March 2025 Housing Market Replace: Are Worth Declines Coming?

Dave:
Your actual property shopping for window is open. Nicely, perhaps that’s proper. The housing market is softening after a number of years of supreme vendor energy. Potential value declines is usually a boon for actual property buyers seeking to negotiate, however additionally they create danger if you happen to purchase on the improper second. So which approach is the housing market heading and how will you take most benefit in your personal portfolio? In the present day I’m providing you with my March, 2025 housing market replace. Hey everybody, it’s Dave head of Actual Property investing at BiggerPockets, and if you realize me, I imagine being a profitable investor is about studying and constantly enhancing in your expertise. Issues like deal discovering, tenant screening, managing rehabs, all that stuff is tremendous essential. However you additionally want to know the broad developments which can be occurring within the housing market as a way to optimize your portfolio to seek out the perfect offers and to keep away from any pointless ranges of danger.
Because of this, I like to supply a abstract of what’s going on within the housing market and I additionally like to supply my private evaluation and skim on the state of affairs. I’ll even inform you what I’m fascinated by and doing with my very own portfolio. That is for March, 2025. So developments could also be completely different if you happen to’re watching this somewhat bit additional into the longer term. Now I need to simply say that I’ve been analyzing the housing marketplace for a really very long time. I’ve been an investor for 15 years. I’ve been working at BiggerPockets for 9 and proper now issues are altering just about as shortly as they ever have and that makes it extra essential than ever to know what’s occurring to your personal portfolio and attaining your monetary objectives. Alright, so let’s speak about this softening market and what it really appears to be like like within the numbers and naturally what it means to you.
Now if you happen to have a look at sure web sites like Redfin, you’ll see that dwelling costs are up 4% yr over yr in line with what knowledge they’ve collected and after they seasonally modify it. Once you have a look at a number of the different knowledge sources, there’s a supply known as the Case Schiller Index and that makes use of a distinct methodology the place it principally tracks how the value of the identical dwelling change over time. And what you see while you have a look at the case Schiller is it’s a lot nearer to flat. And so we’re in all probability in someplace in between these two. There’s no excellent measure, however we’re in all probability flat-ish housing costs perhaps up somewhat bit relying on what market that you just’re . So that’s on no account any form of correction or crash at this level. It’s additionally probably not thrilling knowledge by way of appreciation, however I feel the essential factor right here is that the development is simply actually flat or somewhat bit down.
We’re probably not seeing appreciation or value progress begin to speed up once more. And so that is simply one of many causes I’m saying that the market’s flat. Now to know if this development goes to proceed or if we’re going to see the market reverse in some form of approach, we to dig in somewhat bit deeper, go one stage decrease to attempt to perceive why the market is considerably flat. And I at all times speak about this, however we now have to do it. We acquired to speak about provide and demand. That’s what dictates costs within the housing market. And so we have to see what’s occurring with provide, which is simply what number of houses are on the market at any given level or how many individuals are itemizing their houses. And we acquired to have a look at demand. How many individuals need to purchase houses? Let’s begin with the provision facet.
There’s actually good knowledge about this. It’s somewhat bit simpler. So we’re going to speak first about one thing known as new listings. This can be a measurement of how many individuals put their properties up on the market in any given month, and that’s up yr over yr. It’s up 6% in line with Redfin, which is sweet in some methods, nevertheless it’s not loopy, proper? We now have seen actually low stock and to return to a more healthy housing market, there must be extra properties listed on the market. And so having that go up, at the very least within the brief time period is mostly seen as an excellent factor, however it’s important to look not at simply how many individuals are itemizing their properties on the market. You even have to have a look at how lengthy these properties are staying available on the market as a result of in the event that they’re getting listed and going shortly, then costs can maintain going up.
But when extra issues are getting listed this yr than final yr they usually’re simply sitting there and probably not promoting, then costs are in all probability going to go flat or go down as a result of as property house owners who need to promote their property are seeing their properties simply sit there available on the market week after week or month after month, they decrease their value or they’re prepared to supply concessions. And that’s what in the end pushes costs down. And what’s occurring proper now could be that energetic listings are up 10% yr over yr. And once more, that’s not loopy as a result of we now have to have a look at the historic context right here. So that you may know this, however again in 2019, energetic listings had been averaging someplace round 2.3, 2.4 million. Then through the pandemic they went right down to 1.6. We really bottomed out at 1.1 million and though they’re going again up proper now, they’re nonetheless at 1.5 million, they’ll in all probability go up over the summer time and get someplace near 1.9 million.
