Real Estate: A Year in Review

Reflecting on 2020 and what it meant for real estate in Las Vegas

As we transition to a new year, we look back on a year that is, by all standards, far from any norm for any of us. While the year started on a “normal” note, it quickly changed to one of mask wearing and economic instability all amidst a rising housing market. Really, it has defied all expectations. And it has made society adjust to a new normal.

At the same time, it has created opportunity. Opportunity for homeownership for many due to a declining interest rate. Buyers are eager to find a property, yet inventory is limited and prices are consistently rising, hitting new records. This in itself has defied logic due to the ongoing pandemic.

As Las Vegas reels from the sudden economic impact of COVID, it is encouraging to see homeowners help tenants who were affected by the fallout of the pandemic by reducing rent and express a genuine concern for their well being. Kindness has been demonstrated by many.  Property management took on a more personal approach for many landlords – something that many never counted on. Yet, the challenges experienced and subsequent reactions by both landlords and tenants have gone a long way in reducing hardships.

What a year it has been. We hope you and your family stayed healthy and safe and continue to do so. Until next year.

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