For the first time in years, what's been a seller's market may be changing.
"There's finally starting to be sellers that are moving up, they're selling their current home to get a better home and they're taking a hit on the interest rate, they're taking a hit on the monthly payment, but I think we're starting to figure out that lifestyle is more important than money," said Voltaire Lepe, a real estate broker in San Diego.
He said as the real estate market approaches the summer selling season, he's seen more stock than there's been in six to seven years. Why?
"You know what, my monthly payment is great because I have a 3 percent interest rate," said Lepe. "But it's not worth the lifestyle that I'm sacrificing. I want a yard, I want something for my kids to run in, I want a better school district."
While it's not officially a buyer's market, Lepe said the current housing situation is definitely benefiting buyers.
"Buyers right now, they can get closing costs paid by the sellers, they can get credits on repairs on properties, and they can get a discount," said Lepe.
It's not just single family homes. Gregg Neuman, the head of Neuman Team Real Estate with Berkshire Hathaway, said there are also a lot more condos.
"Properties are staying on the market longer, prices are being reduced, and buyers are able to get concessions from sellers, buyers are able to get interest rates down, and they're able to get sellers to pay the commission they owe the buyer," said Neuman.
According to Zillow, the average median home value was about $950,000, about half a percent lower than a year ago.
For first time buyers, Lepe has this advice: "Know that it's not your forever home," said Lepe. "Understand that you want to be there for about five to ten years, somewhere in that range, to build enough equity to move to your next home."
