"Investors are continuing to fix and flip homes in the metro area."https://denverite.com/2022/10/...

I love it, everyones scared and i'm hungry for more deals. This is where the ones who are here to stay build wealth

Jacob, every market is different as you probably know. I can speak for the Mississippi Gulf Coast area consisting of three counties. A few vacation homes are hitting the market. I did not say STR because the ones that I have seen so far are actual vacation homes or second homes. One or two have rented them for part of the year. I know of a couple of actual STRs on the market. Regarding properties that are month-to-month or LTR, some are hitting the market but I do not see a trend here. Rents are higher than last year and still on the rise making STRs something to start looking at. For a while prices were going up and rents were not making it difficult for the numbers to work. More homes are on the market but not a flood. Many but not most homes are being sold at a discount to the list price. The discounts are modest at this point. It seems as of the air is being let out of the balloon at a very slow pace. My colleagues here believe that we are entering into a "normal" market and I agree. Some people who bought STRs in a rush during the last two years without sufficient reserves may need to put their properties on the market soon. Mature STRs are doing ok, mine are paying the bills and generating some income. People have slowed down taking vacations and owners of STRs who focus strictly on tourists are having difficulty. I have had some mid-term renters here for business that has helped some of my properties. I think the STR business will pick up in the next few months. If you bought the property at a reasonable price, the lower or normal post-COVID margins will work. Sorry for the long explanation but even as markets are local, each type of market is different e.g. STR, LTR, MTR. There are bargains out there. One of my clients picked up a great property within walking distance of the beach for an excellent price, he will be profitable even at a slow time.

Love the current market conditions. After constantly getting beat out by the hordes of buyers the last 3 years, Im able to finally pick up properties again.

Speaking for my local market of Nashville and the surrounding areas. Zillow/Redfin data shows a price decrease of 13.5% from the highs of May/June. My personal findings have ranged anywhere from 12-15% price decreases. What I am seeing is a lot of homes being listed correctly-meaning at existing comp value. They will sit for 45 days with no offers and start having price reductions. Right now I'm taking at the very least 10% off ARV on projects I analyze. The only losers in the market have been cash buyers. People that bought these "overpriced" homes with sub 3 interest rates have lower payments than someone buying a much "cheaper" home at 7% rates. My guess is 2 more rate hikes before end of year. Prices will probably be down a total of 20% in my market by the end of the year. Some of this data is also lagging. If you look at closed sales there isn't enough data at the moment to fully be able to see the big picture. You have to look at most recent pending sales and call the parties involved to see if they will tell you the contract price. That's one way I stay fully up to date on market data and not wait for stuff to be published and out dated.

In Jackson, MS I'm seeing homes stay on the market longer but I don't see prices going down.

@Jacob Krafka hello :) I am not seeing anything that is super alarming up here in Boulder County. A little softening, yes but as @William Anderson's super thorough post says "seems as of the air is being let out of the balloon at a very slow pace." And, at lower price points, things are still going strong. I believe things are stabilizing, which needed to happen, IMHO. Just some cautionary advice as someone who has lived and invested through an entire market cycle - Know your market and buy at a discount. If you can't get a discount, have the discipline to pass on a deal. I mean, the word for investors picking up properties is doing a deal, right? :) And the more the market stabilizes and even drops in some areas, the more deals there will be.

Austin metro is doing very well. There is so much building going on around the metro. Related group just picked up 6 acres off south Congress to build a high rise. I wonder if it will be comparable to the high rises that they have built in Miami. There is a bit of indecision and nervousness though. As @Eliott Elias suggested this is a real opportunistic time. https://www.bizjournals.com/au...

Gotcha! Yes sir NW shoutout! But yeah man up here in Denver we are slamming deals down left and right with our investors. Can't wait to see all the sideliners jump in when things start to look brighter! $$$

What do you guys think about the current market conditions?What do you guys think about the current market conditions?

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What do you guys think about the current market conditions?

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