….such a crazy mixed bag this year. Lots of clients, more than the usual July/August doldrums. There are new listings, and the buyer and seller perception gap is still narrow…. (Incredibly)
There is still this baseline sort of stress in the transactions, what with the crazy appraisals, and tight underwriting, but deals are hanging together better than they ever have.
This month, the big change is that the buyer’s seem to have accepted the paucity of inventory in downtown Hood River, and have moved on a few properties, that have been….well….. price challenged. Now that those properties are starting to move, I expect that prices will start moving, slowly, up. (External issues like europe and the election notwithstanding) That can be self reinforcing in downtown HR.
The national news is cautiously optimistic, and it is true, that a stable Real Estate market is necessary for a reasonable recovery. In the northwest, at least, that appears to be the case.
The west side is showing some signs of life, but there appears to be a lot of overhang there. A few of the sellers are capitulating, pulling some of the values down in specific neighborhoods. In others, especially Willow Ponds, there is new construction, hoping for a middle to upper middle market recovery. All indications around here say that one is underway.
Seriously, I’m beginning to think that with long term rates at 3.5% and prices still bumping along the bottom, we are set up pretty well.
I still feel like playing it defensively, however, so if you come to Hood River to buy something, expect that we will (and always should) walk you through the market, and through your motivations before we jump on something. If there is one thing I can’t stand, it’s order takers….
That’s it for me this month, one month left until SEPTEMBER, THE BEST MONTH OF THE YEAR!