New construction is likely the biggest risk factor in multifamily where a softening of the economy mixed with new units hitting the market can temporarily create a race to the bottom on pricing. 

The supply of available properties is up greater than the visitation growth which has led to a softening of ADR and tightened margins for many. 

I constantly see people referring to the 7-10 year business cycle, citing how long this bull market has been running, as justification for a real estate correction (expecting a crash like '08, not just a softening in demand/values, which would be pretty abnormal).

With that said, many markets have begun to soften and the perm financing has become more of the concern as properties simply aren't cash flowing enough to support the higher LTVs that investors hope to achieve to recoup their initial investment. 

Appraisals are starting to come in lower in many markets around the country showing softening markets.  

HUD "secrets" change often including another one in the last couple of months to include a softening of the firm line on the 87-88% on aged inventory that had been in effect since HUD went to one AM(there doesnt seem to be a firm number in my region but their is a number less than 87%)The "under previous asset managers it was, but isn't anymore" ABSOLUTELY APPLIES. 

At first we won't see much moving but, the market will adjust and this will help soften prices.

We spent too much remodeling it and dropped the price too quickly in a softening real estate market.

I have one house with a crawl space and it has the well water tank and softener down there.  

Beyond these projects, there’s extensive mixed-use and large-scale development happening all across the metro area, both in urban and suburban zones.Given Kansas City's comparatively low market prices (compared to the national average), there's little concern about substantial price softening.