The View From Here, January 2009

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The View From Here, January 2009

Happy New Year!

This month has been quiet from a deal point of view, but we sure have been busy with Buyer's activity. Other companies seem to have picked up too, but still others, no sign of any action. My sense is that there's been a shift in the sourcing of our Buyers, and it is disproportionately affecting some companies, and not others in the Hood River Realtors market.

The inventory prediction is coming true. Units are dropping, and the pickings are slim. Nice properties are tough to find. Very few Sellers are coming onto the market because of the weak pricing.

One of the bright spots (and this is twisted) is this. The downturn is starting to hit across so many different sectors of the market that properties that are coming to the market seem to be because of something else, and no longer associated with sub prime.

Commodities trader? Markets have collapsed, sell the home in Hood River. Exporting overseas? Market has collapsed, sell the home in Hood River. Auto dealership closed? Sell your home and move away. Get the drift?

How does that all pan out? decent inventory, but hitting in waves unassociated with sub prime resets, etc. Varied drivers as to motivation, but an interesting selection......I heard the other day, the following comment. "Last year, it was Real Estate that was seen as dragging on the economy. In 2009, The Economy is now dragging on Real Estate"

It's a subtle difference, but it's a big one.

I was talking to a friend this morning as we drove through town. You can't buy a new car in Hood River anymore. All the dealerships are gone. I remarked that we might be returning to the sleepy days of Hood River again (I actually said it wistfully, since I really liked those days) He looked at me and said "I don't think so. I fear that the quieter it gets, the more elite it will get."

There's some truth in that, I'm sure.....

Ok, by the numbers, our values are hanging in there. Down only slightly. There's been an increase in traffic out on the west side, but this seems to be cyclical. Units sold, however, are still down year over year.....by over 30%

This month the Mid Columbia Association of Realtors fees are due. I expect that there will be an exodus of agents and that it will begin this month.

Stay Tuned.

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