In order that they’re going up, however they’re nonetheless not at pre pandemic ranges. And that’s one of many primary issues as we speak concerning the housing market that you want to keep in mind is once we evaluate what’s occurring now to what was occurring through the pandemic, it’s not the perfect comparability actually, as a result of what occurred through the pandemic was simply so uncommon. So to say, oh my god, stock has gone up in comparison with the pandemic. After all it did as a result of it was like in any respect time lows. I personally like to have a look at that also, however in comparison with 2019, and so we’re seeing issues come again nearer to pre pandemic ranges, however we’re not there but. And so that is the rationale why I’m saying that the market is softening. It’s again to the place it was. I’d even say it’s simply form of a normalization of the market, however as a result of we’ve gotten used to this tremendous heated market that’s very tight, there are usually not a whole lot of issues available on the market, there are nonetheless a whole lot of demand.
And so issues are transferring actually shortly. That’s why I’m saying it’s softening as a result of we’re simply transferring again to a extra balanced housing market. So that you undoubtedly see that within the energetic listings numbers. You see that in another knowledge you could have a look at for these items like days on market, these are going again up or months of provide. These are simply different methods to measure the housing market. We don’t must get into them right now, however what you must in all probability know is that all the measures of housing market well being are simply saying that we’re getting nearer again to pre pandemic ranges of the steadiness between provide and demand. Now after all, what I’ve been speaking about thus far is concerning the nationwide housing market, however there are big regional variations. We’re really seeing a whole lot of indicators that the market is type of splitting. Some markets are rising in a single course, others are going within the different course. So we’re going to interrupt down these regional variations in only a minute. However first we now have to take a fast break. And this week’s larger information is dropped at you by the Fundrise Flagship Fund, put money into non-public market actual property with the Fundrise Flagship fund. Try fundrise.com/pockets to be taught extra.
Welcome again to the BiggerPockets podcast. We’re right here doing our March housing market replace. Earlier than the break, we talked about how a whole lot of the information means that the nationwide housing market is transferring to a extra balanced market, a extra purchaser’s market, however that isn’t occurring in every single place within the nation. So let’s simply take a minute right here and speak about how stock modifications are completely different in several areas of the nation. First issues first, what you want to know is that each single state within the nation is experiencing will increase in stock besides North Dakota. North Dakota is down 2%, in every single place else is up. That is simply yr over yr since 2024 in February to 2025 in February. And once more, I’m recording this in early March. So the final month that we now have knowledge for is February. The state that has the best shift in stock over the past yr is Nevada.
We see California at 44%, Arizona at 41%. Vermont is up there, Hawaii is close to 50%. In order that’s occurring in every single place the place if you wish to know regionally the place issues are occurring within the least, it’s principally within the northeast and the Midwest. So I mentioned North Dakota, that’s type of an outlier, however New York for instance, solely up 3%. New jersey’s 9%, Illinois is 9%. So it’s form of a continuation of the developments the place the most well liked or the strongest housing markets, I ought to say are within the Midwest and the Northeast. A number of the weaker ones are within the mountain west and west coast and the southeast as effectively. Georgia’s up 37%, Florida’s up 34%. That’s simply at a state stage. However given what I used to be saying earlier than concerning the utility and usefulness of evaluating knowledge from this previous yr to the yr prior, it’s useful. We have to understand it as a result of you want to know the way the market’s altering.
However I additionally like to supply this context of how issues have modified since earlier than the pandemic as a result of that may actually give us some clues about the place costs are heading in any given market. And while you have a look at the information this manner, it is vitally, very completely different. Bear in mind I simply mentioned that all the pieces’s going up yr over yr as a result of it was tremendous low. However once we have a look at how February, 2025 compares to February, 2019, it’s a fairly completely different story. We now have sure markets the place we’re nonetheless nowhere even near the degrees of stock that we had been at in 2019. After I have a look at a state like Pennsylvania, it’s down 50%, nonetheless over 2019. Maine is down 61%. New Hampshire, 61%, Illinois, 63%, virtually all of it’s concentrated within the Northeast and the Midwest. So Wisconsin, Michigan, Virginia, all of those states are actually down. Really Alaska’s down too.
