Las Vegas Real Estate, During a Pandemic

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Las Vegas Real Estate, During a Pandemic

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Real estate is Las Vegas has been a wild ride, from the boom of the early 2000’s to the bust of 2008, it’s always changing.  Now with the current pandemic, real estate is changing again and it has less to do with property values and is more about efficient but less social formats to conduct tours and paperwork. The use of videos and 360° virtual tours has allowed more buyers an opportunity to see homes that are for sale, without ever stepping a foot in your home!  Agents working on either side of the transaction are now offering walk through videos of properties as a “first look” in order to save potential exposure to Covid-19.   If you would just like to know an estimate of your homes value, use the contact form on this page and tell us about your plans.

Use your mouse to look around this 360° image in the great room of this home

How long it will last is anyone’s guess, but the days of a standard open house are at least on hold to make the home buying and selling process as healthy as possible.  Does that mean people have stopped buying homes?  No!  A great many people have been affected by the economic slowdown brought on by the Covid-19 pandemic, but there are still many families and investors buying and selling every day.  While the number of sales has dipped, the prices are remaining firm, largely due to the lack homes available for sale.

In Las Vegas, a market that is balanced has about 6 months worth of inventory or the number of homes available to be purchased is equal to the number of homes sold in a 6 month period.  In the first few weeks of the Covid shut down, there was a slight increase in the number of homes available for sale, reaching almost 9,000 homes or about 3.5 months worth of inventory.  As of the end of May 2020, inventory is down to a 3 month supply.

Using the technology we have available today like virtual meetings using Zoom and many others, it is very safe to communicate.  Agents are even holding virtual open houses, due to restrictions mandated by The State of Nevada.  The use of video for virtual tours and 360° cameras allow buyers to get a feel for your home, without ever stepping foot inside your home.  Digital signing platforms like Docusign allow you to complete paperwork from just about any device connected to the Internet, making handling paperwork not only convenient, but also safer!

If your ready to move or just want to know the value of your home, use the contact form on this page, so I can learn more about how I can help you!

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