This just in…
I read this morning that the folks who were “sidelined” during the economic crisis of 2008 are now, in many cases, able to return to the market.
It’s funny how things look so much less scary from a distance.
In my (totally misspent) youth, I recall a few very, very intense situations.(Think lost at sea, shark infested waters, at dusk — that kind of thing. I have trouble now recreating the sense of fear and dread that I felt at that time, and now, 30 years on, the story takes on a great and jovial tone as I relate it at the bar….
But that fear was real, and intense. So too was the desperation in our clients eyes in 2008. I do not want to forget that, lest I am then doomed to repeat it.
So these folks can get back in the market. The fact that they can overshadows what I feel is the REAL impact of their re-entry into the market. That is, THEY DON’T HAVE TO BUY IN THE PLACE THEY BOUGHT BEFORE.
Think about it. New jobs, new locations, lessons learned. No one is going to buy stuff in a new “pop-up” neighborhood anymore. They will happily take older neighborhoods in town before they take a distant suburb. Except now they are competing with Millennials.
To that point: density and housing affordability is the top issue in our election cycle this year in Hood River. Will we have the courage to move forward on this important issue? Stay tuned as we battle it out for next generation’s workforce.
Meanwhile, back on the street in Hood River, things have cooled down. But, like I mentioned last month, I think there’s one more push in the market this year. It’s beginning to feel like a capitulation type set up, where the folks who “need” to sell just clear their properties.
In doing research recently, one thing that struck me about a number of properties on the market is the surprising amount of equity there. It reminds me that right now, if you have a decent home, and you ask a decent price, you’ll probably move it no problem. It is almost as if we went from “no market” on some of these properties, to “market with a premium” overnight.
I’ve wondered why it too so long for prices to begin to lift in Hood River, as they appeared to be doing in August, and now I’m realizing it’s because there was a decent supply of homes that could be priced right, and moved, and had equity, but didn’t really have a market from 2009 until just recently.
It’s feeling to me like we might be selling through them, however. So, I’m thinking the lift on prices will begin again in spring of 2015 — especially with the softening rates.
The View From Here? One last push, with Seller pressure to capitulate, followed by a fresh batch in 2015 with a focus on price increases — then the pressure is on the Buyers!
Happy Halloween and Happy Thanksgiving everyone!
THANK YOU for your support this year!
~ Maui Meyer