As we continue to examine the shift in the market, we must take a moment to take a deep dive into interest rates. Since the first of the year, long-term interest rates have increased 2.7% from 3.11% on 12/30/21 to the peak of 5.81% on 6/23/22, but have started to level out. On 8/4/22 rates found themselves at 4.99% which provided more opportunities for buyers and helped increase demand. These are the base rates that are released but can shift up based on the loan program or elements in the buyer’s application, like a credit score.

You see, affordability has been a challenge with the incredible price appreciation we have seen over the last two years. The median price is up 34% ($568,000 to $760,000) from July 2020 to July 2022 in Snohomish County and up 24% ($729,000 to $900,000) in King County. Average annual price gains are typically 3-5% making these last two years a time of significant growth. This is on top of 10 straight years of positive price growth. Homeowners are sitting on a ton of equity!

These recent extreme price escalations were directly connected to the historically low interest rates that were in the 3-4% starting in the spring of 2019 and lasted until the spring of 2022. To combat inflation the Fed made the move they’ve been talking about for some time and started to raise interest rates. This started to take shape in April, peaked in June, and has now started to stabilize as we head into the dog days of summer. As rates start to normalize it is putting downward pressure on the peak prices. Bear in mind that the average interest rate over the last 30 years is around 7.5% which we are well below. This low-rate environment was also coupled with a scarcity of inventory and now we are starting to see more selection and a shift from a sellers’ market (0-2 months of inventory) to a balanced market (2-4 months of inventory).

Buyers often choose their price point based on the monthly payment they will need to sustain throughout the term of their loan, not necessarily the highest price they are qualified for. If you look at the chart below you can easily see what buyers are needing to consider financially and how that would price them out of the higher price points. That has directed the demand to adjust to lower price points in order to provide a monthly payment that is sustainable and affordable. Hence, putting downward pressure on the peak prices we saw in spring 2022 when rates were in the 3-4% and there were only 2 weeks of available inventory in Snohomish and King counties. Now there is 2 months of available inventory for both counties, which is an indicator of a balanced market.

The sky is not falling, we are just adjusting to the new normal of interest rates and getting used to having additional selection and competition. Prices are still up significantly year-over-year and homeowners are sitting on a mound of equity built over the last decade. Prices have come off the peak of April 2022, but are starting to recalibrate in relation to the cost of debt service. We anticipate this correction to level out in the coming months. Experts are predicting rates to simmer in the 5% with the hopes of not entering into the 6% like we saw in June as the volatility of this adjustment was finding its way as a response to inflation.

It is also important to understand that mortgage rates are long-term rates and when you hear in the news that the Fed is going to hike interest rates to combat inflation, that it is often short-term rates they are referring to such as car loans, credit cards, and home equity lines of credit. The point of the short-term rate hikes is to get people to slow their spending and save more to hedge against inflation. In fact, the last short-term rate hike caused long-term mortgage rates to lower. Make sure you are consulting an expert and not just listening to the media.

I will continue to keep a close eye on rates, prices, and inventory so my clients are equipped with the most up-to-date information. We must understand all three of these elements are directly connected to each other and they will adjust and find balance. Our local job market is strong, home equity is high, interest rates are still well below the 30-year average, and there is a lot that is motivating the economy. While we may be experiencing a recession, we are not experiencing a dismal housing market. Sales are maintaining at the same level as 2018 and 2019 which were very strong years in real estate, but a bit less than the pandemic-fueled years of 2020 and 2021 that saw a reorganization of our communities due to the work-from-home phenomenon.

Real estate has always been a long-term hold investment and also the place you call home. It must be looked at from a financial perspective and a lifestyle one as well. We are starting to see some creative options in the market with rate buy-downs, even seller credits, and some buyers opting for ARMs (adjustable-rate mortgages) in order to get the payment that works for them. Please reach out if you have questions or are curious about how your goals relate to today’s market. It is always my goal to help keep my clients well informed and empower strong decisions.

In honor of Windermere’s 50th anniversary, we’ve set a goal to reach $50 million in total donations to the Windermere Foundation in 2022 for our 50 in 50 Campaign. To reach our goal, we need to raise $4 million in donations this year. So far this year, through the month of July, $2,011,963 in donations has been raised for the Windermere Foundation.

