There is constant discussion about the housing market and what will happen in the coming months. It seems there are always rumors of a crash or housing market crisis. Yet, the market has remained strong, and there is no clear evidence it will slow down or crash in the coming months.
A Possible Housing Market Crash?
Some fear that a housing market crash is on the horizon because of the relatively strong year for housing throughout much of 2021. However, if there is a crash, it isn’t expected to be as devastating as the housing market crash of 2008. A crash was also expected to occur near the beginning of the COVID-19 pandemic, but a housing boom that resulted in a rise in median home prices helped keep the national real estate market afloat.
Rising Home Costs
A recent increase in home sales prices and housing demands in some areas has been better for business for real estate professionals who specialize in houses for sale in Summerlin and Las Vegas, but this may also create difficulties for people searching for affordable housing. If people cannot buy homes because of cost factors, the houses for sale could sit vacant, negatively impacting the housing market.
Housing Shortages
While some parts of the country have a lot of inventory, other parts are experiencing housing shortages because of the market cooldowns. Many interested homebuyers in these areas have been put into conundrums because of the lower housing availability. Some of these interested homebuyers have even felt a sense of panic that has caused them to make rash decisions to get into a home. The housing shortages have created bidding wars among buyers, which can be good for sellers and their real estate agents but bad for people who want to move into a home but may need to overpay to win the bidding war and secure the deal. However, the inventory shortages coupled with the record-low mortgage rates in some areas have positively affected property managers and real estate agents in Las Vegas who could fill vacancies quicker. Still, this trend may change as the year progresses.
Fewer Buyers
A market cooldown could also result in fewer buyers. This situation may be especially prevalent in Las Vegas, where fewer people seem to be buying new homes as 2021 progresses. However, most experts admit that there is no way to predict if this trend will continue through the end of 2021 and into 2022. However, it’s still essential for property owners and real estate agents in Las Vegas to be aware of this to prepare themselves for the possible hardships they might encounter in the future.
The Eviction Moratorium Factor
Even though the federal eviction moratorium has been beneficial for homeowners and renters who can’t pay their mortgages or rents because of financial difficulties, the extended moratorium could also have long-term effects that negatively impact the housing market. Foreclosures hit a record low in 2020, but this may have created a backlog of foreclosures that will be enacted once the moratorium ends, and this could be bad news for the housing market. Renters who cannot satisfy their delinquent rent amounts even after the eviction moratorium ends may also be forced to vacate their premises, which could create an excessively high number of vacancies that could put further strain on the housing market.
Will The Housing Market Cool Down?
Directly from Cassie from at The Mor Group:
Historically, yes, it is time for a slowdown and “crash” or decrease in home prices, but we do not see why that would happen unless interest rates rise high up or the market is flooded with homes for sale. These are not the only 2 reasons, they are just the 2 I am thinking of, but something may happen that I didn’t see coming.
I actually thought if anything was going to happen out of left field to lower prices, it was Covid, but COVID did the opposite. More people started working from home so they felt the need and want to invest in buying or renting a nice or nicer home since they will be spending more time there and saving money on gas if they are working from home. It has been an interesting experience for sure.
The Mor Group Is Ready to Help
With the possible housing market cooldown, you might be asking yourself, “Where can I find a property manager or real estate agent near me who can help me manage the challenges that are possible in my future?” Fortunately for you, The Mor Group is available to offer comprehensive support that can make your life easier. The Mor Group has a team of highly qualified property managers who can also assist with buying and selling homes in the Las Vegas area to give clients like you the best service possible.
If you’re already a property owner, you can rest assured in knowing that The Mor Group has long prided itself on being a property manager Las Vegas property owners can count on to look after their premises even while they’re away. From maintenance issues to tenant complaints, The Mor Group is ready to handle many of your property management tasks so that you won’t have to spend much time focusing on the tedious details. Working with a property management company like The Mor Group can also give you greater security and prevent problems that could affect your hard-earned real estate investment.
Real Estate Agents in Las Vegas
Buying or selling a home in the area with the support of The Mor Group can also be a more straightforward process. We’ll walk you through the transaction process from start to finish while ensuring that every detail that’s needed to ensure a complete and lawful transaction is addressed along the way.
Please contact The Mor Group today to learn more about our services and ask us any additional questions you may have. You can visit our website at www.themorgroup.com or reach us by phone at 702-501-1085. We look forward to serving you.