But if rates go down to the 6% range by spring I think we will see a lot of properties come on the market and a busy spring market with pent up demand

Yes, we all know there is much pent up demand right now.  

You will start to see lower 6’s being advertised.I think this is a pivotal moment where if you don't get into the market now the next few years will be brutal as competition and pricing increases.Macro, strong demographics, and pent-up demand with a lack of inventory.

We are heavily under built and there is extreme pent up demand to purchase a home today.

You need to be able to build cheaper than you can buy and the rent needed to justify the project should be lower than market rents or it doesn't make sense to build unless there is zero inventory and pent up demand.

If mortgage rates ease, we’ll see both pent up buyers and sellers entering the market, and home prices will increase in 2024.

We still have a huge amount of pent up demand for housing, and right now, for the most part, it's those people that have better financial statements that are buying. 

The environment of low rates and pent up demand makes for a good sellers mkt.   

Hi Benton, For now I would say any deal with a tenant in the home that does not want to leave or is not leaving before close of escrow would be a hard pass right now. uUnless you are calculating for an unknown number of months that the governor won't allow evictions of any kind, + 90 days on top if it when those restrictions are removed, + the time it may take to get them out through the backed up court system from the possibility of pent up evictions needing to go through, + depending on the judge, and how many years the tenant has lived there the $ they would ask you to pay to the tenant to move out. 

What pent-up deferred maintenance awaits?