How to Sell a House in a Down Las Vegas Real Estate Market

Ok folks, I’ve been doing real estate for four years now.   I’m not wet behind the ears, but not a veteran yet, but I’ve been paying very close attention to the market over the last year.  I have not been as aggressive with my sellers as I should have been.  In a market like we’re in right now, where there are over 30,000 resales on the market, and thousands of new homes still standing vacant, to sell your home you MUST be aggressive.  Sold Statistics of Properties in Las Vegas   Take a look at the link to the left to see the depressing graph. If you don’t need to sell right now, DON’T.   Rent out your property or try to refinance to get a better rate.  If that’s not possible, here’s what you need to do to sell a house in a market that continues to decline. REALLY listen to this because this will make the difference in getting an offer and sitting vacant for 8 months.

  •  #1 Factor is PRICE! In a declining market, when a house sells, that is the NEW price for the neighborhood.  That becomes the  new price from where all buyersPrice Tags negotiate.  A buyer WILL NOT PAY A HIGHER PRICE IN THIS MARKET.  When there are 30,000 houses on the market they will move on to the next seller who is realistic because THEY CAN!! Does that make sense?   So if you are aggressive with your price from the beginning, you will get an offer quicker, and will save your equity by being ahead of the market not chasing the market.
  • Presentation and Staging!!  Now while price is important, your property need to look like a model.  You would be surprised at how many homes I’ve seen with dirty Stagingdishes in the sink,  closed blinds with out any light, unmade beds, cluttered surfaces.  It’s SHOCKING at how many seller’s don’t think about these things.  When I talk about staging, I don’t want seller’s to freak out about buying new furniture, and changing EVERYTHING in their home.   It’s amazing what a little decluttering, and rearranging can do to give buyer’s a sense of value.  Often a couple of hundred dollars spent in the right places can translate into THOUSANDS!! It’s worth the effort folks!  Check out my post about staging.   I’m sure you’ve heard about Curb Appeal too right?  This is a VERY important factor. It’s the first thing they see when buyers visit your home.  Make sure you don’t have any weeds or bad patches of grass.  Your landscaping should reflect care and pride.  If you don’t have a green thumb, ask for help.  Most of the times just a little bit of effort can produce a massive result.
  • Marketing!  This is not really the realm of the seller, but any help from a seller doesn’t hurt.  My team markets properties a lot.  We market to our local demographic, regional demographic, and the international community through websites and virtual tours.  Virtual tours help sell properties 3 times faster than properties without tours. However, a virtual tour of a property that isn’t staged doesn’t help you very much which brings me back to the second point-STAGING!!
    There aren’t as many buyers out there as there used to be, so attracting as many as possible is the goal.  Californian buyers make up about 35% of our buyers, so marketing to these states is something my team does.
  • Let Go of how the Market Used to be.   So Many sellers, and realtors for that matter, have not let go of the good ol’ days.   I wish they were here again…the days of selling a listing in 8 hours.  Yes, my first listing sold in 8 HOURS!!  We’re not there anymore.  To sell a home you have to find a Realtor will to work hard for you, and be completely honest and forthright.  Statistics are the best way to be informed, and if you want any, ask me.  Your Realtor should be very knowledgeable about what has sold, for how much, and how long it took to sell.  If they don’t, they might not be in touch with the market and you could have your property sit for months while other properties are selling.  Remember this though, if you are purchasing in this market, you will save a LOT of money.  Back in 2003 you couldn’t wait a day to put in an offer. It was NOW or never.  You couldn’t ask for anything extra.  Now you can.  You can ask for a LOT actually.

If you would like to learn more about how my team works, please contact me directly at 702-683-2169 or email me at Felipe@felipecrook.com.  You can also visit my website to search for homes at Http://www.VegasHousesForYou.com

I hope I can be your Realtor of Choice.

Felipe Crook

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: