Record low interest rates and people rethinking work/life balances have created a house-hunting bonanza in the age of COVID-19 across the United States and locally.
Two experienced local Realtors, one who is the Multiple Listing Services director for the Sumter region, spoke Thursday on the biggest tear for the residential real estate market across the country since 2006 and before the Great Recession.
As the Federal Reserve Bank moved interest rates to 0% last year, it had a trickle-down effect on mortgage rates and pushed them down to 2% by the end of 2020. That has been the biggest factor in booming home sales, according to Jay Linginfelter, MLS director at the Sumter Board of Realtors.
Talmadge Tobias, partner and broker in charge with Re/Max Summit in Sumter, agreed.
To have a 2% interest rate on a 30-year mortgage loan was…