First-time homebuyers across the country have a reason to celebrate with the recent news that house prices have ended a ten-year streak and marked the first monthly year-over-year price drop since 2012.
According to a new report from the National Association of Realtors, the median price of a US home in February was $363,000–down 0.2% from the same month last year. Experts believe this decline–though small–marks a turning point for the industry.
Money coach Lynnette Khalfani-Cox notes that the peak buying season is approaching. This motivatrd sidelined buyers to make deals quickly. If you’re ready to buy, she suggests lining up your cash, figuring out which loan you qualify for and calculating your down payment.
“You can put down as little as 3 or 3.5% and still get in the home of your dreams,” says Khalfani-Cox. “And that’s good news to people who don’t have, you know, a hefty amount of savings.”