RedfinNow and Opendoor temporarily suspends iBuyer program amid economic turmoil sparked by the coronavirus pandemic.
The spokesperson for Opendoor said the company has been closely monitoring the escalation of COVID-19 over the last few weeks and is mindful of the impact the crisis has had on the communities in which the company operates. Ultimately, the spokesperson said, the priority for Opendoor is the safety and well-being of its customers, employees and the general public.
Redfin announced Wednesday that it is hitting the pause button on its ibuying efforts, which it calls RedfinNow.
The move is only temporary for now and doesn’t impact the entirety of the RedfinNow business. The company’s inventory, for example, is still for sale and a source said the company currently doesn’t have anything to announce in the staffing department.
On Wednesday, Redfin stock dropped 24.54 percent to $10.33 per share, as the Dow Jones Industrial Average slid 6 percent. February housing starts were up, but experts predicted things would get rocky once the market began to feel the impact of the pandemic.
Zillow and Offerpad, were still buying homes as of Wednesday.