Opendoor (OPEN) is undertaking a major expansion to offer its real estate services across the entire continental United States in the coming weeks. This reflects a significant increase from the roughly 50 markets it previously served. Following the news, OPEN stock soared over 20% on Wednesday.
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This move marks a major shift for the digital home-buying platform, which has been known for its iBuyer model, offering homeowners instant cash offers.
Strategies to Expand Presence
A key part of Opendoor’s new strategy is to increase its collaboration with local real estate agents. Under this, qualified partner agents will be connected with high-intent sellers. By referring sellers to agents, OPEN can earn revenue from referral fees without a large capital investment. The program was first piloted in February 2025 and is now being expanded.
Also, the company will roll out Cash Plus, a hybrid model blending cash offers from Opendoor with the potential to list the home on the open market with an agent to secure a higher price.
Turnaround in Motion
The news follows a recent leadership shakeup at the company. Last week, Kaz Nejatian, former COO of Shopify (SHOP), was appointed as Opendoor’s CEO. Also, co-founders Keith Rabois and Eric Wu returned to the board, signaling a renewed focus on execution and cost discipline.
Opendoor stock has jumped over 1,700% since July, boosted by meme-stock buzz. Looking ahead, the latest Federal Reserve interest rate cut is expected to help the housing market recover, thereby supporting OPEN’s growth.
Also, this latest expansion is likely to support Opendoor in reaching more sellers, deepen its presence in existing cities, and improve its pricing tools with better data.
Is OPEN Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Sell consensus rating on OPEN stock based on one Buy, three Holds, and five Sells assigned in the past three months. Further, the average Opendoor stock price target of $1.44 per share implies 85.43% downside risk.
