Las Vegas,
Nevada -- Everyone in Las Vegas wants a sure thing, and that’s exactly what Vegas
home sellers experienced not too long ago.
The Las Vegas market was flooded with investors, mostly cash Buyers, who
seemed to be purchasing everything in sight.
It was common for home sellers to receive multiple cash offers, many
above list price. Just like the casinos
in Las Vegas, luck doesn’t last forever.
The Las Vegas Real Estate Market is no exception. As prices went up, most investors left town. The higher prices created a scenario where
many were no longer able to “flip or rent” for profit.
Today’s
market has shifted back to a “semi-normal” real estate market; however, some sellers
are still under the impression their home is going to sell fast and receive
multiple offers priced above market value. What many home sellers (and real estate agents)
fail to recognize is there is a new dynamic in Las Vegas which is gobbling up
home buyers by the thousands. Today’s
sellers are facing competition from new home builders like never before. In fact, we haven’t seen this many new homes for
sale since the early 2000’s.
New home
communities are popping up everywhere, and the builders have gotten very
smart. Their pricing strategy is
intended to go head to head with the resale market and the incentives they
offer to buyers are hard to match. For
example, many new home builders are paying some or all of the buyers closing
costs, and even buying down the buyers’ interest rate.
Additionally,
as many Las Vegas homes are starting to show their age, the new home builders are
offering features that resale properties may find difficult to compete
with. For example, the majority of new
homes are “energy efficient.” They offer
features which can reduce summer utility bills up to 70% over resale
homes. This is a big incentive to those
who live in the desert. Summer air
conditioning bills can be brutally expensive.
Especially for homes built before 2007, when some of the ENERGY STAR
guidelines became mandatory.
Additionally,
many of the upgrades that once cost extra for new home buyers are now considered
“standard features” and included in the base price. Features such as granite countertops,
upgraded cabinetry, stainless steel appliances and energy efficient features are
now typically included. This can be
quite enticing to a Buyer, when comparing a resale home to a “brand-new”
builder home with all the bells and whistles.
How can you compete when selling a resale home?
Here are 5 “AFFORDABLE”
tips to make your resale home more attractive to a prospective buyer. These tips will help your home stand out from
the competition and hopefully put you in a position where you are able to
command top dollar. (and even compete with the new homes)
TIP ONE: IT’S
ALL ABOUT THE KITCHEN:
White appliances,
vinyl floors and oak cabinets can make your home look antiquated and “behind
the times.” The good news is this fixable
and not terribly expensive to do.
Consider replacing your appliances with stainless steel. There are plenty of deals out there for new
appliances, especially during holiday sales, etc. Additionally, there are always good deals on
Craig’s List for gently used stainless appliances. (Make sure your appliances match.) Stainless appliances can help you get maximum
value for your home. Older looking kitchens
might scare a buyer from making an offer or cause buyers to make “lowball offers”
on your home. Buyers typically take into
consideration the amount of money they must spend to bring a home up to date,
and then make offers accordingly. You
simply cannot go wrong investing in stainless steel appliances if you are
expecting top dollar for your home.
TIP TWO: MAKE YOUR CABINETS LOOK NEW
Oak cabinets
might be out of style, but nothing that can’t be fixed with a little
paint. Today’s new kitchens offer a wide
variety of cabinetry colors and options.
White is back in style. So are
other colors, which builders refer to as Cappuccino, Mocha, Espresso (or any
other name you might hear at Starbucks.)
Most of these colors can be created with a quality paint job. Adding some stainless steel or nickel handles
or knobs might look good too.
TIP
THREE: FRESH PAINT
Paint is one
of the cheapest things to change. If you
watched too many of those home improvement shows and went a little crazy making
your kitchen purple or your children’s rooms pink and red, now might be the
time to choose a more neutral color.
TIP
FOUR: NOT ALL VINYL FLOORS ARE BAD
Many older
homes have vinyl flooring in the kitchen and bathrooms. While vinyl can make your home look like you
still listen to “8-Track Tapes” it’s easy and inexpensive to fix. There are many replacement options available
that look like tile or even wood (and yes, they are still vinyl.) You always have the option of upgrading to
tile, however, it’s actually quite affordable to put new vinyl flooring over
old. If you can bring your old flooring up
to date, this will be noticed by potential buyers.
TIP
FIVE: HOW TO COMPETE WITH ENERGY
EFFICIENT HOMES
This is one
of the biggest selling points of new home builders. In many model homes, they feature a display
of some sort, showing off their quality construction and how their homes will keep
your utility bills low. How can you
compete? It’s easy. Hiring someone to blow-in additional
insulation to your attic is relatively inexpensive and can help keep power
bills low. Additionally, do you have
windows that get direct sunlight and heat up a room? Replacing windows is expensive; however, you
might consider investing in some energy efficient window tinting. This can reduce the amount of heat coming
through a window by 50% or more, and is quite affordable to do. When selling your home, providing Buyers with
copies of low summer utility bills and advertising your energy efficient
features can really make your home stand out from the pack.
Bill and
Francoise Myers with Simply Vegas Real Estate are owners of The Myers Team. They are “Top Las Vegas Agents” as seen in
numerous magazines and publications including the cover of Las Vegas Agent
Magazine and the Las Vegas Review Journal. Additionally, they have been
interviewed and quoted for ABC News, CBS Evening News, and the Channel 8
I-Team. Since 2002, they have sold thousands of Las Vegas homes.
Contact The
Myers Team at 702-677-4343
Las Vegas
Top Agents: http://www.LasVegasList4Less.com
Para
Español: http://www.lasvegaslist4less.com/para-espaol.asp
Short
Sale Information: http://www.NevadaShortSaleInfo.com
