Chad Larkin: Hi, thanks. This is Chad on for Jason. And so, I mean now that it sounds like you’re starting the at least win back a little bit into growth with kind of housing market prices stabilizing on a sequential basis. How should we think kind of taking a step back about the normalized growth of the business with the bank cohort gone in the housing market seemingly bottomed and then I have one more. Thanks.
Carrie Wheeler: Hi, it’s Carrie. Let me talk a little bit about that. Normalized growth rate, recent commentary just given what we’ve weathered over the last couple of years, which is a lot of growth and then obviously weathering the cycle. I’d say right now, just as a reminder, what we expect to be seeing for the back half of this year is a pretty steady pace at around 1,000 acquisitions per month or 3,000 homes per quarter and as we lean into the back half of the year, I think the Q4 when seasonality becomes a tailwind right now it’s a headwind. We will start to reduce spreads, that allow us to drive more volume, it allows us to increase our paid marketing spend in a more efficient way. And obviously, we’ll continue to lean into the partnership channels.
We’re talking about those will continue to grow and that will drive more volume into next year. So that’s really the near-term growth outlook. The next marker for us is to double volumes, and that’s where margins usually in the middle of next year, we’ll be back to kind of that steady state breakeven adjusted net income target we have 1,000 to 1,200 contracts for acquisitions.
Chad Larkin: Okay. Thanks, that’s helpful. And then any update on Opendoor exclusives it sounds like you’re just kind of still in testing phase there?
Carrie Wheeler: Yes, we knew – we’re continuing to focus on perfecting the consumer experiences we’ve talked about the last couple of quarters, we’re sitting in plan owned surrounding markets. We’re focused on making sure we can really prove product market fit, but no significant update from where we were last. I would say that consumer propensity to put their homes in the marketplace remains really are around two-thirds the people say yes. So, give me a cash offer from Opendoor and then give us some amount of time to come back to you and think you can get better that with an offer from if there’s an institution or another buyer we’re aware of the market. So, we’re encouraged by somebody really signs we see. But I would just caution, it’s still early the end here remains small, but we continue to be optimistic, about the long-term prospects for exclusive and so that we know – the continued evolution of our business to be more capital-light and serve more home sellers over time.
Operator: Thank you. Our next question comes from the line of Ygal Arounian with Citi Group. Your line is now open.
Ygal Arounian: Hi, good afternoon guys. I want to follow-up on Chad’s question actually on the exclusive piece. I mean it doesn’t sound like the strategy is changing, around being a little bit more capital it does feel like it’s being pushed out or are rolled out a little bit more slowly. Is that a fair characterization? I think we were kind of targeting in those markets being at 30% by the end of the year. If I remember correctly, I think – we’re still a ways off from that. So maybe just help us kind of like bridge from where we are today to where – you want – the goals to be? Thanks.
