The year 2020 was indeed a spectacle, quite like no one has ever experienced. Thankfully, we were able to move past the turbulence of Covid-19 into a new year filled with promises. As we revel in the early parts of 2021, it is only fair we make our projections for the real estate market. The Nevada real estate market experienced a pause during the lockdowns earlier in 2020. However, it reopened around the last quarter, and the market has experienced tremendous growth; forecasts predicted it would spill over into 2021.
Stay tuned as we predict Nevada real estate market trends for the year 2021. Follow along now.
Predictions For Nevada Real Estate Market In 2021
The year 2020 left quite a lot to be hopeful for in the early months of 2021. Many trends that began in 2020 will continue in the coming year. Some sectors in the real estate market look more promising than others. In the spirit of better things to come, below are five predictions expected to take place in 2021.
Buyers Expected To Face Stiff Competition
The COVID-19 pandemic caused a slowdown in the real estate market early in the year due to the country’s lockdown order. As a result, many sellers and real estate merchants had to find new ways to keep the market inflow at skeletal levels.
As the restriction began to ease, safety was first on the list. Stringent protocols were introduced in the real estate industry to ensure the protection of lives for all stakeholders.
The delay in the market caused a backlog of potential buyers looking to get hold of properties. Nevada’s real estate market experienced an upsurge when the lockdown was lifted. Buyers began flocking in and out from all corners, trying to get a taste of the new boom. It is expected that this trend will continue into spring of next year, with demands exceeding availability in some cases.
The Busiest Areas In Nevada Will Have A Great Influence on Housing Market Trends
Since remote work became popular in 2020, many people have started placing priority on space over proximity to work. Consequently, this has pushed the barriers to how far people are willing to search for homes. Statistics show that many homebuyers are considering busier cities with larger spaces, access to great amenities, and low-living costs.
Mortgage Rates Will Continue To Be Affordable
The pandemic had a significant effect on banking lending rates for large parts of 2020. A low 0.25-percent rate is given to ease the economic strain caused by the outbreak. As expected, this new order will stay for as long it needs to until the last strain of the virus is fizzled out. But this is not going to be anytime soon. So for as long as that will take to happen, mortgage rates will, as a result, remain low. It may only experience a negligible increase in rates in the neighborhood of 1 to 2 percent.
Rise In Condo Rentals
Rentals became the in-thing since the outbreak of the virus early in the year. In cities like Las Vegas, there has been a 2.8-percent increase in the demand for rental homes. This subsequently led to a dip in rental prices in major high-traction areas across the city.
It is predicted that even as the world approaches a post-COVID dispensation, the demand for condo rentals will continue to rise in 2021.