Our office is just finishing a Summer Food Drive that will help contribute to this total, but more importantly, will help keep the local food banks stocked. We have partnered with Volunteers of America of Snohomish County and they recently shared with us that their need is high due to the increase in the cost of groceries. We are always looking to direct our giving to areas of high need right in our own backyard. We will continue to support the food banks throughout the year with additional food drives around the holidays. Please let me know if you want to participate and I’ll help make that happen!

There is an old adage in real estate: location, location, location. Where a property is located has the biggest influence on its value. Through the pandemic years, we saw a shift in how the location was valued. Before remote working became more common, homes located in neighborhoods that were closer to job centers such as Seattle were at a premium. They still are, but with more people working from home, there was a huge rush to suburban and even rural locations which quickly increased the values of those neighborhoods. You couple this re-organization of our communities with the lowest interest rates in history and voila, you have an incredible run-up in prices over a two-year period.

In Snohomish County, in April of 2020, the median price was $520,000 and in April of 2022 the median price was $830,000 – this is a 60% increase in 2 years! In King County, in April of 2020, the median price was $720,000 and in April of 2022 the median price was $995,000 – this is a 38% increase in 2 years! Historical averages for annual price appreciation are closer to 3-5% making this record-breaking.

For the buyers who bought during these peak times, it is understandable that there is some angst over the shift in the market. They can find comfort in the low rate they secured, which created a lower payment and offsets the money they put towards debt service. They also need to understand that real estate has always been a long-term hold investment and that future price appreciation is anticipated, but at more historical norms.

Since the start of 2022, we have seen a 2-point increase in interest rates which has started to level out this wild price appreciation. Interest rates were at all-time lows and are higher now, but still below the 30-year average of 7.5%. In addition, the work-from-home (WFH) phenomenon has settled in. Meaning the companies that decided to adapt to the WFH model did already, and many of those employees made those moves in 2020-2021. Some companies are having their employees return to the brick and mortar in some cases permanently, but in most cases periodically. This has tempered the mobility from urban to suburban locations as that shake-out happened more immediately as a result of companies changing shape at the onset of the pandemic.

Higher interest rates, WFH finding its balance, and inflation have created the shift we are experiencing in the market. While it might give some an uneasy feeling, it is in truth a good thing. The price growth that we saw from 2020 to 2022 was not sustainable and returning to historical appreciation norms will put us back in a healthy balance.

We are coming off the peak prices we saw in April of 2022 as the market finds its footing. June median price in Snohomish County is down 4.82% from April and in King down 6.53%. Bear in mind though, that the median price in Snohomish County is up 20% complete year-over-year (the last 12 months over the previous 12 months) and in King 13%. Even more so, the median price in Snohomish County is up 167% since June 2013 and in King by 119%. Equity growth is abundant and sellers are making great returns. This must be kept in perspective as we return to balance in the market and prices level out!

This has created more inventory in the market giving buyers more selection and time to weigh their options. Where before a buyer had only hours to make one of the biggest decisions of their lives, they can now ponder and assess over the course of days. Not to mention, buyers are now securing contracts with contingency protections to ensure their due diligence is timely and secure. We have seen an increase in days on the market overall, but the days on market for the desirable “cream puff” listings are still very short. A buyer should be aligned with a broker that can help them discern their options.

You see, the new assortment of inventory is a bit jumbled, if you will. Some sellers are not leaning into the balance in the market and have their listings misplaced in the wrong price range. This is confusing to buyers and requires a quick and thoughtful assessment of value by their broker so they can make a clear decision. This ensures a buyer does not overpay but also ensures a buyer doesn’t miss out on a great home that will go quickly.

Some neighborhoods are still in a seller’s market environment and some are in balance, it depends! A seller’s market is considered 0-2 months of inventory, a balanced market is 2-4 months and a buyer’s market is 4+ months. Even more so, some neighborhoods’ market conditions vary by price point, so it is important that you take a forensic approach to the analysis of each location from a macro to a micro approach. For example, in southwest Snohomish County between $700,000-$800,000 it is still a seller’s market; but from $800,000-$900,000 it is a balanced market.

In Snohomish County, days on market for homes that sold in June for over list price was 5 days, which accounted for 49% of the sales with an average escalation of 5%. This illustrates that there are still great homes that buyers are flocking to, but it is imperative that they are properly positioned in the market. This takes skill, research, and a reasonable approach to find this success as a seller. Conversely, 34% of sales in June sold under list price or took a price reduction and averaged 12 days on market and 27 days on market respectively. This mash-up requires sophisticated navigation and reasonable cooperation, but ultimately sellers will find success because they are sitting on a mound of historical equity growth.

