As the spring homebuying season gets underway, a mix of rising mortgage rates, global instability, and economic uncertainty is cooling what is typically one of the busiest times of year for real estate in Western Washington.
According to Freddie Mac, the average rate for a 30-year fixed mortgage climbed to 6.46% on Thursday, up from 6.38% last week. It’s another increase that is adding pressure to the market. While spring is often associated with a surge in listings and buyer activity, local real estate experts say this year is shaping up differently.
“Spring is usually what we call ‘fling spring’ for a reason,” said Kristine Milkovich, broker with The Milkovich Team. “But our numbers are just down.”
Milkovich says affordability is a key factor. As mortgage rates rise, buyers’ purchasing power shrinks, forcing people to reconsider what they can afford.
Other concerns are also weighing on consumer confidence. The ongoing conflict in Iran, rising gas and food prices, plus a wave of layoffs—particularly in the tech sector—are contributing to a sense of unease among potential buyers.
“Regardless of what side of the pond you’re on with politics, it is affecting our everyday person—our mental state, our emotional state, our ability to feel confident. ” Milkovich said. “I think most consumers are like, ‘Let’s just hang tight here for a minute and see what comes in these next few weeks,’” she said.
That hesitation is having a measurable impact on the market. Redfin data shows properties in Pierce County for example, are staying on the market for about 56 days before they sell —roughly double the time compared to last year. King and Snohomish counties are also seeing longer median days on the market.
For sellers, that can mean fewer offers and longer wait times. But for buyers, the shift may present new opportunities, including more inventory and increased negotiating power.
Milkovich says what buyers are seeing really depends on the neighborhood.
“I personally got a buyer into a home in Everett five days ago, and it was multiple offers. So when we talk about this fear and this trepidation and the numbers being slower, it doesn’t mean every home, every street,” she said.
Despite the uncertainty, Milkovich reminds buyers – if you can swing it, property is a good investment.
“If you have the down payment, and you have a job that you feel even an ounce of security in, and you can cover that monthly bill… chances are it’s going to be the best decision you’ve ever made financially,” she said. “In all my years, I’ve never had a client say they regret buying their home.”
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