I had a conversation with a broker last week, that perfectly sums up today’s real estate market.

I submitted an offer on a 190-unit self-storage asset in a suburb of Charlotte. Solid deal on paper—but only at the right basis.

So I underwrote it conservatively and came in about 30% below asking.

A week later, I followed up with the broker.
His response was honest—and telling:
“The seller needs to get to $3.4M to make a sale happen… we’ll have to see what the market says over the next 30 days.”

And that’s the disconnect right now.

Many sellers are anchored to peak-era pricing (or at least to their basis), especially those who bought during the 2021–2022 run-up. But today’s buyers are underwriting based on current cash flow, debt costs, and risk—not yesterday’s appreciation.

We’re starting to see more of this:

Deals where the ask and the bid are miles apart

Sellers waiting, hoping the market “comes back”
Buyers staying disciplined, unwilling to stretch

This isn’t just one deal—it’s becoming a pattern.
It raises a bigger question:
Are we at the early stages of a pricing correction after the rapid run-up during the pandemic years?

In my view, this phase is less about timing the market and more about staying grounded in fundamentals:

Buy based on what the asset produces today
Don’t rely on aggressive rent growth to justify pricing
Protect downside, even if it means losing deals

The interesting part?
The market will eventually clear—but only when expectations align.

We’re actively evaluating opportunities like this and only moving forward on deals that meet strict return criteria. As a result, we typically share these with a small group of investors first before opening them up more broadly.

If you’d like to be included when we come across opportunities that actually make sense in today’s market, send me a message or comment “interested”—happy to connect.