Over the last two years, Realtors like myself have been working with a lot of buyers. It’s easy to say we’re both exhausted and never want to go back to that fast of a market. Now, it’s as if we’re getting slapped in the face a second time as rates rise. It’s no wonder buyers are feeling discouraged with a below 50% average. I bet the one person who rated a 9 is an investor! To which I say, cash is king. You get it, sir or ma’am.
Buyers have been clawing for the seller’s attention for 2 years now. That’s finally changing in most areas of the Columbia Gorge. Now that we’re seeing rates rise and buyer interests decline, I find it interesting to see such a wide mix of feelings here. We’re still seeing an average of 4.1, but maybe with more entries this will change. I will end by saying, if you bought more than 2 years ago, and you need to sell, you should be pretty confident. Inventory in general is on the rise and properties are staying around longer. Plus, now you should have lots of equity to bring into the next property, which you may be able to negotiate down on.
“What’s your biggest fear/worry in today’s market?”
This question was a “fill-in-the-blank”, so I don’t have any fancy graphs to share with you here. Watch the video above where I read off the responses we had submitted. The quick summary is: people are fearful and worried about high prices and financial distress. This was my favorite question though.
So this question was created to determine how many of you were actually waiting for rates to lower or for a better moment to buy. As mentioned in the video where I respond to this question from a professional standpoint, I am encouraging buyers to press forward. Maybe you’ve heard me say it before, “It’s time spent in the market owning a home, not waiting for the right time that is most important”.
I recommended to buy in an affordable market and pile cash into your home’s equity. Although, I’m not saying jail yourself into your home, but let’s be realistic. Home prices have been going up for years, and here in the Columbia Gorge, they are pretty protected due to demand. When prices get low enough, a cash buyer will step in because they understand how valuable this area is. If you don’t have wads of cash to do that, start building your treasure chest by paying yourself first, not your landlord. I’m sorry first time homebuyers, this is tough love and I want you to succeed. Listen to the video for more.
The last question in this survey was an accumulation of all the other questions. This felt a bit more true to the actual marketplace we’re in now. The market was hot, rates rose to curve inflation, and now we’re headed into winter. I can understand the frustration. I suspect in the early spring if we ran this survey again, we’d see better confidence in buyers and sellers. It’s like a new year’s eve resolution, you start off strong then run out of steam. Maybe that metaphor is pushing it.
This paragraph is to thank everyone who participated in this survey. Some of you allowed me to see your names and for that you have earned a spot in my heart. I appreciate you all.
We will do another survey in the future, but I am unsure what that will be. If you have any ideas, send them to me through my Contact page.