In King County, days on market for homes that sold in June for over list price was 5 days, which accounts for 50% of the sales with an average escalation of 6%. Conversely, 30% of sales in June sold under list price or took a price reduction and averaged 13 days on market and 27 days on market respectively.

As we head into the dog days of summer, I am sharpening my pencil on this new market and taking inventory of the opportunities it is providing for both sellers and buyers. It is also a market that will see attrition of brokers, as many only know how to exist in the feverish seller’s market. Each market takes skill, but navigating change is where we will see the cream rise to the top. If you are curious about how your real estate goal aligns with today’s market, please reach out. It is my mission to help keep my clients well informed and empower strong decisions.

We are holding a Food Drive through the month of July, with a goal to donate $5,000 to the Volunteers of America Food Banks across Snohomish County. You can donate here, or bring non-perishable donations to my office through the month of July.

Thank you!

Every year since 1984, Windermere has designated one day to help make a positive difference in the communities where we work and live.

2022 is the 7th year that my office has spent this day working to put fresh produce on the tables of local families who need a little help.

On June 10th, my office spent our annual Windermere Community Service Day with the Snohomish Garden Club constructing trellises, weeding and staking beds, and planting and labeling a half-acre of produce! The Snohomish Garden Club will harvest this half-acre, which will yield close to 10,000 pounds of fresh produce to be donated to local food banks in Snohomish County.

In tandem with this project, we are also holding a Food Drive through the month of July, with a goal to donate $5,000 to the Volunteers of America Food Banks across Snohomish County. You can donate here, or bring non-perishable donations to my office through the month of July.

“How’s the market?” is a question I am asked all the time. It is a common segue in casual conversation over the neighbor’s fence, at a party or family gathering. Now more than ever, the answer to this question is critical and detailed. You see, our market is experiencing a shift, a slowing down of price growth, if you will. Believe it or not, this is providing great opportunities for both buyers and sellers.

Let’s talk about what the slow down in price appreciation means first. What this means is when we get to the end of the year and average the last 12 months of median price and compare it to the previous 12 months of median price, we will still have a positive growth percentage, but that percentage will be lower than it was earlier in the year. You see, we had a very significant bump in prices in Q1 of 2022 that will level off as we complete 2022. Bear in mind that the long-term annual price appreciation rate is closer to 3-6% when comparing the growth that we’ve had recently.

Let me break this concept down for you with some numbers. In Snohomish County, in April of 2020, the median price was $520,000 and in April of 2022 the median price was $830,000 – this is a 60% increase in 2 years! In King County, in April of 2020, the median price was $720,000 and in April of 2022 the median price was $995,000 – this is a 38% increase in 2 years! That pace is unprecedented and unsustainable.

Let’s dig a little deeper! In Snohomish County, in December 2021 (the end of last year) the median price was $700,000 which was an above-average 35% increase from April 2020 (20 months). That means there was a 35% gain from April 2020 to December 2021 (20 months: $520,000 to $700,000 = 35%) but then a whopping 19% gain in 4 months, from December 2021 to April 2022 (4 months: $700,000 to $830,000 = 19%). This 4-month stretch of price growth is the root of the unsustainability and one that we will be leveling off of during this shift. It is very unlikely that we will return to prices below the December 2021 level, which was at an above-average growth rate of 35% from April 2020. The (unofficial) median price in May sits at $810,000 indicating the shift to settle somewhere between the April peak and where we landed at the end of last year. We must remember that we were celebrating price growth at the end of 2021!

In King County the numbers are not as extreme, but still well above average growth rates. In August 2021, the median price was $875,000 which was an above-average 22% increase from April 2020 (15 months). That means there was a 22% gain from April 2020 to August 2021 (15 months: $720,000 to $875,000 = 22%) and then a 14% gain in 9 months, from August 2021 to April 2022 (9 months: $875,000 to $995,000 = 14%). This 9-month stretch of price growth is one that will be leveling off during this shift. It is very unlikely we will return to prices below the August 2021 level, which was still an above-average growth rate of 22% from April 2020.

This is where perspective comes in and where pricing can get a little tricky. Coaching potential sellers as to why it would be unrealistic to expect the peak prices of Q1 2022 requires explaining the market factors that have played into this shift. The combination of the lowest inventory levels and lowest interest rates in history that took place in Q1 2022 was the perfect storm that created intense price growth over a short period of time. Now we must navigate the new environment as we chart our real estate goals. Three main factors have led to this much-needed tempering in price growth: inventory, interest rates/inflation, and affordability.

