Jeremy Wacksman

While the housing market has contracted from the pandemic, Zillow's share has grown.

And that's why our revenue and our business is able to grow in a flat housing market.

And more transaction volume.

We're taking more share of transactions because we're able to grow.

You can grow from 5, 6, 7 on a percentage.

7% of 4 is still going to be a lot more than 3% of 6.

Well, that's a place where we actually probably are more competing directly because now we actually originate mortgages.

So that's also part of that transaction journey we talked about.

In the first chapter of Zillow, we were just an ads marketplace for mortgage too.

And a lot of people came to Zillow and said, I need financing.

And we said, great.

There's a bunch of mortgage providers that will advertise to you and go work with one of them.

And then all the...

advertising inefficiencies that you talked about happen.

We now are actually in the loan origination business and we more and more are originating mortgages ourselves.

And you are right.

We have a customer acquisition cost advantage there because we already have the shoppers on Zillow.

There's also a customer benefit there.

Again, back to like

ask the buyers what they want.