A recent Bank of America survey asked would-be buyers what would make them feel more confident about moving forward. The overwhelming response? Better affordability. That means lower prices and more manageable mortgage rates. The good news is, we’re beginning to see some progress on both fronts.
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 am finally seeing the shift that buyers have been waiting for.
Ready to see if your budget goes further today than it did last year?
Call Kim at 206-225-8325 for a free buyer consultation. Let's find out exactly what you can afford right now.
Home Prices Are Moderating
For years, prices rose at a pace that made many feel locked out of the market. Between 2020 and 2021, prices surged by nearly 20% in just 12 months. Today, that growth has slowed considerably. Experts now project single-digit increases nationwide—far more sustainable than what we saw just a few years back.
That doesn’t mean prices are crashing; it means they’re stabilizing.
In cities like Tacoma, Puyallup, Auburn, and Sumner, this shift gives buyers more breathing room when budgeting. Meanwhile, in areas such as SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, and Bonney Lake, prices may vary, but the overall trend is steadier growth. For buyers, that stability can make the process feel less intimidating.
Want to know the specific price trends for your dream neighborhood?Call Kim for a market analysis. I can show you where values are holding steady and where you might find a deal.
Mortgage Rates Are Coming Down
At the same time, mortgage rates have eased from the highs we saw not long ago. Even a small drop can make a big difference in monthly payments.
Lisa Sturtevant, Chief Economist at Bright MLS, explains it well:
“Slower price growth coupled with a slight drop in mortgage rates will improve affordability and create a window for some buyers to get into the market.”
While rates may still fluctuate, many experts expect them to hover in the low to mid-6% range over the coming year. That’s a significant improvement compared to just months ago, and potentially an opportunity for buyers who were waiting on the sidelines.
Do you need to sell your current home before you can buy?Call Kim for a unique marketing plan for getting your home sold. I can help you time your sale perfectly to align with your new purchase.
Why It Matters for Buyers
Confidence in the economy may still feel uncertain, but the housing market is adjusting in meaningful ways. Slower price growth and easing rates won’t solve every affordability challenge, but they do make buying a home more attainable than before.
If you’ve been considering a move in areas like Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, or Bonney Lake, these shifts could create the right opening for you.
Call Kim Morgan Storey today at 206-225-8325. Let’s plan your next step with confidence.
