For any market, the news of a pandemic is enough to send them into a frenzy. When I first heard about Covid and how it was spreading in America, my thoughts were that we would soon be dealing with another 2008 all over again. Certain deals weren't secured anymore while others got worse- due to the sheer amount of destruction caused by this virus on its path through our country's population centers.
The fear associated with an outbreak like Covid can have devastating effects on markets because people are scared off from investing their money for long periods or at least until they see some kind of relief, which could take years depending on what happens next!
With everywhere going into a widespread shut down it seemed imminent that my career was going to take a turn for the worst. Imagine living in a city that its whole infrastructure is reliant on tourism and travelers. If people couldn't even come to enjoy the city, I wondered who in the world would want to come to buy a house here.
I quickly learned that my assumptions were completely wrong. Homes began to sell out, and people began inquiring more about buying homes from me than ever before. My mind went from thinking there would be a real estate surplus to there being a home shortage. This was quickly proven to be true as people began paying 10 and 30 thousand over a home's appraised value.
The more people contacted me, the more I heard the same story repeatedly. People were leaving their high-income tax states and flocking to states that offered lower income taxes. When people no longer had to go into offices and could work from home, their eyes opened to the possibility of this being a long-term way of living.
How can the American Recovery Act help real estate agents?
I believe the American Recovery Act has both helped and hurt the real estate market. It has decreased the number of people who would have potentially needed to file bankruptcy due to job loss or other circumstances that have happened as a result of Covid 19.
It has also made property owners who rent their homes out unable to evict tenants who are living in their properties but can't pay rent. It has also increased the number of prospects who might want to purchase a home but can't due to being unemployed.
However, it has motivated realtors such as myself to continue finding motivated homeowners looking to sell and connect them with buyers looking to pay over market value. I believe there should be a happy medium where not only people who can afford to pay the inflated prices absorb the little inventory that is left.
More can be done to help first-time homebuyers obtain homes without the risk of being outbid every time they find a property they like.
In conclusion, Covid 19 was a game-changer for the real estate industry in Las Vegas. Since then, there has been an increase of buyers and sellers on the market which has created more opportunities to make money as a realtor. It has been very interesting to witness the booming real estate market and the growing demand for homes in Las Vegas.
It is a good time for individuals to sell their home since there are more buyers that have money to buy houses than there is housing available on the market. I believe if this trend continues, many other markets will eventually experience what Las Vegas has been through, and the real estate industry will be forever changed.
ABOUT THE AUTHOR: Kourtney Wagner (Mr. West Las Vegas) a husband and father of two has been a Las Vegas resident for the last 12 years and served as a local Las Vegas Realtor since 2013. Kourtney is devoted to helping his clients with any questions pertaining to Real Estate, he is available via phone/text at (702) 237-0390 or you may email [email protected].