Might Trump’s proposed tariffs be the explanation for the latest rise in mortgage charges? Might this gradual the housing market and trigger affordability to worsen? What occurs if charges keep greater for longer and extra homebuyers get kicked out of the market? We’re speaking to Redfin’s Chen Zhao about how tariffs will have an effect on you and the stunning findings from a brand new house owner survey foreshadowing one thing none of us needed to see about housing stock.
Tariffs may change many issues: they may improve development prices for homes, result in greater inflation and greater mortgage charges, or put jobs again into American communities. Does the market imagine the Trump administration will go ahead with their flat tariff for many nations? Or will they decide and select particular exporters inside particular nations to tack a tariff onto?
Plus, why are sixty % of householders planning NOT to promote their houses within the close to future or…ever? If greater mortgage charges stay, will all these owners with low mortgage charges keep put with out downsizing or shifting, locking up housing stock tighter than it at present is? It’s attainable, probably resulting in long-term declines in actual property costs. However don’t fear, Chen breaks down all the timeline.
Dave:
A worry of tariffs is driving up mortgage charges proper now and slowing down the market. Right this moment. We’re uncovering how and why tariffs are enjoying such an enormous function within the housing market proper now and why some forecast for 2025, together with my very own may already be unsuitable. Becoming a member of me to speak about all that is Redfin’s, chief economist Chen Zhao, who’s going to assist us perceive this entire scenario with tariffs and share some insights into why all these items that President Trump has been speaking about is spilling over into mortgage charges and subsequently into the housing market. Plus she’s going to share with us a fairly loopy new survey. It was surprising to me exhibiting {that a} third of householders performed to by no means promote their houses and Chen goes to share what I believe is a fairly scorching tackle the long-term worth of actual property. Let’s soar in. Jen, welcome again to On the Market. Thanks for being right here once more.
Chen:
Thanks a lot for having me, Dave.
Dave:
Properly, I’m excited to speak to you. You and your group do such nice analysis at Redfin. I’m hoping you may assist us all by beginning with simply an outline of the housing market as we enter 2025, a minimum of as you and your group see it.
Chen:
Certain, completely. So coming into 2025, I’d say that the housing market is a bit bit sluggish thus far. I believe the principle problem actually is that mortgage charges are sitting simply above 7%. So we’re beginning the yr with fairly excessive mortgage charges, just a bit bit greater than the place we had been a yr in the past. The opposite factor that’s type of holding the market again proper now could be that we had been type of seeing a number of excessive climate patterns throughout the nation. Clearly we’ve got these wildfires in California, we’ve got extraordinarily chilly climate and huge components of the nation that don’t actually see that type of climate fairly often.
Dave:
Yeah, snowing in Florida the opposite day.
Chen:
Yeah, so fairly loopy. After which along with that, we inaugurated a brand new president and that additionally causes completely different patterns of conduct within the housing market the place some folks is likely to be holding off to see type of what occurs with the brand new administration general. We ended the yr with pending gross sales down a bit bit in December, and I believe we’re nonetheless down a bit bit to begin off the yr proper now. And what we’re seeing when it comes to demand for excursions from Redfin can be down fairly a bit from the place we had been within the final couple of months. So it does look like the market is a bit bit sluggish and excessive charges most likely go a protracted option to explaining that sluggishness.
Dave:
That’s unlucky to listen to as a result of I really feel like the final consensus has been that 2025 was going to be a yr the place we noticed a minimum of a modest uptick in gross sales quantity and it seems like we’re not fairly there but. Do you suppose that’s going to, I do know you don’t have a crystal ball, however do you anticipate that that speculation that I believe a number of forecasters had may nonetheless come true all through the course of the yr?
Chen:
Yeah, I believe over the past couple of years I’ve typically wished that I had a very good crystal ball, however it’s been exhausting. It’s been very unstable these final couple of years. I believe you’re proper although that generally forecasts across the finish of 2024 had been that 2025 will see a bit little bit of an uptick there, I believe is a number of uncertainty. Numerous that has to do with we do have a brand new administration in place. The insurance policies which may come into play, what that new administration may actually have an effect on mortgage charges lots and that would actually have an effect on the course of the housing market. That being mentioned, the final couple of years, the sample that we noticed within the housing market was that we began the yr sturdy and issues regularly acquired worse over the course of the yr. This yr what we’re seeing is that we’re really coming in a bit bit weaker, however I believe that that doesn’t essentially imply that this yr will finish weaker than the final couple of years. So residence gross sales for the final couple of years was proper round 4 million for present residence gross sales final yr, 2024 was down about 1% from the earlier yr. This yr really has the potential I believe to get a bit bit higher, though there may be a number of uncertainty and we will speak about these sources of uncertainty extra, however I believe that it nonetheless holds that we may anticipate that this yr you see a bit little bit of an uptick possibly someplace within the single digit vary when it comes to a proportion improve from final yr.
