The housing market in Las Vegas is hot at the moment. Recent data from Redfin shows that three out of every five homes being sold in the 50 largest metro areas are receiving multiple offers. As a result, one out of six of these homes is selling for more than the asking price.
While the market is sizzling, there are still some mistakes you don’t want to make. Here are five things first-time home sellers are getting wrong in the current market. By following up on them, you can learn from these mistakes and enjoy an easier selling process.
Mistake #1. Overpricing the property.
It’s tempting to overprice your Las Vegas house in this type of market, but a smarter strategy is to let the market work its magic. Price your home competitively so that there’s plenty of interest in it. The more interest you have, the more offers you’ll get, and this will ultimately drive up the price.
Mistake #2. Not bothering with home staging.
With houses selling as fast as they are in Vegas, you might not think that you need to bother with home staging. But if you want to get top dollar for your home, this is something you’ll want to do. Home staging services can make your house feel more spacious, clean and modern – all things buyers are looking for.
Mistake #3. Accepting the highest offer.
Buyers know it’s a seller’s market, so some will place high bids to beat out the competition. However, when it comes time for the financing or appraisal, the offer can fall apart.
The best word of advice is to accept the ‘best’ offer, which is not necessarily the highest offer. Other signs of a good offer include few contingencies, a pre-approval letter and a quick closing timeline. Cash offers in Las Vegas tend to be the best offers because they are free and clear.
Mistake #4: For sale by owner blunders.
In a seller’s market, it’s also tempting to sell your house on your own so that you can avoid paying realtor commissions. But For Sale By Owner (FSBO) transactions aren’t as simple as they seem.
For instance, you won’t be able to list your home on the MLS, and you’ll still be responsible for the commission for the buyer’s agent. And, you’ll be on your own when it comes to choosing an offer and handling the paperwork.
Mistake #5: Not being flexible with showings.
Some home sellers are still on the fence about having strangers in their home when the pandemic isn’t quite over. But showings are an essential part of selling your home, so you want to allow as many qualified buyers as possible.
If you are truly concerned about having strangers in your home, you can schedule virtual showings, and then those who truly love your property can view it in person.
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