That’s type of the one one which’s on the market apart from North Dakota. Once more, these are form of essentially the most considerably down, however even all through the remainder of the nation, most states are nonetheless down in comparison with pre pandemic ranges. If we have a look at the Carolinas, California, Nevada, Washington, Oregon, all of them are nonetheless down. So that’s form of the massive image factor that you must remember is that though stock is returning, most states are nonetheless down in comparison with pre pandemic. In order that they’re nonetheless not again to what can be thought-about a traditional market. There are 4 states, nevertheless which can be above pre pandemic ranges. The primary with essentially the most stock progress above pre pandemic ranges is Texas. It’s 15% above the place it was in 2019. Then comes Florida with 9% above Colorado at 7%, and Tennessee really with 2% as effectively. So once more, the regional variations actually matter, and I’m speaking about states.
I can’t get into each particular person metro space on the podcast, it’s simply an excessive amount of to do. However what my suggestion for all of you is to have a look at these two issues to your particular person market as a result of even inside Texas which has rising stock, there are specific markets and there are specific neighborhoods the place stock remains to be down. Or if you happen to have a look at Pennsylvania, which has 50% declines in stock, I’m positive there are nonetheless neighborhoods in areas the place stock is growing. So I actually advocate you have a look at two issues in your market. Go and evaluate stock ranges proper now in February of 2025 to the place it was final yr, see how a lot that’s rising after which evaluate it to 2019 and also you’ll get a way of how shortly the market is shifting from that basically sturdy sellers market. That was type of common for years again to what can be a extra regular form of steadiness type of market.
So what does this all imply? The stuff I mentioned and the analysis you must in all probability be doing by yourself as effectively. Any market the place stock goes up quickly has the largest possibilities of value progress slowing. And in some markets that imply it’d go from 10% appreciation to five% appreciation. In some markets that may imply six to 2. Some markets it’d imply going from flat to unfavourable. And so it actually depends upon the dimensions of the stock modifications and what’s occurring in your explicit market. However as an entire, simply going again, zooming again out to the nationwide stage, I do assume that given stock is rising and demand hasn’t picked again up, at the very least within the final couple of months, we’re going to see additional softening. And that is a kind of the reason why I’ve mentioned repeatedly that I do assume costs shall be perhaps modestly up this yr or someplace close to flat, particularly while you evaluate these issues to inflation, they is likely to be somewhat bit unfavourable primarily based on the information that we’re seeing right here right now.
Now once more, that isn’t going to occur in each market and what which means for actual property buyers isn’t as apparent as you assume. Declining costs are usually not essentially a foul factor. Lots of people, I’d say perhaps even most buyers assume that’s really an excellent factor. So we’ll speak extra about what a softening market means, however we form of have to handle one different massive factor earlier than we get into what you must do subsequent, which is after all mortgage charges. Mortgage charges have been within the information rather a lot and as of this recording, they’ve dropped down to six.64% for a 30 yr repair, which is down practically 0.6% from the place they had been. That they had shot up all the way in which to 7.25%. They’ve come down rather a lot and that’s usually excellent news for actual property buyers. However after all the rationale that is occurring is as a result of there’s dangerous financial information.
So we now have to dig into this somewhat bit and form of unpack what’s occurring and what this implies. So why have charges fallen a lot over the past couple of weeks? We’ve talked about this in different episodes, you possibly can go hear about it in additional element, however we’ve seen a bunch of soppy financial knowledge. The very first thing was we had low client sentiment. We really had the largest month over month drop in 4 years. It’s not like that is going loopy, it’s decrease than it was over the previous couple of months, nevertheless it’s just about consistent with the place it’s been from 2022 to 2025. However after the election, client confidence had been rising and that has reversed itself over the past couple of weeks, and that decline in client confidence worries buyers. And so we’ve seen some weak spot within the delicate market. I’ll get to that in a second.
