So that’s what we’re seeing. And the other thing, a lot of the noise out of the cash buyers is gone. I mean our — like I think that’s — there’s really only 2 cash buyers right now buying at volume, and so we’re seeing more and more opportunity there than we have before. And then obviously, as we add in more of our products on that, it even makes more and more of our solutions viable as well.little
Nick Jones : Great. And then maybe to follow up on some of the newer products like Direct Plus, the listing service, renovation as a service. How — what’s the uptake on those? And how should we think about those maybe starting to show up in the P&L or the model over time?
Brian Bair: Yes. So overall, like with — we’re signing up new partners every day for both of those, both for Direct Plus and for Renovate. What’s exciting to see is we’re seeing more customers using our renovation service, well using our Direct Plus service to buy their home and then using our renovation as a service to have us renovate the home for them. which has been great. Obviously, with the transaction level focused on that, that’s going to affect, especially single-family and some of the other the other people buying in those channels. But we have been really happy with the market conditions and where those products are going right now, and so we’re seeing good growth in both of those products.
Operator: Our next question comes from the line of Ryan Tomasello with Stifel.
Ryan Tomasello : Just, I guess, a follow-up on the prior remarks. Reading between the lines, it sounds like maybe maintaining a more tempered purchase volume stands over this quarter and next, but I guess maybe stronger margins, filling that gap to still allow you to hit the profitability targets. I mean how sustainable do you think these higher spreads are in the current environment given how tight inventory conditions are? And what are you looking for in terms of market conditions to get more comfort ramping volumes? Do you feel like that is completely under your control to widen the acquisition funnel with lower spreads? Or perhaps, is the ability to ramp volumes somewhat limited given the conditions out there?
Brian Bair: Ryan, I’ll jump in and then let James or Jawad jump in after that. But first and foremost, from what we’re buying at our buy box, I really like — we’re right around the medium home price. So I really like what we’re buying right now in this environment, which is great. And as we scale up, we can move that buy box up as we want to get more market penetration and start buying more homes. Right now, the — what we’re focused on is the sensitivity of mortgage rates. Even 10 basis points right now is things we’re close, just watching and monitoring really well, especially as interest rates get up above 7%. But overall, like this market has been extremely resilient from the volume. There’s a reduction in transactions across the country.
And if you look at some of the signs, you could argue, it could be even more than that. But we are seeing a lot of opportunities to continue to grow, buy a really good product in a really disciplined way right now and really focused controlling of what we can control. And I’m really happy is — with where we’ve done with our legacy inventory and where we are today. And now we can just focus on what we’re buying going forward, and that’s — so I really like to position where we’re at across the board there. But James or Jawad?
