The last two years caught many of us off guard—and not just because of the pandemic. They also ushered in the hottest housing market on record, with home prices rising nationally by nearly 19% in 2021, driven primarily by low mortgage rates, a major supply shortage, and a year’s worth of buyers that expoloded out
Last year was one for the real estate history books. The pandemic helped usher in a buying frenzy that caused home prices to soar nationwide by a record 19.9% between August 2020 and August 2021.1 However, there were signs in the fourth quarter that the red-hot housing market was beginning to simmer down. In the
While many areas of the economy have contracted, the housing market has stayed remarkably strong. But can the good news last? When COVID-related shutdowns began in March last year, real estate brokers and clients scrambled to respond to the shift. Record-low interest rates caused some lenders to call a halt to new underwriting, and homeowners
“2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said.1 And he’s right: most of us would have expected the housing market to suffer from circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages. But, rather
Discover What Buyers Will Pay in Today’s Market It’s easy to look up how much money you have in your savings account or the real-time value of your stock investments. But, determining the dollar value of a home is trickier. As a seller, knowing your home’s worth helps you price it correctly when you put