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Was the late-2020-into-early-2021 real-estate market really as hot-hot-hot (and chaotic) as anecdotal evidence suggests?

A new analysis says maybe not. Although it also suggests the process was more challenging for first-time buyers.

The record-setting housing market that began several months after the onset of COVID brought anecdotes of frustrated home shoppers being repeatedly outbid and using risky strategies, such as waiving contingencies, to be competitive. But new data from Zillow’s Consumer Housing Trends Report debunks common misconceptions that all buyers had the same experience, and shows the reality for most was not as grim.