Billion

A $13.5 Billion SPAC Sensation Will Buy Your House

Opendoor buys houses, refurbishes them and sells them a few months later. Essentially, it flips homes. The company rejects that description, however, and would prefer you called it an “iBuyer” — a technology-enabled, one-stop shop for homeowners who want to sell quickly with as little friction as possible. You enter your home address on the website, and some details about the state of the property and its features, and it makes you an offer.

In fairness, Opendoor makes most of its money from charging the seller a 6%-9% levy on the gross purchase price — not from buying low and selling high. (In the U.S. someone selling a house the old-fashioned way might pay 5%-6% in broker fees.) It sold almost 19,000 homes last year in 21 U.S. cities, although Phoenix, Dallas, Atlanta and Raleigh account for almost half of its revenue. Rival real-estate websites such as Zillow Group Inc. have also jumped aboard the iBuying bandwagon.

This is a very good moment to go public. America’s housing market is booming, thanks to rock-bottom interest rates and a pandemic-induced urge for more space and bigger gardens. Covid-19 infection concerns also validate Opendoor’s business model. Sellers who accept its algorithm-generated cash offer avoid human house-hunters traipsing through their living rooms. 

So far, investors have been willing to overlook Opendoor’s $900 million or so of losses since it was founded in 2014. They’ve also accepted that revenue may halve this year because the company paused the buying of properties during the pandemic and laid off a third of its staff. While it has restarted home purchases, revenue isn’t expected to recover until 2022. That’s an odd look for a high-growth company. 

When the Vision Fund last invested in 2019, it valued Opendoor at just $3.8 billion. This year, Social Capital Hedosophia Holdings

A $13 Billion SoftBank-Backed SPAC That Will Buy Your House

Opendoor buys houses, refurbishes them and sells them a few months later. Essentially, it flips homes. The company rejects that description, however, and would prefer you called it an “iBuyer” — a technology-enabled, one-stop shop for homeowners who want to sell quickly with as little friction as possible. You enter your home address on the website, and some details about the state of the property and its features, and it makes you an offer.

In fairness, Opendoor makes most of its money from charging the seller a 6%-9% levy on the gross purchase price — not from buying low and selling high. (In the U.S. someone selling a house the old-fashioned way might pay 5%-6% in broker fees.) It sold almost 19,000 homes last year in 21 U.S. cities, although Phoenix, Dallas, Atlanta and Raleigh account for almost half of its revenue. Rival real-estate websites such as Zillow Group Inc. have also jumped aboard the iBuying bandwagon.

This is a very good moment to go public. America’s housing market is booming, thanks to rock-bottom interest rates and a pandemic-induced urge for more space and bigger gardens. Covid-19 infection concerns also validate Opendoor’s business model. Sellers who accept its algorithm-generated cash offer avoid human house-hunters traipsing through their living rooms. 

So far, investors have been willing to overlook Opendoor’s $900 million or so of losses since it was founded in 2014. They’ve also accepted that revenue may halve this year because the company paused the buying of properties during the pandemic and laid off a third of its staff. While it has restarted home purchases, revenue isn’t expected to recover until 2022. That’s an odd look for a high-growth company. 

When the Vision Fund last invested in 2019, it valued Opendoor at just $3.8 billion. This year, Social Capital Hedosophia Holdings

DIY Home Improvement Market Projected to Reach $1137.57 Billion by 2025, at a CAGR of 4.8%

The MarketWatch News Department was not involved in the creation of this content.

Sep 08, 2020 (AB Digital via COMTEX) —
Home Improvement Market is valued at USD 819.53 Billion in 2018 and expected to reach USD 1137.57 Billion by 2025 with the CAGR of 4.8% over the forecast period.

Increasing development of the construction industry, increasing population, reducing living space, adoption of innovative interior & exterior like garden, smart kitchens etc.  are some  key impacting factors deriving the growth of the global DIY home improvement market. 

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DIY home improvement is a service refers to building projects that alter the structure of an existing home. It is used in renovation including improvements to lawns, gardens and outdoor structures such as gazebos and garages. It also incorporates maintenance, repair and general servicing tasks. End use of DIY home improvement is in residential and nonresidential buildings. Do-It-Yourself (D-I-Y) projects have become much easier for the average person. DIY home improvement  are very popular which helps to turn marginal areas into livable spaces such as turning basements into recrooms, home theaters, or home offices – or attics into spare bedrooms. Home improvement can consist of projects that upgrade an existing home interior such as electrical and plumbing, exterior such as masonry, concrete, siding, roofing and other improvements to the property such as garden work or garage maintenance.

DIY home improvement market report is segmented on the basis of product type, distribution channel, end-user and by regional & country level. Based upon product type, DIY home improvement market is classified into lumber and landscape management, décor and indoor garden, kitchen, painting and wallpaper, tools and hardware, building materials, lighting, plumbing and equipment, flooring and electrical work. Based upon distribution channel, DIY home improvement market is classified into DIY shops,