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Cash offer and renovation platform Offerpad Solutions Inc. trimmed its first quarter loss by 14 percent while upping its home purchases, but brought in less revenue as it sold fewer homes.

Offerpad reported a $15.1 million Q1 net loss Monday, down from $17.5 million in Q4 2024, with home acquisitions up 18 percent from the previous quarter to 454.

With Q1 home sales down 9 percent from Q4, revenue shrank by 8 percent to $160.7 million.

Brian Bair

Offerpad CEO Brian Bair said the company’s cash offer program “performed as expected,” while “asset light” services like the company’s B-to-B Renovate business, Direct+ buyer program and Agent Partnership Program “contributed significantly to the top and bottom line.”

Offerpad’s Renovate business closed 209 projects in the first three months of the year, up 12 percent from Q4, generating record revenue of $5.3 million.

Bair announced a new partnership with Auction.com in which Offerpad’s Renovate service will become a preferred provider of renovation services for buyers on the platform.

“It’s a meaningful step forward as we help buyers transform properties into move-in-ready homes, expand our renovation business and deliver greater value to buyers, sellers and communities across the country,” Bair said.

Shares in Offerpad, which in the last 12 months have traded for as little 92 cents and as much as $7.88, closed at $1.03 before Monday’s earnings release, and were up 2 percent in after hours trading.

Offerpad was put on notice by the New York Stock Exchange last month that it could be delisted from the exchange because its market capitalization has dropped below $50 million.

With 27.38 million shares outstanding, Offerpad’s price per share would need to rebound to at least $1.83 for the company’s market capitalization to meet the $50 million threshold.

The company said at the time it was confident it would be able to submit a business plan detailing how it will get back into compliance with the stock exchange’s listing standards within 18 months.

Offerpad Q1 2025 acquisitions up, sales down

Source: Offerpad earnings reports.

Offerpad acquired 454 homes during Q1, up 18 percent from Q4 but down 44 percent from a year ago.

Close to half of those acquisitions (42 percent) were driven by Offerpad’s Agent Partnership Program, up from 28 percent a year ago.

While Offerpad sold 43 fewer homes during Q1 2025 than it did in Q4 2024, gross profit per home sold was up 8 percent quarter over quarter to $22,800.

Offerpad finished the quarter with 671 homes in inventory, but said only 13 percent were owned for more than 180 days, down from 22 percent at the end of the year.

Company executives said they expect home sales to rebound to between 500 and 550 sales in Q2.

Offerpad trims losses and expenses as revenue drops

Source: Offerpad earnings reports.

Although slower Q1 sales dented revenue, operating expenses for the quarter were down 39 percent from a year ago to $22 million, helping Offerpad trim $2.4 million from its Q4 loss.

Offerpad executives said they expect Q2 revenue of $160 million to $190 million, and “sequential improvement” in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

At negative $7.8 million, Q1 EBITDA represented a 32 percent improvement from $11.5 million in Q4.

Email Matt Carter

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

Evergreen Home Loans continues to expand beyond its roots as a regional independent mortgage bank, hiring Wells Fargo and Bank of America veteran Andrew Leff as head of national business development.

Leff, who’s also held senior leadership positions at JPMorgan Chase and U.S. Bank, will be responsible for expanding Evergreen’s footprint through partnership-driven growth strategies including builder and affinity relationships, the lender announced Monday.

Robert Lipston

“Andrew’s reputation in the industry speaks for itself,” Evergreen executive Robert Lipston said in a statement. “He brings the experience, strategic vision, and leadership we need as we continue to grow our national presence. We’re thrilled to have him on board.”

Based in Bellevue, Washington, Evergreen in January announced an expansion into five Southeastern states — Florida, Georgia, North Carolina, South Carolina and Tennessee — with former Guild Mortgage executive John Porath overseeing its operations in those states.

The cash offer pioneer in March announced its entry into the New Mexico market with branches in Albuquerque and Carlsbad under the leadership of Area Manager Barry Abt.

Launched in 2021, Evergreen’s CashUp program has grown into a suite of products that also includes a buy-before-you-sell product, “StepUp,” and a rate-lock product for sellers, “Lock and List.”

Evergreen has fueled growth through partnerships with real estate agents and builders, a strategy that Leff has extensive experience with.

