Think prices will fall? Look at what cities feed your market.

[James Carlson]

"Prices are too high."

When I hear this during an intake call, I point to my favorite data on Redfin -- the source of migration into all markets. Basically, they track what cities are feeding the most buyers into your area. 

Prices may seem high in markets like ours, but if the source cities are higher-priced, then those inbound buyers likely feel different. Here in Denver and Colorado Springs, four of the top five source cities are higher priced. (See charts below.)

So, I tell buyers ... You think $535k median price in Denver's high? Well, most out-of-market buyers here are from San Francisco where the median price is $1.3M. To them, Denver's downright cheap.

This is obviously not the sole metric used to project future price appreciation. But it is an interesting rebuttal to the contention that "Prices are too high."

What's the point? I don't know. Get creative with your rental model, maybe? House hack, do an Airbnb/STR/MTR, but get in and get started. Because waiting for prices to drop might be a longer wait than you think.

[Marcus R.]

Very much seeing the same as well.  Over the past 6 months had some recent vacancies filled by folks from NYC, Boston, and Scottsdale.