Lower payments, stable prices, and rising wages are giving buyers a better chance this fall.
Over the past few years, many buyers in Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, and Bonney Lake felt priced out of the market. With home prices climbing and mortgage rates hitting new highs, affordability was a major hurdle. But this fall, encouraging signs are pointing toward a shift that could open new opportunities.
According to recent data from Redfin, the typical monthly mortgage payment is now about $290 lower than it was just a few months ago. That change is due to three key factors working in buyers’ favor:
1. Mortgage Rates Are Coming Down
Earlier this year, mortgage rates hovered around 7%. Today, they’re closer to 6.3%. That may seem like a small difference, but for a $400,000 mortgage, it lowers the monthly payment by nearly $190. This drop has already sparked stronger buyer demand, with applications reaching their highest level since 2022.
2. Home Price Growth Has Slowed
After years of rapid increases, home prices are now stabilizing, growing only in the low single digits. In some markets, prices have even dipped slightly, creating opportunities for buyers to find homes that better fit their budget.
3. Wages Are Rising Faster Than Prices
The Bureau of Labor Statistics reports wages are up nearly 4% year-over-year. Since paychecks are now outpacing home price growth, buyers have a little more financial breathing room and more choices in the market.
What This Means for You
For buyers across Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, and Bonney Lake, this combination of lower rates, slower price growth, and rising wages makes it more affordable to jump back into the market than it was just a few months ago.
If you’ve been waiting for the right time to buy, this fall could be your window of opportunity. To explore your options and see what’s possible in today’s market, connect with a trusted local expert at your real estate story.
