In this environment, certain multifamily housing markets are seeing an 80% decrease in transaction volume vs. a year ago. Even though interest rates have increased way more than anyone predicted as recent as 6 months ago and operating expenses are increasing, sellers are still holding out for what they could have gotten in previous months. Eventually, some sellers will have a more pressing need to sell and pricing expectations will become more realistic. At this point, more sensible deals will materialize that experienced operators with the right lender relationships and track records will be able to capitalize on. Patience will pay off handsomely for seasoned operators and investors who are sitting on cash.