It’s an interesting time for home sellers in Las Vegas. While professionals in the field are used to shifting trends in the real estate market, it’s undeniable that the changes it has undergone in the past year have been particularly challenging. That said, you may find plenty of advantages if you’re planning to sell your home this year.
To help you plan for your home sale, here’s how the current seller’s market is affecting home sales and how you can make this situation work for you.
A home seller’s market unlike any other
Right now, Las Vegas is a seller’s market, one where the demand for homes is very high while the housing supply is considerably low. Last March, CNBC reported that there were 20% fewer homes currently listed in the market compared to March 2020. This paved the way for fierce bidding wars and, more importantly, a rise in mortgage rates. This surge has prompted home buyers to purchase homes before mortgage rates and home prices increase further.
Another factor that has profoundly aided this shift is the rise in remote working conditions. With more companies adapting to a new system for their employees, home buyers are looking at homes for sale in an entirely different way than they did a few years ago. This, in turn, has prompted a major shift in the way homeowners and their Realtors are selling homes.
These days, many sellers are beginning to realize that it’s not only a matter of casting a wider net but selecting a different one as well.
Selling homes smarter
Buyers’ agents are responding to this shift by maximizing their smarts when looking for listings that are already in such short supply. And as a result, more and more listing agents are taking their business online. Doing so helps them reach potential buyers faster and smarter.
More and more home sellers are also seeing the importance of integrating digital marketing strategies. For instance, plenty of sellers are now investing in virtual tours for their properties. And as the nation continues to deal with the long-term effects of the COVID-19 pandemic, virtual home tours add a much-needed layer of ease and security for buyers who want to view properties remotely.
Which homes are in demand right now?
Homes in big cities like Las Vegas continue to be in-demand, but because of shifting priorities, homes in suburban communities have started to catch up.
The same factors connected with remote working conditions and concerns about the coronavirus pandemic have largely driven the shift.
Economists observe that home buyers’ now have different needs. Most want larger, roomier homes with multi-use spaces to accommodate remote work, distance learning, and rest and recreation. There’s also a renewed desire to be closer to greener, less stressful spaces. And because of these needs, home buyers are looking for homes outside cities.
How to sell your home in a seller’s market
Despite the changes in home buyers’ attitudes, you can make this seller’s market work for you. Here’s how:
- Move fast. Time is of the essence, now more than ever. If you’re thinking of selling your home, don’t dilly-dally.
- Offer virtual tours. Virtual tours make it easier for home buyers to view your property. It also helps you distinguish who’s serious and who’s just looking.
- Try to meet current lifestyle trends. Find out what home buyers are looking for. As mentioned earlier, most buyers these days want flexible spaces, storage, and greenery. You can incorporate these into your renovation plan or show buyers your home’s potential through staging.
- Work with a real estate agent. This seller’s market may be advantageous for you, but it’s still best to work with a professional to help you navigate these waters. Local experience in selling homes during a seller’s market will come handy, especially when it comes to choosing the best offer.
The real challenge in selling your property during a seller’s market is finding a replacement home. You’ll face stiff competition and may have to make bigger offers to outbid other home buyers.
As much as possible, don’t sell your home until you’ve relocated. This way, you’ll be taking advantage of the current seller’s market while avoiding most of the challenges home buyers face these days.
If you have even more questions on what to consider in this seller’s market and things to do before selling a house in Las Vegas, I’m ready to help. Call me at 702.419.3212 or send me an email at Loralee(dotted)Wood(at)CBVegas(dotted)com to set up a meeting.