• A Resource For Sellers •
These are the cardinal rules of effective negotiation: 1) Do your homework. Learn as much about the buyer (or, conversely, the seller) as you can; and 2) Play your cards well and DO NOT reveal too much information to the other party or their agent; and 3) Don't rush into any decision, regardless of the temptation; and 4) If you doubt your agent's negotiating skill, then hire another one.
Most offers include two basic contingencies: 1) Financing, which makes the purchase dependent on the buyers' ability to obtain a qualifying loan; and 2) Inspection, which allows buyers to have professionals inspect the property (to the buyer's satisfaction). Under certain circumstances, buyers could forfeit the deposit, called "earnest money," for backing out of the deal if the reason is not stipulated in the contract. Purchase contracts must also include the seller's responsibilities, such as passing clear title, maintaining the property in its present condition until closing, and performing any agreed-upon repairs.
In a seller's market, in which there is more demand than supply, you won't need to entertain many contingencies. However, in a buyer's market when buyers are too few compared to the supply, sellers must be more flexible. Granting contingencies also depends on the price you hope to receive and the overall condition of your property. Remember, contingencies are written into the contract and can only be negotiated prior to the acceptance of an offer.
Setting The Price.
You must price your property according to current market conditions. The local real estate market is constantly in flux, and these fluctuations affect property values both up and down. It's important to base the "list price" on the most recent comparable sales in your neighborhood. A Comparative Market Analysis (CMA) provides the data needed to set your list price accurately. So, as you prepare to sell and interview agents, study the CMAs (the data should be no more than three months old). Price your property according to the consensus view. And beware of any agent who overvalues your property (compared to the other agents).
Best Time To Sell.
Honestly, there isn't a predictable "best time" to sell. It mostly depends upon supply, demand and other economic factors, both locally and nationally. That said, the weather is less of a consideration in the more temperate months, with the real estate market picking up steam as early as February. In Clark County, the market can slow during the hot summer months. Also, many prospective homebuyers and real estate agents take vacations in the summertime. Following the slower summer, real estate sales activity picks up for the fall season, which usually lasts into November. The market tends to slow again as buyers and sellers turn their attention to the holidays.
List Versus Appraised Value.
List is the seller's advertised price; a figure that represents only a rough estimate of the final sale price. Sellers can price high, low, or close to what they hope to receive. Appraisal value is a certified appraiser's estimate of the worth of the property, and it is based on comparable sales, condition of the property, square footage, and numerous other factors. Banks and lending institutions issue loans based on the appraised value.
Our real estate agents are excellent negotiators. BC Adobe Realty would love to assist you with the sale of your Boulder City / Greater Las Vegas Area property. If you have any questions, please reach out to us by email or call (702) 293-1707.