Buying and selling homes has historically been a tangible, tactile business. It’s only natural to want to get a feel for your future home before taking the leap to buy. The current pandemic, however, takes the “hands-on” aspect out of just about every business, forcing those with essential businesses to adapt in order to keep things moving. Currently, everyone involved in real estate is in the middle of a steep learning curve in order to effectively accommodate buyers and sellers despite this public health crisis.
Some ways COVID has changed the playing field
Stronger Reliance on Technology
Since Governor Steve Sisolak banned open houses, virtual walk-throughs have become commonplace, and have been a life-saver in the realm of residential real estate sales. Slow-motion, comprehensive walk-throughs have made it possible for 2020 home buyers to get a sufficient taste of a home in order to make an educated buying decision.
This is clearly sufficient, as the Las Vegas real estate market is booming.
Even before COVID, most real estate professionals were using various types of technology to market homes, such as:
- Matterport 3D tours
- Live interaction using Zoom, Skype and Facetime video.
- All listings could be found online
- Digital documentation
At this point, however, if you are not using these tools, you probably aren’t buying or selling homes.
There are also some up-and-coming real estate solutions for more effective virtual communication that surely have a bright future:
Renaissance of Less Popular Neighborhoods
Las Vegas is a seller’s market now more than ever. Due to scarcity and no shortage of buyers, home prices have gone up. Consequently, cost-conscious buyers are considering less popular neighborhoods that aren’t stereotypical hotspots.
Due to such a large number of jobs being reliant on the COVID-threatened hospitality industry in Vegas, there are plenty of cost-conscious buyers looking to take advantage of record-low mortgage rates in order to invest cautiously during this time.
Efficient Communication is More Important Than Ever
Closing a real estate transaction requires the coordinated effort of multiple service professionals, including title companies, HOA, inspectors, and repairmen. This is all done remotely during this time (apart from repairmen, of course), which means that even a small miscommunication can delay the finalizing of a deal.
New Constructions are More Attractive to Buyers
Since it is currently impossible to physically tour occupied homes, newly built homes have become much more attractive. There is also widespread fear of contamination, making a home with no past occupants reassuring.
‘COVID Clause’
The official name is the “coronavirus addendum.” It was created by the Las Vegas Association of Realtors, and is now present in housing contracts. The clause articulates that if either side is directly impacted by the pandemic, there is protection. For example, if you lose your job due to the pandemic, the clause would protect you.
In Conclusion
Even though the circumstances have made conducting real estate transactions more difficult, now is still a great time to buy and sell in the Las Vegas market. With record-low mortgage rates and not nearly enough homes on the market to supply demand, braving the waters is undoubtedly worth it during this time.