Dave:
One of many issues I’ve observed about redfin’s predictions for the approaching yr is that you just’ve had mortgage charges kind of on the excessive finish of consensus. It looks as if most individuals really feel like mortgage charges are going to go down. Some folks say as little as 5 and a half, 5 and three quarters. I believe in your reporting you mentioned about 6.8%, which is extra consistent with what I’ve been considering. I simply hold considering that there individuals are overly optimistic about charges. Are you able to simply inform us a bit bit about what went into that forecast and why you end up on the excessive finish of the vary?
Chen:
So initially, I’d say we’d very a lot welcome decrease charges. I believe everybody would really feel decrease charges. I believe what’s holding us again is that I believe a couple of issues. So I’d put them into two broad buckets. The primary is the power of the financial system. The second is fiscal coverage coming from DC on the primary bucket, the power of the financial system. What we’ve seen from the financial system the final couple of years is simply that regardless that economists hold predicting a recession that there should be weak spot proper across the nook as a result of the Fed has introduced charges up so excessive and simply saved them so excessive for therefore lengthy that that’s simply not occurring. The labor market remains to be sturdy proper now. The newest knowledge that we’ve got is that the unemployment charge is 4.1%. We’re nonetheless creating about, it looks as if 180,000 jobs per 30 days.
That was the typical charge over 2024, and that’s very akin to what you noticed in 20 16, 17, 18, 19. That is all in line with sturdy financial progress proper now, and that is regardless of the place the Fed has been conserving rates of interest. So in that set of circumstances the place inflation can be nonetheless only a hair above the place the Fed needs it to be, so yr over yr core PCE is about 2.8% proper now. That signifies that the Fed actually has little or no incentive to chop. So proper now Fed is predicting 2 25 foundation factors cuts this yr. That’s what markets predict as properly. We acquired 4 within the final quarter, 2024, however it actually looks as if we’re slowing down and we would actually be coming to a halt on these charge cuts. So I believe that’s one bucket of points that actually don’t level to charges coming down within the close to time period.
And if something, I’d say it looks as if we’re slowly coming to the belief that we’re simply in a brand new regime the place charges simply have to be greater general. I virtually consider this as while you’re coming into center age, your metabolism slows down and it’s identical to you’re in a brand new regime now. Issues are completely different, so there’s no regular that you just’re going again to. After which the second factor is what’s occurring with fiscal coverage and commerce coverage in dc? So while you’re wanting on the 30 yr mortgage charge proper now, so in mid-September that hit, in the event you have a look at mortgage information day by day, about 6.1% as we speak it’s sitting about 7.1%. Numerous that improve got here proper round November, proper across the election within the weeks main as much as the election and proper after the election. What that was in response to was this expectation that when President Trump comes into workplace that he would levy a number of new tariffs on completely different nations and people tariffs are inflationary.
That’s what economists would anticipate and that might result in greater charges. So what I’d say is that one proportion level distinction between the place mortgage charges are proper now and the place they had been in mid-September, this isn’t a really exact estimate, however half of it’s most likely due to commerce coverage or expectations round commerce coverage. Now after all, Trump was inaugurated on Monday and what thus far we’ve got seen no actual motion on tariffs and we’ll proceed to see a monitor the place this really lands. However as expectations round that change, mortgage charges may go up or down. But when we see actually any important motion on tariffs, particularly tariffs which might be actually broad based mostly that have an effect on a number of items throughout a number of completely different nations, that can actually hold charges excessive. After which the second a part of the fiscal coverage coming from DC is de facto tax coverage and authorities spending. What we’ve heard from the brand new administration is a want to proceed and even improve the tax cuts from the TCJA. So if we see any improve within the authorities deficit, what that often means is greater charges basically.
Dave:
Are you able to simply clarify why improve in deficit, we have already got this big deficit. If it probably goes greater, why does that imply mortgage charges are going to remain greater?