Leff was head of business development programs at Wells Fargo, managing builder, corporate affinity, relocation and wealth management partnership channels. During a 10-year stint at Bank of America, Leff was instrumental in building and scaling the bank’s national builder and affinity platforms, Evergreen said.

Andrew Leff

“I truly admired Evergreen’s people-first culture and entrepreneurial spirit,” Leff said in a statement. “I’m excited to help build on that foundation by creating scalable, value-driven partnerships that support both the business and the communities we serve.”

Evergreen sponsors 227 mortgage loan originators who work out of 51 branch locations in nine states — Arizona, California, Idaho, Montana, New Mexico, Nevada, Oregon, Texas and Washington — according to records maintained by the Nationwide Multistate Licensing System.

Evergreen Home Loans’ growing market presence

Evergreen Home Loans 2024 business by county. Source: iEmergent analysis of Home Mortgage Disclosure Act (HMDA) data.

Last year, Evergreen funded 4,791 mortgages totalling $1.92 billion, up 22 percent from 2023, according to an analysis of Home Mortgage Disclosure Act (HMDA) data by mortgage business intelligence provider iEmergent.

According to iEmergent data, purchase loans accounted for 85 percent of Evergreen’s business in 2024, most of which was done west of the Rocky Mountains, with a growing presence in Texas and Florida.

Evergreen on Monday was advertising 11 positions on its website, with openings for loan officers and funders, investor accounting manager and a branch marketing assistant.

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Email Matt Carter

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

The Neal & Neal Team has joined eXp Realty after 15 years with Keller Williams, according to an announcement on Monday. The Neal & Neal Team closed 2024 with 914 transactions worth $338 million, making it KW’s second-largest team by closed units.

Clint Neal

Brothers Clint and Shane Neal co-founded The Neal & Neal Team after completing degrees in agricultural economics, real estate, and finance at Texas A&M University. During their tenure with the Texas-based franchisor, the duo closed more than $1 billion in sales and grew their team to 80 agents and 20 staff members.

NNT was named one of Inc.’s 5000 fastest-growing companies in 2024, and clinched the No. 1 spot on the San Antonio Business Journal’s 2025 “Best in Residential Real Estate” list.

“We’ve reached a point where we need a platform that can scale with us,” Clint said in a prepared statement. “EXp gives us the flexibility, innovation and global reach to take things to the next level, for our agents and for ourselves.”

Clint Neal

Added Shane, “We already had the systems and mentorship in place. But eXp takes everything we’re doing and supercharges it. It’s a win for our agents and a win for the people they serve.”

EXp Realty CEO Leo Pareja said the duo’s “commitment to culture, scalability and agent success aligns perfectly with what we’re building at eXp.”

“Shane and Clint have built one of the most systemized, high-performing real estate teams in the country,” Pareja said. “We’re thrilled to welcome the entire Neal & Neal Team to eXp.”

EXp has struggled in recent quarters with agent count growth, with the cloud-based brokerage’s fourth-quarter and full-year 2024 earnings revealing its agent count had declined 5 percent year over year to 82,980. Although that’s not a number to sneeze at, it does fall short of company founder Glenn Sanford’s 2021 prediction that eXp would hit 500,000 agents by 2026.

Although agent count growth has been lagging, the brokerage’s transaction sides and volume have remained robust — signaling that its focus on recruiting experienced teams and brokerages, like NNT, is working.

“We’re very much focused on attracting producing agents and teams. So that top tier of the industry,” eXp Chief Marketing Officer Wendy Forsythe told Inman in November. “This year, we have had a campaign and mantra around ‘eXp is where the pros go to grow.’ That has really been an anchor of our recruiting efforts, especially given the market.”

“Agents are looking for stability and legacy and all of the important fundamentals that a proven model and brokerage like eXp can provide,” she added. “So that’s very much been an overarching focus of our recruiting efforts this year.”

Email Marian McPherson

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

Long-time Berkshire Hathaway CEO Warren Buffett announced during the company’s annual meeting on Saturday that he would be retiring from his position at the end of the year, and that he would recommend Greg Abel to the board as his successor.

“The time has arrived where Greg should become the chief executive of the company at year-end,” the 94-year-old investor said during the surprise announcement.

