Offerpad says it is turning the engine back on in 2026

It is no secret that Offerpad has struggled over the past few years. After recording three consecutive quarters of profitability, the Chandler, Arizona-based firm found itself in choppy waters during the third quarter of 2022, where it ultimately recorded an $80 million net loss. In total, the company would end up losing $148.6 million in 2022, despite the first half of the year being profitable. 

These challenges would continue over the next few years, which saw Offerpad post net losses of $117.2 million in 2023, $62.2 million in 2024 and $46.38 million in 2025. Despite still recording a net loss of $9.3 million in Q2 2026, Offerpad’s founder and CEO Brain Bair said his firm is finally back. 

“We are finally there where we are starting to buy homes and really turning the engine back on again,” Bair told HousingWire. 

Not the same Offerpad

Getting here has not been easy, according to Bair, and the Offerpad of today looks quite different compared to the Offerpad of four years ago. The most significant of these changes is that Offerpad now offers agents and consumers four distinct products. 

“For the first six or seven years we were all focused on iBuying, but we have always wanted to be more of a solution center for everybody,” he said. “That means a cash offer for some people or helping them list their house on the open market for other people, and then we are also doing renovations for Freddie Mac and Fannie Mae. We have leveraged what we built with our cash buying business to be a solution not just for buyers and sellers, but also for real estate agents.”

According to Bair, Offerpad was in the process of developing and launching some of these additional solutions back in 2020 when the COVID-19 pandemic hit.

“Everything just came to a halt and then the market started going crazy,” Bair said. “We had launched our listing solutions, but people just wanted to sell their home fast so they could buy their next home and our cash offer product fit really well with those needs, so that product soared, but at the same time it was hard to gain momentum to even focus on some of these other products.” 

Opportunity knocks

When interest rates started to rise rapidly during the second half of 2022 forcing Offerpad to change its course, Bair said he and his team finally had the time to build out more solutions beyond the cash offer product. 

“When we went from buying thousands of homes a year to slowing that day, it gave us more time to focus and really refresh and rebuild the company and figure out where we could get better,” Bair said. “We always wanted to be a solution center for everybody — that has always been the focus, it just took us longer to get here than we wanted it too.”

The agent relationship

Through this evolution, Bair said Offerpad is also working more closely with real estate agents. 

“We’ve always been very real estate agent friendly, but we have more services that they are using and more of them are coming to us to use our HomePro products,” he said. 

In the past, Bair said some agents viewed Offerpad as a threat, but he feels that has changed, as more agents begin to see the company and the services it offers as a tool they can leverage to help their home sellers. 

An eye to the future

But while the engine may be back on, Bair acknowledged that plenty of challenges still lie ahead. 

“If we are doing our job at Offerpad, we have to be six months ahead of what the market is doing. When someone brings us a home we have to look at the data and see how that type of home is performing and if there is a lot of similar inventory,” Bair said. 

This, Bair said, has forced the company to reevaluate its “buy box” and instead of focusing on more affordable suburban or ex-urban homes, focusing on properties closer to the heart of a metro area where there is tighter inventory and higher demand.

“Our focus is really on the velocity, which means areas with good school scores, good walk scores, large job growth areas — those are the areas we are buying in,” Bair said. 

With this new strategy at the forefront, Bair said Offerpad bought more homes in the last month than it did during the entire first quarter of the year.

As things continue to ramp back up, Bair said Offerpad is remaining focused on its immediate goal of getting back to profitability, which he said will entail transacting on 1,000 properties. 

“Everything is about how do we get better, and there is no question that we are going to come out of these last three years much smarter than we were before,” Bair said. 

Bair said they went into the 2022 market feeling confident that Offerpad would succeed in a buyer’s market, but they were “humbled” by the “unicorn market” that was on the other side of the pandemic homebuying frenzy. 

“You think you built a company that can succeed in every market and then something like that happened, and we had to reevaluate everything and look at the homes we were buying and the seller experience we were providing and hold ourselves accountable to how we can not only support each other but make this a better company,” Bair said.

Looking ahead, Bair said he wants consumers and agents to view Offerpad as a marketplace they can come to, to solve their transaction and renovation needs — whether that be receiving an all-cash offer or listing the home on the open market.

“I do believe that what we are doing now is the future of real estate,” Bair said. “I don’t think the way real estate was done in 1988, with putting a sign in a yard, is the way things will always be and the really strong agents out there understand that and are leveraging some of the tools we are providing.”