Chen:
So when the federal government runs a deficit, what it has to do is it has to borrow cash. And the way in which the federal authorities borrows cash is to concern treasury securities. In order that might be short-term treasury debt, it might be long-term treasury debt, however in impact, you might have extra provide of treasuries on the market. And as soon as the availability of something will increase, which means often the value decreases although for presidency bonds when the value goes down, the yield or the speed goes up. So we see this anytime there’s concern amongst traders about how a lot deficit and debt the federal government is taking over, what you see is charges going up. What we’re most involved about once we’re excited about housing is tenure treasuries, proper? That’s type of the benchmark authorities safety. So if we expect that there’s going to be extra deficit, that often means the yield on the ten yr goes up and what virtually at all times follows is that 30 yr mortgage charges go up as properly.
Dave:
Okay, nice. Yeah. Simply to summarize for everybody, simply so everybody actually understands right here, what China is saying is that when there’s a big deficit, they should concern extra treasuries or bonds, and mainly that floods the market with a provide of bonds. And when that occurs and demand stays fixed, it pushes down the value that individuals are prepared to pay for these treasuries When that occurs, as a result of within the bond market, treasuries and yields are inversely correlated, that signifies that yields go up and that pushes mortgage charges up. And so it sounds such as you’re saying one of many large elements right here of mortgage charges going up is all this coverage in DC that’s probably creating a much bigger deficit. And I needed to circle again to one thing you mentioned earlier as a result of it appears to me, and proper me in the event you suppose I’m unsuitable right here, is that a number of that is simply due to the uncertainty. I believe the market can regulate or will regulate if tariffs go in place, if a tax minimize goes in place that we all know the small print of. However simply on condition that Trump was inaugurated a couple of days in the past and nobody actually is aware of the small print of this, it appears to me that the market is being additional cautious, simply not figuring out what to anticipate and attempting to possibly simply step again a bit bit and wait to see what really comes subsequent.
Chen:
I believe there’s undoubtedly a part of that. So let’s simply take tariffs for instance. This tariffs are one thing that’s type of simple to quantify. What sort of tariffs are you placing on which nations? I believe from the market’s perspective, what President Trump and others round him have mentioned actually create a variety of potentialities. So throughout the marketing campaign, president Trump talked about probably we’ll do 60% tariffs on China, possibly we’ll do 10, 20% tariffs on the remainder of the world. And people numbers moved round a bit bit. I don’t suppose markets are pricing in something like that.
Dave:
Okay.
Chen:
I believe what markets are pricing in is a few fraction of that taking place. One thing that I’ve been paying actually shut consideration to is analysis stories coming from Wall Avenue funding banks, as a result of that offers you a fairly good sense of what the road is considering may be very more likely to occur. For instance, Goldman Sachs put out some analysis earlier this week. They might guess that the almost definitely tariffs to be carried out. What’s about 70%? Odds are very particular tariffs on some items coming from China. So there’s some items that we already put tariffs on from China, and people tariffs may improve by 60 proportion factors or a few of ’em 25 proportion factors for others. However focused tariffs on sure items from China after which additionally on vehicles from Mexico, which could see as much as 100% tariffs, however they’re solely placing a 25% chance on a further throughout the board, 20% tariff on all items from China and solely 25% odds on and throughout the board, 10% tariff on all items from all nations. After which President Trump has talked about a pair instances that he wish to put 25% tariffs on all items from Mexico and Canada, and so they’re solely placing 20% odds on that proper now. So what we’re seeing proper now within the mortgage charge, which is type of reflecting what Wall Avenue expectations are, is de facto solely a fraction of what President Trump has already mentioned. So in that sense, I wouldn’t essentially say that markets are conservative proper now as a result of the eventuality definitely there’s a number of scope for it to be lots worse.
Dave:
Nevertheless,
Chen:
On the flip aspect, there may be additionally a number of scope for it to be lots faster. So for instance, on day one, we noticed flurry of exercise from the Trump administration, however we didn’t actually see any actual concrete motion on tariffs. So there was a directive to begin doing investigations and to report again by April 1st. So we noticed some chatter about these 25% tariffs on Mexico and Canada and possibly 10% on China, however there wasn’t any, Hey, we’re really doing it proper now in order that you may virtually learn as a sign. Possibly issues will really be much less extreme than anticipated, however on the finish of the day, I believe what you actually should say is that there’s simply a number of uncertainty and we don’t know the place it’s going to go, however it actually might be worse or higher. And so due to this fact charges may go a bit bit greater or there’s a number of room for charges to come back down a bit bit as properly. However that uncertainty is a big a part of why our forecast for charges is so excessive.
