The Housing Market Is At 'Rock Bottom As High Rates And Prices Take Their Toll

Victor K • September 2, 2023
A jar filled with coins next to a model house.

With inflation and recession looking large, the housing market in Seattle is facing an uphill task. With mortgage rates soaring high, just like in 2008; people are holding onto their properties not making way for people coming from the lower earning category. United Seattle’s CEO has termed this situation to be a rock bottom one with mortgage rates hitting 7%, where there is no more space to fall any further.

 

The sales volume has never been at such a low in Seattle's history with only the must-move people moving out of their current homes. The root cause for this is termed to be the 7% mortgage rate which is the highest in US history. Furthermore, the consistent escalation of property prices has also played a big part in this current no-sell trend.

 

In the previous year, the attainability of housing faced a substantial setback, as evidenced by the surge in the average 30-year mortgage rate to 6.96%, as indicated by data from Freddie Mac. This pronounced upward trend in mortgage rates has notably amplified the borrowing expenses for potential homebuyers, establishing a considerable discouragement. Simultaneously, the appeal of putting properties up for sale has waned, given that sellers are hesitant to let go of their relatively more budget-friendly mortgages.

 

Experts now believe that immediate and drastic steps are required to arrest this situation before it forms into a full-blown catastrophe. The sole reason might not be the prices but also a tilt in the supply-demand ratio. As per data collected by experts at United Restoration, the percentage of homes in a particular Seattle area that are worth over $1 million has surged like never before. Moreover, the median home price has surged by approximately 44% compared to pre-pandemic levels.

A house with a tree in front of it on a cloudy day.

 A significant outcome of this turbulence in the housing market is its influence on the ability of young Americans to move freely. Both apartments and houses come with hefty price tags, which leads me to believe that the establishment of new households will be limited. As the expenses associated with entering the housing market persistently rise, the capacity of young individuals and families to shift from renting to owning homes faces progressively greater constraints. Therefore, renting is now being preferred more than ever with many individuals and families not even planning to purchase property.

 

Therefore, the current housing market in Seattle does not paint a rosy picture owing to high inflation, expensive property costs, and tilt of the supply-demand scale. This is now more of an affordability crisis rather than a housing crisis. These challenges are not only affecting the buyer community but also the sellers making the indifference to the market value vs. the will of someone to pay for it. While the market maneuvers through these challenging circumstances, the industry and policymakers must join forces in crafting approaches that reestablish balance and enhance accessibility within the housing market.

By Victor K July 23, 2025
Seattle has not only seen a boom in the ADU construction but also a requirement for commercial subcontractor Seattle that specialize in ADU construction has gone up. Setting up ADUs is not as costly as a DADU but it requires time and skill. Generally, the GCs outsource these projects to construction management subcontractors like United Seattle for a number of reasons. The foremost reason is the trust people at United Seattle have earned for all GCs and homeowners they have worked for. However, the trust does not come easily but with dedication and hard work. Some of the USPs of this great company are listed which are not their self-proclamation but genuine reviews from people who have worked with United Seattle over the years. Experienced In ADU Construction United Seattle and its experts have been in the middle of the whole ADU construction/designing boom since the very start. Not only do the experts have all the requisite technical knowledge but a deep insight into the permit process as well removing lags from your project even before the first brick is laid down. Because they are seasoned in ADU workflows, it helps the clients save time, money and client frustration. 
By Victor K July 21, 2025
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A man and a woman are looking at a laptop on a construction site.
By Victor K July 16, 2025
Any commercial subcontractor Seattle will tell you that there is a low-hanging fruit in the Seattle construction market called ADUs and DADUs. The construction and permit process is much simpler than an altogether new project. This is mostly because the main structure is available and all you have to do as a commercial construction subcontractor Seattle is manage the process for your clients. The profit is there to be made but we dive into a topic seldom taught in design school. This deals with maximizing profit through small changes as a commercial building services Washington. However, we need to get some of the basics right before we fall into the details of the money-saving / making process. DADU vs. ADU One major advantage of a DADU is that it is a separate living space and can be used for parents growing teenagers or college-returning kids. It can also be rented out making it a money-making option. These are also great office spaces and workspaces since they offer privacy from the main house. However, making a separate structure requires considerable investment and structural changes. In the case of an ADU , an existing space can be simply renovated to make it workable. Budget and current structure can be a big factor in going for an ADU rather than a DADU.' DADU benefits: - Increased living space for family members and/or home office. - Potential for additional income through long/short-term rentals. - Enhanced property value.  ADU benefits - Potentially higher Return on Investment compared to DADUs for resale. - Opportunity to upgrade home's electrical, windows, insulation, heating, and plumbing, resulting in improved energy efficiency. - Potentially more flexibility compared to size-restricted DADUs. - Suitable option if the home does not meet the city's requirements for DADU, such as lot size or setbacks.
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