If you’re thinking about selling your home fast in Las Vegas, March is typically the best month to do so; and the first three months of 2020 was looking like the market would continue to thrive. (https://www.homelight.com/best-time-to-sell-house/las-vegas-nv#)
However, once the “Stay at Home” orders were put in place mid-March, real estate agents have been having a tough time closing deals. As a result of this, thousands of single-family homes are still sitting on the market with nary an offer.
Sounds pretty bleak, right?
So, would now be a good time to sell — especially when there’s a possibility that the nation will experience another recession? Well, that depends on your circumstances. (https://www.homelight.com/blog/sell-house-before-recession/>)
There’s absolutely nothing actually preventing anyone from listing their Las Vegas home, but there are some situations where you may want to delay. One of the most obvious reasons being people are afraid of contracting the virus.
Clark County has had thousands of confirmed cases of COVID-19 and although Las Vegas real estate agents do their best to practice social distancing, using PPE and using technology to show homes, people are hesitant. Let’s not forget that it can be risky having people walk through your home and touch your things. They could unknowingly have the virus and possibly spread it to you or your family. This is a big fear for the immuno-compromised, the elderly, or those who have pre-existing health conditions. (https://www.homelight.com/las-vegas-nv/top-real-estate-agents)
Another reason to hold off on selling is if you’re taking advantage of the extremely low interest rates and refinance your mortgage. Refinancing can help ease the financial burden until you are ready to move. Reasons to list your house It’s true that real estate agents may not be what you think of when you hear talk about essential workers, such as healthcare workers, firefighters, EMTs and so on. However, people will always need to find housing and that will never change. It should go without saying that if you need to move, you shouldn’t let the virus stop you!
The truth of the matter is, mortgage rates are at an all time low! Since mortgage interest rates are so attractive, buyers are likely to make a move and a piece of the pie; so to speak. With that being said, many sellers are temporarily removing their listings, which causes the housing inventory to shrink dramatically. So, all of those buyers who have been pre-approved for a mortgage (with those low interest rates!) will have a smaller inventory to choose from and if you list your home at a competitive rate, you’re likely to receive a good offer.
To sell or not to sell, that is the question Deciding when to put your house on the market isn’t easy during normal times, so it’s understandable that you might be even more conflicted. The truth is, we don’t know when things will go “back to normal,” but we also shouldn’t let this pandemic stop us from living our lives.
If you need to sell, by all means find a local real estate agent who knows your area well and has a good reputation. They’ll be able to walk you through the whole process, while keeping everyone safe and healthy.Laura Harbison
Realty Executives Southern Nevada Properties