Buying a home for the first time can be a daunting thought, especially as the cost of homes rises. When looking for a home, it can be helpful to understand what the current housing market looks like and what is available to first-time buyers.
“The average sales price has increased dramatically in the past 10 years,” said Contreras. “We went from like basically the Great Recession and pricing at all-time lows to right now is a really strong market, and prices are at all-time highs. The prices now are actually a little bit higher than they were before the Great Recession.”
He explained that from 2004 to 2007, home prices doubled or tripled, people were selling their homes, and prices reached an all-time high in 2007…