Beginning of buyer's market in higher end homes?

[Nicholas R.]

The market here in Texas is red hot (as I'm sure it is in most placed), especially for homes in the "starter home" price range. Homes are snatched up within hours, typically with multiple offers on the table. Being a first time investor, looking for a decent rental property that will cash flow has proven to be quite challenging. After spending some time tweaking my search criteria on sites like Redfin, specifically looking for homes that have been on the market for a while, I have noticed that most of these homes are above the "starter home" price range. Here in San Antonio, I am talking about homes priced about $160k. A lot of these homes are in great neighborhoods, in great shape, but don't appear to be selling like their lower priced counterparts. Are we seeing the beginnings of a buyer's market here? If so, what strategies can be employed to take advantage of this? 

[Bart H.]

Originally posted by @Nicholas R.:

The market here in Texas is red hot (as I'm sure it is in most placed), especially for homes in the "starter home" price range. Homes are snatched up within hours, typically with multiple offers on the table. Being a first time investor, looking for a decent rental property that will cash flow has proven to be quite challenging. After spending some time tweaking my search criteria on sites like Redfin, specifically looking for homes that have been on the market for a while, I have noticed that most of these homes are above the "starter home" price range. Here in San Antonio, I am talking about homes priced about $160k. A lot of these homes are in great neighborhoods, in great shape, but don't appear to be selling like their lower priced counterparts. Are we seeing the beginnings of a buyer's market here? If so, what strategies can be employed to take advantage of this? 

My sense is that homes in Dallas that are sub 200K are flying off the shelves if they are in decent neighborhoods, or (ARV is about 250-275 remodeled). Obviously some neighborhoods are a lot higher , depending on where you are with regard to the center of the city.