Opendoor Rides Meme Stock Wave, Pivots to Offer Homeowners More Selling Options

In the summer of 2025, Opendoor Technologies Inc., a real estate company known for its software-driven home flipping business, found itself in an unexpected position. After years of losses and the threat of delisting, Opendoor suddenly became a meme stock, with its share price skyrocketing 460% in a matter of days.

For CEO Carrie Wheeler, this presented an opportunity to reposition the company. Rather than being solely focused on flipping suburban homes, Opendoor now aims to offer homeowners a variety of selling options. "It probably wasn't on my bingo card for 2025," Wheeler admitted, "but we want to make sure we harvest this moment."

Opendoor's recent financial results lend credence to Wheeler's plans. In the second quarter of 2025, the company reported adjusted earnings before interest, taxes, depreciation, and amortization of $23 million, beating analyst estimates. This marked the first time in 3 years that Opendoor had turned a profit by this measure.

The company's iBuying model, which involved rapidly acquiring and reselling homes, had previously caught on with consumers during the hot housing market that followed the early COVID-19 lockdowns. At its peak, Opendoor was purchasing 5,000 homes per month, drawing the attention of competitors like Zillow Group and Redfin. However, the business has proven to be complicated and risky, leading some iBuyers to shutter their operations.

Now, Opendoor is slimming down and exploring new ways to engage with homeowners. The company has expanded efforts to bring real estate agents into its process from the beginning, allowing sellers to weigh the benefits of a fast, cash sale against a traditional listing. Opendoor has also introduced a "Cash Plus" product, where it pays a lower price for the home but gives the seller a share of the resale proceeds.

"We see a huge opportunity in front of us," said Wheeler. "No one else is trying to change home-selling."