In this video we discuss the importance of correct pricing in the sale of Las of Vegas homes, condos and luxury high-rise condos. This is very important in the current Las Vegas real estate market as the market has turned and prices are going down and it all starts with your listing agents visit to you home or condo.
It is a mistake to have your Las Vegas Realtor see your property at the time of listing presentation, listing agents should be given access to the property before listing presentation so he/she can see selling points as well as problems in order to provide a target price for you property.
We discuss the importance of Las Vegas Realtor familiarity with your type of real estate deal and use an example of listing Las Vegas short sales. We found out that short selling a home may not be the best course of action for an underwater Las Vegas, Henderson or North Las Vegas home seller and for example bankruptcy may be the way to go. A top Las Vegas short sale agent should be at least familiar with legal remedies in order to point their client in the right direction without giving legal advice.
There are a few short sale agents who spent a great deal of time learning all about short sales. Although we have closed many short sales deals as buyer’s agent, we decided that we can never be as GOOD as these short sale specialists, the right thing to do is to was to refer short sales deals to the these agents. So we decided not to do short sales and refer them to the best agents for the job, if you need one, let us know. Your listing agent should have expert knowledge of the type of real estate deal.
Pricing Las Vegas homes, condos or high rise condos is a two stage process,
1: Figuring a target price based on comparable sales
2: Devising a marketing plan to arrive at the target sales price
We discuss how to calculate the asking price based on comparable sales for a proper duration of time taking into account the direction of the real estate market. This is not easy in always changing Las Vegas real estate market. For example the asking price should be higher than target price in a buyer’s market to account for the low ball offers, etc.
At this time it is difficult to find good deals because majority asking prices are too high given that prices have gone up in 28 out of the last 30 months but it takes time for Las Vegas real estate sellers to adjust their asking prices. However prices are going down some right now and Las Vegas properties that are going under contract now are selling less than comparables that have sold 6 month ago.
There is too much emphasis on median price of Las Vegas homes which is computed using a waited mix of sales results from previous months with the prior 2nd and 3rd months influencing the results the most, so it will miss sudden changes in the market and by the time it makes news it is 3 month too late. Your listing agent should know the current Las Vegas real estate market and not read about it in the newspapers when it is too late.
I want to repeat that this video series is published to help Las Vegas homes, condos or high rise sellers avoid bad listing agents so we are doing it as a crash course and cannot go into as much details as we want, so we are using blogs too.
While correct pricing is essential in generating interest in your property and influences the offer amount, listing pictures and ease of access to the property are as important as correct pricing which we will discuss in the next blog and video.
Other videos in list, sell your Las Vegas home, condo or high-rise condo for top money while avoiding costly mistakes