Buffett’s choice of successor was no secret — he had announced in 2021 that he had his eye on Abel to take over the company’s reins. But only Buffett’s children, Howard Buffett and Susan Buffett, who are both Berkshire directors, knew in advance that this would be the year for the leadership transition to take place. Buffett has served as CEO since 1970.

The savvy investor shepherded Berkshire Hathaway through decades of changes, transitioning the company from its textile beginnings into a conglomerate starting back in 1965. HomeServices of America is owned by Berkshire Hathaway Energy, a subsidiary of Berkshire Hathaway.

Over the years, Buffett has become known for his quotable, sound investment advice, which has had an impact on aspiring entrepreneurs worldwide. Thousands of investors and admirers made the pilgrimage to Omaha, Nebraska, each year to attend the company’s annual meeting, which Buffett called “Woodstock for Capitalists.”

Buffett said that he will continue to be active, serving as chairman at Berkshire Hathaway as Abel takes over.

Abel, who is a native of Canada, became involved in Berkshire Hathaway in 1999 when the company invested in MidAmerican Energy, the precursor of Berkshire Hathaway Energy. Abel and David Sokol, Abel’s former boss, were instrumental in building Berkshire Hathaway Energy through a series of acquisitions. In 2018, Buffett promoted Abel as vice chairman and a member of the board, placing him at the head of all noninsurance operations.

During Saturday’s annual meeting, Buffett said he generally prefers to invest in stocks versus real estate, because with multiple parties involved in real estate deals, things can sometimes get messy.

“Well, in respect to real estate, it’s so much harder than stocks in terms of negotiation of deals, time spent and the involvement of multiple parties in the ownership,” Buffett said. “Usually when real estate gets in trouble, you find out you’re dealing with more than just the equity holder.”

“There’s just so much more opportunity, at least in the United States, that presents itself in the security market than in real estate,” Buffett added.

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Email Lillian Dickerson

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

Builders in the multifamily housing market are pumping the brakes — and fast.

According to a new Redfin report, building permits for multifamily units have plunged 27.1 percent from their pandemic-era highs, with new rentals now hitting the market at the slowest pace on record.

Sheharyar Bokhari | Redfin Senior Economist Sheharyar Bokhari

“New apartments are being rented out at the slowest speed on record, and builders are pumping the brakes because elevated interest rates are making many projects prohibitively expensive,” Redfin Senior Economist Sheharyar Bokhari said in the report. “At some point in the next year, the slowdown in building will mean that renters have fewer options — potentially leading to an increase in rents.”

In short, building is getting riskier and more expensive.

During the height of the pandemic, builders were filing an average of 17 multifamily permits per 10,000 residents. Over the past year, however, the average has fallen to just 12.4 permits per 10,000 people, a 5.5 percent drop from pre-pandemic levels, according to the U.S. Census Bureau’s multifamily housing data.

Redfin analysis of U.S. Census Bureau data

It’s not just interest rates dampening builder enthusiasm. Tariffs imposed under the Trump administration are adding costs to construction materials.

The combined effect of higher borrowing costs, slowing rent growth and steeper material prices have caused builders in many metro areas to pull back. In fact, 63 percent of markets analyzed by Redfin saw a decline in multifamily permitting since the pandemic.

Redfin analysis of U.S. Census Bureau data

Stockton, California, for instance, saw permitting drop to zero. Colorado Springs, Colorado, fell 82 percent to just 8.6 units per 10,000 people, while Boise City, Idaho, declined 64 percent to 12.6 units.

Still, there are bright spots. A few cities are defying the trend and ramping up construction. Oklahoma City led the way with a 193 percent increase in permits — from just 1.7 units per 10,000 people during the pandemic to 5.1 over the past year. Austin, Texas — where remote work fueled a surge in housing demand and construction following the pandemic — led all major metros with 64.5 units permitted per 10,000 people.

Cape Coral, Florida (59.6); North Port, Florida (53.3); and Raleigh, North Carolina (41.1), also saw significant multifamily growth.

Even so, Redfin warns that today’s slowdown could become tomorrow’s supply crunch. If construction continues to lag, renters may soon find themselves facing fewer options and potentially higher rent prices.

Email Richelle Hammiel