Don’t believe everything you read.
Headlines like to make a splash, but as you may have heard – in real estate, everything depends on Location, Location, Location.
The market is not “crashing,” but has perhaps “reverted” to the more normal pace seen before the pre-pandemic levels.
Let’s take a look at the Best and Worst neighborhoods, when it comes to year-over-year price changes based on our most recent MLS data.
- Beacon Hill & SODO – Year-over-Year: Up 11.3%
- West Seattle – Year-over-Year: Up 11.4%
- Queen Anne – Year-over-Year: Up 25.8%
- North Seattle – Year-over-Year: Down 0.7%
- SouthEast Seattle – Year-over-Year: Down 1.53%
- Belltown, Downtown – Year-over-Year: Down 4.63%
Mortgage Rates are forecast to keep rising through 2022, but most of the dramatic increase is probably behind us.
Many mortgage brokers I talk to are predicting rates to come down a bit in the next 12-24 months. If that happens, you could potentially buy now (while prices are softer, and sellers are more flexible) and refinance if/when prices come down in the future.