Patrick McCarthy Real Estate Blog – Advice Category

If you are considering the purchase of your first home, it is possible that you are going through a wide range of emotions, including excitement, fear, apprehension, confusion, and complete elation that a big dream of yours is about to come true.

If you’re considering putting your home on the market in 2022 – or even if you are just a bit curious about its value, given the intense seller’s market of the past 18 months or so – then you may have visited various websites like Zillow and/or Realtor.com to do a bit of research.

For nearly two years now, since the COVID-19 pandemic took hold in the United States, the housing market has been booming. Historically low mortgage rates have been one of the embers fueling this hot market – which has driven home prices up significantly.

With the surprisingly hot real estate market taking place throughout most of the COVID-19 pandemic, home prices from coast to coast have skyrocketed – and coupled with historically low interest rates, no one knows when the seller’s market will slow down.

When the Coronavirus initially hit the United States back in early 2020, it had a negative impact on the stock market, and created a great deal of chaos for businesses and home sellers. But in the real estate market, things soon took an unexpected turn when home prices in many areas of the country skyrocketed. That, coupled with low mortgage rates, quickly led to a hot seller’s market – even resulting in multiple above-list-price offers on both condos and single family homes.