Kunal Lunawat

Mortgage rates are at an all-time low.

There is some concern that institutional buyers are crowding out the individual homeowner.

But all said and done, we still think that there's space for everyone to operate, and we're seeing homeownership levels go up.

True.

That's a good point.

And really, if you want to slice and dice it more, Nathan, there's the individual homeowner that's buying a home for the first time.

There's an individual homeowner that's buying a vacation rental or a second time home as rental property.

And then among the funds, you've got the small to mid-sized funds that are buying anywhere between 20 to 100 assets.

And then you've got the large private equity funds that are buying 10,000 assets at a time.

So you've got the whole spectrum.

There are certain markets for sure where the large private equity funds are buying thousands of assets and that's crowding out the market.

But even then, if you look at like the total volume of residential sales across the US, that's still a fraction of the total market.

So to say that, you know, larger estate bracket refunds are kind of dominating the US home residential market, I think would be factually incorrect.

I do believe that you're seeing some indications of inflationary trends.

But at the same time, from a macro perspective, you've never seen anything like this before, the rate at which the Fed's printed money, interest rates at an all-time low.

So there's something to be said about maybe this is the new normal.

I think last year was a watershed year for us in PropTech.

Some of the trends that we'd been looking at got accelerated by more than 10 years.

And to give you a sense, we divide real estate across a few different asset classes.

So when you look at office, this whole trend around healthy buildings and technology promoting healthy buildings has been accelerated.