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…….