LAS VEAGAS (KTNV) — Real estate agents say home sales are on the rise in Las Vegas, while other cities are seeing the opposite during the COVID-19 pandemic.
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Business has been unexpectedly bustling for Vandana Bhalla of Signature Real Estate Group.
“We’re still seeing good numbers here in Las Vegas, I’m busier than I was before quarantine,” says Bhalla.
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Bhalla says buyers and sellers started making arrangements to close early when stay-at-home orders began.
“Everybody started to get a little bit scared that they weren’t going to be able to get to the bank, or they weren’t going to be able to sign paperwork or travel to come do the docs that they needed to,” says Bhalla.
Across the nation, Realtor.com is forecasting home sales will rebound in late summer as COVID-19 fears subside.
However, they predict another low will hit at the end of the year, due to another possible spike in coronavirus cases, and high unemployment rates.
Las Vegas Realtors President Thomas Blanchard says there's been a small dip in housing prices, and says not to hesitate if you're looking to buy.
“Whether it goes down on the short term, it’s eventually going to rise up on the long term,” says Blanchard.
RELATED: Las Vegas-area housing prices drop as market responds to pandemic
If you’re wondering how apartment rents are doing, the Nevada State Apartment Association (NVSAA) says those prices have started to drop, as well.
“With stay-at-home orders in effect since mid-March and many local residents dealing with layoffs and pay cuts, the economic engine that fuels housing momentum has stalled,” says Susy Vasquez, NVSAA Executive Director. “We expect to see more dramatic changes to these statistics in the coming months.”
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