LAS VEGAS (KTNV) — When the pandemic hit the valley hundreds of thousands of people lost their jobs.
There was a fear that widespread unemployment would lead to another crash in the housing market.
However, months later there is still no indication that is going to happen.
In tonight's We're Open Las Vegas 13 Action News anchor Todd Quinones takes a look at how the virtual world is helping the market bounce back.
Mark Wiley is a real estate broker with a sense of humor and a man who knows being creative is a matter of necessity.
COVID-19 hasn't exactly been kind to real estate agents.
"What we found is we roughly had about 15,000 licensed realtors in Southern Nevada pre-Covid. I was hoping to have an updated accurate number for today, but I'm going to say we have right around 10,000 licensed realtors right now just a few short months later," Wiley said.
During the pandemic the traditional way of selling a home is changing and is more challenging
Masks, booties, hand sanitizer are a must.
Large scale open houses are off-limits, and agents are being discouraged from physically showing homes that are occupied by renters.
"The days of tire-kicking we will call it have kind of gone to the wayside since we don't want to waste your time and we don't want to put people in risk of a health situation," he said.
"So rather than taking them out to look at ten homes now they're more receptive to our original plan of trying to explain these things via photos, virtual tours and then just check those off the list," he added.
That is why Wiley and his team are sharpening their virtual tour skills.
These type of changes are not only paying off for Wiley's team at Keller Williams Realty Southwest, but also the housing market in general as buyers from California and cold weather climates continue to move here.
"June, July it's peak season. We are right back to the buyer activity that we typically see during a busy summer," Wiley said.
But there is a cautionary note.
Wiley says the market in the valley has seen about a 30% decrease each week in homes being listed for sale.
He indicates there are a number of reasons why including potential sellers who either lost their jobs or fear losing their jobs and are concerned they won't qualify for a new mortgage after selling their existing home.