Anyone else feeling the market pick up?

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Anyone else feeling the market pick up?

Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes

One of our STRs has been struggling since December. All of a sudden, starting last weekend we have gotten several bookings (6 or so). We were starting to get a little concerned, since that place is right downtown in a nice small town tourist market.

I'm attributing it to a) weather getting better, and b) fears about the economy abating somewhat....

Anyone else noticed a sudden pickup?

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Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y

It is most likely a seasonal phenomenon, not market. 

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  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    3y
    I just got an email from Airdna that said things are up about 15%  

    I didn't read it but it was nice to see.

    I'm seeing business as usual for my properties for the most part.
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  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    3y

    January was slow in FL after a great holiday period.  We are having a good peak season although more supply has made it slower than years past.  I am seeing the real estate market improve here.

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  • Trish Mccoy
    Real Estate Agent · Grass Valley, CA · Member since 2017 · 185 posts · 198 votes
    3y

    Yes... for me it's starting to pickup as well.  I think the weather had a lot of do with the slow down.

    1Reply
  • Bruce WoodruffPro Member
    OP
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    3y
    Quote from @Trish Mccoy:

    Yes... for me it's starting to pickup as well.  I think the weather had a lot of do with the slow down.


     I think so too.....It was a rough winter everywhere!

    0Reply
  • Conner Olsen
    Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
    3y

    Yes definitely seeing a pickup gearing up for spring break.

    1Reply
  • Jim MuellerPro Member
    Rental Property Investor · Central NY · Member since 2019 · 31 posts · 21 votes
    3y

    We are up slightly YOY with our cabin in the Smokies.  

    1Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    3y

    We just booked Thanksgiving week for 8k. 

    I have seen several booking in the last week.

    3Reply
  • Kenneth GarrettPro Member
    Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
    3y

    @Bruce Woodruff

    Here on the Beach in the Florida Panhandle started somewhat slow, but now it’s pretty much a typical beach season. 

    0Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    3y
    Quote from @Bruce Woodruff:

    One of our STRs has been struggling since December. All of a sudden, starting last weekend we have gotten several bookings (6 or so). We were starting to get a little concerned, since that place is right downtown in a nice small town tourist market.

    I'm attributing it to a) weather getting better, and b) fears about the economy abating somewhat....

    Anyone else noticed a sudden pickup?


    I'd wager that "go on vacation and stay in a STR!" and "start the process of getting preapproved to buy our first house!" are correlated simply because both come from "warm and fuzzy positive feelings" about the economy/world/etc.

    Big uptick in people inquiring about mortgage preapproval, this week in particular. 

    0Reply
  • Ryan MoyerBusiness Member
    Property Manager · Orlando Kissimmee Davenport Salt Lake City, Park City · Member since 2019 · 991 posts · 1k+ votes
    3y
    Quote from @Luke Carl:
    I just got an email from Airdna that said things are up about 15%  

    I didn't read it but it was nice to see.

    I'm seeing business as usual for my properties for the most part.

    Full article was nights booked up 15% YoY, but available listings up 26% in the same time period, for an overall decline in occupancy rates.

    Same story as every AirDNA report the last 9 months or so.

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  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    It is most likely a seasonal phenomenon, not market. 

    5Reply
  • Brooklyn McCarty
    Investor · Member since 2022 · 1k+ posts · 754 votes
    3y

    starting to see those early summer bookings roll in 

    2Reply
  • Leslie Anne Morris
    Real Estate Agent · Smoky Mountains, TN · Member since 2022 · 1k+ posts · 984 votes
    3y

    There is a noticeable uptick in my market!  Expedia Group predicted the swing to hit mid March and they were dead on.

    0Reply
  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    3y

    It's a seasonal trend(it's spring), I don't think it's a market based indicator. 

    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    3y

    We are not getting as many bookings as we usually do by this time. Most of the summer is booked so we have to wait to get those later dates filled.

    0Reply
  • Henry T.
    Member since 2022 · 1k+ posts · 1k+ votes
    3y

    I've had a little Airbnb uptick, then raised all my rents. So yeah, things are up :) But I should correct that, the Seattle properties mandate 6 months until increase is effective..

    0Reply
  • Henry T.
    Member since 2022 · 1k+ posts · 1k+ votes
    3y
    Quote from @John Underwood:

    We just booked Thanksgiving week for 8k. 

    I have seen several booking in the last week.


    OK I'll bite... You booked 8 thousand people or made 8 thousand clams? What is this the Hefner mansion? 
    1Reply
  • Jonathan St.LegerPro Member
    Investor · Kitty Hawk OBX NC · Member since 2019 · 44 posts · 39 votes
    3y

    It was a long slow winter for us here in the Outer Banks of NC. We have definitely seen a very welcomed uptick in bookings all of a sudden in our 7 STRs. I do agree that some of it is due to seasonality, however the activity seems a little more aggressive then usual. Hopefully we can all keep this momentum going hard into the season! 

    0Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    3y
    Quote from @Henry T.:
    Quote from @John Underwood:

    We just booked Thanksgiving week for 8k. 

    I have seen several booking in the last week.


    OK I'll bite... You booked 8 thousand people or made 8 thousand clams? What is this the Hefner mansion? 

     Clams.

    It is a 6 bedroom cabin with awesome mountain views that can sleep up to 23 people.

    1Reply
  • Bruce WoodruffPro Member
    OP
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    3y
    Quote from @V.G Jason:

    It's a seasonal trend(it's spring), I don't think it's a market based indicator. 


     Although the past few years at this time, I had been steadily booked for the last few months. This year was way different.

    0Reply
  • Matt Mertz
    Leander TX · Member since 2020 · 179 posts · 150 votes
    3y

    One big cabin in the Smokies here.  First quarter of this year is more booked than last year (our first year).  I credit a history of good reviews and minimum day stay tweaks for the improvement.

    Lots of vacancy for the rest of the year still.

    We went a whole month (February 28 - March 23) before getting our latest booking.  Hopefully they'll keep coming in and the calendar will be as strong as our first quarter.

    0Reply
  • Bruce WoodruffPro Member
    OP
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    3y
    Quote from @Matt Mertz:

     I credit a history of good reviews and minimum day stay tweaks for the improvement.

    Could you elaborate on the bolded please?

    0Reply
  • Matt Mertz
    Leander TX · Member since 2020 · 179 posts · 150 votes
    3y

    We have minimum stay rules in PriceLabs based on the seasons.  For example, I have 1/2 - 2/29 defined as slow season for the Smokies and a flat 2 day minimum rule for weekends and weekdays.  3/1 - 5/31 is better and we have 3 night minimums.  Here's our high season rule that I copy and pasted from PriceLabs:

    Default :
    Fixed Weekday: 3 nights Weekend: 3 nights
    Last Minute :
    Weekday: 2 nights Weekend: 2 nights within 6 nights
    Far Out :
    Weekday: 4 nights Weekend: 4 nights beyond 50 nights
    Orphan Gaps :
    Weekday: 2 nights Weekend: 2 nights for gaps between 1 and 7 nights

    When we started we had high minimum nights set despite the season because we didn't really have any experience.

    We have overrides for holidays like Christmas and Thanksgiving.

    0Reply
  • James E Fraley JrPro Member
    Member since 2022 · 31 posts · 12 votes
    3y

    Consumer vs. Commercial Financing

    0Reply
  • James E Fraley JrPro Member
    Member since 2022 · 31 posts · 12 votes
    3y

    This comment was for another discussion.

    0Reply
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