Market updates and Buying a home when you're Self Employed

Jeff and Gina discuss market trends during the holiday season including inventory, the next Fed Meeting and home loan rates today.   In this episode we also discuss the importance of planning for Self Employed borrowers who want to prequalify to buy a home.   Mortgage companies typically need a two-year history of self-employed income, showing enough income to qualify.  We also briefly discuss alternative options for financing your primary or investment property. 


Jeff Cunningham is a Realtor (license # 301547) with United Realty Group (Broker license C34827) serving the Triad NC area.

Jeff can be reached at

Email -  jeff.cunninghamrealtor@gmail.com,

website, jeffcunningham.mysalecore.com,

Facebook,- https://www.facebook.com/jeffcunninghambroker/

Gina Milloway is the Mortgage Loan originator NMLS #1676070 & CEO of Triad Mortgage LLC, NMLS # 2385260,   

Gina can be reached at,

Email:  gmilloway@traidmortgagellc.com

Web: https:  https://www.ginamillowayloans.com/

Facebook - https://www.facebook.com/mortgageswithgina/

Office -336-290-1891

NMLS Consumer Access:  https://nmlsconsumeraccess.org/

Privacy Policy:  https://www.ginamillowayloans.com/privacy-policy

Triad Mortgage is an equal housing lender 

Transcript

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Hello and welcome to the podcast. Let's get moving with Jeff. And Gina, I am Gina Millway, your local mortgage advisor. And this is, Hey, good morning. I'm Jeff Cunningham. I am your local real estate agent here in Piedmont Triad of North Carolina. We're covering Greensboro. We are in Greensboro today. And How you doing today, Gina? I am fantastic. Another rainy day. Is it gonna be another rainy day today? please tell me there's some sun because, well, there's a little bit of sun over here, but don't get too excited. Yeah, we're supposed to get a little more rain this afternoon, so it's, it's like Seattle crying out loud, I tell you. Oh my gosh. I am, I'm over. I'm over the rain in the cold. I'm over it. I'm ready for spring. I'm done. I'm over it. This is it. Just scream. The, I just wanna go home and put on the fuzziest pajamas that I have. Yep. And sit on the couch with another fuzzy blanket and some hot coffee and just watch, watch tv. That's, that's the motivation for this week. Yeah, absolutely. Absolutely. Well, I, I did take a little midweek vacation yesterday and did just exactly that in the morning. It was, you know, crappy weather. As you know, and my goodness, I just, I just took advantage of the, of the fuzzy blanket and the fuzzy pajamas. So absolutely. But but yeah, we're supposed to have some great weather coming up, I think coming in for early next week. So yeah, if you got any Yard work you want to do other than your holiday shopping. Yeah. Next week would be the time to get out for the next weather. Yeah. So we are recording this, what is today? December the eighth. And so it's Christmas season is in full of fetch Christmas music on all the stations. Oh, yeah. Christmas shopping, Christmas crowds, all the fun stuff for Christmas. But the bells out there are ringing Well, let's talk about how the, the market's doing in the, in the Christmas shopping. Season. Mm-hmm. how's, how are we doing on inventory side? Are. Yeah, we still seeing a little bit of increase or we are seeing a little bit of an increase but we're not seeing a ton. Right now. If I could be so bold I think we're moving back into, at least here apparently we're moving back into more of a. Seasonal market. You know, and I think, again, we've got 10 different things out there that are, that are impacting our market, whether it be you know, the elections that just happened, we've got interest rates that are bouncing up and down. of course, Christmas, we've got we just coming outta this pandemic, you know, everybody and their brother seems to have a cold nowadays, so you've got the tri deic or whatever they're calling it nowadays that's going on. So in any case, all of those factors are not adding to our inventory. And, and again, we're not seeing a huge drop. We're not seeing a huge increase. But again all indications of pointing to we're just in a seasonal market at this moment. You know, if I, I've, I've got a, a listing appointment this afternoon, so we've got folks that are still selling. Of course these folks are gonna be buying as well. And, and I've got a couple other buyers that are out there as well. So yeah, it's a mixed bag. Well, we typically see, at least in this area, a little dropoff in buyers. Mm-hmm. in the winter, and then everybody kind of picks back up around the end of January, February for the spring market. Yeah. But honestly, December has always been my favorite. Market for a buyer. Mm-hmm. because there's less competition in buyers. Yes, indeed. A little bit less right now, I would say in general we're probably a little, little slower than what we would normally see. Mm-hmm. you know, pre covid and, and everything that's going on. But, you know, a lot of people don't want to. Moved during the holidays because of Christmas decorating and family and those types of things. I actually purchased my house in December. We actually, we closed on, I believe it was like December 15th, in the middle of December, and it was fantastic because. I used it as an excuse not to decorate my house, you know? And I know no one