Zillow's iBuying business floundered despite low mortgage rates and strong buyer demand for homes at the time. Those conditions were a boon for Opendoor, which reported revenue of $2.3 billion for the third quarter of 2021, almost double that of the previous quarter. In a call with analysts at the time, its CEO, Eric Wu, argued in favor of the iBuying business model, saying the "value proposition" for iBuying existed before Zillow entered the market and would "continue to resonate" after Zillow left the market.