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Vegas News (April 2020): Real Estate | Entertainment Projects | The Raiders | Unemployment Stats

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Thank you so much for tuning in! The aim of this video today is just to provide you a news update We appreciate each and every one of you watching

Seriously Thank you so much Share this video with somebody who you think would benefit from it Make sure to watch until the very end to see our blooper reel Are iBuyers still purchasing homes in Las Vegas? The companies that jumped into the Las Vegas Real Estate market in the last several years offering to purchase your home quickly with little risk of fallout and with a quick turn around time just as quickly has bowed out of the market

Don't worry we're still here to help you out and we work with investors, too So

it's the same concept for less money out of your pocket These companies such as Zillow, Redfin and Offerpad and Open Door have halted the purchase of any new properties according to Redfin We actually have 4

1% of the buyers that we see in Las Vegas are iBuyers and nationally that number is only 1% That is a BIG difference and shows just how lucrative Las Vegas is for real estate investors If you're ever interested in understanding what this could mean for you or know somebody who could use this information, please reach out We are here to help- we're happy to help Absolutely no obligation and no cost to you

We always do free consultations! What's the Las Vegas Real Estate Market doing today? Before we discuss just how many listings aren't coming on the market let's look at the facts Just a few short months prior to this video's recording, we had one of the best economies, and in fact, right here in Las Vegas we were seeing record median home prices

higher than what we saw in 2006 In the month of March, we had a record high median home price of $319,00000

That's very exciting for Las Vegas regardless of what's going on today The number of new listings coming on the market in Southern Nevada and across the nation has decreased over the last few weeks In the numbers released by the Association of Las Vegas Realtors, we are about 18% down in new listings coming on the market in March of 2020 in comparison to the same time last year According to the Las Vegas Realtors around 2,540 homes were cancelled last month We are 94% increase in properties falling out of escrow (contract)

up 94% from March 2019 And last month, buyers signed 3,175 sales contracts; down 24% This is typically the time where we see a spike in homes coming on the market with the traditional spring market

So, we are definitely going to have to keep an eye on the numbers and see how this is going to adjust our prices going forward And with what's going on we wouldn't expect things to be any different at least, not initially

We did see that we had a record high median home price in the month of March Although, that was not impacted yet by the CO-VID19 and the stay at home orders which heavily contributed to people who lost their jobs or sellers who couldn't move during the shut down

It is still proof of how strong our economy and how strong our housing market here in Southern Nevada was prior to all this happening Once the economy is back up of course we expect to see very different numbers That gets us to be very hopeful The strength of our economy The strength of our housing market prior to all this happening will help sustain us through and get us to bounce back quickly and get things moving along as things come back to business as usual

Hopefully, we will see prices not get affected and the market to sustain it's great, great movement Thank you, Tracy! I could not agree more! Just think of all the people headed to Las Vegas to celebrate as soon as this is over Even people who are enjoying being home, like, want to get out and go places What are your plans once quarantine is over? Let us know below, we would love to hear from you and see what fun plans you have Are you showing homes? In the newest announcement by Governor Steve Sisolak, new restrictions were placed on what people in the state of Nevada can and cannot do amid CO-VID 19 pandemic

One of these new restrictions is in regards to showing tenant occupied homes Currently, under the previous rules you were able to show a home, occupied by a tenant with at least 24 hours notice to the tenant With these new orders, they are not allowed to be shown at all So, to further explain this means if a home is occupied by a tenant we are not allowed to show the property We do have ways for buyers to get an idea of what they're purchasing without disturbing tenants and keeping all parties safe

Another restriction is in regards to open houses Open houses are not allowed in any property, at this current time What we can do is show homes virtually and even stream homes for virtual open houses, as long as they're vacant There are still plenty of ways of seeing homes and showing a home if you're thinking about selling your home from the safety and comfort of your home Is Las Vegas going to be flooded with foreclosures? Fears of a market crash

like explosionand increase in foreclosures is flooding the minds of many people here in the Las Vegas valley Unemployment unfortunately has passed what we saw in the Great Recession Tourism is shut down in Las Vegas and financially, that hurts In one of many announcements made by Governor Sisolak he has stated that he is putting a temporary hold on all evictions and foreclosures intended to occur during this state of emergency enabling people more time to be able to stay in their homes

This order could have stopped what we could only describe as a domino effect of foreclosures So thankfully that didn't happen

There are so many other programs to help struggling homeowners stay in their homesThey can waive late fees, penalties, and utility companies not requiring certain bills be paid Put into place to help our economy remain stable during this difficult time What's going on with the Las Vegas Raider's Stadium? The topic that's been on everybody's mind over the last couple years has been the Raider's coming to Las Vegas So, what is going to happen with The Allegiant Stadium- home of the Las Vegas Raiders and will it be completed on time? They have halted construction of the Raider Stadium temporarily

The Raiders are still very confident that the stadium will open on time for the preseason games as planned What do you guys think? Do you think it will open on time? Let us know below we would love to hear your thoughts! The good news is for all you Raiders fans out there

the Raiders do have a backup plan should the Stadium not open on time One option being playing at another Stadium nearby Maybe San Diego or Salt Lake City

There is also discussion of switching when the games would be So, those home games, in the beginning of the season, would be switched to away and later on in the season, those games that should've been away would be played at home Definitely some good backup plans just to be safe What major Las Vegas projects are on hold? The Madison Square Garden Company (MSG) out of New York announced this past Tuesday the $166 Billon Dollar Las Vegas entertainment venue has paused construction

Amidst closures being announced throughout Southern Nevada and throughout the country, one that we just heard here at the end of March was regarding the highly anticipated MSG Sphere that was set to open in 2021 CO-VID 19 led to construction issues and supply chain disruption And they have not said when they plan to open due to this delay Also, DREW the former Fountainbleau stated two weeks ago that they've paused construction crews from coming on-site and have corporate employees working remotely at home Las Vegas Unemployment Statistics According to the Department of Employment Training and Rehabilitation, we are seeing a spike in unemployment claims being filed (as of the week ending April 10) in the state of Nevada and the last several weeks we have seen about 170,000+ claims filed here in the state of Nevada To help you understand how big these numbers really are

in all of 2019 we only saw about 119,000 claims, like, the entire year We are hitting record highs of (Unemployment) claims filed in one week period In the week ending in March 21st, we saw the highest record number of unemployment claims reaching just around 92,000 claims and the week ending March 28th, we saw about 72,000 claims

To help put those numbers in perspective, the record high previous to 2020 was back in 2007 and that record number of claims filed in one week was just under 9,000 And as of yesterday (April 14, 2020), the Reno Gazette reported, "Nevada posted the seventh highest insured unemployment rates in the nation last week at 43% according to the Department of Labor" This same article explains the state also saw 79,285 new unemployment insurance claims for the week ending on April 4th The second highest week on record to date

Existing claims totaled 271,533 for the same period which is more than the last two years combined Make sure to click Subscribe for continuous updates on current events and all things real estate Thanks for watching For more information on COVID-19, visit wwwCDC

gov You can only do the same video over and over You can only do the same video over and over so many times before you start drinking so if you're having a glass of wine, too, cheers or whatever beverage you're having maybe you're drinking water but whatever it is, cheers to you

without futher ado, here's the blooper reel is to provide you a news oh! Come on!

like this video, give it the thumbs up! Please uhm share this with someone who you think would benefit from this information the Reno "Gazelle" (it's Gazette) Journal Cool Another one done!

Source: Youtube

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