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Eric Jackson, outspoken supporter of Opendoor Technologies, Inc. (NASDAQ:OPEN), believes the U.S. housing market is ready to enter a new phase of growth.
Jackson told Business Insider that he thinks the entire housing sector is showing early signs of renewal.
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Jackson acknowledges that his outlook depends on additional interest rate cuts from the Federal Reserve, since the current 6% to 7% range for 30-year mortgages is "not sustainable."
“That’s not normal, I think we are due for reversion," Jackson said.
Jackson sees the current housing environment as an opportunity for Opendoor to capitalize on potentially distressed sellers who might need cash fast.
He said Opendoor's new leadership is aiming to reduce transaction times to as little as three days after an offer is accepted, offering quick liquidity to sellers.
He believes that strategy could help Opendoor capture as much as 10% of total housing transactions over time — a goal he compares to Tesla, Inc.'s (NASDAQ:TSLA) ambition to reach 10% of global auto sales.
“That always was the goal for Tesla when they were getting started, to kind of go for 10% global market share,” he told Business Insider.
“I think with the right product, the right customer service, they [Opendoor] can get there,” he added.
OPEN Price Action: Opendoor stock slid 1.72% in Tuesday's extended trading after closing at $9.29 per share, according to data from Benzinga Pro.
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