can see the Scrooge outfit that you're wearing, but right? So, no, it was great. No, because. Ah, yeah, I've just kind of slacked off the decorating over the years and the kids are like, we'll help you. And Oh yeah, for the first 10 minutes, they're great. they're great. Yeah. Ah, yes, I understand. Absolutely. And, and, and, and, and, and truth, truth be told, we're a little, a couple of different situations here. You still have kids at home, of course. Yes. And mine have already moved out, so I, similar to you, when I had purchased my first house that was just before Thanksgiving. Years and years ago. But yes, same thing. You know, we got everybody in the house. I think we were sitting on boxes for Thanksgiving dinner. Which you know, when you're, when you got your first house and you're sitting on boxes in your own house, it doesn't matter. It's not, it's beautiful chair and you're sitting at a beautiful table because it's that. And, and yes. My daughter again, both my kids are outta the house now. But my daughter asked last week at Thanksgiving, the week before you know, Hey, what what are you gonna get a treat, dad? When are you gonna go ahead and start getting a house decorated for Christmas? And and I have one of my favorite decorations is one of those little three feet or three foot Charlie Brown Christmas trees. And I love it, I just move it from wherever it, it is gonna be set up in the house, out to the garage, and then back and forth, and it's, it's really good. You just pick it up and just, you just relocate it. It's a one-handed job. Absolutely. It's easy. That's the best. Yes. So, but, But going with that, my daughter, you know, the look on her face when, you know, she said, Hey, when are you gonna get a Christmas tree? And I said, I have one. You know, boy, I tell you what, if I could ever look at a, a 31 year old, 12 year old that that would've been it you know, disappointment, face just dropped. Like, oh my goodness, dad, what are you thinking? So, So yeah, I'll be getting a Christmas tree here in the next week or so. highly disappointed, which yeah, people, yes, highly disappointed. which will lead us a little bit into maybe a little bit of our market update. Again, I'm hearing that the prices, so inflation of course, is is Is something that we're all being impacted by here here in the season. Mm-hmm. but most especially, so this, this may sit well with you and, and give you a reason to tell the kids that you're not buying your Christmas tree this year. is, they are just about doubled from what I'm understanding. Oh, wow. Yes. So, you know, if you were up buying a a$50 Christmas tree last year, Expect to spend about 90 or a hundred dollars this year. Wow. Yeah. It's it, it, it's everywhere. You know, just the cost of transportation you know, everything else that any of the farmers and and providers are doing for us you know, it's impacting everybody. But but with that, you know, again, we we do only have a couple of more meetings scheduled this year for the Feds, which generally that should be The only time they can raise the interest rates going forward or drop them for that matter. And, and, and, and with that if you don't mind, Gina, what have you heard here about the market lately? What's what's going on with again, with the feds and their rates? What's the expectation and, and how's that impacting our our interest rates here are mortgage rates going into the next coming weeks or months? Yeah, absolutely. So the. interest rates have, are, are better. They're, they're, they're improving. They're not back, you know, to where we'd all like to see'em, but they're improving. And you know, right now we're seeing rates depending on the scenario because everybody's scenario is different and rates are based on not just the rate, what is the rate, but it's based on the loan scenario, purchase price. Mm-hmm. credit score, all that, et cetera. You know, so we're seeing rates anywhere from right now between, you know, I would say six and a half to seven and a half, depending. You know what the scenario is, so they are better. They started improving the inflation. The last inflation report that came out was where the feds wanted to see it. Yes. It's not, well, I'm not where they wanted to see it, but it was moving in the right direction. It was improving as far as they're concerned. As far as they're concerned, Right. We're still filling it. It's not better. But their, their main goal is getting inflation under control. Mm-hmm. and. That is their, their main leverage to do it is interest rates. Mm-hmm. And so there are a lot of things that go into this there. And we talked about, you know, jobless claims affecting it. Jobless claims in itself doesn't affect it, but everything together does. So the feds right now want, they want there to be pain. Mm-hmm. and pain means job loss to them, and job loss means that people spend less money. Therefore, that puts a curb on inflation. Mm-hmm. So them raising rates, creates the pain, creates the job loss and return reduces inflation. Mm-hmm. kind of the chain reaction that they're looking for. Sure. So inflation did start to show some signs of improvement and improving, which made the feds happi. and so they are, there is a meeting coming up. I believe this, the thir 13th is what I said and for sure I don't have, nobody has a crystal ball. We were kind of expecting a half a point last time than