Henderson Real Estate Market and COVID 19
Posted March 25, 2020 in Living Las Vegas,Real Estate Advice
About this time last month, the stock market had closed at all-time highs. Americans across the nation were experiencing increasing equity in their homes, fantastic growth in their retirement account and investments, and rather mundane trips to their local grocery stores. Also, in the Henderson and Las Vegas real estate markets we’re seeing record high median home prices. It’s hard to imagine how much can change in one month.
The spread of COVID 19 can essentially be blamed for the sudden drop in the market. Many have lost their jobs already because of this pandemic. While many would expect this to hit the Las Vegas and Henderson real estate market hard, Henderson real estate agents at Nevada Desert Realty have yet to see much of a change. Yesterday our clients closed escrow on a 4 bedroom home in Palm Hills, a fantastic Henderson neighborhood. Within the last week, we’ve listed several new homes on the Las Vegas and Henderson real estate markets. We currently have 4 listings under contract and two sales. Nevada Desert Realty has had homes fall out of escrow because of a recent job loss, but one of the listings was back under contract with another buyer within several days of the canceled escrow.
Contact us at 702-509-1446 to get virtual tours of our current listings!
US Economy
This week alone has been a bit of a roller coaster, with the stock market hitting a 3 year low Monday, yet on Tuesday’s DOW having the largest point increase in 1 day since 1933. With so much uncertainty, the market is likely to continue on this roller coaster until more is understood about COVID 19, the Stay-At-Home has ended, and the majority of Americans who lost their jobs find new situations. The federal government is set for the $2 trillion dollar stimulus plan to aid Americans and supplement the incomes of those who have had a job loss and support the lack of income faced by small businesses. This follows a senate passed stimulus bill passed on March 18th which is set to release billions of dollars.
Las Vegas and Henderson Real Estate Market
What does all this uncertainty mean for the Las Vegas and Henderson real estate market? Henderson real estate agents were seeing all-time highs of Median home prices in January, but how will the close of the Las Vegas Strip, job loss, and the spread of COVID 19 affect the housing market in Henderson and Las Vegas? Some see much cause for concern as Las Vegas was one of the cities hit hardest by the housing market crash in 2008. This being the case, many are optimistic. March and April are usually the time that the Las Vegas and Henderson real estate market begins to heat up as many home buyers use their tax return as the last amount needed in a down payment or closing costs. With this stimulus package, many are expecting to receive a check from the federal government within the next month or two which may be an additional benefit. What may be the main factor in how well the Las Vegas and Henderson real estate market is residents obtaining new jobs.
Give us a call or send us a text if you need to make some changes in your living situation but aren’t sure how! 702-509-1446!
Another potential factor in the housing market in Henderson and Las Vegas is how many people can actually sell their homes during this time. With many on lockdown, those who were planning on selling their Henderson or Las Vegas home may be led to hunker down for now. However, lack of listings may keep house prices from dropping dramatically if the demand for housing stays higher than the supply. Lack of listings may be a blessing in disguise.
Buying and selling homes in Henderson and Las Vegas virtually
This being the case, Nevada Desert Realty has just listed several wonderful homes in Henderson and Las Vegas and have fantastic virtual tours which allow you to explore the home for sale online and in the safety of your current residence. Nevada Desert Realty’s Henderson real estate agents have been helping people buy and sell homes virtually or from out of state (or even out of the country) for years. Many feel completely at ease purchasing a home without ever actually stepping foot in the property.
Low-interest rates – it makes a difference!
One incentive to purchase a home during this time is the low-interest rates that have a possibility of dropping even lower. Many don’t realize the impact that interest rates have on their monthly mortgage payment and what ultimately pay for their home over 15 or 30 years. For example, the difference between a 4.0% interest rate and a 3.75% interest rate on a mortgage for $300,000 over 30 years is a total of over $15,000 difference during the life of the loan. The difference in monthly payment is over $40. I’m not sure about you, but that’s money that could be going into our monthly sushi budget or coffee fund!
Contact us for a current Las Vegas and Henderson real estate market update!
A huge benefit to you is that Anna and Michael Klinger, owners of Nevada Desert Realty, are here to answer your real estate-related questions via phone call or text at 702-509-1446. No one really knows at this point what is going to happen in the Las Vegas or Henderson real estate market, but you can get updates as often as you want by simply reaching out to these local Henderson real estate agents who will love to educate and assist you! They’ll also be able to help you determine the best plan of action for your real estate goals in the near future. Nevada Desert Realty also offers property management services if you need to move in the near future but want to hang on to your property a little longer and possibly even collect passive income. When the world gets chaotic, locals need to be there for each other and take care of one another and Nevada Desert Realty would love to be here for you during this time!
Thank you for reading more about the Henderson Real Estate Market and COVID 19!
