In a tight market flush with cash, skyrocketing prices continue to reach new heights
By Shivani Vora
Record breakers in real estate used to be an occasional event—one that had industry insiders and the public talking for weeks on end. Today, however, these records have become such a common occurrence that eyebrows hardly raise when they happen.
“The wealthy have gotten wealthier following the start of the pandemic, and they’re willing to pay up big for real estate, which is leading to record sales across the globe,” says Kelly Mangold, a principal at the global real estate consulting company RCLCO. “This demand, along with industry shortages, has also impacted listing prices and made them hit record levels.” In short, says Mangold, the word “record” is tossed around freely in the current landscape of residential real estate, which wasn’t the case five years ago. “Some of the trends leading to these big records were happening pre-pandemic, but the pandemic has only accelerated them,” she says. Read the full article below.