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#23 - 2025 Housing Market: Will Seattle's Prices Soar to 7% Growth?
Manage episode 456696204 series 3540956
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Dan Chapman, from Fairway Independent Mortgage, provides insights into the 2025 housing market. Key predictions include national home price growth of 4%, with Seattle expected to see a 6-7% increase, driven by limited inventory and robust demand. Rising mortgage rates, currently around 6.75%, continue to challenge affordability, keeping many potential buyers on the sidelines. High rent costs, exacerbated by constrained supply, further highlight affordability issues, particularly in urban hubs like Seattle.
Chapman also predicts a gradual decline in mortgage rates during 2024, potentially boosting buyer activity. However, challenges like inflation, stagnant wages, and tight inventory persist. While new construction and renovations remain opportunities, market volatility and affordability will dominate discussions heading into 2025.
This nuanced forecast emphasizes adapting to evolving market conditions while navigating economic and policy uncertainties, aligning with conservative values of fiscal responsibility and free-market resilience.
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