People wanted to buy them.

>>	Anonymous Mon Sep 19 23:38:32 2022 No.51522482 >>51518406 GOOD. House-flipping shitheads.

Anonymous Mon Sep 19 23:45:49 2022 No.51522569
File: 107 KB, 1200x801, 1652554361295.jpg [View same] [iqdb] [saucenao] [google]

>>51522368
You don't know what was going at the ground level last year then. There were home flippers buying from home flippers. Builders sitting on inventory trying to time the market. Contractors walking away form projects to work on higher paying ones. Tech workers going remote with lots of buying power. People keeping their old homes to rent out. People pulling the get rich quick buy, renovate, refinance, repeat like if was going out of style. Shortages. The list goes on. It was one big shit storm of events.

The big differing this time? Wages are not keeping up with prices full stop. Add in the inflation of essentials and now there are no buyers to support these new home prices. Something will give and I'm putting money on cooperation's will not raise peoples wages this time around.

>>	Anonymous Tue Sep 20 00:45:27 2022 No.51523288 >>51520215 >OPENDOOR WILL 10X doubt

>>	Anonymous Tue Sep 20 02:28:58 2022 No.51524453 >>51518406 JUST SOLD MY HOUSE

>>	Anonymous Tue Sep 20 02:31:09 2022 No.51524476 >>51519627 >Remember how all the faggots bragging about housing being up only? a fucking thread earlier today was like that i try not to embrace schadenfreude too much but you know what, its a dish best served underwater equity >>51514048

>>	Anonymous Tue Sep 20 02:51:11 2022 No.51524680 >>51518406 good riddance.

>>	Anonymous Tue Sep 20 03:25:48 2022 No.51525083 >>51518406 I sold my house in Denver to Opendoor. I bought a house in a flyover state for cash and now I have no mortgage.

>>	Anonymous Tue Sep 20 03:49:12 2022 No.51525284 >>51525083 Good for you. Denver sucks.

>>	Anonymous Tue Sep 20 03:55:06 2022 No.51525349 >>51522368 painting the walls grey and slapping cheap vinyl on the floor and charging 50k isn't a service its jewish behavior

>>	Anonymous Tue Sep 20 04:45:16 2022 No.51525891 >>51525349 >only jews remodel homes I am not gonna defend flippers but need to point out this statement is retarded.

Anonymous Tue Sep 20 08:58:03 2022 No.51527625

>>51522368
I looked at an opendoor townhome in early 2020 (before march), they had just bought it and relisted for $15k above their buy price after slapping some paint on it and new flooring in the living areas
inspection revealed fucking ~20 active water leaks in the attic, existing water damage in the kitchen subfloor, roof needing replaced etc. An absolute ripoff, that place should have been bulldozed

Anonymous Tue Sep 20 09:01:10 2022 No.51527642

>>51522466
>they control the same people that buy, sell, and value homes.
uh m8 that's exactly how real estate works? Valuations are based on "local comps" aka what "comparable" properties nearby have recently sold for. Brokers/agents/bankers all make a % commission on every sale. They maximize profit by gradually raising prices above local comps, which makes the future comps higher, which they then raise above a little more... as long as they can get away with it, they will. Low interest rates made real estate parasites a fuckton of money

>>	Anonymous Tue Sep 20 09:08:26 2022 No.51527682 Thank you for including an archive link. Have a bump and keep up the good work, OP.

>>	Anonymous Tue Sep 20 09:21:21 2022 No.51527772 >>51520198 >wonder where they are now? probably at home feelsbadman.jpg

>>	Anonymous Tue Sep 20 09:24:59 2022 No.51527791 >>51518406 >Company lost money on 42% of its August resales after it failed to anticipate slide in housing demand. i may be a brainlet but that means that it makes a profit on 58% of sales

>>	Anonymous Tue Sep 20 09:58:25 2022 No.51528012 >>51527791 Why don’t you go around and mow lawns. Half of the lawns you pay to cut and half you get paid to cut (maybe only a little more than you paid to cut the other lawn). Let me know how that works out.

Anonymous Tue Sep 20 11:58:14 2022 No.51529070

>>51522569
A lot of us actually know exactly what was going on since not only last year but for years before that. When I heard in maybe 2018 from real estate agent friends that people were going $100k over asking just to get the job done and stop looking I knew the top was in or close. Once all those desperate people with dual incomes had bought there was no one left. That's exactly where we are at today. Rates are jumping on overpriced property and reality is setting in.
The average person has seen all their expenses go up significantly and that's taken away from their ability to cover a mortgage, throw rising rates on top and it's game over. The most obvious top I've ever seen and everyone still denied it.
Here's a really simple rule of thumb, if you can't figure out who is coming to buy after you then you were the exit liquidity and just bought the top.

>>	Anonymous Tue Sep 20 12:02:19 2022 No.51529114 >>51527791 That works in trading because you set a stop loss to break even or just below. There is no stop loss in real estate nor is there 'letting your winners run' on 30x leverage to make up for any losing trades.

>>	Anonymous Tue Sep 20 14:16:08 2022 No.51530817 File: 264 KB, 767x812, zsissy.png [View same] [iqdb] [saucenao] [google] >>51520198 right here my zestimate still green nibba

>>	Anonymous Tue Sep 20 14:25:03 2022 No.51530949 >>51525083 Yeah but now you live in a flyover state.

>>	Anonymous Tue Sep 20 14:26:09 2022 No.51530965 >>51530949 Denver isn't really that interesting

>>	Anonymous Tue Sep 20 14:34:26 2022 No.51531075 >>51520198 Where is the hoomer boomer that always posted the FRED supply chart in every single thread? Is he ok?

