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Home prices are falling. Here are 3 things buyers should do right now.

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With home prices dropping, now is a great time for homebuyers to get pre-approved.

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Home buyers have had a rough time lately, thanks to decades-high inflation and correspondingly high interest rates meant to tame it. With mortgage rates hitting their highest point since 2000 last summer — and only slightly dropping since — buyers haven’t had much good news lately. This week’s report showing a slight uptick in the inflation rate was the latest blow, seemingly pushing off interest rate cuts to even later in the year.

That said, there was some good news this week: Home prices are falling. 14.6% of U.S. homes listed for sale in February had their price dropped, according to a new report. That’s an increase from 13.2% from the year prior and the first annual rise since May. While home price drops are relative — they could fall in some markets and rise in others — the overall trend is a positive one for buyers otherwise coping with elevated mortgage rates. 

To truly take advantage, however, buyers should strategically position themselves and be prepared to act. Below, we’ll break down three things buyers should do now that home prices are dropping.

Start by seeing what mortgage rate you could qualify for here now.

3 things buyers should do now that home prices are falling

Here are three smart moves homebuyers should make with home prices dropping.

Shop around for lenders

While today’s average mortgage rate for a 30-year mortgage is 6.86%, it’s just an average, meaning that some buyers will get approved for a higher rate and some will get approved for a lower one. It makes sense, then, to shop around to secure the latter type. 

Get rate estimates from at least three different lenders to determine which one is offering you the best deal and which one just appears to be. And compare closing costs and any fees to make sure that the lower rate isn’t being compromised by those expenses. You’ll want to do this soon so you know which lender to proceed with if you find a home priced lower than expected.

Start shopping for lenders here now.

Get pre-approved

A pre-approval shows sellers that you’re a serious buyer — and that you have the financial standing to make a legitimate offer. By getting pre-approved now, you’ll be better positioned to make that offer when you find a home priced right for your budget. Plus, pre-approvals last anywhere from 60 to 90 days, giving you some flexibility and extra time to find a home in your budget. 

And you don’t need to use the lender you got the pre-approval from if you ultimately find a lender with better rates and terms. Still, a pre-approval now could be the difference between your offer being accepted or rejected.

Understand the local market

Location, location, location. It’s vital to understand your local market and how the location of any prospective property will ultimately affect what you pay. While home prices are coming down overall, they may not be in your specific ZIP code. On the other hand, they could be coming down significantly where you want to live — or in the neighborhood next to it — giving you some leverage to buy at the right price. 

But you won’t know which is which until you understand the local market. So do your homework, learn about the market, speak to real estate agents and more so that you’re positioned to make a competitive but reasonably priced offer when you ultimately do find a home. 

Learn more about your current mortgage options online today.

The bottom line

With mortgage rates high but home prices dropping, buyers need to be smart about their next steps. By shopping around for lenders, getting pre-approved for a mortgage and thoroughly understanding their local market they will be better prepared to act — and more likely to have their offer accepted. But they should take these steps now because lower home prices will surely bring out more competition, potentially further complicating an already volatile real estate market. 



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Rep. Mike Turner says all “candidates need to deescalate” after Trump assassination attempts

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Rep. Mike Turner, an Ohio Republican who chairs the House Intelligence Committee, responded Sunday to Eric Trump’s implication that his father’s Democratic opponents were responsible for the attempts on former President Trump’s life, saying the innuendo was “of course” inaccurate but political candidates on both sides of the aisle “need to deescalate” their rhetoric.

“No, of course not,” Turner said in his latest appearance on “Face the Nation with Margaret Brennan,” after being asked whether he believes there was truth to claims made by the former president, his son Eric, and his vice presidential running mate, Sen. JD Vance, at a rally where each either implied or suggested Democrats tried to kill him.

Trump returned Saturday to Butler, Pennsylvania, to speak to supporters gathered at the Butler Farm Show fairgrounds, the site of the July 13 assassination attempt against him. A gunman facing Trump on the podium at that rally opened fire into the crowd, grazing Trump’s ear, killing one attendee and injuring two others, according to authorities. The gunman was killed by a Secret Service sniper, officials said. 

Another apparent assassination attempt happened in September when a suspect pointed a gun in Trump’s direction on the Florida course where he was playing golf. The FBI has opened probes into both incidents. 

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Rep. Mike Turner on “Face the Nation with Margaret Brennan,” Oct. 6, 2024.

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Trump, his son and Vance all acknowledged the assassination attempt in Butler at Saturday’s campaign event.

“Over the past eight years, those who want to stop us from achieving this future have slandered me impeached me indicted me tried to throw me off the ballot and, who knows, maybe even tried to kill me,” said the former president, while Eric Trump claimed his father’s political opponents “tried to kill him, and it’s because the Democratic party, they can’t do anything right.”

Vance, in his remarks, addressed Trump’s Democratic challenger in the presidential race, Vice President Kamala Harris, and suggested that the Republican nominee “took a bullet for democracy.”

Brennan asked Turner: “You don’t mean to imply here anything that would suggest Eric Trump’s allegations that Democrats are trying to kill him?”

“No, of course not,” Turner responded. “But I do think that Vice President Harris needs to actively state and acknowledge that her administration is saying a foreign power, which would be an act of war, is actively trying to kill her opponent.”

The attempts on Trump’s life came after a citizen of Pakistan with ties to Iran was arrested and charged with allegedly planning a murder-for-hire scheme targeting Trump, among others. Although the timing of the charges coincided with the first attempt, there was no indication that the two incidents were related.

Turner criticized Harris for what he viewed as a failure to openly condemn the alleged plot.

“I think there’s certainly a role for her to play and for the president to play in this, in both identifying that there are threats against Donald Trump that need to be acknowledged and responded to, to deter,” he said. “I think all the candidates need to de-escalate, certainly in their language.”

