If you’ve been waiting on the sidelines because of high mortgage rates or rising prices, it might be time to take another look. According to First American, home affordability is improving in 39 of the top 50 U.S. markets—marking the fifth consecutive month that buying a home has become just a little bit easier.
As Kim Morgan Storey, the Top 1 Real Estate Agent serving Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, and Bonney Lake, I want to break down what this means in real numbers and why it could be great news if you’re considering a move.
Ready to see what you can afford today?
Call Kim at 206-225-8325 for a free buyer consultation. Let’s run the numbers and see if your "someday" home is available right now.
Monthly Payments Are Dropping
One of the biggest indicators of this positive shift can be seen in monthly mortgage payments. Data from Redfin shows that payments on a median-priced home are now about $283 lower than they were just a few months ago.
That’s nearly $3,400 in annual savings—money that can go toward home upgrades, family expenses, or simply more financial breathing room.
While it may not completely change the affordability equation overnight, even a few hundred dollars a month can make a major difference. For many buyers, that’s the gap between “stretching the budget” and “buying comfortably.”
Curious how these savings translate to your specific price range? Call Kim for a market analysis. I can help you understand your buying power in cities like SeaTac, Des Moines, and Burien.
It Opens Up New Possibilities
Lower payments don't just save you money; they expand your options. Redfin notes:
“A borrower with a $3,000 monthly budget can now afford a $468,000 home, about $22,000 more than in June.”
That extra flexibility could help you find your dream home in one of the South Sound’s thriving communities—whether that’s a charming craftsman in Burien, a lakefront retreat in Lake Tapps, or a new build in Bonney Lake.
Found a home you love but aren't sure if the price is right? Call Kim at 206-225-8325. I’ll provide the expert guidance you need to make a confident offer.
What’s Fueling the Improvement?
Two main trends are driving this welcome change:
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Mortgage rates have dropped from their earlier peaks this year.
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Home price growth has slowed in many markets, especially around areas like Tacoma, Auburn, and Puyallup.
These factors are helping buyers regain some of the leverage they lost in previous years. According to Andy Walden, Head of Mortgage and Housing Market Research at ICE Mortgage Technology:
“The recent pullback in rates has created a tailwind for both homebuyers and existing borrowers. We’re seeing affordability at a 2.5-year high . . .”
For first-time buyers, this could be the moment when your “someday” home becomes attainable. And for move-up buyers, it might mean finally upgrading to that larger space in Sumner, SeaTac, or Normandy Park without the same financial strain.
Need to sell your current home to make the move? Call Kim for a unique marketing plan for getting your home sold. I can help you maximize your equity so you can take full advantage of your move-up potential.
The Bottom Line
If you’ve been thinking about buying but paused because it didn’t feel possible, now’s the time to revisit your numbers. Lower rates and slower price growth could make homeownership in the South Sound more attainable than it’s been in years.
Call Kim Morgan Storey today at 206-225-8325. Let’s find your new home together.
