Market change

Home prices drop statewide, but Basin still holding steady – for now

MOSES LAKE — Things are beginning to shift in the world of real estate, but it’s hard to know how much of that shift will come to the Basin. Home prices have dropped 0.8% in Washington since June, according to a study by QuoteWizard, a Seattle-based online insurance comparison platform. “Less than 1% may not sound like a huge amount, but you're talking about tens, if not hundreds of thousands of dollars in some cases,” said Nick VinZant, an analyst with QuoteWizard, a Seattle-based online market research company. “That can be a huge difference.” VinZant has a theory as to the reason for the shift. “I think what is happening is two things that are related to one thing,” he said. “And that is that interest rates are starting to rise. That ultimately means that money isn't cheap anymore; you're going to have to pay more interest, it costs you a lot more. So a $500,000 house, the interest that you're going to pay on that is suddenly a lot more than you would have been paying before.”