Hood River Real Estate and Columbia Gorge Real Estate

You know, here I am, being all positive and such, and after former Fed Chairman Greenspan’s comments in Hong Kong on Monday, and the resulting slide on Tuesday, I realized (actually, re-realized) that while our customers may still be arriving in droves, their buying power is effectively going down.

Check out this recent article in the NYT

I’ve been noticing this recently, the underwriters are being increasingly picky. I’ve not lost a deal yet, but I’m aware of more Owner financing, and a lot of last minute lender demands. In effect, it’s a market interest rate increase. (Some people call that the friction economy, but I disagree, I think friction elements are already factored in, and this is an increase in effective rate because of increased perceived risk and quality demands by buyers of mortgage backed securities. Amazing to see that manifest itself almost instantly on the ground.)

Regardless of where its coming from , it has the effect of raising the cost of owning a home, and thereby lowering the amount a buyer will pay.

Going forward, that looks like a lot of demand in the sub 300 range to me…………..Kind of status quo, really, except for the return of softness in the 400-600 range. I’m amazed what $550 gets you in HR these days………

Here’s to having a good credit score…….time to return to the fundamentals….

In Hood River Real Estate, there is a recurring phrase we use, and it’s called “the Half Gallon Problem”

When moving to such a wonderful Rural area, people are so often entranced by the pristine nature of the place they immediately want to move out into the country side. Occasionally, these same clients will encounter the real side of Rural living in Hood River……fans and smudgepots on cold nights, air cannons for birds, the bustle of Harvest time…….

And then, there’s the “Half Gallon Problem” which is, every time you need something, like a half gallon of milk, you’ll need a set of car keys…….

Seems like a small issue, but it can add up. Locals are very organized with their daily schedules, and group their tasks together so they can accomplish a list of “chores” on one trip. There really is no milk at the corner store once you live up the valley…………

Before you Purchase Real Estate in Hood River County, or the Mid Columbia area in general, make SURE you’ve thought it out, and talked it through with your Realtor……..!