>>	Anonymous Tue Sep 20 14:36:28 2022 No.51531108 >>51530949 Denver is California prices for a meh tier city, it's just not worth it

Anonymous Tue Sep 20 14:38:25 2022 No.51531130
File: 1.88 MB, 460x570, 1660552552416648.webm [View same] [iqdb] [saucenao] [google]

>>51518406
god i hope this fucking vulture companies and their kike operators all burn in fucking hell.
this companies and shit like rbnb are the reason no one can have nice things anymore

>>	Anonymous Tue Sep 20 14:41:23 2022 No.51531174 >>51530949 It's terrible. The nearest barcade is a 15 minute drive.

>>	Anonymous Tue Sep 20 14:45:39 2022 No.51531252 >>51531130 What's that mutt's malfunction? Did his last owner fuck him in the ass?

>>	Anonymous Tue Sep 20 15:07:01 2022 No.51531598 File: 195 KB, 1061x912, 1600659584317.jpg [View same] [iqdb] [saucenao] [google] >>51531252 >alpha male behaviour >"malfunction" tell me how know you are a wizard

>>	Anonymous Tue Sep 20 15:13:04 2022 No.51531702 >>51525891 It is jewish behavior. Just the jewishs would have gotten away with it longer

>>	Anonymous Tue Sep 20 16:21:50 2022 No.51532810 >>51531598 That's not alpha behavior that's getting killed behavior

>>	Anonymous Tue Sep 20 18:37:24 2022 No.51535212 >>51518406 You know what I love about OpenDoor. You can open the doors and fuck your gf in a different house every day.

>>	Anonymous Tue Sep 20 18:42:41 2022 No.51535307 >>51519642 I'm still priced out and as a renter I'm still upset...

>>	Anonymous Tue Sep 20 19:01:23 2022 No.51535649 >>51535307 me too bro

>>	Anonymous Tue Sep 20 20:38:59 2022 No.51537415 >>51518406 can someone generate AI meme with zestimate female green wojak pleeeease?

>>	Anonymous Tue Sep 20 20:49:00 2022 No.51537571 >>51525349 >>51531702 >anyone who has more money than me and invests in real estate is a joo Fuckin rentcuck loser lmao NGMI

>>	Anonymous Tue Sep 20 22:20:25 2022 No.51538992 >>51537571 You are right a true jew would have gotten away with the scam for longer.

>>	Anonymous Tue Sep 20 22:24:31 2022 No.51539049 File: 375 KB, 646x700, 1657533030377.png [View same] [iqdb] [saucenao] [google] >>51519627 >Zestimate: +$5,500 in the last 30 days Us ZESTY sisters will win in the end, keep coping rentoid

Anonymous Tue Sep 20 22:57:08 2022 No.51539482
File: 14 KB, 192x154, 1663705759697727.jpg [View same] [iqdb] [saucenao] [google]

I live in a super high class area of indiana. neighboorhood next to mine is a gated community. houses in my neigbhoorhood are in the range of around 700k

a few houses down my neighbor has a for sale sign in their yard thats been up over 3 weeks. its crazy to see it up this long with how the market used to be. I'm noticing more other for sale signs too. I think people are scrambling to sell what they think was the top but there isn't any demand at these prices and interest rates

>>	Anonymous Tue Sep 20 22:57:57 2022 No.51539492 HOOMIES WHERE YOU AAAATTTTT

>>	Anonymous Tue Sep 20 23:27:23 2022 No.51539877 File: 377 KB, 512x512, 1663533875441424.png [View same] [iqdb] [saucenao] [google] >>51521843 AI is just better in tune with nature for some reason. I make sure to get my daily dose from my doctor

Anonymous Tue Sep 20 23:41:54 2022 No.51540059
File: 57 KB, 671x608, Opendoor faggots.jpg [View same] [iqdb] [saucenao] [google]

>>51518406
Hopefully the company will go bankrupt, and they'll have to liquidate all of the homes they own, further lowering prices for buyers.
Fuck them.
When is BlackRock going to lose money on their housing investments too?

>>	Anonymous Wed Sep 21 00:28:06 2022 No.51540552 >>51540059 I can't wait for cities and counties to raise property taxes on large corps. Shit would be hilarious.

>>	Anonymous Wed Sep 21 00:31:56 2022 No.51540596 >>51531108 >meh tier city Denver is a shithole and that anon should be glad he got out >t. watched Colfax devolve to utter degeneracy

>>	Anonymous Wed Sep 21 00:41:37 2022 No.51540701 >>51539877 Thanks (PhD botany) doc.

>>	Anonymous Wed Sep 21 00:44:27 2022 No.51540730 I added to my SRS long

>>	Anonymous Wed Sep 21 00:45:54 2022 No.51540743 >>51540596 Anon I rate it meh tier on the baseline that most American cities are shitty, you have to understand that.

Anonymous Wed Sep 21 00:45:57 2022 No.51540744

>>51520198
The best part is that it typically takes around a year for interest rates to take full effect on housing prices. Meaning that at least a year from the final hike is when this shit might stop crashing, and there'll be baggies coping the entire time.
Hope y'all don't mind bit moving for 15 years.

>>	Anonymous Wed Sep 21 01:11:22 2022 No.51541058 >>51540744 Hopfully the FED keeps rates high and makes flippers and investors seth

>>	Anonymous Wed Sep 21 03:39:14 2022 No.51542848 >>51520346 >bought a house 7 years ago >it's doubled in value sucks to be a zoomer

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