When interest rates plummeted during the pandemic and many people reevaluated where they wanted to be in life, a flurry of real estate activity caused home prices to soar. Today, the nationwide average price of a home is $438,601, up significantly compared to the average home price of $298,669 five years ago.However, some prospective buyers have held off on purchasing new homes due, in large part, to high mortgage rates and low housing inventory.
As she points out, though, it's possible that local conditions differ. When you shop for mortgage lenders and houses, it's important to not get too caught up in the national trends and instead see what's possible for your situation. 'If you look closely at specific cities, locations, and product types there are amazing deals to be had out there. You just have to know where to look.