Reap maximum rewards by considering these five real estate trends before you sell your Las Vegas home.
- Low housing supply and high demand
As mentioned above, Las Vegas real estate is facing an ever increasing demand for homes. With the low inventory in the market, it is easy to see why Las Vegas also has one of the fastest growing home prices in the country.
That said, the housing stock has increased thanks to the presence of home builders in Las Vegas. Even more noteworthy is that home builders are actually selling new homes for great prices. To keep up with them, use their prices as benchmarks to determine a competitive price for your property.
- Buyers want turnkey homes.
In Las Vegas, most buyers are interested in purchasing move-in ready homes. This trend can turn the tide to or against your favor, especially since you are most likely to compete with home builders and their newly constructed homes.
Before you sell your home, carefully assess the property and determine what can be done to make it move-in ready. Inviting a home inspector can help you identify issues that need to be addressed or repaired. Updating key rooms (bathrooms, bedrooms, kitchen) with fresh coats of paint, new storage, flooring, countertops, and even appliances can also make your house feel good as new.
- Most home buyers begin their search online.
It is no surprise that home buyers nowadays usually start their home search online. This statement is especially true in Las Vegas. To stack up against your competition, make sure your property has a solid presence online.
Listing your property with online listing services such as Realtor, Zillow, and Trulia will help you establish your home’s online presence. Making sure the online listing itself is up-to-date with important information can also make it more effective and attractive. Having listing photos taken professionally can also help generate more leads.
If you have extra budget set aside, having a website built for your property can also help entice potential home buyers. You can include a virtual tour of the property, a complete write-up of the house, and even information about the neighborhood. The latter might prove helpful as home buyers are looking for homes near good schools.
- Buyers in Las Vegas often get FHA loans.
The relatively low home prices in Las Vegas make the market particularly attractive among first-time home buyers and those who are a little tight in cash. It is not uncommon to encounter home buyers who rely on FHA loans to finance their purchase.
FHA loans can be tricky for the novice. We highly recommend getting a real estate agent well-versed in the intricacies of the Federal Housing Administration. That way, your agent can verify a buyer’s financial capabilities and if he or she in indeed approved for an FHA loan.
- Market dynamics are in constant flux.
Generally speaking, there is no better time to sell your Las Vegas home. The demand is high (and will grow higher as the population increases), there aren’t enough homes for sale, and the local economy is booming. That said, it would be wise not to take the market for granted.
Various market indicators and other factors can still affect a home sale. For instance, buyers’ fear of rising interest rates can dampen the demand for homes in Las Vegas.
The timing of the sale is another thing to consider. Spring may be the most recommended time for home buyers. For sellers, however, spring also spells higher housing stock and, therefore, more competition to deal with.
The right price is key
Overcome challenging real estate trends and use others to your advantage when you price your Las Vegas home right. We only use tried-and-tested methods that will allow us to determine the best price for your home.