It’s no surprise that The COVID-19 pandemic is causing an economic slowdown.
The good news is, home values actually increased in three of the last five U.S. recessions and decreased by less than 2% in the 4th. All things considered, an economic slowdown does not equal a housing crisis and this will not be a repeat of 2008.
On a personal note, many people are asking me what is going on locally in the real estate market. I can happily say that none of my clients have cancelled and many have taken advantage of the “zero” interest rate. My vacant listings are continuing to show as well. I have a friend in new home sales in Summerlin and they have had only 1 cancellation out of six buyers closing within the next 30 days.
I would like to go out on a limb and say that we will spring back from this. I predict that we will have even more people moving to Las Vegas for the sunshine, warm weather, low cost housing and healthy lifestyle. I also predict that rents will sharply increase due to the shortage of available rental properties.
I would love to hear from you with your facts, thoughts or opinions. You may email me directly at Stacy@lvteamrealty.com
Take care of yourselves and your families. We’ll get through this like we always do. #VegasStronger.