Opendoor, the nation’s largest iBuyer who lost $928 million in the third quarter, has announced a significant leadership reshuffle. Co-Founder and CEO Eric Wu, the seventh most powerful person in real estate (according to the 2022 SP 200), transitioned to president of the company’s marketplace division. President Andrew Low Ah Kee is leaving the company. Carrie Wheeler, the firm’s chief financial officer, will take over as Opendoor CEO. This news along with Redfin backing out of iBuying and Offerpad potentially getting delisted, reveals the extent to which the iBuying business model is taking a hit. If any company will make it through, it will likely be Opendoor, as it is the closest to achieving the scale at which iBuying benefits really show.

With its stock trading below $1 for over 30 days, Offerpad, the nation’s second largest iBuyer, was warned by the New York Stock Exchange that it was in danger of being delisted from the exchange. The company says it is taking steps to increase its share value, which has plummeted from nearly $7 per share in January to approximately 60 cents in mid-December. IBuying is on trial, and may be on its last legs.

CoStar Group has merged Homesnap into Homes.com, and relaunched the latter portal as its real estate retail marketplace. The move establishes CoStar’s play as a competitor in the real estate portal space. It will compete by focusing on advertising properties, rather than agents, says CEO Andy Florance. It will feature listing agents prominently with each listing. The firm has not announced how agents will be able to advertise on Homes.com yet, but its well-trod playbook provides a potential playbook. See the 2022 Swanepoel Trends Report chapter on CoStar Group: “Inside Residential Real Estate’s New Heavyweight.”