The opposite factor that we’ve seen is an uptick in unemployment claims. There are many methods to measure unemployment. That is one I prefer to measure as a result of it principally appears to be like on the variety of layoffs. And so we’ve seen layoffs begin to tick up. Once more, nothing loopy, however these are simply small issues that begin to spook the market, proper? And what we’re speaking about once we speak about mortgage charges is actually how bond buyers and inventory buyers are reacting to all this information. And proper now, given the extent of uncertainty on the planet, given the extent of uncertainty within the markets, persons are very delicate. They’re reacting fairly dramatically forwards and backwards to all of the information that they’re getting. And so little modifications in unemployment claims, little modifications in client sentiment are in all probability impacting markets greater than they’d if this was 10 years in the past in the course of only a regular financial cycle.
So that’s two issues which can be occurring. And so there’s really one factor that has occurred over the past simply two weeks that I feel has additional spooked buyers, not tariffs. These are form of apparent. That’s undoubtedly one thing that’s been weighing on individuals’s thoughts. However one thing that I feel acquired misplaced within the shuffle over the previous couple of weeks is that there’s this instrument known as the GDP Now instrument. It’s put out by the Atlanta Fed, and it principally predicts the place gross home product goes to go for the present quarter that we’re in. For those who don’t know what GDP is gross home product, it’s principally the whole measurement of financial output and it’s tremendous essential, proper? If the economic system is rising, that’s usually an excellent factor for the US. If the economic system contracts, which means individuals’s high quality of life spending energy is mostly taking place.
And anyway, what occurred was the Atlanta Fed instrument, which has confirmed to be very correct traditionally, has modified its prediction. Simply two weeks in the past it was predicting 2% progress for GDP, which isn’t nice. It’s not like a tremendous quarter, nevertheless it’s not dangerous. It’s type of similar to a traditional type of quarter. It principally plummeted and the estimate now went to about unfavourable 2.5% and has held there for 3 consecutive weeks. And so now they’re predicting that GDP is definitely going to say no right here within the first quarter of 2025, and that’s tremendous important for all the explanations that I simply talked about. So between softer client sentiment and uptick in unemployment claims, softer GDP projections, uncertainty round tariffs, this has simply principally spooked buyers and it has led to a big inventory market selloff. We’ve seen the NASDAQ was down 10% at sure factors, which is correction territory.
That’s a big decline. We’re principally seeing the whole enhance within the inventory market that we noticed after the Trump election erased we’re again to principally the place we had been earlier than the election. And what occurs for actual property buyers for mortgages is when individuals dump their inventory market, sometimes what they do is that they take their cash they usually put it in bonds. And I’m not speaking about me. If I offered off a few of my inventory, I in all probability wouldn’t go do that, however we’re speaking concerning the massive cash movers. Individuals who handle pension plans or hedge funds, they should put that cash someplace. And so after they take it out of inventory market, they sometimes put it into bonds as a result of they’re seen as secure after they’re spooked about what’s occurring within the inventory market or the economic system as an entire, they take the cash, they put it in bonds, and that will increase demand for bonds as a result of everybody desires them.
And that pushes down yields, proper? If lots of people need to lend cash to the federal government, the federal government can borrow that cash at a decrease rates of interest. That’s yields coming down. And since yields and mortgage charges are virtually completely correlated, that may take mortgage charges down with them. And so that’s the reason mortgage charges have come down. After all, nobody is aware of for positive what’s going to occur, however I’ll provide you with at the very least my opinion and what I’m fascinated by and doing with my very own portfolio. However first, we now have to take a fast break. We’ll be proper again. For those who’re desirous to get began in actual property investing, a wise first step is to companion with an investor pleasant monetary planner who will help you get your home so as and make sure you’re arrange for monetary success from the get go to biggerpockets.com/tax finder to get matched with a tax skilled or monetary planner in your space.
Welcome again to the BiggerPockets podcast. We’re right here doing our March housing market replace and the place we left off, I used to be going to attempt to make sense of this entire state of affairs and share with you what I feel this all means. Now, all the information, all the pieces that I’ve shared with you, the longer term and course of the housing market to me is actually about financial sentiment. And that principally simply sucks as a result of it’s laborious to foretell, proper? I’m sorry, however I do know different influencers, creators, they’re going to inform you definitively what’s going to occur, however they’re deceptive. I’m an analyst and the one factor I can inform you with certainty is that proper now issues are significantly unsure and that’s crucial factor to recollect. It’s okay to your investing thesis or speculation to be that it’s unsure. It’s higher to confess that than to behave on a false interpretation or false certainty since you don’t actually know.
