Offerpad to Expand Into Five New Markets This Year, Bringing Its Convenient Home Buying and Selling Solutions to More Homeowners Across the Country

Rhea-AI Summary

Offerpad (NYSE: OPAD) has announced its expansion into five new markets, including Cincinnati, Colorado Springs, and Fort Collins, as well as Fort Myers and Fort Wayne. This initiative comes after a record-breaking first quarter with a $1.1 billion year-over-year revenue increase. The expansion aims to enhance their tech-enabled platform for buying and selling homes, providing cash offers within 24 hours and various bundled services. Offerpad currently operates in 24 U.S. markets, focusing on increasing its footprint in regional hubs across the Midwest, Southeast, and Southwest.

Positive

• Record first-quarter revenue of $1.1 billion, showing year-over-year growth.
• Expansion into five new markets, increasing Offerpad's operational reach to 29 U.S. markets.
• Offering diverse solutions such as cash offers, flexible closing dates, and bundled services.

Negative

• None.

Cincinnati expected to launch later in 2022, with more expansion planned around regional hubs in the Midwest, Southeast and Southwest

CHANDLER, Ariz.--(BUSINESS WIRE)-- Offerpad (NYSE:OPAD), a leading tech-enabled platform for buying and selling residential real estate, revealed expansion plans today that will bring the company’s top-rated¹ solutions to residents in Cincinnati; Colorado Springs and Fort Collins, Colo.; Fort Myers, Fla.; and Fort Wayne, Ind. Today’s expansion news comes on the heels of continued momentum with the company’s best quarter in Offerpad history. Earlier today the company reported first-quarter financial results announcing a year-over-year $1.1 billion revenue increase.

“At Offerpad, we do things differently. Bringing together technology with our local real estate expertise, we take buying and selling homes from stressful to seamless,” said Offerpad Chief Real Estate Officer Vaughn Bair. “Traditional real estate, especially in today’s competitive market, often leaves homeowners feeling out of control and uncertain. Our solutions provide buyers and sellers with the flexibility to act fast and take care of all their needs under one roof. Americans increasingly want more convenience and control over their transactions, and we’re excited to help more homeowners in these new markets.”

Offerpad is expected to complete its Fort Myers opening in the second quarter and plans to expand to Cincinnati and the additional three markets later this year. When these five markets open, buyers and sellers across 29 U.S. markets will have access to the company’s entire suite of solutions:

• Cash offers in just 24 hours with flexible closing dates, no showings or open houses, and free local moving services
• Custom listing solutions and dedicated local market expertise to help customers sell their home on the open market with the option to retain a cash offer as back up
• Home buying solutions that provide easy access to Offerpad’s inventory of homes for sale
• Access to home mortgage and title services
• Bundling selling, buying and financing solutions together to save thousands with Offerpad Bundle Rewards

Today, Offerpad is available in more than 1,700 cities and towns and 24 U.S. markets. For the remainder of 2022, Offerpad will focus on growing its footprint around regional hubs in the Midwest, Southeast and Southwest. To see a full list of the cities and towns where Offerpad is available, visit Offerpad.com/locations.

Offerpad plans to begin hiring local real estate experts across all its new markets. Additionally, Offerpad plans to hire local home renovation vendors and develop partnerships with area homebuilders, real estate brokerages and agents. Offerpad currently offers a 3% referral fee to real estate agents who help a client sell to Offerpad.

About Offerpad

Offerpad’s mission is to deliver the best home buying and selling experience so you can spend less time ‘real estat-ing’ and more time living. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in control of the process and help find the right solution that fits your needs. Visit Offerpad.com for more information.

Forward Looking Statements

Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or Offerpad’s future financial or operating performance. For example, statements regarding Offerpad’s market expansion plans, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Offerpad and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Offerpad does not undertake any duty to update these forward-looking statements.

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¹94% customer satisfaction score based on survey of 1,000 Offerpad customers.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220504005407/en/

Laura Collins

Laura.Collins@Offerpad.com

(480) 220 - 0021

Source: Offerpad

FAQ

What markets is Offerpad expanding into in 2022?

Offerpad is expanding into Cincinnati, Colorado Springs, Fort Collins, Fort Myers, and Fort Wayne.

What was Offerpad's revenue for the first quarter of 2022?

Offerpad reported a revenue increase of $1.1 billion year-over-year for the first quarter of 2022.

How many markets does Offerpad operate in after the expansion?

After the expansion, Offerpad will operate in 29 U.S. markets.

What services does Offerpad offer to its customers?

Offerpad offers cash offers, flexible closing dates, home buying solutions, and bundled selling and financing services.