Graham Stephan

That's why we need to see this get incrementally better going forward.

And I think 26 was going to be incrementally better by 8% to 10% than we have this Iran war and rates are going up, so maybe not.

But having real estate at 50% of normal capacity is horrible for the U.S.

economy.

So 2026 is a horrible year for most people in real estate, buyers, sellers.

In fact, I think the only person that wins in 2026 are investors.

Why?

Because investors can be patient, write disrespectful offers, try creative financing.

They got to find that one seller, right?

Homebuyers generally don't do that.

Right.

So again, unless you're willing to write 100 offers, which I have done in past years, you're willing to follow up three or four times to get that one seller who has to sell.

Because in the game of real estate, you make your money when you buy.

You make your money when you buy.

You don't pay market rent.

You don't pay market prices.

You have to keep swinging that hammer.

Eventually the numbers will work out for you.

You'll buy something 15, 20, 30% below.

So if you want to sacrifice and keep renting and keep stacking paper and just keep a buy box and keep trying and trying, awesome.