Category: SELLING A HOME

Las Vegas Home Sales Strong in December 2019

The year 2019 has come to a close with great news if you plan to sell your home in Las Vegas, Henderson or North Las Vegas. Home prices continued to rise in 2019. In fact, the December 2019 MEDIAN price was up 5.4% from December 2018. Better yet, December sales volume rose over 22% from a year earlier.

There are at least two prominent reasons for this. First, our state continues to be a destination for those fleeing states with ever higher personal income tax. Nevada has none. Retirees are giving us a good look as we have many existing 55-plus communities as well as new ones in development.

Second, in December the FHA loan limits increased from $314,827 to $345,000. That allows buyers with strong incomes to buy more expensive homes with as little as 3.5% down. As an aside, interest rates for 30-year mortgages remain very low. We expect these trends to continue.

If you are looking to buy a resale (existing) home in Henderson, North Las Vegas or Las Vegas, there remain some hurdles. Inventory continues to be tight and many homes (60%???) are overpriced. What indicates that? The number of price decreases each week remains strong. Fortunately, for buyers, the inventory and selection should increase as the holiday season has ended.

According to statistics provided to the Greater Las Vegas Association of REALTORS® by Applied Analysis, a prominent Las Vegas data collection firm, the 776 new home sold in November 2019 was down about 8% November 2018, and the median price for new homes slid just 1% to $382,687. Homes are being built in 221 subdivisions throughout the valley, so, if you’re looking for a new home, you have quite a selection.

Should You Fix Your House Up or Sell Now?

Should You Fix Your House Up or Sell Now? | Simplifying The Market

If you’re thinking about remodeling your house before you list it, take a look at these three tips to help you decide if you really need to fix it up before you sell. The answer may surprise you.

With the fall season upon us, change is in the air. For many families, children are growing up and moving out of the house, maybe leaving for college or taking a jump into the working world. Parents are finding themselves as empty nesters for the first time. The question inevitably arises: is it finally time to downsize?

If you’re pondering that thought, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market as-is, allowing a potential buyer to do the updates and remodeling. If you’re one of the many homeowners this camp, here are a few tips to help you decide which way to go.

1. Analyze Your Market

A real estate professional can help you to understand your market and the potential level of buyer interest and demand for your home. Are you in a seller’s market or a buyer’s market? This can change based on the price range of your home, too. A professional can also give you some insight on what you can change or remodel, and how to declutter your house to make it attractive to buyers in your area.

2. Get an Inspector

Right now, the average length of time a family stays in a home is between 9-10 years. That’s a little longer than the historical average, so if you’ve been living in your home for a while, it might be time to make some significant improvements. Think: electrical system, HVAC units, roof, siding, etc. An inspector can give you a better idea of the condition of your home, if it is up to current code standards, and recommendations on how to have your house ready before you put it on the market.

3. Decide If You Need to Remodel

You may also be thinking about driving buyer appeal with something like a kitchen or a bathroom remodel. If so, first dig into the market value of your home, and compare it to the actual cost of the remodel. A local real estate professional can help you determine your home’s market value, and you’ll want to get a few quotes from contractors on the potential remodel pricing as well. Once you have those two factors narrowed down, you can to decide if a remodel will give you a return on your investment when you sell. Oftentimes, it is actually more advantageous to price your house to sell, list it competitively, and then let the buyer pick the colors they want for their bathroom tiles and the type of countertop they prefer. The 2019 Cost vs. Value Report in Remodeling Magazine compares the average cost for remodeling projects with the value those projects typically retain at resale.

Bottom Line

Nationwide, inventory is low, meaning there is less than the 6-month housing supply needed for a normal market. This drives buyer demand, creating a perfect time to sell. If you’re considering selling your house, let’s get together to help you confidently determine what will be the best choice for you and your family.

Is Your House “Priced to Sell Immediately”?

Is Your House “Priced to Sell Immediately”? | Simplifying The Market

In today’s real estate market, more houses are coming to market every day. Eager buyers are searching for their dream homes, so setting the right price for your house is one of the most important things you can do.

According to CoreLogic’s latest Home Price Index, home values have risen at over 6% a year over the past two years, but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher.

With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing (see the chart below).Is Your House “Priced to Sell Immediately”? | Simplifying The MarketInstead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so demand for the home is maximized. By doing so, the seller will not be negotiating with a buyer over the price, but will instead have multiple buyers competing with each other over the house.

The secret is making sure your house is Priced To Sell Immediately (PTSI). That way, your home will be seen by the most potential buyers. It will sell at a great price before more competition comes to the market.

Bottom Line

If you’re debating listing your house for sale, let’s get together to discuss how to price your home appropriately and maximize your exposure.

Las Vegas Home Sales Up in August 2019

The prices of resale homes continued its slow rise in August, with the median price rising to $307,000, the highest level since March of 2007. Sales were also up from August 2018.

Many feel this reflects the lower interest rates that now seem to have bottomed out. Inventory of available homes on Sept. 15, 2019, was down 10.7% from two months ago, as back-to-back months of 3,000+ closings ate into inventory. The median price is up 3.72% year over year, but only up 1.3% since January.

The Role Access Plays in Getting Your House Sold

The Role Access Plays in Getting Your House Sold | Simplifying The Market

So, you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process and you’ve been asked what level of access you want to provide to potential buyers.

There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access you can provide to your agent to be able to show your home.

Here are five levels of access you can provide to a buyer, each with a brief description:

  • Lockbox on the Door – This allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
  • Providing a Key to the Home – Although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
  • Open Access with a Phone Call – The seller allows showing with just a phone call’s notice.
  • By Appointment Only – Example: 48-hour notice. Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
  • Limited Access – Example: the home is only available for a couple of hours a day. This is the most difficult way to be able to show your house to potential buyers.

In a competitive marketplace, access can make or break your ability to get the price you are looking for, or even sell your house at all.

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Summit Properties

9670 W. Tropicana Ste. 115 A  Las Vegas, NV   89147                   

Summit Properties - Las Vegas Real Estate Agents