Selling a home can be tough. Especially so, if it’s not a great time in the property cycle, or there isn’t much demand for houses in your area, along with several other adverse factors which might be at play.
Timing your announcement or listing of your property in a well-thought manner can probably bring you lots of fortune. With that being said, it is obvious you could simply add up to those dollars in the pocket by planning out your selling decision.
And for this, you need to give due consideration to all market conditions and property trends of the past, current and future year.
Las Vegas is well appreciated as a ‘hot market’ for selling homes owing to its growing population size and rising demand for real estate. In addition, the economy is also growing at a steady rate. These pose as positive factors for sellers who are seeking best prices for their homes in the region.
Talking about the geographical positioning of the region, Las Vegas is quite attractive place for buyers. It is popular destination across the globe, with millions of yearly visitors. Its safety measures, exciting nightlife, landscapes, desert which surrounds the area are major attractions.
Some famous neighborhoods in the region are Paradise, Enterprise, Aliante, Queensridge, Vegas Heights, The Lakes, Peccole Ranch, Summerlin West, Summerlin, Southwest Las Vegas, The Lakes, Centennial Hills, and many more.
Here’s a guide for anyone who is planning to sell their home in Las Vegas in the year 2020!
1. The Theory of the Seasons
Most people believe that spring is the best time to sell your home if you are living in Las Vegas. This is because the property rates tend to be the highest around this time. In most regions in and around Vegas, homes sell fast in spring and for great rates.
The region shows a trend that people avoid shifting to a new home in chilly winters, and therefore there is low demand for homes. Winters, as such, are not considered a great part of the year to sell your home in Las Vegas (unless you want to take advantage of you being the sole seller during this time!). However, you can spend the winters prepping-up your homes to be put on sale in upcoming spring season.
Summer time is the perfect time of the year when new residents enter the city and settle in. School summer breaks, warmer weather, and time for home tours are factors that work in favor of summer season for selling your homes.
Just before the winter starts to take away the buying spree, you can still get hold of the last bunch of buyers to sell your home in Las Vegas.
2. The Monthly Cycle
Month wise, May-June is considered as the month of selling your home! Yes, that’s right! If property experts are to be believed, homes sell at peak rates in the month of June once the winter wind settle. Further end of the year, September-October also pose as good times to sell your homes.
3. Sensitive Las Vegas Real Estate Market
If you live in Las Vegas or have studied the area’s real estate affairs, you will know by now that the prices are rising year on year and are showing a positive curve in the future as well. Also, the market gets charged up easily. Simply put, the real estate indicates fruitful selling of homes in the year forward. However, it is to be considered that the Las Vegas real estate market is competitive as well.
4. Consideration to Interest Rates
Interest rates decided by the Fed are an integral factor to consider before you decide when to put your house on sale. For instance, taking the current year, it is being suggested to put homes on sale in the first half of the year rather than relying on the latter part of the year due to revisions in interest rates expected. Higher interest rates expected later in the year can result in a tightening housing market.
5. When the Price is Right, You Sell It Right!
Pricing your home is key to getting the most returns in a timely manner. Too high price can delay the sale of your home, while too low price will not fair the test of your intention to gain the maximum money.
6. Sell When Your House Is All Set!
As a general trend observed in the Las Vegas real estate market, homes which are displayed with furniture sell faster than homes which are displayed without. These are commonly used ways by people pegging higher prices for their property.
7. Real Estate Market of Las Vegas
The real estate market of the region is steady and shows expectations of continued growth at least up till 2021. The market stands to expand with still much room for new buyers and sellers to settle in. Forecasts suggest that house prices tend to rise in the later quarters of 2021 which is a positive hope for home sellers in Las Vegas.
Keeping the above mentioned factors in mind, a take home lesson would be not to jump to any conclusion while selling your home if you are aiming at filling your pockets up to the brim. Conducting a detailed, cost benefit analysis of each phase of the market is a must.