There have been many questions in regards to Real Estate in Las Vegas during this time. The pandemic has left people uneasy, uncertain, and extremely frustrated.
Does this play into the Real Estate market in Vegas? The short answer is Yes, but let’s dive a little deeper.
The pandemics effect on the Las Vegas Real Estate economy has been devastating to watch
To give you an example of what has happened in the Southern Nevada communities, builders sold 642 homes in Summerlin during the first half of 2020, according to the Review-Journal.
Real Estate consulting firm RCLCO states, “Las Vegas ranked the fourth highest among U.S. Master-planned communities.”
Las Vegas Real Estate Market
In March of 2020, Las Vegas took a massive hit with Casinos shutting down, businesses closing, and massive job losses. The city looked like a ghost town, and there was more fear than certainty in the air.
Home sales shrank, but it was not long before statistics started to come through showing us that the “Las Vegas housing market is alive and well,” according to Tom Blanchard, president of Las Vegas Realtors.
The median price for homes in June is up 7% more than June of 2019. More information on this from the Las Vegas Sun.
We are currently looking at a seller’s market, which is great if you’re looking to sell your home.
To further investigate the Real Estate market of Nevada, I sat down with Las Vegas Real Estate expert, Iddo Gavish, Broker/Owner of CENTURY 21 Gavish Real Estate to answer some common questions.
Q/A with Iddo Gavish of CENTURY 21 Gavish Real Estate
With the uncertainty of the Real Estate market, is now an excellent time to buy or even sell a home?
It is always a good time to buy and sell. What’s more important are your personal needs and wants of your family than it is on the market. We all want to time it right to sell high and buy low, but the truth of the matter is when you’re dealing with your primary residence, family needs are more important than the state of the economy. If your personal belief is that the market is crashing soon, then absolutely. For your sanity, sell your home and sit on your cash. Peace of mind is worth more.
What are your predictions on when the market will change?
The market is always changing. I don’t subscribe to the theory that the market is crashing. Due to COVID, I believe there will be more homes on the market for sale due to high unemployment during this time. Most people still have a tremendous amount of equity.
Would you recommend having investment properties?
Absolutely! The more, the merrier. It’s a must and a great way to diversify your portfolio and a great way to have passive income. You’re able to leverage Real Estate with a loan from the bank. Many people don’t even think it’s possible.
People think you can’t get a loan right now. Is that true?
It is absolutely false. As a matter of fact, interest rates are lower than they’ve ever been before, which gives you a lot more buying power.
“Stay positive, eat healthy, focus on your health, and work your ass off” -Iddo Gavish
If someone lost their job or is looking for a career change, is real Estate an industry to consider?
It’s a straight commission job so you must have reserves before you build your pipeline. It’s a great industry to get into if you’re willing to put forth the effort. Real Estate is not a “get rich quick” job. It takes time and lots of patience. As long as you have time on your side, you will do very well.
Any words of encouragement to someone in this industry that’s going through a tough time?
Stay positive, eat healthy, focus on your health, and work your ass off.
Background on CENTURY 21 Gavish Real Estate
This Las Vegas Real Estate company knows the ins and outs of the market, has a team of experts to walk you through the buying and selling process and has been around for years with the knowledge and tools to walk you through the process.
Iddo Gavish and his team are skilled in the Las Vegas market, trends, real estate news, luxury properties, homes for sale, and rent.
Century 21, founded in 1971, is an American real estate agent franchise company. This Real Estate company holds approximately 9,400 independently owned and operated franchised offices in 80 countries. Luckily, Las Vegas is home to many Century 21 offices and Gavish Real Estate is proud to be part of the Century 21 family.
Because C21 in Las Vegas is so strong, working with CENTURY 21 Gavish Real Estate would be a great move – pun intended.
Check out the Residential Real Estate listings on their website for more information on listings and prices.
The home maps on the Century 21 Real Estate site is a great way to get a feel for the area, pricing, and photographs of the listings.
Where to live in Las Vegas?
There is a beneficial map of Las Vegas Zip Codes that you should download to give you a helpful visual. It’s called Zip Map Web Tool.
Play around with Zip Map, and it will show you all of the zip codes in Nevada.
In the search bar, look for places in Blue Diamond, Boulder City, Bunkerville, Enterprise, Henderson, Indian Springs, Las Vegas, Laughlin, Mesquite, Moapa Valley, Paradise, Nellis, and North Las Vegas.
Not only does Zip Map give you a Las Vegas Zip Code, but it’s conducive if you’re searching for a Dallas zip code, Seattle zip code, Sacramento zip code, or any other zip code in the US.
If you’re interested in moving to Las Vegas, it might be worth it to check out reviewjournal.com, Las Vegas News, Las Vegas Real Estate for sale, or investing in Las Vegas
These are helpful search tips to further understanding the market in Nevada and the different areas to live.
CENTURY 21 Gavish Real Estate is also an excellent resource for you if you have further questions about the market, listings, and expert advice on buying and selling.
Give them a call today at (702) 255 -1145 or log onto their website.
If you live in Las Vegas, what neighborhood would you suggest people check out? Please leave it in the comments below.
Feel free to connect with Iddo right here.