Coronavirus, stock market, Las Vegas real estate…
We all have much on our minds, so I’ll keep this brief.
Would it be wrong to assume that you are feeling uncertainty and confusion right now?
Predicting the future is above my pay grade.
However, this is not my first time navigating turbulent real estate waters. No matter what, a home sale comes with anxiety and uncertainty. Your home is often (one of) your biggest assets, especially in Las Vegas. The stakes are high. There are many ways a real estate deal can go sideways.
So what can I offer in these jittery times?
Here are a few observations on the Las Vegas real estate market in the day of COVID-19:
- So far, the sales prices of our listings over the past two weeks have met or exceeded client expectations.
- This past weekend, virtual open houses were well-attended and busy with active buyers.
- If you have a legitimate reason to buy or sell, your motivation has not changed.
- We have short term memories. A bigger effect, if any, will depend on whether the situation gets much worse or starts to peter out. It will depend on whether confidence and optimism prevail or the reverse.
I don’t know if the situation will get better or worse. Based on my experience navigating LV real estate during the Great Recession, there is always opportunity for both Buyers and Sellers in Las Vegas, Henderson, Lake Las Vegas, and North Las Vegas. The turbulent stock market has driven mortgage rates to their all-time low. You may need to adjust, but opportunity is out there.