Hood River Real Estate and Columbia Gorge Real Estate

Wow. Yeow.

By now we know the bearish tremors from the spring were correct, but they are not universally so. Quality still abounds, and still commands a premium, Buyers are in firm control otherwise, and a reset is already taking hold.

One to one transcations are where it’s at right now. Everything is selling in all areas of the valley, for the right price.

My last couple of posts give you an overview of the market and where I think it’s going. (See “Sub Prime Creep,” and “Another Cross Post”, look for a buying opportunity, and then…..well, that’s what we get paid the big bucks for.

Let’s just say I’m planning on being here for a long time……….

Waaay back when, back when I was a toddler, we used to borrow from the banks. (Not me, mind you, I waited until I was at least a teenager before I made my first visit to what I called the “no” store….)

Back then the list read like a laundry list of things you needed to get in order to have someone even consider giving you a loan. You really, really needed to prove you didn’t actually NEED the loan in order to even get it.

Fast forward to today, well, actually into the very near future, becasue a few weeks ago all you needed was to be breathing to get a loan, and we now will be operating under the following rules. Get used to it.

In order to get a loan, please assemble the following…..(With Thanks to Ron Kurahara of Financial Center Mortgage)

2 Years Tax Return

Copy of Photo ID

There, that wasn’t too painful, now was it? Thankfully, we now have mortgage brokers to help us out in getting a loan, and keep your visits to the “no” store to a minimum.

One last detail, that I keep handy, is an electronic version of my financial statement. I’ve got a nice excel spreadsheet I can forward to you that will help you keep things organized, and once you enter most of the information, you only have to update the balance. Kind like Zillow for your bank account, only more excruciating………

I’ve got a friend, who’s a bit of a Stock Market Wizard, and a long time ago he told me this. “To someone who understands the Market, It doesn’t matter if the prices are going up or down, what matters is that there is some movement, some velocity. Watch the movement, and you’ll know the market….”

So, last week, as I alternately pick up cell phone calls from Buyers and Sellers, each looking at the market COMPLETELY DIFFERENTLY, I laughed as I remembered that phrase………

Our market is seeing a broad softening, but there are still buyers out there. about a quarter of the buyers out there can’t get funding, but they probably don’t know that yet. Aspriational buyers are now gone, their ratio flexibility left us last week, never to return. (small tear)

Top flite buyers are making great deals at the moment, but we are seeing alot of equity, (in some cases more than 50% to stay under the jumbo threshold) and, tons of contingent deals (“I’ll buy your house once mine sells,” etc.)

This makes for the as usual…..crazy time! I’m suffering a bit of whiplash, but this is apparently the way it’s going to be for awhile…..A friend sent a Mortgage ARM reset schedule to me today as well……and It indeed, DOES look like we will be at this for awhile….into next Summer even, by the time things shake out….

But after that………….things will be firming up, and we’ll remember the good old days when Hood River was once Affordable…(Read Previous post)

Buyers……On your Mark, Get Set…….