Setting The Price
• A Resource For Sellers •
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).
The property's list price and its condition are the two most important factors, even in down markets. Price the home based on comparative sales data or pay a certified appraiser (an approximate cost of $300 to $500) to accurately determine the value of the property. As for its condition, evaluate the house objectively and repair any obvious cosmetic issues that could deter potential buyers.
In a down market, consider lowering the price or making major repairs (e.g. roof replacement) to lure buyers. Advertise the property in every marketplace (LVR, Redfin and Zillow), offer open houses and put up visible signage. If you are NOT satisfied that your listing is getting the exposure it needs, then you may need to switch agents.
Selling A Slow Mover.
In a slow market, the most attractive option (to buyers) is to lower the price. Consider repairs of any cosmetic defects that could deter prospective homebuyers. Also, increase the exposure of the property through open houses, broker open houses, professional staging, and visible signage. As an option of last resort, pull the house off of the market and simply wait for things to improve.
The 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.
Preparing The Property For Sale.
The old adage "You get one chance to make a first impression" is particularly true with real estate. Therefore, BC Adobe Realty recommends that sellers and their agents do whatever possible to put the property's "best face forward" in order to receive offers close to the list price (or even above it). A good first impression is particularly helpful if the seller's primary concern is closing the sale as quickly as possible. These are a few ideas for presentation of your home:
1. Test that the doorbell works.
2. Test that the basic appliances and fixtures work flawlessly.
3. Aromatherapy; mild incense or diffuser. Hide the kitty litter and box.
4. Interior/Exterior; clean the windows, repair any chips or flakes in the paint.
5. Dust and/or clean the floors, walls, ceilings, and especially the bathroom(s) and kitchen.
6. Landscape; sweep sidewalks, mow the lawn, prune the bushes, weed the garden, remove any clutter from the yard.
Our agents are experts at pricing real estate for current market conditions. 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.