we ended up with 75, but there are more signs pointing towards what'll only have about a half a point increase this. Okay. And similar to the last few rate increases that we have seen, and I know it's been a little sporadic are we, are, are we still seeing or are you expecting that there's any residual or built in protection for us? You know, meaning you know, if these things jump up, you know, three quarters of a point, sometimes half a point, we don't see the mortgage rates increase immediately. Cuz again, sometimes there is a little bit of a buffer built in. Mm-hmm. do we have any buffer left? Do you. Yeah. I mean, there's others, there's always buffers built into it. Mm-hmm. because companies, mortgage companies are not gonna put theirselves on the line to lose money. Okay. So there are buffers built into it. Absolutely. And right now everybody's expecting the half a percent. So it just really depends on rates. I, if what happens after the fed meetings really depends on. What they say. Mm-hmm. not necessarily the data, but what they say or do they, do they feel like they can ease up on it or are they still hard pressed on keeping the pain mm-hmm. so that that's what's going to affect rates is mm-hmm. what they project that they're going to do. Right. If they project that they're going to continue decreasing as we expect them to do mm-hmm. then the, the rates will be okay. We'll, they'll still hopefully continue to improve with that expectation. Right. But if they come out and say, you know, the numbers aren't really where we expect it gonna be you know, and then we, we could see some increases. Sure, sure. Well you know, I I, I, I did hear, I mean, there are a few articles out there that are, you know just, just being thrown around. You know, interest rates are expected to recover. One of the last optimistic messages or, or, or articles I had read probably they said, you know, sometime in 23, towards the end of 23, And, and the numbers I had heard out, there are somewhere, you know, again you know, the pre pandemic numbers right around five, five and a quarter, maybe even five and a half if not even dropping down lower than that. And, you know, those are great rates. You know, again, that again, my, my, my first home I was almost 9%, I think were 8.75. Right? Yeah. And, and again, historically that's though, that at that time was a fantastic rate. Mm-hmm. I was applauded by all my family members and and, and, and it was, you know, again, it was great. you know, of course before pandemic, I think we were right around five and a quarter, five-ish you know, bouncing up and around right there on five refi rates. Of course, were much lower and much better. But you know, I I, I've been told, and, and I'm certainly telling my clients and buyers as well as the sellers you know, our 3%, 4% rates. I mean, they're just not coming back. If they do, we don't know why they would. But you know, we have just gone through a heck of an, an anomaly mm-hmm. that you know, again, those that have been able to take advantage of it. Fantastic. What has gone well for us, of course, is our property values have all increased. Yep. You know, those, those that own properties of course. And and we don't expect any of those to be dropping anytime soon. If, if, if ever you know, each time we've ever, each time, I think it was in the last 60 years. That we've come out of a recession. You know, our property values have always increased. They we're not gonna see that immediately every time. Mm-hmm. You know, but at the same time we, we, we have historic history on our side where, you know, our property values are gonna increase. Yeah. So, and they always come back. Even if they drop, they always come back. So Absolut. Absolutely. And it's more of short term versus long term. Mm-hmm. you know, if you're buying a house for a short, short term mm-hmm. gain a, a fix and flip or an, or you know, short term investment, maybe you're gonna be in the house a year. It makes a, it, it will make it a little harder. But overall on the long run Yeah. Property values, I mean, they always increase. They continue to, Absolutely. And with that we have different Val we have different options and different products out there that are available. So just since you mentioned you know, again maybe an employee that's transferring into, let's just say Greensboro you know, for the next two or three years it might not be the best idea for that individual to actually lock into a 30 year fixed product. You know, and, and, and, and, and, and again, the rates being what they are and rates being what they might be again. You know, it might be a better idea if, if the individual actually gets into a some sort of an adjustable rate and or can take advantage of maybe the two one buy downs in a row, right? right. You know? Yeah. Not to call the two one buy down on adjustable rate by any means, but but you know, taking advantage of some of the products that are there, reducing your monthly you know income. Oh, I'm sorry. Right. Your debt, right. Your monthly debt. Yeah. and and then, then being able to turn that around in a couple years, you know, again, hopefully maximizing your profit. Right. Absolutely. Yeah. And there's some good products out there to, to help those buyers who. Wanna keep their mortgage payment under a certain percent and still be able to get into a home that they want. Absolutely. Okay. And