It is cheaper to buy a house for the first time in a long time than at the same time last year.
As home sales increased across the country last month, buyers are taking advantage.
Brittany Baughman sells houses around Seattle with Four Elements Realty and Co. She says her sales have gone up.
When I'm working with buyers, I've been competing against other offers, Baughman said. The offers are getting aggressive again. There is a reason why there is a decrease in prices. According to the National Association of Realtors and Freddie Mac, the average home price fell to $363,000 in February, and mortgage rates are under 7%.
Jessica Lautz, a Realtor with the National Association of Realtors, said that interest rates have dropped back into that 6% range over the past few weeks. It has encouraged buyers to come back in. 14.5% of the population is under 14.5%.
From January to February, home sales increased across the country.
The biggest jump is in the west, with a 19.4% increase. According to Baughman, buyers need to be aware that sellers might not keep prices low for long.
You need to look at it as a long-term game, Baughman said. You can still get a piece of the lower prices as soon as you can. The jump in home sales from January to February was the biggest month-to-month increase since July 2020, according to the National Association of Realtors.