Inventory has finally started to grow although it is still a seller’s market. In Snohomish County, 2021 was an extreme seller’s market that never crested over 0.6 months of inventory; that’s just over two weeks! A seller’s market is defined as 0-3 months of inventory, a balanced market as 3-6 months, and a buyer’s market as 6-months plus. In May 2022, we sit at 0.9 months of inventory (unofficially). We have started to see more homes come to market, providing buyers with more selection. For example, in April 2020 there were 996 new listings; in December 2021 there were 525 new listings; in April 2022 there were 1,503 new listings (almost 3x as much over December), and (unofficially) in May there were 1,654 new listings. This additional selection is providing buyers the long-awaited option to find housing and has started to reduce the number of multiple offers which have put downward pressure on prices. When there is more selection, prices do not escalate as quickly.

In King County, for May 2022, we sit at 0.9 months of inventory (unofficially). In April 2020 there were 2,138 new listings; in December 2021 there were 1,103 new listings; in April 2022 there were 3,353 new listings (just over 3x as much over December), and (unofficially) in May 2022 there were 3,698 new listings.

Interest rates have also grown over the last two years and even more specifically since the first of the year. We are currently hovering around 5%. At the start of 2022 we were hovering around 3%. The Fed finally gave way to the promise that rates would rise, which was a necessary tool to combat inflation. While 3%-4% rates were a dream, they were not a long-term reality. The 30-year average for interest rates is 7% which highlights that 5% is a great rate!

It is understandable that 5% pales in comparison to the historic lows we had, but those are most likely only going to be found in the history books in the foreseeable future. Rates being as low as 3% in Q1 2022 played into the rapid acceleration in price because it made the buyer audience larger when we had the least amount of inventory available. The good news is that while they had a quick 2-point increase from March 2022 to May 2022, they have seemed to stabilize. They have even come down a bit, making this our new normal for now, as future increases into 2023 are predicted. The good news for buyers who secured a home in Q1 is they also secured the lowest debt service in history, so they should be very happy.

Affordability has been a challenge for many, especially first-time home buyers. Affordability challenges at December 2021 prices were real, but the rise to April 2022 levels just plain removed buyers from the market. As price appreciation slows and prices level off due to the shift in market conditions, some buyers will be able to reenter the market and start to secure their wealth-building asset that also augments their lifestyle.

So, what does all of this mean? The word that keeps coming to my mind is perspective. We have walked through one of the most extreme seller’s markets of our time, which resulted in rapid price growth for sellers and limited choices for buyers. That is starting to ease up and we need to celebrate this! We are heading towards historical norms and while that is happening, we will need to keep the crazy Q1 price growth in a box alongside the unicorns and rainbows for the lucky sellers that found the pot of gold and buyers who secured the lowest rates ever. Good for them, but still good for anyone who has owned their home for longer than two years, as the amount of seller equity is abundant.

Real estate has always been a long-hold investment and we have lost sight of that with the abnormality of the last two years. Most importantly, real estate is a lifestyle decision. Our homes provide us shelter, community, features, and benefits. We make memories, find comfort, and if we are lucky, we are able to match our home to our lifestyle needs and build wealth at the same time.

With more selection, still-low interest rates, and coming off the crazy prices of Q1, more buyers will be able to make these lifestyle pivots more comfortably, all while sellers will still make phenomenal returns. Perspective is key to help see the forest through the trees, and if not taken into consideration could stall one from reaching their goals.

If you are curious about the value of your home in today’s market or are considering a purchase, please reach out. Even if you just want to talk these changes through and understand how they might affect your long-term goals. It is always my goal to help keep my clients well informed and empower strong decisions.

Every year, my office comes together to provide summer camp scholarships for local kids who may not otherwise have the opportunity to experience the adventures of overnight camp. This year we donated $16,300 to YMCA Camp Orkila and Camp Colman! Overall, since 1994, we are responsible for $230,000 in summer camp scholarships for local kids in need. I am so proud to be part of an office that cares so deeply for the community!

At Windermere, we are fortunate to have Matthew Gardner as our Chief Economist. In fact, we are one of the only real estate companies in the country to have such a well-respected expert sitting in this role. Not only is Matthew an asset to Windermere brokers and their clients, but he is a coveted resource within the industry. He is often called upon by major media outlets and industry think tanks for his insights and knowledge.