Dave:
All proper. Thanks a lot for explaining that. And I’m actually excited by what you simply mentioned. I believe that final half is tremendous essential as a result of my assumption appears to be a bit unsuitable right here was that folks had been going to take Trump at face worth and actually shield. However it does appear that the consensus is that a number of these acknowledged positions throughout the marketing campaign and since taking workplace are extra of a negotiated place. And it seems like the road is kind of taking that and operating with it that Trump is throwing out actually dramatic tariffs in an effort to try to minimize a deal that’s most likely much less dramatic. And so the market is pricing that in, however as Chen mentioned, which means charges may worsen if Trump’s what he’s been saying really does come to fruition. We’ve acquired extra to unpack with Chen out particularly about what is going on on the availability aspect of issues out there. So don’t go wherever. We’ll be proper again.
Welcome again to On the Market. I’m Dave Meyer right here with Chen Zhao from Redfin, and we’re speaking in regards to the newest analysis on house owner developments. All proper, Chen, so we’ve talked lots about the way forward for charges. Clearly nobody is aware of precisely what’s going to occur. We each really feel there’s a number of uncertainty. However I needed to modify the dialog to some latest analysis that you just and your group have been doing at Redfin. Most notably a survey I examine owners meant conduct and that a number of owners are simply saying that they’re by no means going to promote their residence. And this appears notably essential on this locked in period the place stock is especially low and lots of people are questioning when that’s going to interrupt and open again up. Are you able to inform us first just a bit bit in regards to the survey and what you discovered?
Chen:
So we surveyed a bunch of householders and what we discovered is that about 60% say that they don’t actually have any plans to promote their residence for a minimum of 10 years.
Dave:
Okay.
Chen:
So of that one third is saying that they’re simply by no means going to promote. After which one other 27% say they wouldn’t take into account promoting for a minimum of 10 years. After which the remaining portion about 24% would plan to promote in about 5 to 10 years, and about 15% say they might be prepared to promote throughout the subsequent 5 years. However the actually hanging factor right here is that 60% are actually saying it’s a minimum of 10 years from now.
Dave:
And what do you make of that? Is that due to mortgage charges or is that this a much bigger behavioral preferences, societal change than simply strictly monetary?
Chen:
I believe there are such a lot of various things happening right here. So I believe there’s a demographic part to this, which is that generally, we all know that there’s an rising desire to age in place proper now. So what we’re seeing on this survey is that the older owners are those who usually tend to say that they’re by no means going to promote. That’s 43% of child boomers within the survey are saying that they’re by no means going to promote in comparison with simply 34% of Gen X owners and solely 28% of millennial or Gen Z owners. So there actually is a really sturdy demographic part to this. There’s additionally a second part, which is lots of people moved not too long ago throughout the pandemic.
And so we all know that that pulled ahead a number of demand and hollows out demand for the following type of set of years, and we’re nonetheless in that subsequent set of years. So it’s not that stunning that lots of people are saying, I simply moved. I don’t want to maneuver once more. After which the third part, which I believe might be a very powerful, I’d guess, is de facto monetary, however it’s not simply mortgage charges. I believe it’s each the price of houses but in addition mortgage charges. So it’s residence costs and mortgage charges on the identical time. So in our survey we requested owners why they wouldn’t need to promote, and 30% cited excessive residence costs and 18% cited that they don’t need to surrender their present low mortgage charge. And the explanation why I need to emphasize the excessive residence costs is that one, about 40% of householders really personal their houses free and clear, so that they don’t actually need to finance anyway.
So actually they’re simply , if I’ve to purchase a brand new home, it’s going to be far more costly. The second cause is that we simply had this lengthy dialogue about mortgage charges. I don’t suppose the percentages of mortgage charges coming down within the close to time period, medium time period are actually excellent in any respect. I used to be saying about this new regime of low metabolism, however what can occur is that residence costs can regulate on this new regime for quite a lot of causes, together with simply that charges are greater. There’s a number of consideration proper now on simply mortgage charges, mortgage charges, mortgage charges. However I believe excited about what the trajectory for costs is equally if no more essential,
Dave:
I undoubtedly need to come again to that in regards to the worth trajectory. Tremendous essential right here, however simply needed to dig in on a few the demographic questions right here. You mentioned that child boomers are the most important group that mentioned that they’re by no means going to promote at 43%. I’m positive you’ve heard this time period, the silver tsunami earlier than, the place folks have been predicting that sooner or later all the child boomers, what was the most important era in the US had been they’re all going to promote and a few constricted time frame was going to flood the market with provide and it was going to trigger residence costs to crash. I’ve personally by no means actually purchased into that, however I’m curious in the event you suppose there may be any probability of that taking place. It appears that evidently the survey doesn’t assist that concept of a silver tsunami. The truth is, it most likely helps the alternative is that we’re going to have constrained provide due to child boomer exercise.
