Source: Herald Net —
Bidding wars, all-cash deals, 20 or more offers on a single home — that would be the real estate market here and in many places across the country.
It’s been a wild, year-long ride, say local real estate agents.
Last spring, the start of the traditional home-buying season collided with the COVID-19 pandemic and stay-home orders. That did not seem promising for the real estate market.
A few months later, it turned around, and in a big, big way.
Apartment and condominium dwellers and urbanites, especially those able to work from home, yearned to vacate cramped quarters and purchase a home. They were met by historically low interest rates: The average fixed-rate 30-year mortgage dipped below 3%.