Tips for Pricing your Las Vegas Home
Your Las Vegas home is of great value to you because of all the time you have spent picking out the right tiles, choosing the right contractors, and taking care of your home. However, buyers may not see the same value in all of these aspects. Below are six tips to follow when pricing your Las Vegas home to sell fast.
Asking Price
You don’t want to price your Las Vegas home too high or too low. Having the asking too high can cause your home to sit on the market for too long causing you to lose money and raising questions about what is wrong with your home. An asking price which is too low can raise questions about the home but also put you in a position to lose money if a bidding war does not kick in and kick up your home’s price.
Looking at Homes in Your Area
To help you decide on the price of your Las Vegas home you will want to do some research on homes in your area which are similar, have the same number of bathrooms, bedrooms, and square footage as your home. You will want to look at homes which have sold recently or are on the market. You can ask your realtor to give you this information or use the Internet. This research can help you get a better sense of what to price your home at.
Being Fair
When comparing your home to others you need to compare them correctly. Think about the neighborhood your home is in: if it is a better one than the other homes, it can increase the value of your home. If the home you are comparing yours to is “new construction” and yours is not it can sometimes decrease the value of your home.
History of a Sale
Another aspect of your research is what was the home’s original asking price and how long did it take them to sell the home? No matter if you need to sell your Las Vegas home quickly or have time, you will want to know the history and timeline for the homes sold in your area in order to help settle on the best price of your home.
Improvements
If you have recently done improvements (e.g. kitchens, bathrooms, new floors, etc) to your home be sure to factor these prices into your asking price. It is important to remember you may not receive the return on your investment you are looking for on all of your renovations as home buyers assign different value to different elements.
The Market in Your Area
Supply and demand are important factors in the pricing of your home. If there are a number of buyers out there – a seller’s market – you can increase the value of your home. If there are more homes out there then buyers – a buyer’s market – you may need to decrease the value of your home in order to get a deal done.
Deciding on the price of your Las Vegas home will take time and is not something to take lightly. This decision can impact how long your home will be on the market and the final price it is sold for. Take your time, do your research and get the best price you can.