However right here’s how I’m personally seeing this. It appears to me that financial pessimism is gaining steam and other people could have completely different opinions about what’s going to occur sooner or later. I’m knowledge, I’m developments, and that is what the information reveals. It reveals that investor confidence is down, the inventory market is popping, the housing market is beginning to soften, and does that imply we’re going to a recession? I don’t know. I feel it’s far too early to say that the GDP now factor is only one estimate, however I’m simply telling you that the change from the place we had been in January to the place the information was in February is fairly important. There was a whole lot of financial optimism in December and January that has shifted in February and it’d shift again, however proper now it does really feel like financial pessimism is gaining steam.
And for me, there are a pair issues to remove from this. The very first thing that has been coming to my thoughts lately is that if we enter in a recession, and once more, that may be a massive if, however one thing I’ve been fascinated by is might this form as much as be what’s kind a basic financial cycle the place actual property is the quote first in first out, if you happen to haven’t heard of this, there’s this sample that has existed in a whole lot of recessions prior to now the place issues are going off nice, we’re in an growth, companies are booming, the inventory market’s going up, all the pieces is nice, persons are taking out debt. At a sure level, the economic system begins to overheat and that results in inflation. At that time, the Federal Reserve raises rates of interest, proper? Sound acquainted? That is what’s been occurring. And when the Federal Reserve raises rates of interest, it impacts actual property first.
And I’m not saying this simply because it is a actual property podcast, however actual property is simply principally essentially the most leveraged asset class. And truly as we’ve seen over the past a number of a long time, it’s turn out to be actually form of by itself in how leveraged it’s, which principally means it makes use of essentially the most debt. And positive individuals take out debt to finance buildings and manufacturing and expansions for companies, however actual property is actually extremely leveraged. And so that you see actual property bear the brunt of a recession really at first else. And if you happen to’re on this business, you’ve been in all probability saying this and screaming that we’re in an actual property recession for the final two or three years, transaction quantity has been down, costs have been largely flat, proper? We’ve form of been in an actual property recession for some time. However what’s been wonderful is that different components of the American economic system has remained resilient regardless of these increased rates of interest.
And for one cause or one other, perhaps that resilience is cracking proper now and it’s reverting again to what we might’ve anticipated that the remainder of the economic system is beginning to really feel a number of the ache of upper rates of interest. In order that’s form of the basic begin of a recession, proper? Actual property comes first after which the remainder of the economic system comes second. However then what occurs when the remainder of the economic system begins to decelerate? Nicely, the Federal Reserve desires to stimulate the economic system. They’re not as afraid of inflation, in order that they decrease rates of interest, and that offers a stimulus first to actual property, proper? As a result of it’s a leveraged asset class. In order these charges begin to come down, it kickstarts financial exercise, significantly in the true property part, and that may really assist lead the whole economic system out of a recession. And actual property is sufficiently big.
It’s a sufficiently big a part of our economic system to each assist deliver the economic system right into a recession. And out of it, it’s estimated to be about 16% of GDP. That’s big for anyone business. Now, if you happen to’re pondering that’s not what occurred in 2008, that’s undoubtedly true. It’s form of the exception to this sample, and we don’t know what’s going to occur. However the perception amongst most economists is it didn’t occur in 2008 as a result of in contrast to this present time in 2008, housing was the issue. That’s what created the recession within the first place. Whereas proper now, housing isn’t the issue. Housing, a whole lot of the basics are basically sound. What’s occurring with housing is known as a response to rates of interest. And so what I see rising is doubtlessly this primary in first out state of affairs. That’s in all probability what I feel is the most certainly state of affairs as we’re it right now.
I feel there are two different issues which can be attainable that I’ll simply point out, however I feel they’re much less seemingly. So the second factor that may occur is perhaps that is only a blip in financial knowledge and there’s really going to be sturdy progress and other people regain their confidence, during which case we’ll in all probability see mortgage charges return up somewhat bit. I don’t know in the event that they’re going to return as much as 7.25, however they’ll in all probability return up once more. By which case, I feel the housing market will proceed on its present softening trajectory. Once more, I don’t assume which means a crash. It in all probability means corrections in sure markets the place different markets are going to continue to grow. However I feel we’ll proceed on the development that we’ve been on for the final couple of months. So that may be a second risk. It’s not that unlikely, it simply doesn’t look like the most certainly state of affairs.
