How are you responding to price cuts?

[Zachary Inman]

Hey BP!

My home market is Indianapolis, Indiana, and I'm seeing many price reductions following the continued increase of rates — which comes as a surprise to no one. I'm prowling the market for good opportunities, as always, but can't help but think that it might be best to hold off for a bit to see some more normalization. True, the cost of money will rise, but I can't help but think it'd be a less turbulent acquisition environment in a few months or so.

Two questions for you all: 

1. How significantly are rate hikes affecting your market?

2. What is your short-medium term strategy in the current environment?