But the congressman did acknowledge that a Biden-Harris Justice Department official, Matthew Olsen, the head of the national security division, said the U.S. government has been “intensely tracking Iranian lethal plotting efforts targeting former and current U.S. government officials — and that includes the former president.”

“I would say that we are very concerned — gravely concerned — about Iranian plotting,” Olsen told CBS News in a recent interview.



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Maps show track of Hurricane Milton as forecasters predict landfall in Florida this week

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South Florida prepares for heavy rainfall, flooding in wake of Tropical Storm Milton


South Florida prepares for heavy rainfall, flooding in wake of Tropical Storm Milton

04:09

Hurricane Milton rapidly intensified into a Category 1 storm on Sunday, and it has set its path on Florida’s Gulf Coast.

Forecasters predict Milton will make landfall around the Tampa Bay area on Wednesday, bringing with it upwards of 120 mph winds and drenching an area still reeling from Hurricane Helene.

As of 2 p.m. ET on Sunday, Milton was centered about 290 miles west-northwest of Progreso, Mexico, and about 815 miles west-southwest of Tampa. It had maximum sustained winds of nearly 80 mph and was inching north-northeast at 6 mph.

Path of Hurricane Milton

A map from the National Hurricane Center shows Milton continuing to strengthen into a major hurricane as it approaches Florida’s western coast.

“Milton is forecast to rapidly intensify during the next couple of days and become a major hurricane on Monday,” forecasters said.

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The projected path of Hurricane Milton as of Oct. 6, 2024

NOAA/National Hurricane Center


The storm is expected to remain north of Mexico’s Yucatan peninsula, with heavy rainfall expected as Milton makes its way northeast toward Florida. Tropical storm watches are currently in effect from Celestun to Cancún, Mexico.

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The current wind field for Hurricane Milton as of Sunday, Oct. 6, 2024.

NOAA/National Hurricane Center


The hurricane center said hurricane and storm surge watches could be issued for parts of Florida later Sunday.

Florida officials prepare for more impact

Florida Gov. Ron DeSantis said Sunday that while it remains to be seen just where Milton will strike, it’s clear that Florida is going to be hit hard. “I don’t think there’s any scenario where we don’t have major impacts at this point,” he said.

“You have time to prepare — all day today, all day Monday, probably all day Tuesday to be sure your hurricane preparedness plan is in place,” the governor said. “If you’re on that west coast of Florida, barrier islands, just assume you’ll be asked to leave.”

Tropical Weather
This GOES-16 GeoColor satellite image taken at 4:50 p.m. EDT and provided by National Oceanic and Atmospheric Administration (NOAA) shows Tropical Storm Milton, center, off the coast of Mexico in the Gulf of Mexico, Saturday, Oct. 5, 2024.

NOAA via AP


DeSantis expanded his state of emergency declaration Sunday to 51 counties and said Floridians should prepare for more power outages and disruptions, making sure they have a week’s worth of food and water and are ready to hit the road. 

The Federal Emergency Management Agency, meanwhile, coordinated with the governor and briefed President Biden Sunday on how it has staged lifesaving resources.

“I highly encourage you to evacuate” if you’re in an evacuation zone, said Kevin Guthrie, executive director of the Florida Division of Emergency Management. “We are preparing … for the largest evacuation that we have seen, most likely since 2017, Hurricane Irma. “

As many as 4,000 National Guard troops are helping state crews to remove debris, DeSantis said.

“All available state assets … are being marshaled to help remove debris,” DeSantis said. “We’re going 24-7 … it’s all hands on deck.”



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American and U.K. climbers rescued after 2 days stranded on Himalayan mountains in India

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An American climber was rescued after she and another alpinist from the U.K. were stranded for two days at more than 20,000 feet in the Himalayan mountains.

Michelle Dvorak, 31, and Fay Manners, 37, went missing on Thursday after their equipment and food tumbled down a ravine while trekking up India’s Chaukhamba mountain, CBS News partner BBC reported.

The pair sent an emergency message but search and rescue teams were unable to find them.

Rescued British and U.S. climbers pose for a photo with rescuers in Joshimath, Uttarakhand
Rescued British and U.S. climbers pose for a photo with rescuers in Joshimath, Uttarakhand, India on October 6, 2024.

INDIAN AIR FORCE/Handout via REUTERS


Manners told the BBC they were “terrified” as they tried to make part of the descent down the treacherous mountains without supplies.

“I watched the bag tumble down the mountain and I immediately knew the consequence of what was to come,” she said. “We had none of our safety equipment left. No tent. No stove to melt snow for water. No warm clothes for the evening.”

The terrifying ordeal intensified when it started to snow. They took cover on a ledge while waiting for rescuers.

“I felt hypothermic, constantly shaking and with the lack of food my body was running out of energy to keep warm,” Manners said.

The rescue was made difficult because of the conditions, including bad weather, fog and high altitude.

“The helicopter flew passed again, couldn’t see us. We were destroyed,” Manners told the BBC.

British and U.S. climbers are rescued at the location given as Uttarakhand
British and U.S. climbers are rescued at the location given as Uttarakhand, India on October 6, 2024.

INDIAN AIR FORCE/Handout via REUTERS


On the second day, the pair began to cautiously abseil down the mountain. They spotted a team of French climbers coming toward them. Manners said they shared their equipment and food and contacted the helicopter company with an exact location.

“I cried with relief knowing we might survive,” she said.

The Indian Air Force said in a post on the X social media platform that their helicopter airlifted the climbers from 17,400 feet after “battling two days of bad weather.”

Chaukhamba is a mountain massif in the Garhwal Himalaya in northern India.



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