COVID-19 has changed many things for our economy, and the real estate market is one of them. Fortunately, it’s good news. The housing market is booming despite an economic recession. Interest rates are at historic lows, there’s a high demand for housing and not enough homes.
Let’s take a look at some of the most persistent myths about the housing market right now and the truths behind them. You’ll want to know this information if you plan on selling your fixer upper in Las Vegas!
Myth: The housing market and stock market go hand in hand.
The stock market crashed overnight due to the pandemic, but this does not mean that the real estate market did as well. In fact, the two markets rarely reflect each other accurately. Real estate is considered a more stable investment because you have tangible property that you can sell for something. Stock values are based on other people’s perceptions.
Myth: With home prices increasing, the market is going to crash again.
Houses are selling for more, and some people are predicting a crash because of it. While we can’t tell what the future holds, we can say that the research does not support this. Zillow published a study that reviewed housing market performance during other pandemics. The research shows that while housing sales and purchases dropped at the start of the pandemic, they quickly bounced back.
Myth: Selling your home during a pandemic puts you at risk for getting sick.
You probably don’t want random strangers walking through your home and ruffling through your stuff during a pandemic. Fortunately, you do have options to sell safely in this market. Prospective buyers can see your home during virtual tours and online open houses. Or if you prefer fast cash in Las Vegas, you can sell your home to a cash buyer – no showings necessary.
Myth: People aren’t selling their homes right now.
This one is definitely not true. The market is hot and people are buying, which means more people are encouraged to sell. When the pandemic first hit, many people did pull their homes off the market. We didn’t know what we were dealing with and quarantines, lockdowns and social distancing kept us in our homes. But by mid-April, most sellers were back.
Myth: No one is buying homes right now.
This is another big misconception. There are actually more buyers than sellers right now, which is why it’s a seller’s market. After spending more time at home, people are realizing their need for more space and better accommodations for their families. Features like home offices and large backyards are highly requested.
If you’re looking to sell your house for cash in Las Vegas, it’s important to know the truths about the real estate market. To get your free, no obligation cash offer, contact We Buy Any Vegas House today. We will buy your home so that you can take advantage of low interest rates and a competitive market!