According to Redfin, in December 2021, a buyer with a $2,500 monthly housing budget would have been able to purchase a home that cost just over $517,000.On average, that means buyers lost roughly $120,000 in purchasing power because of the rate hikes.“On a $2,500 budget in Seattle, last year you would have been able to afford about 12% of homes, and now it’s only five, six percent of homes,” Fairweather said. “There are just so few homes that are affordable to somebody making $100,000 or less.
“You still have to pay a lot of money, so it’s not like buyers are really winning in this situation, but I think because there are fewer buyers out there, sellers are having to compromise a bit more,” she said.
Dropped $10K in 30 days. Up in September I bet
' cooling off' reminds me of the media in 2006. But what followed could never happen again because we're more enlightened now.
Everyone who bought in the last year will be under water in a year.