By Emerick Peace
F
or the past two years, the real estate market has been surging, so fast that people couldn’t keep up with it any longer.
Finally, Q3 saw the market take a breather that was a long way coming! The demand was none like we’ve seen before and not just in Baltimore, but all around the country! Perhaps one of the main reasons behind this crazy surge in demand and prices was the COVID-19 which saw housing prices skyrocket in Maryland as the supply dipped to hit record lows. COVID-19 meant a severe shortage of workers which stalled construction and not just that, we saw an increase in material costs. Factors which contributed to this rise in housing prices. WWW.THEPOWERISNOW.COM
Naturally, when a life threatening phenomenal such as Covid-19 happens, you expect that a slow to no activity almost in every industry. But real estate industry was unstoppable which proved a point. People were dying to own homes! But this silver lining in the real estate industry would quickly turn into a darkness for the real estate buyers as prices quickly surged to the point that they could not keep up! We saw a period where properties were selling in singledigit time periods which has resulted in serious bidding wars. Before we can begin speculating what the future holds, I thought it would be best to first remind ourselves where we are coming from. Just recently, Bright MLS released its data that l
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Maryland real estate market update: Q4, 2021
Starting March 2020, just around the time when the first case of COVID-19 was reported in the country, the market was loomed by uncertainty, especially when the people were forced to shelter in place threatening the economy. But in a twisted turn of event, the real estate market rebounded!
