Nilay Patel

I think very, again, reductively means the prices are high, but the prices in the home market are staggeringly high right now, just across the board.

That's right.

And I'm guessing that a bunch of people listening to this episode are going to say, well, I'm a buyer.

I would love to buy a home.

The prices are high.

Who's pushing the prices down?

Who's maximizing my value as a buyer?

Do you think about that side of the equation?

When you say affordability, I know you started by saying mortgage rates.

Everyone's talked about them.

You know, I have any number of friends who have pandemic level 2% mortgages.

They have no incentive to sell their house.

They're just not going to do it until maybe never.

I don't think they're ever going to get another 2% mortgage.

Do you see the amount of building that you would need to see to address this directly from the supply side?

No.

Yeah.

You were mentioning that the key metric for the company is transactions, the number of transactions that you facilitated.

How do you measure that accurately or well in a market that's as frozen as the one you're describing?

Because it seems like it's just a percentage of a number that is flat.