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 comments. Email me directly at Stacy@lvteamrealty.com
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