I think you've done a good job of analyzing the arguments for OPEN. The reason OPEN stock price has struggled is the current inflation environment. It's very real right now and if it continues up through the 2022 buying season investors sense it will be a drag on housing.
Given the generational arguments you've made I don't think a 1-2% move up in interest rates will cause housing prices to fall or for acquisition rates to slow. There is another very large cohort of buyers who pay cash. For them, interest rates don't matter.
OPEN still has a long runway to scale up all of their services and locations so they can provide a universal vertically integrated buying and selling experience in all their markets. When I look at a fully integrated OPEN they seem like a good acquisition for AMZN if they have more appetite for traditional business managed in a 21st Century manner.
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