you know, and talking about the market and the time of year that we're in, we're in December, the end of the year we're kind of wrapping up the year for most people and most businesses. Yes. So this is the time of year where if you're going to be buying a house, you need to think about your tax. Mm-hmm. And what, what, what in your tax returns there, do we need to work? Would you be looking at there, Gina? Well, this is primarily going to be for the self-employed borrower, ah, the W2 borrowers. We don't usually get tax returns very often. Usually the only reason we look at. Tax returns for the conventional, you know, W2 salary bar is, you know, maybe there's some tax debt or something like that, but it's not. Mm-hmm. typical to get a tax return for somebody who's w2 hourly salary income. So if you are self-employed, you really need to be thinking about the income that you're gonna be reporting on your tax returns and, you know, you may wanna talk to. a loan officer before you file those. If you're gonna be buying a house in the next mm-hmm. couple years and this is their primary residence, not, not another investment property. Well, and it depends, I guess it would be the type of loan that we wanna do. So it, it could be for primary or investment. There are the, the benefit to investment is there are alternative options. Mm-hmm. to self for self-employed borrowers where we don't have to use their. now for your primary residents. We don't have as many alternative loan options as we do your investment. There are a lot more regulations around a primary residence, so if you're thinking about buying a primary resident, it's really, really important that you pay attention to your tax returns. Mm-hmm. basically, the rule of thumb is if you don't tell Uncle Sam that you make it, we can't use it. Oh, and that's, it's not your gross income. It's not that number one line gross receipts on your self-employed income, on your Schedule C. It is after all your deductions, the adjusted gross income, the adjusted gross income, that is the line that we are looking at. Now, there are some things that can be added back in depreciation is usually a really big one because it's not. It's not an actual expense. It, it's a, it's a line adjustment. It's not an expense that you're paying out money for. It's a line adjustment. So typically the investors themselves are gonna be using the depreciation, right? So depreciation can be added back in mm-hmm. So there are a few things that can be added back in, but. For the most part, we are gonna be looking at that, that gross adjusted income from your Schedule C if you're self-employed or you're depending on, you know, what type of corporation, K one s or whatever you may have. Mm-hmm. This carrying over to your actual income. That's what we're looking at. And I, if that's what you're reporting, that's the income we have to use. Mm-hmm. and we all know self employee people typically. way more money than, you know what they tell Uncle Sam because everybody's trying to avoid the, the tax hit. Mm-hmm. Well, there's a home hit Ah, if you don't show income, right? It, it's one or the other. You can't have it both ways. Right. You know, if you don't report income, you're not gonna have enough income to buy a home. You wanna make sure if you're planning on buying a home or maybe financing of any, any other type too, because they're places that look at income. You wanna make sure that you have enough income on your tax returns, sure. To go through this process. So talk to your loan officer maybe before you file those taxes and just kind of get an idea of the income that you need. Right? And yes, you may have to pay taxes on that. it beats the alternative. It's gonna get you what you need. It's gonna get you the desired outcome, which is again, the income being reported, which is gonna be reflected again on your applications and so forth. Right, which will get you into what it is that you need to do so that you can qualify for a loan. Right. Exactly. And now there are, there are alternatives for primary homes if people are self-employed. There are bank statement loans where we basically take 12 or 24 months of bank statements and we analyze the income that flows through the account. We get an average monthly balance and we use that as income. Mm-hmm. the problem with that is that is a non-traditional loan. Mm-hmm. and what the rates where they are anyway, as high as they are, the non QM stuff, it's a riskier loan. it's considered riskier. It's it's, they're not private investors, but it's not your typical Fannie Freddie FHA loan. It's not a government backed loan. So there are more risk adjustments. The rate's gonna be higher. and you're gonna need more down. Mm-hmm. Down payments will range anywhere from 10 to, you know, 20, 25%, just depending on the scenario. Sure. So if you don't report to Uncle Sam mm-hmm. right. And you don't show income and you have to go non-traditional. It will be higher and rate. It'll be higher in fees, and you'll need more money down than you would typically your traditional loan. Right? There are options out there, but if you can prevent that by preparing your tax returns, it'll save you some money. And self-employed borrowers, you know, there are different guidelines for those, but ideally you wanna have income for about two years. Some instances we can use one year's tax returns if the. you know if