Buying and Selling Las Vegas Highrise Properties during the Pandemic
The COVID-19 pandemic is one of the most pivotal events to happen to the world in recent years. In just a few weeks, most of the United States was brought to a standstill, with businesses and government offices scaling down on their services or outright shutting down to avoid the spread of the disease. Most of the economy experienced a slump because of these events. Surprisingly, even in this period of stay-at-home orders, shuttered shops and limited travel, the real estate market still sees flickers of life. Las Vegas condos, single-family homes and apartments, for instance, still see active listings even throughout the lockdown. Let’s have a look at the state of buying and selling Las Vegas properties during the pandemic.
More Digital Tours
House tours are a staple of any pre-purchasing phase when buying homes and condos. Buyers want to get a feel of the property itself before they are sure they’re going to buy it. Unfortunately, with the stay-at-home orders and visitation restrictions in place, a house tour is basically impossible. Because of this, many potential buyers have increasingly relied on virtual house tours to get a preview of the condo or property that they are thinking of buying. While virtual house tours have been part of real estate offerings for several years now, the recent medical emergency has forced many buyers and sellers to rely more on this platform to help them decide about their property transactions. We might see more innovative virtual house tours in the future thanks to the experience they’ve had due to the pandemic.
You’d think that the global pandemic may have put a dent in the confidence that Las Vegas real estate agencies have gained thanks to the booms of the first months of 2020. Surprisingly, many realtors and sellers are cautiously optimistic that the short-term setbacks may lead to long-term gains; with people staying at home more, they’ll come to realize how important it is to have an actual personal property to own and stay in. Nonetheless, Las Vegas property sellers have been giving prospective buyers more leeway when it comes to possible home purchases. On top of increasing virtual tours, some sellers and realtors have started offering contingency options to allow the potential buyer to visit the house at a later date, if circumstances allow. In addition, vacant properties have been pushed to the forefront as buyers remain wary of possible infection risks in currently-occupied properties that are up for sale.
Not All Sunshine and Rainbows
Despite the relatively positive situation with the Las Vegas property market, experts still believe that some short-term issues may be arise that can affect market movement negatively. While not as bad as the Recession, these experts expect a possible slowdown as buyers and sellers hold off on their home transactions until the country has fully recovered from the pandemic. Economic experts believe this will be a period of correction, culminating a near-decade rally in the housing market. Price corrections may be in order as the market tries to adapt to the slower pace following the recovery period from the pandemic. It is good to see that the global pandemic has not entirely affected the Las Vegas property and condo market. Let’s hope that this positive movement in the market remains throughout the year as Las Vegas recovers from the COVID-19 emergency.