Seattle homebuyers gain options as inventory rises, but higher mortgage rates remain a challenge

We're seeing a noticeable shift in the Seattle market: home sales are up 7%, thanks to a boost in available listings and a touch less competition among buyers. This means greater choice for those searching, a trend I’ve tracked closely in my work with bank-owned and distressed properties. However, it’s important to acknowledge that rising mortgage rates—pushed higher by inflation and oil prices—are making the path to homeownership more expensive. With the median home now at $741,000, buyers typically need an annual income of around $193,000 to qualify. Navigating these changes requires a nuanced approach, especially for those exploring less traditional property opportunities.