it's a conventional loan and the business has been in business for over five years mm-hmm. we may be able to get away with one year. But you wanna be thinking about a two year span just to, just to c y a. Yes. Yes. Absolutely. Well, that's fantastic. Thank you for all that information, cuz that is, that is a mouthful. It is a lot. Yes. Yeah. Yeah. So I mean, the, the thing is, is if you're thinking if you're self-employed mm-hmm. again, self-employed borrowers, if you're self-employed, talk to a loan officer. Yes. Before you file those taxes. Now you, and, and that's, I think, is a big thing. That's a big misnomer. I think that's out there as well. Is establishing contact or a relationship with a loan officer does not mean that you're buying a house next week. Right. You know, again, in some instances, like we're discussing there is a necessity for preparation, you know, and at least identifying what what needs to be worked on. Right. So, so yes, this does work both ways and, and it can work negatively both ways. Number one is yes, if you think that you're able to afford a home and you have not spoken to a loan officer, then number one, you're probably gonna be a lot disappointed or very disappointed when you go in and say, okay, I wanna buy this house. And mm-hmm your tax returns don't allow you to get that. So again that's, that's just disapp. Right? And it happens all the time. All yes, it does. The time, all the time. So it's not uncommon at all. Right. And you know, there, and I'm going back to the primary versus investment. You know, those of you who are investment buyers, there are more alternatives for investment properties. Mm-hmm. than the primary home. We have cash flow or no doc for investment properties where basically we use the cash flow of the property. I mean, there are instances where they do stated income on investment properties. Of course, those, you know, the riskier you get or the less documentation, the more expensive they get. But I will say right now, the pricing adjustments that were made on the traditional side of an investment property, like if you're just going with a regular loan versus using a non-traditional is not much different. Right now. The rate probably a little higher. Maybe looking at a point, point and a half for the same loan scenario versus convent. Okay. But conventional investment properties have a ton of fees on them right now. Mm-hmm. there are a lot of pricing adjustments on those loans. Mm-hmm. So it might be worth your while to do the no doc. It's, you know, it's, it's less work. You don't have to go through the tax returns, you don't have to provide all those and worry about it. You just got, you know, you just gotta make sure the house cash flows so, So there's some benefits to that for the investor side, but the, the big thing is on the primary side, when you're buying a primary home, you have you, there's not as many options, right? And there's a big difference between traditionally qualifying, showing income on your taxes and alternative loan products for primary. For primary homes, right? Mm-hmm. Well, if speaking of primaries and I know it's a little difficult to, to gauge rates again based on where folks are based on down payments and so forth, but where we are with the last adjustment, and again, with the the vibrations we've been seeing here in the last couple of days anyways, where are the rates at today? So if I was gonna qualify for$300,000. You know and I was going at 5%. Where do you think I could lock in today or arrange about. So it, again, it depends all on the loan scenario, but we're looking anywhere between, you know, I would say six and a half to seven and a half, just depending on mm-hmm. what type of loan it is, how much down credit score, that type of thing. Gotcha, gotcha. And, and, and again, this is not to call it a, a shift or a larger shift but would we expect to see save more. Government, back loans, some F h a, Fannie Mac, all that good stuff. We expect to see more of those moving forward than than say we saw, you know, the last two years we saw a huge push for conventional. Yeah. And again, being a seller's market, you know sellers weren't giving many concessions. Right. And, and buyers need to be, needed to be as strong as they could be. So cash and conventional loans were of course, You know the major methods we were using last year. Absolutely. Yeah. Those were the primary con contracts during the last couple years. I had very few government loans. During that, those two years of covid, now it, it has moved more in the buyer's favor. I am seeing more FHA contracts than I did previously, so. Yep. Yeah, so there are quite a few of those out there. Isn't, they're generally better, or I should say less expensive for the for the consumer. It j it just depends. It depends on their scenario. The benefit of a government loan is going to be the government loans typically are better pricing for the same scenario than your conventional loan. Okay. But. As far as rate goes for the, for the interest rate. Yeah. But you know, if the bar is somebody who, who is a higher score and had planned on putting, you know, that 20% down, then the conventional's gonna, even if the rate is slightly higher, the, that's probably gonna be a better deal because like your f h A loan. That's gonna have mortgage insurance no matter how much you put down. So you're spending that extra money