Marguerite Martin, Tacoma Real Estate Agent

In the video we talk about how the Tacoma real estate market has been impacted by the increase in mortgage interest rates over the past year. The increase in rates means that buyers have a higher monthly mortgage payment than they did a year ago, which reduces how much home they qualify for. At the same time, sellers wanting to sell their homes and buy another face the prospect of selling a house where they had a 3% interest rate and having to get a new mortgage at more like 7%. This has lead to fewer homes for sale, which creates some pretty dynamic conditions in the local real estate market. As for what buyers and sellers should expect, Keryn repeatedly states in the video, “It Depends!”

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