The housing market in the greater Puget Sound area still remains strong.  Despite the rise of interest rates into the mid 6% on average.  You would think this would be a shock to a housing market dependent on low interest rates for over a decade.  Without the ability to borrow money for so cheap for so long, the housing market couldn't have climbed to the ernormous values of May 22.  Part of the Fed's efforts in raising rates are to prevent borrowers from leveraging their home and other assests to purchase inflated goods & services.

Since then we've seen a moderate correction to values in our area however.  Buyers who were sitting on the sidelines during the prior market frenzy are now asking for "the coach to put them in the game".  And they're aggressive in looking for a good deal.  Many buyers are well qualified and savy enough to know what boxes check and those that don't.  If your home requires modern updates, you may need to consider lowering your asking price and hiring a handyman or contractor to fix any health or safety issues before listing.

This moderate correction once again is a surprise to those echoing a recession through the market well before the numbers indicated it.  But for many buyers who had it rough during the recent hot Seller's market, your time may be running out.  This is your opportunity to get into a home without the waiting in line to see the home, bid against 7+ other competitors and/or be crushed AGAIN by someone with more money or better terms than you.

Don't let the current interest rates discourage you from making a purchase.  It very well may be the best investment you could make in your future.  Take for example the last hot seller's market, many areas of the King and Snohomish County saw double digit (00) percent increases in home values.  Areas around Lk Washington & Lk Sammamish often realized 10-25% increases in home values year over year from 2020-22.  In comparison to a 6-7% fixed interest rate mortgage that you can always refinance when the rates drop, there's no comparison.

Consider all your options for financing when your looking at being pre-qualified.  Not all lenders have the same loan products/programs & rates.  Its always good to compare lenders and their quotes.  Most lenders will allow for you to purchase points to buy your rate down which in turn lowers your monthly mortgage amount for an intial period of time.  

Most first time buyer's can qualify for a 3.5% down FHA loan depending on their credit score.  Combined with the Washington State Housing Finance down payment assistance, you can get into a home with little or no money down and the seller to pay your closing costs.  Give me a call with questions or debate!

I'm always happy to discuss real estate!