every month and it kind of negates the better interest rate. Gotcha, gotcha, gotcha. So it, it's absolutely, there are pros and cons to each and it just depends on, you know, the scenario of the borrower, if it's a lower score borrower and Lower down payment. Mm-hmm. Yeah. A, an FHA loan or government loan might be the, the way to go versus a conventional loan. Sure, sure. And we did talk you know, in our last episode we did, we did talk a lot about veterans as well. So again, they're. Their opportunities, you know, again, should should also be favorable. Mm-hmm. Again, the rates dropping is, is is gonna be favorable for all of us. It's favorable for all of us. Yeah. If and when that happens. But again, we are expecting that to drop and. You know, and I mentioned earlier I don't think we're gonna be dropping down to a four or even a 3% or anything like that here for no, probably not a long period of time. And you know, and, and knocking on wood, we don't need another pandemic or anything like that to push us there. No, no, no, no. I don't want to get locked up again, and I don't know anybody who does No, absolutely not. So All right, so just to kind of. recap on what we've talked about. Things are moving as far as the market. Things are moving in the right direction, maybe slower than most of us like, but with, there are some positive things going on. It's moving, absolutely. Moving in the right direction. And then self employee borrowers talk to your loan officer ahead of time. Yes. You want to be thinking about home buying two years in. Oh, very good. Very good. And, and absolutely establish those relationships. Establish a relationship with again, a realtor someone that you're looking for, you know, that, that has an idea and has a great bit of knowledge for what area that you're looking at. School systems. You know, and again, like you mentioned, Gina being two years out, you might have a, a child that's preschool at this moment. But again, what do you want to do, you know, 2, 3, 4 years? Where do you want that child to go to school? That type of thing. Right. Absolutely. You know which, which are, are all standard. You know, criteria to, you know, getting in a realtor's car and, and, and, and starting that starting the pursuit of home, home ownership. Yes, absolutely. But yes the tax prep, which is fantastic. You know, again Talk with your loan officer. If you, if that individual says you may or may not need X amount you know, the, the loan officer along with your accountant and or whoever you do your taxes with, again, yes, if you can get those two together, not together, but if you can get the same information going back and forth, of course you're gonna be in a better position moving. Yep. Everybody on the same page. Absolutely. Absolutely. And, and we just wanna make sure that everybody understands you know, where we are today in, in, in our economy. It'll, it'll pass. They have in the past, they will again we have a few different scenarios. Pandemic being the main scenario you know which is going to have an impact on our recovery. you know, again, we're we, we, we in our, you know, again, government, whether or not we agree with it or not they're making efforts to go ahead and adjust it back to where again, our economy is gonna be strong. Folks gonna have equity in their homes and those that want to buy will be able to buy. And again, that's why we set our teams. You know, with a, with a lender, with a realtor, and of course a buyer or seller. And and again, we're all working towards the same end result, which is making you the best, best money that you can get, as well as getting you the best home you can get. Home ownership. Yes. Home ownership and building personal wealth. So it's a great goal for the new year. Indeed, indeed. And again, looking forward to two, two to 2023. Oh my goodness. Oh my goodness. 2023 I said that But yes. Looking forward to 2023. What do you have here before, well, before we wrap up, what do you, what do you have going into 2023 there? What's, what are you looking forward to, Gina? Lower rates, That is, that is my hope for 2023. No you know, I'm really looking forward to maybe moving back into. a more normal, well adjusted market. Mm-hmm. versus, you know, the craziness that we've been in. The panic buying the, that low, extremely low rates, the high rates, let's get back to some normalcy in and get people into homes. That's what I'm looking forward to. Yeah, totally agree with you. Yeah. Looking, looking forward to some consistency would be, you know again, Is what I'd be, what, what I'd be expecting. You know, I, I don't think in the first quarter of 2023 we're gonna have that. But, you know, again, I, I, I do believe, as you mentioned earlier, we are working in the right direction as far as making, you know, strides towards getting inflation under control, bringing our supply chains back to where they need to be getting our economy. You know, I don't wanna say as flat as it used to be, but, but I kind of miss flat Yeah. Flat, good All right, well, here's to a flat 2023 Well, indeed, indeed. Well, we'll be back in the next in the next week. And and, and I hope everybody has a great couple of days. Enjoy your Christmas shopping, enjoy your holiday season, and yeah, we'll be talking next week or so. All right, sounds good. Thanks guys for joining in and look forward to hearing from you. Thank you. See ya.