Hi there. I'm new to posting here, though I've followed BiggerPockets for a while. I invest in multifamily, focused on 20-100 unit properties, and lately I've been watching the wave of loans from 2020 and 2021 hitting maturity.

The setup is simple. Cheap debt, pro formas that assumed a refi at similar terms, and that refi isn't there anymore. Plenty of these properties don't support the new debt service at today's rates.

What I'm seeing on the seller side is a gap that's finally starting to close. Many still come to the table asking prices where the numbers don't work at all in today's market. But I've watched sellers come down 20-30% from where they started, because that's what buyers are actually willing to pay. The leverage has shifted, and right now it sits with the buyer.

Curious what others are seeing. Is this playing out the same way in your market, and are you noticing it on the commercial side, single-family, or both?