While many owners and operators of luxury hospitality assets debate timing and argue that the market will be even better next year, hotel buyers are wiring money into new-and-improved versions of their property.

Two years ago, buyers and investors had little appetite for building hotels from the ground up, and even less for complex repositionings that required heavy investment. But that’s all changed. A new One&Only just opened its doors in Montana and it was built from scratch. Another is being built as I write in the Hudson Valley. A new Aman is opening soon in Beverly Hills. International operators are expanding into Western resort markets. New investor types are crowding into hospitality because there’s more demand for scarce, differentiated product than there is product to buy.

Right now you’re holding something rare and unique, and there’s more demand for it than there is supply. But in due course, that will change as new projects open and guests have more choices. This party won’t go on forever.

When buyers can’t acquire what they want, they build, which is what they’re doing now. When they can’t buy operating properties that are already open and performing, they fund your competitors. And every project that gets capitalized today is tomorrow’s supply. Every groundbreaking is a future ribbon cutting. Every ribbon cutting narrows the advantage you have today.

Right now, you can name your price because there are too few properties like yours available for acquisition, but that’s changing month by month.

Once all of these new development projects are open, buyers will take control of the conversation, and deal terms and price will be harder to dictate. Buyers will get pickier, timelines will get longer, and valuations will get lower.

Many owners are telling themselves they’re being patient. They call it prudence. Or maybe they call it long-term thinking. Meanwhile, the market is building new supply, diluting the value that they have.

If you’re operating a differentiated, high-quality asset and choosing to sit still, understand what that means. Your buyer is busy creating your competition.

You can wait for perfect. The market won’t.