KIRO 7 News | Lauren Donovan
[…] Economists and real estate agents agree affordability remains a major issue in the area.
John L. Scott Real Estate agent Nelya Calev says rising interest rates have taken away buying power.
According to Calev, interest rates fell as low as 3.5% last year, but today they’ve risen over 6%. Her hope for 2023 is that the federal government stops messing with the rate.
“People get adjusted to the new rate, and then the market just starts moving slowly; buyers are like, okay, that’s the new interest rate, I can do this, and then bam, we get whacked again,” said Calev.
Watch interview here: From ‘brutal’ to ‘boring:’ Puget Sound housing market projected to mellow out in 2023