Flipping the flip model
Startup Opendoor says fees key to its strategy for selling homes
to slash his expenses while maintaining the fee.
“That becomes our profit,” he said.
The company is under contract to buy more than 100 homes in Las Vegas and has 60 on the market to sell, according to spokeswoman Cristin Culver. Nationwide each month, it buys around 1,300 to 1,400 homes and sells almost 1,000, Wu said.
The company makes offers on about 75 percent of the homes that
OPENDOOR
the state report, Gordon said. Construction accounted for 14 percent of new jobs and represented 6 percent of positions valleywide, half the share a decade ago.
This reflects more diversity in the jobs available, Gordon said. “Maintaining a diversified balance in terms of new jobs will be important for the economic profile of the community.”
However, 30 percent of the area’s jobs still center on hospitality, suggesting more diversity is needed, said Michael Pequeen, partner at wealth management firm Hightower Las Vegas.
About 1.1 million people in the valley are considered part of the labor force, which excludes children, the elderly and people with disabilities who can’t work.
In the metropolitan area, unemployment is at 4.4 percent, or 48,200 people, the lowest rate since March 2007. The rate was at
5.2 percent this time last year.
Pequeen said he wonders how much lower unemployment can go
and what effect the rate will have on wage growth and, ultimately, inflation. Outside influences that could hurt local employment include interest rate increases to curb national inflation, an international trade dispute and higher energy prices shrinking tourists’ travel budgets.
“It is possible that we could see Nevada’s unemployment rate fall below 4 percent, as it has at the national level,” Pequeen said, “which would likely lead to competition for workers and result in higher wages.”
Reno and Carson City, meanwhile, reported 100 new jobs each for May. Reno’s unemployment is at 3.3 percent. Carson City is at
4.2 percent.
Clark County posted an average weekly wage of $938, below Carson City’s $1,000 and Washoe County’s $969.
The Clark County average weekly wage grew 3.3 percent from a year earlier.
Contact Wade Tyler Millward at 702-383-4602 or wmillward@ reviewjournal.com. Follow @wademillward on Twitter. A sampling of local employment gains and losses between May 2017 and May 2018
Retail jobs Ambulatory health care services Food service and drinking places jobs Transportation and warehousing Local government State government