Granted real estate prices are a slow lagging indicator and there has been so much pent up demand, competition and good jobs and low rates, rents are up and prices up over 6% in my local area. 

I would love some insight on what you think my next move should be.PS: I have priced it competitively against other properties in my neighborhood of similar size and quality.Thank you in advance for any guidance.Jessica

It is conceivable that the demand and supply could flip such that when Cities are open for business and begin issuing permits, there will be an over abundance of contractors and skilled labor, but no appetite or demand to spend money for renovation projects because of the projected high unemployment and stock portfolios that are worth a fraction of what they once were.

The Delayed Finance section of this blog post is one place to start to learn more about it.This approach can be advantageous by allowing you to be more competitive with cash offers and quick closings when you purchase, but a disadvantage is that you have to pay some of the same closing costs again when you refinance (though if you are able to purchase for slightly less with a cash offer it might even out).

A lot of new investors or want-to-be investors are not working right now, with a result in declining competition.

Hey Darshil, I've been on and off with Premier Agents several times throughout my career, and here in the NYC market, it is pretty competitive.

.- 2 of them bought in 2020, 1 in cash due to how competitive the market was had to close with cash & am taking a commercial loan on it due to not wanting to wait 6 months on seasoning period to free up cash, 5 year ARM on 20 year amortization.

FHA and VA are the cheapest options, but not very competitive when it comes to hot deals.

Its been a popular market for a few years now so competition is tighter.  

Plus the industry is inundated with folks outsourcing their reports to India or automated completion systems, hence the heavy competition for the pittance of the ever-lowering pay.Also take into account that all BPOs aren't distressed, when portfolios of loans are sold they'll also order a BPO, along with sometimes refinance situations.