With home prices continuing in a downward spiral, the average Las Vegas home owner attempting to sell his/her property at a fair market price is facing some stiff competition in this buyer’s market.
And tough competition it surely is. High inventories of Las Vegas distressed properties are everywhere, and bargain basement selling prices are common. So, what can a home seller who is not in distress do in these difficult times?
First of all, if you don’t have to sell, don’t sell! Not at this time, anyway. If you must sell due to a job transfer or some other relocation reason, and you are not in distress with your lender, you and your agent can work up the information required to find the fair market value of your property, in order to arrive at a price that is simultaneously satisfying to the seller and attractive to a buyer.
But this magic figure may not be the figure you choose to list as an asking price. You and your Las Vegas Real Estate Agent may decide to market your property at an even lower price in order to attract multiple offers. If the price is attractive enough, and the home desirable, then a bidding war between buyers may result in you receiving higher than market place offers.
Don’t forget that if your asking price is competitive, it doesn’t necessarily have to be as low as distressed property in your area. Reason being that many Las Vegas foreclosure properties are not in the best of condition, and many will require a buyer to invest in repairs.
Your home, however, will be in excellent move-in condition –or certainly should be – meaning that a buyer would surely be willing to pay a little more for a home that will not require expensive repairs.
Now the question is, how to find that elusive number that will tell you what the market price for your home should be according to current conditions. Remember, buyers are certainly willing to look at home asking prices below their home-buying budget restrictions, but rarely above.
Definitely have your agent work up a comparative market analysis (CMA) in order to have some basics on how you are going to set your asking price. Additionally, your agent will check for location advantages, square footage similarities, and compare similar home asking prices to the actual sales price.
Of course, market conditions can skew averages. For example, in a down market such as this one, with foreclosures and short sales popping up all over the place, causing a continuous drop in selling prices, averages won’t necessarily apply.
As you can see, there are no easy answers to fixing the most attractive asking price for your home due to the current, almost unprecedented, marketplace turmoil. A thoroughly researched and intelligently thought out marketing plan still remains your best chance of selling your home at a satisfactory price.
Tony Sena is a Las Vegas Real Estate Broker/Salesperson and Designated Property Manager with North American Realty of Nevada. He currently oversees a team of 10 real estate agents and runs theProperty Management Division. He can be reached at 702.376.0088.