The past few years have been tough for aspiring homebuyers, but there’s hope on the horizon. Mortgage rates, which hit record highs, have now dropped below 7% — and there’s optimism that they could fall further if the Fed decides to lower rates later this year, as many anticipate. In February, there was a promising development in the housing market: new listings surged by 17.5% compared to last year.

• Builders are also increasing supply, with new construction starts rising by 10.7% between January and February.
• Plus, homebuyers may start seeing a “silver tsunami” — one analyst’s term for the wave of homes that will come onto the market as baby boomers retire, which should bring prices down.

Commissions are dropping: Making matters better, a recent class action settlement with the National Association of Realtors means that Americans can now negotiate with realtors to reduce inflated commissions — which could cut homebuying fees for home sales by 25-50%.