Every quarter Matthew produces The Gardner Report which explains statistics and trends and provides predictions for all of the market areas Windermere serves, see the links below. What is so great about this is you can read about where you live and also get a glimpse into other markets that may pique your interest.

Read the full Western Washington report here. Additionally, since Windermere spans the entire Western Region of the United States, he also provides this same report for Washington (Western, Central & Eastern), Oregon, Idaho, Montana, California (Southern & Northern), Utah, Colorado, and Nevada.

There has been a lot of state-to-state moves over the last few years. Many of these moves have been prompted by retirement, second home purchases, affordability, and remote working opportunities. This is a great way to research other markets you may be interested in. These reports update every quarter; please let me know if you’d like me to send them to you when they update. Also, I am connected to the Windermere-wide network of brokers and can easily find you a reputable broker who would be a stellar match for your real estate needs outside of my normal market area.

Further, I am also a part of a national and international network of real estate companies for referrals outside of the Windermere footprint. This is through Windermere’s affiliation with Leading Real Estate Companies of the World. Bottom line, I can help provide information and can help align you with a trusted real estate advisor anywhere in the world. Please reach out if I can help!

Lastly, Matthew also releases a monthly video that speaks to real estate market hot topics.  Here is his latest video that touches on the interest rates, inventory, inflation and more.

My office is working together with our entire Windermere family to hit $50 million raised for our 50th anniversary. Each dollar returns to our community through the Windermere Foundation, helping homeless and low-income families in the neighborhoods we serve.

Help us reach our goal by donating here!

Being part of an office and a company that cares deeply for the community is so important to me, and I’m excited to watch these numbers grow! We are currently wrapping up a donation drive among our Windermere North brokers to help send kids to YMCA summer camps. Look for those final numbers in the coming weeks!

As we round out the first quarter of 2022 and head into the notorious Spring Market there are a handful of factors that should be considered whether you are a buyer or a seller. Paying attention to the anticipated increase in housing supply, monitoring buyer demand, and assessing the effects of rising interest rates on the market, are current influencers but also have some historical merit. How will these factors affect home prices, buyer opportunities, and overall market conditions? It is important that as we look forward, we also look back, as keeping a well-researched, educated perspective will lead to success.

HOUSING INVENTORY IN BLOOM
April through July historically have the most homes coming to market during a given year. We are sitting at the starting line of selection! Buyers who have been battling through the first quarter (Q1) and find themselves discouraged need to stay calm and carry on into these listing-heavy months. The increase in supply will provide opportunities to win a house as more selection will decrease the number of offers on each house. We are already starting to see the double-digit multiple offers temper to 3-6 offers and sometimes even just one, as the number of listings has grown month-over-month since January.

This increase in supply will also start to moderate price escalations. There were very large price escalations in Q1; the average list-to-sale price ratio in February 2022 in Snohomish County was 10% and 11% in King. Many new listings will come to market this spring on the shoulders of those price gains which will reduce the escalation amounts. We like to call this stair-stepping up the list price based on recent sales. We still anticipate price appreciation but expect the month-over-month growth to decelerate off of these high peaks in Q1. This will create some ease for buyers who stay engaged with their home search.

BUDDING BUYER DEMAND CONTINUES TO OUTPACE SUPPLY
As we track pending sales through March, they continue to track with or outpace new supply depending on which area. This is an indicator that there will continue to be buyer demand to sustain the increase in new listings that are coming this spring. Many buyers are still positioning their pandemic-influenced housing needs and making moves due to work-from-home options. In addition, there is a large population of Baby Boomers transitioning to their right-size homes and a wave of Millennials are poised to make their entrance into homeownership. Buyer demand will be met with more selection over the coming months.

Speaking of first-time buyers, it is extremely important that they understand that besides the lifestyle decision of owning a home, they are making an important investment. Real estate is one of the strongest, if not the strongest wealth-building assets available. Paying towards your own asset vs. your landlord’s will help build net worth as your home appreciates. As a first-time buyer, it is as much about securing the wealth-building asset as it is about choosing an ideal place to live. Buyers always need to make concessions on either price, location, or features, but in the end, will end up with an appreciating asset that will start to build their financial future.

GROWING INTEREST RATES
Interest rates have taken a ride up over the last month as the first increase by the Fed was made to help combat inflation. An increase in interest rates has been predicted for some time, and it is finally happening after several years at all-time historic lows. It will be critical that buyers monitor the rates closely to make sure they relate the monthly payment to the price they are able to and willing to pay. Also, buyers can get creative with their lender and choose to buy down their rate in order to secure a lower rate, hence a lower monthly payment. Aligning with a skilled lender to help navigate the changing environment will be critical.

