Making sense of this market sure isn’t easy in Hood River Real Estate.
There. Now that we have that out of the way, here’s what’s been going on.
Basically, everything is frozen while everyone waits for a signal, ANY signal, that its safe to go out and buy something. There’s still a bit of a Buyer’s “hype-gap” (where the buyer’s show up and expect the entire market to have cratered, and is bummed when they find out that they can’t offer 40% off ask) but there are signs of increasing stress on the sellers, although once the properties dip in price, there seem to be buyers out there willing to respond.
The market is also continuing to thin out. Next spring in Hood River continues to be worrisome due to lack of inventory. At worst, it’s a market stabilizer.
More people want to move to Hood River by the day. A lot of them are still stuck in other transactions, and so here we are, holding, holding, holding…..
As far as Realtor confidence, things remain tenuous. It seems a bit like the offices are stuck in limbo, with no direction, a bit adrift. I refer to it as “gravity-less” where we are all not able to get a bearing on anything but each other. That creates an interesting dynamic, one that will catalyze, probably in the New Year, as Hood River Real Estate Brokers decide whether to stay, or to pack it in for greener pastures.
In 60 days, my guess is there will be about 20% attrition (that’s the PMAR estimate too, by the way) I think this area has over 200 agents…….so 40 agents. Wow.
Interest rates continue to be tough, but will relax here in a bit, I continue to say…”If you like it, buy it” because of my decreasing confidence in any replenishing inventory……….
That’s it for this month. Happy Holidays! My cards go out next Friday……….Don’t you just wish you were getting a pithy card from me…… Wait a minute, many of you are…..