What Happened to Offerpad Solutions?
Ticker: OPADSPAC Year: 2021Merger: 2021
Return
-65.0%
Current Price
$3.5
Peak Price
$20.97
Trust Size
$300M
Summary
iBuying real estate company that competed with Opendoor and Zillow Offers. Housing market crash destroyed the business model. Stock down 83% from peak.
What Happened
Offerpad merged with Supernova Partners in September 2021 during peak iBuying hype. The company buys homes, renovates them, and resells â competing with Opendoor and Zillow Offers. When interest rates spiked in 2022, the housing market froze. Zillow shut down its iBuying entirely, writing off $500M. Offerpad survived but dramatically shrunk â buying 75% fewer homes and cutting staff. Revenue dropped from $2B to under $500M.
Key People
Timeline
2021-03
SPAC merger announced
2021-09
Merger completed
2021-10
Stock peaks at $21
2022-10
Interest rates crush housing market
2024-01
Revenue down 75%, survival mode