Price Cut on Multiple Listings in My Area

[Azita S.]

The week before the shut down, I applied for cash out refi on 2 of my rental properties.  At the time they each had about $100K in equity and I planned on taking out $70K on each to use at down payments on new investments.  The lender e-mailed me notifying me that he's telling all his investors to hold off on things.

In the last few weeks, there's been price cuts on multiple listings in the area and I'm now thinking I should go ahead and do my cash out refi and sit on the cash and watch the market.  If the prices continue dropping the equity in my properties will go down.

Anyone else in the same boat? What is your plan?