Is it a buyer’s or seller’s market?
It’s safe to say, the market in Las Vegas (and really, pretty much everywhere) is DEFINITELY crazy right now. We’re seeing homes go under contract within days or even hours, often with multiple offers. Not to mention, housing inventory in Las Vegas is down 40% compared to this time last year, which means more competition among buyers for the limited number of properties that are available. But you’re probably wondering, is it a buyer’s or seller’s market, and what does that mean for me?
What is a Seller’s Market?
With the way things are in Las Vegas right now, it’s definitely a seller’s market. A seller’s market means that the current demand exceeds the supply of houses on the market. It essentially means that there are a lot of buyers looking for homes, but not enough houses available. This puts sellers at an advantage, because it creates more competition among buyers searching for houses, and available homes are likely to sell fast.
Tips for Home Sellers in a Seller’s Market
I’ll be honest - sellers are, in general, in a good position when it’s a seller’s market. But still, that doesn’t mean you can just throw a for sale sign up and it’ll be a walk in the park. Here are a few of my tips for home seller’s during a seller’s market:
Don’t Overprice Your Home
I know sellers might be tempted to list their home at a high price, thinking that buyers will pay whatever. But the better thing to do is to keep your list price fair and within market value, because this will increase interest in your home and encourage more buyers to put in an offer.
And you have to remember - if you overprice your home, even if you’re expecting to negotiate and take less than that, you may cut out buyers who don’t even see your house because it comes up as over their budget! This can cause your home to sit on the market longer, and the longer it sits, the less interested many buyers become, because it leads them to believe something must be wrong with the house. So, save yourself the trouble and keep your price within reason.
Determine What an Ideal Offer Looks Like
In seller’s markets, it’s not rare to receive multiple offers on your home. This can overwhelm sellers sometimes - it’s a lot to have thrown at you at once! So, before the offers start rolling in, figure out what an ideal offer looks like for you. Is it all about the purchase price, or would you prefer to close at a certain time, too? Do you only want a clean offer (and by that I mean no contingencies)?
Get an idea of what you want in an ideal situation going into it, so if you do receive multiple offers, you’re prepared.
Have a Timeline Established
Even though you may have the upper hand in a seller’s market, a typical transaction (as long as everything goes smoothly) closes in 30 to 45 days, and most buyers will be ready to move in at that point. If you can, be ready to move within that timeframe.
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