The reason for this is that we barely have inventory – yet prices are dropping. Â Sometimes looking at closed comparables will show barely difference in price between a “fair” property to a “good” property to an “excellent” property.
Sellers who MUST sell in today’s distressed Las Vegas real estate environment are usually stuck between a rock and a hard place. Â Â The keyword in that sentence was “must”. Â No one sells a house in this environment for giggles.
The best return on your typical tract home is neutral paint – and that’s if you save some money & do it yourself. Â If you could see the garbage that we (REALTORSÂ® & Las Vegas Home Buyers) see, your expectations would be very low also.
There are VERY few well priced standard sales in our market. Â Heck, there is very little “sellable” inventory in our market. Â Most of the sellable inventory is distressed REO or trustee sale flips. Â Your competing inventory is basically a short sale which have dismal closing percentages before going into foreclosure.
We see lots of deferred maintenance, missing systems and damage. Â My best advice to you (unless your comparables show otherwise) is to slap on that neutral paint (if necessary), clean the carpets & de-clutter. Â Make sure the home is easy to show at all times (again – your competition is VACANT property which is VERY easy to get in to!) Â Also make sure it is priced and marketed well. Â We are dealing with ANOTHER declining market at this moment in most areas so it isn’t wise to sink in thousands of dollars with a negative return on investment.
All in all, you should exercise caution when throwing money in your home to sell it in the Las Vegas real estate market!
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