Residential real estate inventory in Las Vegas has reached record lows. For those considering putting their Vegas homes on the market, the news couldn’t be better. Sin City remains a popular place, with a fantastic climate, a thriving economy, a low cost of living, and, of course, the best entertainment and nightlife in America.
The Vegas real estate market is unique, however. Though the market is strong, just like a hand of poker, you have to play your real estate cards right. Misti Yang writes in U.S. News and World Reports about 5 trends you have got to know before putting your Vegas home on the market.
Turnkey properties are the in thing. Las Vegas buyers are looking for properties they can move right into, unless they are the fix-and-flip investor type. Part of this is driven by Millennials. They have little time and little cash available for renovations.
The turnkey demand is also driven by another factor affecting the Vegas market, a lack of cash amongst buyers. Be prepared for buyers with little to offer in down payment. This may be a red flag, if you are selling a higher priced property to a non-FHA approved borrower. Your agent should qualify offers carefully.
If you are selling a home under the FHA’s limit for Clark County, currently $287,500, you are likely to receive FHA loan buyers. So long as the lender qualified the borrower before giving the approval, this can help you tremendously in finding a buyer, since FHA borrowers need only 3 percent down.
Vegas buyers with children are highly focused on education, so if you live in a good school district, tout it. Vegas schools have gotten a poor reputation. As a result, school ratings have become a priority for many parents.
Nationwide, 100 percent of buyers are starting their home searches online. A good profile, with excellent photography, can be the difference between a quick offer and a slow slog. Your home’s online profile forms homebuyer’s first impressions. Home purchases are an emotional decision. To succeed, you need buyers to fall in love with the property from the first click.
The market in Vegas remains strong, but with buyers short on cash and schools underperforming, deals may not be as easy to come by as they were during the housing boom. Yet, with the right pricing and marketing, buyers will be attracted to your Vegas home.