Las Vegas real estate is entering a new stage. It is in the early stages of an adjustment period, slowly transitioning into a normal market. But what does that mean? And how can you ensure a successful sale in such a market
What is a normal real estate market?
In the recent years, Las Vegas real estate has steadily climbed to the point that it was named the hottest market in the country last year. That said, numbers have indicated that the real estate market is slowly cooling down, returning to a normal state. There is no cause for worry
As the word implies, Las Vegas’ real estate market is simply settling into a more typical climate. New residential developments are adding more stock to the inventory, slowing down the growth of home prices in the city
A normal real estate market also brings about the following situations:
- Longer sale period. In a normal real estate market, it is more common for listings to stay in the market for a longer period of time. In the not-so-distant past, houses were usually sold in a few weeks, sometimes even a couple of days, with multiple offers. At present, houses for sale in Las Vegas are taking an average of 43 days to sell
- Market shift. As the market normalizes, Las Vegas seems to be shifting to a buyer’s market. For home buyers, a normal buyer’s market brings more housing options. Meanwhile, this situation creates more competition for home sellers
- Lower prices. As more competition enters the market, it is highly possible for home sellers to lower prices or make other strategic pricing decisions
- Increased number of transactions. A normal real estate market also means there is less profit appreciation in home ownership. This paves the way for more buyers being qualified by their chosen lenders, thereby increasing the number of transactions in the market.
How to sell in a normal real estate market
In a way, a normal market creates both opportunities and challenges for the regular home seller. Here are a couple of things you can do to ride the wave and ensure a successful home sale.
Work with a skilled real estate agent.
With the real estate market adjusting into a normal state, the expertise and services of an expert real estate agent will come in handy. They can help you fine-tune the pricing and selling strategy in order to work in the current landscape
As mentioned earlier, a normal market means more real estate transactions. With a local and experienced real estate agent by your side, you will be able to weigh in on offers more carefully and negotiate accordingly
Make your house move-in ready
Newly constructed homes will comprise the bulk of your competition as more builders develop residential properties in Las Vegas. This plays well with the fact that the majority of home buyers in the city prefer turnkey homes
As such, it would be wise to make additional investments in your property to make it look and feel brand-new. A fresh coat of paint indoors and outdoors as well as new hardware (door knobs, windows, light fixtures, etc.) can uplift the house
If your house is comparatively older and outdated, key upgrades would make your property significantly more attractive. Granite countertops, new (or improved) cabinetry, and new appliances would help. Finally, address repairs and other issues before selling
Create an attractive online real estate listing
Plenty of home buyers nowadays begin their home search online. In order to make a great and lasting first impression, make sure your online real estate listing hits all the right spots
Instead of providing basic information about the property, go one step further by telling a story about the house. Be creative. Weave important facts about the property in the write-up. This way, you can help potential buyers envision a life in your house without stepping one foot into the threshold
Complete the online listing by tapping the services of a professional real estate photographer and a home stager. This will allow you to showcase the best parts of the house. Buyers will also have an idea of what can be done with the entire space if the property is professionally staged. This will prove to be helpful especially among buyers searching from other states or abroad.
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