If you think prices will still be climbing then you might want to hold.

My credit is 660+ and climbing, and hers is about to start catching up from the lower 600s.

Both sales and prices rose in all six counties in Southern California: *In Los Angeles County, the median price rose 19% to $750,000 in April, while sales climbed 101%;* In Ventura County, the median price rose 18.5% to $705,000, while sales climbed 82.4%.* In Orange County, the median price rose 15.6% that month to $872,500, while sales climbed 97.9%;* In Riverside County, the median price rose 19.7% to $489,750, while sales climbed 80.8%;* In San Bernardino County, the median price rose 23.7% to $436,500, while sales climbed 66.9%;* In San Diego County, the median price rose 17.8% to $700,000, while sales climbed 74.1%.Key Inflation Gauge Rose 3.1% Year-over-Year.

Cap rates are very low right now because appreciation has been strong (which drives up prices without corresponding cashflow) and interest rates are down (which increases buying power per $ spent).Going forward, rents will probably climb as the inefficiencies in the market catch up, interest rates climb, and a greater percentage of the population is unable to purchase homes. 

Once you hit this initial wall there are some ways you can climb above it.You can save up your cashflow and contribute personal savings until you have the purchase money for the next purchase, and then rinse and repeat. 

We have watched the value of houses in this neighborhood climb like crazy over the years.

However, as rents climb and the gap gets wider between what you are charging now and what you can raise rents to come up to market or just under, then I would be more likely to choose #3.

To answer precisely, prices are still climbing overall but not at the rate of escalation we saw from Q4 of 2020 - Q2 of 2021.

What's most interesting to me, if you look at the chart below, is that even as inventory climbed this Spring and into Summer, the Average Days on Market dropped.Those numbers are for single-family homes, and you're looking at multifamilies, but I could probably show similar stats for multis in NH.Given that it's a supply-demand squeeze and not some distortion in the market (like easy credit), I only see two reasons the market will really shift: a decrease in demand, and an increase in supply.The shortest route to decreased demand would be a rise in interest rates. 

Williamson and Travis county continue to be strong leaders and drivers of the five county Austin MSA statistics with low inventory and climbing prices.