Chen:
Yeah, I’m glad you by no means purchased into it. I don’t purchase into it both. Yeah, I simply don’t suppose that there’s ever actually a tsunami coming. I believe what we’re is de facto extra so identical to a trickle, proper? It’s a massive era. I believe the trickle can kind of wax and wing over time, however it’s exhausting to pinpoint what would trigger this large flood to occur. What cut-off date would set off all these child boomers to promote without delay? I don’t suppose that that’s going to occur. We all know from a number of surveys that folks have a really sturdy desire to stay in their very own residence, in their very own neighborhood, and a number of that’s as a result of they don’t like what their different choices are. They don’t just like the assisted dwelling choices. They don’t just like the housing inventory of their neighborhood as a result of there’s nothing actually that might swimsuit their wants higher than what they have already got. So sure, definitely some people will age out not directly as a result of they move away or as a result of they’re pressured into some kind of assisted dwelling neighborhood. However I simply can’t pinpoint something that might set off an precise tsunami.
Dave:
Yeah, I completely agree. I believe the entire thing has been just a bit bit overblown, and I do marvel if a few of this survey knowledge is aspirational to not be morbid, however I believe lots of people need to age in place, however the realities of rising outdated generally will intervene and that some folks must transfer into assisted dwelling amenities or another dwelling association. However I believe the intent is de facto essential right here and that it’s going to take lots for that to vary. Stick round After this brief break, we’ll discover the broader implication of Redfin’s report you received’t need to miss. Welcome again to in the marketplace. Let’s soar again in. So let’s return to what you mentioned about worth forecast. It’s too tempting to ask about since you’re mainly saying charges are going to remain greater in your opinion. I are likely to agree I’ve a tough time seeing what’s going to tug charges down actually dramatically within the brief to medium time period. And it seems like possibly you suppose which means costs are going to a minimum of flatten or possibly even flip unfavorable. Is that proper?
Chen:
So yeah, so I need to be actually cautious what to say right here. So what I’d say is that over the course of the following yr, our forecast is that residence costs are going to rise about 4%.
So within the close to time period, we do suppose costs will proceed rising as a result of we do suppose that demand is outstripping provide. We’re nonetheless type of on this lot in scenario. Over the long term although, I believe that the danger is to the draw back for costs. And the explanation why I believe that’s the case is just because affordability metrics have simply gotten utterly out of whack. After the pandemic. First you noticed the large runup in costs, then you definately acquired the massive runup in charges, and also you’re not getting any aid on charges. So now whether or not you have a look at it as revenue to cost or nevertheless you need to measure it, it’s simply utterly out of equilibrium. And so sooner or later it simply feels just like the dam has to interrupt and it’s a must to return to what’s an equilibrium that you’ve noticed over lengthy intervals of time as a result of folks merely can’t afford houses at these costs.
So I believe that’s one cause that I’d cite. The second is definitely simply demographic. So we all know that proper now we’re going type of that largest a part of the millennial era when it comes to the prime residence shopping for age. So variety when the snake is swallowing like a mouse or one thing. It’s the way you see it that large lump going by means of proper now. However what follows after that’s smaller generations. After which on prime of that, we additionally know that we had an enormous inflow of immigration in the previous few years. Nevertheless, wanting ahead, every part factors to decrease immigration and never simply due to the present administration’s insurance policies, however as a result of over even the longer horizon, in the event you look all over the world, populations are type of falling, delivery charges are falling. So if you wish to look over a very lengthy horizon, the place would the immigrants even be coming from is a query it’s a must to begin asking your self. So in the event you’re wanting over that type of horizon, the demographic pressures actually level to much less housing demand, which is nice within the sense that in the event you’re actually fearful in regards to the housing scarcity, which we all know we’ve got an acute housing scarcity proper now, that’s excellent news. Nevertheless, that does imply that the stress on costs is de facto extra to the draw back than to the upside, particularly in the event you’re nonetheless in an surroundings the place charges are staying fairly excessive.
