In a word: “Yes”.
I wrote two offers yesterday and have been writing on a pace of roughly five / week for months.
We’re helping a client close one deal on Friday and another the following Friday.
We’re in escrow with a client trying to determine whether to move forward on a deal now.
I’ve personally been dilly-dallying about offering on yet another deal for myself because I don’t have the money together yet.
And there’s a fourplex I like very much in an emerging area that I can’t BELIEVE no one has bought yet… It’s making me want to tear my hair out.
While prices are definitely high(er) now, I strongly believe that this economic cycle has not even really got started yet. Why do I think that? Because there really has not been much hiring nor wage growth. As employers begin to hire, unemployment goes down and wages begin to move up, there will be more household formation. And more household formation means more people looking for apartments to rent. Which means higher rents.
Does this mean I’m running around buying everything? No. There are millions of stupid deals floating around. But, if you can make the numbers work on something decent now, I think you will end up happy with the result, even when the inevitable downturn comes 2-3 years from now.