As Realtors here in Pahrump, we are asked every day, “Is this a good time to buy or sell our home?” And our answer is, “Yes, Pahrump real estate is doing extremely well.” This may be shocking to some but, nonetheless, it is true.
We are experiencing what I have been calling a “balanced market.” Meaning that it is not a seller’s market, one where there are less homes on the market and more buyers able to buy. Nor is it a buyer’s market, one where there are more homes on the market and less buyers able to buy. Today’s market is indeed “balanced.” The are many homes on the market and many buyers able to buy.
COVID-19 caught us all by surprise and we have been adjusting almost daily with requirements and restrictions. However, as Realtors, we were declared “essential” from the beginning, meaning we have been working through all this chaos because we had clients with open escrows that had to close and others who had sold their home and needed to find another home right away.
Although COVID-19 and the uncertainty surrounding it slowed the real estate market down some, it has recovered and surpassed expectations. The Pahrump real estate market is very active.
Much of this market activity over the last 60 days is due to the seller pricing their home at market value and the buyer experiencing the lowest mortgage rates seen in 50 years enabling them to purchase more home for their money! Even through this COVID-19 scare, real estate activity is still vibrant!
Another contributing factor to this balanced market is, in fact, somewhat due to COVID-19. Many people are finding themselves having to work at home while caring for two, three, four or more children having to stay home from school, day care, or grandparent homes.
Finding a place to set up the computer, printer, and files for work that is out of the fray of the kids, meals, and maybe some company, homeowners have discovered that the house is too small for all of them. This sets in motion the need to search for a more accommodating home.
At first, that didn’t seem rational, however, with the pundits saying this could happen to us again, it is something people are really considering.
A factor we all need to look at is our new and improved road leading to and from Las Vegas. This will enable those who work in Las Vegas to live here in Pahrump allowing them to escape the traffic and the congestion associated with Las Vegas. The commute will be easier and quicker – spending less time traveling to and from work, will give you more time to relax and enjoy our starlit nights with friends and/or family.
Time and space prevent me from presenting all the differing scenarios that we face daily, but it is my hope that this will help you to understand why, we, as Realtors say this is a great time to be selling or buying a home here in Pahrump.
Norma Jean Opatik is a broker/owner at Realty Executives in Action in Pahrump.