Las Vegas Market Update for July 2020

  • Jessica Ream
  • 07/23/20

The Las Vegas moratorium on evictions ends in July, which means that some evictions may start up

This has brought up a lot of uncertainty for the average person whether they’re homeowners or renters. I’ve had many people reach out to me unsure if now is a good time to buy.  People are trying to time the market, thinking that home prices will dip in the coming months or that a sudden onslaught of people being evicted will spur a housing crash.

I’d like to start out by saying that no one wants people on the street. The property managers I hear from regularly are working with tenants on repayment plans and deferments. The last thing that anyone wants is another housing crash, so I personally believe that social support is encouraging everyone to work together as much as possible to keep people in homes. That being said, renters who have not been communicating actively or showing that their intention is to reimburse late payments as quickly as possible may find themselves in a tougher situation. The rental market is extremely hot right now with great homes being leased within hours. If you’re searching for a home to rent, expect a tougher pool as people with high credit scores are even offering double the security deposit to get the homes they want.

With interest rates dipping below 3%, lower than they have in over 50 years, many people are searching for home buying as an alternative to renting

That means that if you have a credit score above 600 and $13,000 as down payment, you can potentially get a $375,000 home. If you’ve never used a VA loan, you can get into a home with ZERO down and rates as low as 2.5%. That means a steady monthly mortgage for potentially hundreds less than you would be renting. And with a more competitive rental market where some homes require over $7500 in deposits and fees, putting in the extra couple thousand to start investing in real estate is feeling like the better option for many people.

It can feel scary not knowing what the future holds, so people are wondering why would you buy with so many unknowns?

I’ve personally been seeing people who have stable jobs who are capitalizing on the record-low interest rates. The market will always go up and down, but if you’re planning on being in your home for years, people are choosing to control their monthly expenses by locking in their rates. They know exactly what they want to spend per month and are finding homes that allow them to keep their budgets to what they want to spend. It gives them more control as well as building wealth through equity.

It’s impossible to guess the bottom, so instead of a fear mindset of “what if” I’m seeing a lot of positivity mindset from buyers of “start now.” Time is long and we can never predict a set future, but we can control what we want to spend, we can choose to use this time for responsible growth by assessing our incomes and our debts and working toward building the future we want.

If you want to see what you might qualify for, it’s free. Some people worry about a credit inquiry, but a mortgage inquiry is not the same as a credit card inquiry where it drops your score by several points. It’s not a “hard hit” on your credit in that way so taking a realistic approach into seeing what you qualify for will give you certainty to help eliminate some of those fears. Please email me at JessicaReam@Windermere.com and I will send you a few credible and highly professional lenders who can look into your credit and pre-qualify you or even help you get your credit to where you need it to be to get the home you want.

If you want to know what your home is worth so that you can sell and move into a home with more upgrades, space, or is located in a place you’d rather live, that’s a complimentary service I provide as well. Please email me at JessicaReam@Winderemere.com and I’ll send you a customized report of your home and neighborhood so you can see how much profit you may make and can roll that into your new home.

Work With Jessica

Organized, communicative, and friendly, Jessica Ream has been recognized by Money.com, Who's Who in America, Huffpost Weddings, and is the 2021 AHRN Preferred Realtor for Nellis Air Force Base. Always elevating the client experience with a zen approach, Jessica eases stress for a smooth transition. 

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