The Raiders Moved to Las Vegas and So Can You!
The Raiders football team decides to relocate to the Las Vegas area and real estate prices rise in residential and commercial markets. Now that the Raiders are ensconced officially in Nevada, how are the real estate prices?
COVID has had a slowing down effect, but the market is vibrant, according to industry colleagues of mine. After all, Raider fans are known as … shall we say, fanatical? Season ticket holders as well as the franchise’s top brass, players, and assorted support staff need places to live, whether it be their primary residence or second home. Also, the Raiders move to Henderson is credited with a spike in the high-rise and luxury market as well as new construction homes.
Land values continue to increase in the new Allegiant Stadium neighborhood, and entrepreneurs are creating businesses that can piggyback on the development, akin to creating the Gaslamp Quarter near Petco Park in San Diego.
What does all this mean to you, who would like to purchase a new Vegas-area home? During a pandemic?
It means, keep pursuing that dream! There will be some COVID accommodations involved — transactions moving at a slower pace, movers wearing masks, virtual home tours, and digital document signing to name a few — but properties are moving. Want more assurance? Read my post on Relocating during COVID-19.
Don’t just take my word for it. According to Zillow, “Activity has picked up steadily and strongly since [mid-May] as buyers and sellers alike adjusted to new norms and found ways to make transactions happen safely and efficiently. Listings are now once again going pending faster than they did at this time in 2019.” Check out what Zillow has to say on the national real estate market. I think you’ll like the optimistic outlook.
Not to mention that, Freddie Mac reported earlier this month the 30-year fixed mortgage rate fell to 2.88 percent, the lowest ever. A 30-year fixed mortgage is the most popular home loan. For comparison, in 2008 the average interest rate on a 30-year mortgage was 6.16 percent.
Yes, yes, and yes! Relocating during COVID is viable. Of course, there will be inconvenience and frustration, but there’d be that without COVID. Remember, moving is considered one of life’s major stressors. I can take a lot of that stress off your shoulders. Happy to help; give me a call.
Is there a real estate- or relocation-related topic you would like to discuss in this blog? Let us know at info@raidersrelocators.com. We look forward to hearing from you.
