Market Analysis & Trends - The housing market is not broken, but functioning as designed, rewarding scarcity and disincentivizing mobility [8] - High mortgage rates contribute to scarcity, as approximately 90% of home loans in the United States are under a certain percentage, discouraging movement [9] - 46% year-to-date listings in the United States are coming off the market, not primarily due to price dissatisfaction, but because selling is too expensive [12] - Seasonality and ego (not wanting to miss 2021 COVID prices) also play a role in homes coming off the market, particularly in markets like Miami, Denver, and Houston [13] - Inventory, not rates, will primarily affect pricing [15] Policy & Regulation - The IRS tax code 121 from 1997 allows for a $500,000 deduction in capital gains on a home for married filing jointly, which is outdated considering the median home price in 1997 was $124,000 [10] - The current tax code disincentivizes people from selling homes with large gains, leading to empty nesters staying in large homes [11] - Raising the capital gains exclusion, potentially to $1 million, could incentivize Americans to move [15] Company Strategy & Innovation - Sirant has 1500 agents across 14 major markets nationwide [1] - Sirant has a partnership with T-Mobile to bring "SuperMo" to its AI operating system for salespeople, called "simple" [1][2] - Sirant's founder created a show called "House of Sirant" and chose Netflix over other platforms [6]