What do I expect for 2021?

Home sales in Las Vegas has gone up like crazy. Numerous examples are in the sellers corner. Our stock is down 40% year-over-year. Single-family homes are down to one month’s supply, which is half of what it was in December 2019. Purchasers are being outbid with cash offers or are willing to pay ten to fifteen percent above the list price. Appraisals are going up, nearly to twofold the cost per square foot since 2016. Around 20% of deals in December 2020 were cash. Anything under $300,000 is getting 12 to 20 proposals inside 48 hours.

I expect that we will keep on seeing an increase in the interest here in Las Vegas, we will see house costs drive up through the year’s end. With the current mortgage forbearance programs expected to lapse before the finish of 2021, which are securing numerous jobless mortgage holders in Las Vegas, we could see various troubled distressed properties enter the commercial market. A few homeowners with equity will sell since they see there is an increase in valuation and that is a choice, realizing they can utilize the value until they can get back to work. As of September, Nevada’s delinquency rate on mortgages was 8.3%. A portion of those delinquent homes bring about foreclosure and it will be scattered. Las Vegas will keep on developing, notwithstanding challenges.

What’s driving interest in our market?

Presently with the capacity to work from home, buyers are entering the market from different states like California and buyers are proceeding to move here because of the climate, no state income tax and a lower cost of housing.

Investors are likewise seeing that Las Vegas has an active housing market so they are purchasing homes, realizing they will bring in cash on the venture. First-time home buyers are somewhat priced out, and rivaling buyers moving from other, more costly states who have more cash to bring to the table for a down payment.

We have great diversity and we are about a 60% service driven industry here, which makes us exceptionally attractive. Many casino and convention workers are unemployed. Las Vegas was accounted to have 11.5% unemployment, the most elevated rate among 51 metro urban communities with at any rate 1 million individuals, as per the U.S. Agency of Labor Statistics. Simultaneously, we are encountering major growth, paying little heed to the COVID-19 infection and economic shutdown. Las Vegas maintained a 2.7% increase in population for 2021 over 2020, and 2020 was a 2.98% increase from 2019. In fact, Las Vegas was the second fastest-growing city in 2020, despite disruptions in the economy.