Buying and Selling during Covid - 19 in Las Vegas
I guess your wondering if now is a good time to buy or sell your home during a this CRAZY pandemic. Well the short answer is a resounding "YES"!
Just like you, when the news of the Corona Virus hit I was shocked, scared, and wondering what's next. But then after a few days I realized that this epidemic does not have to stop us from living our lives, including where we live our lives.
Thanks to the Federal Reserve buying up the mortgage bonds from the Department of the Treasury, the interest rates are still historically low. When speaking with David Chamblee of Nexa Mortgage he reminded me that, "There is no better time to buy because there are historically low rates, essentially the lending business has been uninterrupted. and people who are selling their homes can still capture the appreciation that happened in the market 2 years ago." With that being said, things have changed slightly, lenders are being extra careful by making sure our clients are still employed and raising the credit guidelines a bit.
As a Realtor, I am seeing less "lookie los" and more serious buyers. We now take extra precautions when showing properties now, like wearing, masks, gloves, and booties. Also, a lot of showings can be done from the comfort of your home - thanks to the virtual tours and virtual open houses. I have always shown properties to out of town buyers by Facetime and videos. Personally, I have buyers/investors I have never met! I even bought my home here in Vegas on FACETIME!
New home builders are introducing new finance programs that are similar to buying a car or furniture. Their lenders will finance finance your purchase with a sliding rate such as 1% the first year, 2% the second year, and the full rate from then on. Pretty cool right?
For sellers, the best way to sell your property is to vacate before putting it on the market if possible. This makes buyers more comfortable to go and see. But even if that is not possible, insist on your agent creating some sort of virtual tour or open house for your listing or it will more than likely sit on the market.
Believe me there is someone who would LOVE to buy your home!
The small real estate investors are coming out from hiding as well because they see and know the opportunities exist in this market. The big box investors like Zillow and Open Door have closed their purse strings making room for the little guy to swoop in and save the day!
For example, Las Vegas has lots of retirees who may want to down grade. They don't want to move twice. They don't want people tramping thru their home either. This sector will take a under market offer on their home to avoid the hassle. And by the way, their homes are usually very nice! This is a prime situation for a smart minded pre-approved individual to swoop in and save the day and purchase the house. After an accepted offer, during the inspection period, buyer would be allowed to view the property.
We may start to see some price reductions, but don't count on that to wait to buy. In the affordable sector of housing, that is under 300k - currently we are not seeing much in price reductions. The high end market maybe experiencing slight reductions, but Sellers want to Sell and Buyers want to Buy.
Buying Real Estate is always a good idea because it is a tangible item, unlike a stock where the business can go belly up and you are out of luck, real estate is something you can feel and touch and is definitely recession proof. Build your wealth with us!
The sun is still shining on the Real Estate Market here in Nevada!
For more info please contact Rachel at 702-907-0576 or email email@example.com
Lender contact David Chamblee 813-352-5759 or email firstname.lastname@example.org