After which the third one, I don’t assume that is so seemingly proper now, however really while you have a look at a number of the knowledge, there’s a little little bit of danger proper now of what’s generally known as stagflation. And once more, I don’t assume that is what’s occurring simply but, however I simply need to name it out as a result of it’s attainable. Stagflation is when the economic system slows down, however inflation goes up. That is principally the worst case state of affairs for the economic system, however we now have seen inflation go up somewhat bit then it’s form of flat, so it’s not tremendous regarding simply but. However there’s a world the place inflation goes again up as a result of tariffs. And the GDP now instrument is right and GDP declines, during which case we might have a extremely tough financial state of affairs the place the economic system is contracting, however inflation goes up, and that’s principally the worst case state of affairs.
Spending energy goes down, however wages aren’t going up, the inventory market goes down. And so though that’s attainable, I wouldn’t fear about that simply but. It’s simply one thing that I needed to say that we’ll control within the subsequent couple of months. In order we do these updates each single month, I’ll replace you and allow you to know if that’s a priority. There’s some knowledge developments that counsel it’s attainable, however I feel we’re nonetheless a far approach off from concluding that that’s occurring. So let’s simply return to what I feel is the most certainly state of affairs, which is type of this primary in first out state of affairs with actual property. Does that imply that it’s doubtlessly an excellent time to purchase actual property, proper? As a result of don’t get me improper, when markets are softening like they’re, that comes with danger.
There’s additional danger that costs are going to say no. And I’ve mentioned it earlier than, however there’s a whole lot of rubbish on the market. There’s a whole lot of dangerous offers, overpriced stuff on the market, and issues might worsen earlier than they get higher. However there’s additionally a case that in at the very least some and perhaps many regional markets {that a} shopping for window might emerge. Take into consideration the circumstances that we’d have over the following couple of months. Extra stock coming available on the market results in value softness, which supplies you negotiating leverage, proper? As a result of if you realize that costs are delicate they usually is likely to be declining extra, that’s one thing that you need to be utilizing in your bid technique. And while you’re providing on properties, attempt to purchase under asking value or what you assume the market may backside out at. So that offers you negotiating leverage. Bear in mind I mentioned softening it sounds scary, however that really means we’re in a purchaser’s market.
Patrons have the facility. In order that’s one good factor you won’t need to purchase even in a purchaser’s market, if you happen to assume that that purchaser’ss market’s going to proceed for a very long time and we’re going to have this form of protracted interval of costs taking place. However do not forget that costs have been largely flat or rising modestly over simply the final couple of years. And so we’ve seen this for some time. And if the present financial temper is right and that we’re going to see a contracting economic system, that implies that charges may keep as little as they’re now they usually might go down somewhat bit extra. And if that state of affairs occurs, that would deliver demand again into the housing market. Individuals usually assume that if the economic system is doing poorly and there’s a recession that causes decrease housing demand, however that isn’t at all times the case.
Housing demand is sort of at all times tied to affordability. And so sure, if you happen to don’t have a job, you’re not going to be going on the market and shopping for a house. However for individuals who really feel safe of their jobs, this may really result in higher housing affordability. If the market softens and charges go down, which means extra persons are going to have the ability to afford extra houses. That drives up demand and will really reignite value appreciation within the housing market. That’s not what occurred in 2008, keep in mind, that’s an outlier. However that is what usually occurs. So it’s one thing I’ll be protecting an in depth eye out for, and I like to recommend you do too. Personally, I’ve been in search of offers. I’m at all times in search of offers. I haven’t discovered something thus far but this yr. I’ve supplied on some, haven’t been capable of make it work, however I’m perhaps unusually optimistic concerning the potential for deal stream over the following couple of months and within the second half of this yr.
I feel that proper now, we’ve been speaking rather a lot this yr about this potential for upside. And whereas there’s danger, don’t get me improper, there’s danger in these sorts of markets. That upside is there and may even really be rising all through 2025 as a result of if charges do come down and you’ve got the chance to barter higher costs on homes, that would set the stage for actually good upside and future progress. In order that’s how I’m seeing it. I’d love if you happen to’re watching this on YouTube to tell us how you’re deciphering this housing market and what selections you’re making about your personal portfolio. Thanks all a lot for listening to this episode of the BiggerPockets podcast. I hope this housing market replace was helpful to you. We’ll see you subsequent time.