Dave:
Wow, that’s tremendous attention-grabbing. Yeah, I’ve thought lots in regards to the demographic points as a result of yeah, the delivery charge goes down and we’ll work by means of the bump in demographics by means of millennials over the following couple of years. And I don’t know you probably have this data, however I’ve at all times type of questioned if it could kind of attain some equilibrium as a result of provide progress isn’t that nice, and if it could kind of just like the substitute charge of houses that grow to be uninhabitable or simply mainly depart the full provide would kind of simply counteract the demographic development. However I’m curious you probably have any ideas on that.
Chen:
Yeah, I do suppose that you will note a few of that for positive, however I additionally suppose that over the following few years it looks like there’s a powerful push to deregulation and robust push in direction of insurance policies that might promote extra housing provide. That’s type of typically what you see when you might have Republican sweep of the federal authorities. So I really feel like if we’re in a position to cut back the price of development, ought to nonetheless put some upward stress on provide.
Dave:
After which for the following few years, you mentioned you do nonetheless see demand outstripping provide, so costs such as you mentioned, may go up within the subsequent few years. Is that simply as a consequence of demographics charges are so excessive, however there’s a ton of millennials, gen Z, who need houses proper now.
Chen:
Yeah, I imply particularly over this coming yr, you continue to have a number of demographic tailwinds. You’re additionally benefiting from actually the truth that folks have a number of wealth is asset costs are excessive. So that you see the inventory market is at report highs, crypto issues, but in addition a number of residence patrons are additionally present owners. And people excessive residence costs additionally assist that group as properly.
Dave:
Bought it. Okay. Is there anything from this survey that you just suppose our viewers ought to know? There was lots in there, however are there any takeaways or actionable suggestions that you’ve for a way a possible purchaser may navigate this case?
Chen:
One factor I’d level out is that while you hear six out of 10, owners don’t intend to promote their houses for a minimum of 10 years. To start with, I’d say you identified what folks intend and what they are saying they intend. And what they really find yourself doing are generally two utterly separate issues.
And secondly, 15% say they plan to promote in 5 years or much less. I need to take into consideration that quantity within the context of one other report that we did, which was that in, I believe it’s like the primary eight months of 20 24, 2 and a half % of houses modified arms. That’s the turnover charge in housing. And that was a report low mainly for all the historical past that we observe. And so what I’d say is that that 15% planning to promote in 5 years or much less, initially, I believe may really find yourself being greater as a result of what folks say and what they intend to do may very well not be the identical factor. But additionally simply that two level a 5% was actually low, however the historic charge is extra like three or 4%. So this isn’t really how the maths works, however in the event you type of consider it at the back of the envelope kind of means instances 5 years is definitely not that distant from that 15%. So what I’m saying is that regardless that 15% promoting their houses within the subsequent 5 years sounds actually low, that truly may imply that the lock-in impact is the truth is easing. And we may see an actual easing of the lock-in impact over the following 5 years. In order that’s the takeaway that I must from them.
Dave:
All proper. Properly, that is actually useful, Chad. I imply, I believe we hear lots about demographics and the way they assist housing costs, a minimum of within the brief run, however the kind of long-term perspective is tremendous useful for actual property traders. It’s undoubtedly given me lots to consider when it comes to the way you need place property. I personally don’t suppose it means actual property is now not going to be asset class, however it does make you suppose that it’s a must to be a bit extra strategic about the place you’re going to purchase what you’re going to purchase to search out one thing that’s going to a minimum of preserve its worth over the long term.
Chen:
Yeah, no, I utterly agree. And I believe it’s essential to do not forget that we’re speaking general nationwide image, type of a nationwide common, completely different pockets. You’re going to see completely different patterns probably, particularly in several geographies or completely different segments of the market.
Dave:
Yeah, undoubtedly. So another excuse why, to maintain observe of what’s happening in your market and take heed to podcasts like this the place we let you know what’s happening in several pockets of the nation. Properly, Jen, thanks a lot for becoming a member of us once more. It’s at all times a pleasure to have you ever right here. We actually admire it.
Chen:
Yeah, after all. Thanks a lot for having me on.
Dave:
Thanks all for listening to this episode of On The Market. We’ll be again in a few days for an additional episode. We’ll see you then.
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