It is also important for consumers to understand that rates are still well below the 30-year average of 7.5%. This perspective is key, along with understanding that rates are probably not to their 2022 peak yet according to the experts. Acting sooner rather than later will help secure a lower debt service for your long-term investment. While the “tell-your-grandkids” rates of 2.75-4% may be gone, there is still an amazing story to tell where we sit now!

WHAT DOES THIS ALL MEAN FOR PRICES?
Seasonal increases in selection will start to temper the month-over-month increases in prices and higher rates may put downward pressure on price growth, but homeowners are still sitting on top of a heap of price appreciation. Price appreciation over the last 5 years has been formidable across our nation.

In Snohomish County, prices are up 23% complete year-over-year and up 73% from 5 years ago. In King County, prices are up 15% complete year-over-year and up 54% from 5 years ago. Historical average price appreciation is closer to 3-5% annually, so taking into account gains over the last handful of years is important to have a balanced perspective. The bottom line is sellers are equity rich and have advantageous options to make moves!

If you have been considering a move and are curious about the value of your home in today’s market, please reach out. I would be happy to assess your home’s value and help you start to formulate a plan. If you have been beaten up as a buyer in Q1, I urge you to stay in the game, you are at the cusp of opportunity. Buyers and sellers need each other now, more than ever. There will be more flexibility in the market with more selection. The inventory environment we have been in has been so intense. We are ready for the intensity to ease and for the market to be a bit more fluid.

All indicators point toward another positive year in real estate as we enter the spring market. It is always my goal to help keep my clients informed and empower strong decisions. Please reach out if I can help you or someone you know navigate their real estate goals.

You’re invited to our annual Paper Shredding Event & Food Drive. We partner with Confidential Data Disposal to provide a safe, eco-friendly way to reduce your paper trail and help prevent identity theft.

Saturday, April 9th, 10AM to 2PM*
4211 Alderwood Mall Blvd, Lynnwood
Bring your sensitive documents to be professionally destroyed on-site. Limit 10 file boxes per visitor.

This is a paper-only event. No x-rays, electronics, recyclables, or any other materials.

We will also be collecting non-perishable food and cash donations to benefit Volunteers of America Western Washington food banks. Donations are not required, but are appreciated. Hope to see you there! *Or until the trucks are full

A lot has happened in our world since the first of the year, specifically the rise in inflation and the recent Russian invasion of Ukraine. These factors can influence consumers and affect the housing and financial markets. Additionally, global unrest has had a clear influence on interest rates, driving them back down after a 1-point increase since November 2021.

Please listen to the latest video update from Windermere’s Chief Economist, Matthew Gardner (link below) that was released this Monday, 3/7/22. He provides updated insights and projections for the housing market and interest rates for 2022 and beyond, some of which have been adjusted since his January forecast.

It is always my goal to help keep my clients informed and empower strong decisions. At Windermere, we are so fortunate to have Matthew in our corner providing such expertise to help us help our clients strategically navigate the environment. Please reach out if you have any questions or if you would like to discuss how your goals relate to the market.

As Matthew stated in the video above, it is important that we keep interest rates in perspective. The chart below illustrates where rates are hovering today and where he and other experts expect to see them by the end of the year and how that affects monthly mortgage payments (principal & interest only).

We also have included the 30-year average rate to show the historical significance of today’s low rates. Even though rates have come up 1 point since the absolute bottom level in January 2021, they are still much lower than the historical average, and they are helping to offset affordability challenges.

However, at some point, rates could reach 5% which could put downward pressure on prices like the last time rates reached that level in the latter part of 2018. It is all about how the monthly payment pans out based on the rate. The variable effect of rates on prices will find its balance based on buyer appetites for monthly payment amounts.

You’re invited to our annual Paper Shredding Event & Food Drive. We partner with Confidential Data Disposal to provide a safe, eco-friendly way to reduce your paper trail and help prevent identity theft.

Saturday, April 9th, 10AM to 2PM*
4211 Alderwood Mall Blvd, Lynnwood
Bring your sensitive documents to be professionally destroyed on-site. Limit 10 file boxes per visitor.

This is a paper-only event. No x-rays, electronics, recyclables, or any other materials.

We will also be collecting non-perishable food and cash donations to benefit Volunteers of America Western Washington food banks. Donations are not required, but are appreciated. Hope to see you there!

*Or until the trucks are full