Realty One Group

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A Recession Does Not Mean a Housing Crisis

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.

 

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