As mortgage rates rise, they impact your purchasing power by raising the cost of buying a home and limiting how much you can comfortably afford. Here's how it works. Let's assume you want to buy a $400,000 home (the median-priced home according to the National Association of Realtors is $389,500). If you're trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here's how your purchasing power can change as mortgage rates climb (see chart below). The red shows payments above that threshold and the green indicates a payment within your target range.

Recently Caity and I have had the honor of having long time Realtor Pat Weiss be a part our team. Pat and I have been friends for many years and have sold many of our listings together as we work the same marketplace. Pat recently purchased a home in Bend, Oregon and wants to spend more time there, plus do more of her world travelling and as a result we have been assisting Pat with her clients. Pat and I have similar backgrounds having both lived in Saskatchewan and Alberta as kids. Pat is a veteran Realtor, having been active full-time in Portland for more than 40 years. She has seen it all and can lend some sorely needed perspective to the market that we are seeing. Pat has a varied background. Her BS in Biology (magna cum laude) from Santa Clara University profiles her scientific bent and attention to detail, but with a minor in art history and its emphasis on design and attention to history. Pat grew up in Canada, having lived in Alberta and Saskatchewan. She has the no-nonsense mid-West Canadian sensibility that is so helpful in a crazy market. She is available for consultations and handholding. Pat enjoys traveling, skiing and visiting with her wide-ranging family both in the US and Canada. We look forward to helping Pat's many clients into our fold and taking care of their real estate needs in the future. Welcome Pat!