OPAD - Opendoor Offerpad stand behind their forecasting on iBuying as Zillow exits

Opendoor Technologies (NASDAQ:OPEN) jumps 15% during in Thursday afternoon trading, as the iBuyer appears to be thriving in a market that Zillow (Z -0.6%) (ZG -0.3%) is giving up on. Another iBuyer, Offerpad (NYSE:OPAD) gains 1.1% after its Q3 results beat estimates and the company boosted its 2021 guidance. So why is Zillow bowing out of its house-flipping business while Opendoor (OPEN) and Offerpad (OPAD) are boosting guidance? Opendoor (OPEN) clearly has confidence in its ability to forecast housing prices after making investments in the technology for years, according to company management on its earnings call. "We have prioritized our investments in our pricing capabilities across acquisition valuation, forecasting, and resale systems since our inception," said Opendoor (OPEN) Chief Financial Officer Carrie Wheeler. It's also exercising discipline to make sure it doesn't acquire too many houses too quickly. "We expect Q4 acquisition volumes to be lower than third quarter, due to proactive volume

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Opendoor, Offerpad stand behind their forecasting on iBuying as Zillow exits