How to Sell a Home in the Slow Las Vegas Market.................Advice for Sellers
Even though the home resale market is slow in Las Vegas, some listings sell quickly. Others don't. What accounts for the difference?
The volume of homes sold is down in some areas of Las Vegas compared to a year ago. Concurrently, the listing inventory has increased. The odds of having a quick sale decrease when fewer homes are selling and more homes are listed for sale.
In this kind of market, buyers have many choices. They no longer feel that sense of urgency telling them to buy right now. If buyers don't see exactly what they want, they are happy to wait until the right house comes along. Others are waiting until they believe the market has reached its lowest point before purchasing.
To sell in this market, you need to be realistic about the market dynamics in your area and you need to be brutally honest with yourself about the positive and negative features of your home.
It's useful to consider the features of listings that sold recently in your area. In a low-inventory seller's market, most listings sell. The best houses sell faster, often attracting multiple offers and a higher price. But, even the less-desirable listings sell when the appreciation rate is so robust that buyers feel the risk is higher if they don't buy than if they do.
In a soft market, subtle differences between one listing and another can explain why one sells quickly and another doesn't. For example, in Las Vegas, the features that command a premium are a swimming pool, a large lot size, three-plus bedrooms and at least two bathrooms. If your home lacks these sought-after features, the list price of your home will need to be adjusted in order to compensate for the deficiencies.
To successfully analyze your competition and how your home compares you need to separate yourself emotionally from your home, and look at it from a prospective buyer's view point. For most home sellers, this isn't easy. Buyers in this market are looking for the most home for the least amount of money.
HOME SELLER TIP: Choose a Las Vegas real estate agent who is experienced in the area and who feels comfortable speaking candidly to sellers about what they need to do to their home to prepare it for sale. This includes helping you understand why your home might not warrant as high a list price as your neighbor's home.
The best way to make your house stand out and sell quickly is to offer a home in prime condition that's listed at a price that's in line with the most recent comparable sale, or less. In a softening market, you need to undercut your competition to grab buyers' attention. The risk of holding out for a price that's too high in a softening market is that you will end up having to make price reductions and chase the market down. The end result being that you get less than if you were appropriately priced to begin with.
Another way to make your home stand out is to offer incentives that other sellers aren’t such a paying the buyer’s closing costs. Many buyers in the Las Vegas real estate market do not have a lot of cash. They can qualify for financing but coming up with the cash to cover their closing costs is difficult.
Call eHome Realty at 702-235-8047 for a complimentary market analysis on your home from an experienced Las Vegas Realtor who understands the market and how to quickly sell homes in it.
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