Selling your Las Vegas home – Avoiding the 7 mistakes
Selling your Las Vegas home is something one needs to be very careful of. There are 7 common mistakes to avoid. Mistakes that can cost you tens of thousands of dollars – even more. Therefore, let’s take a quick look at the 7 mistakes to avoid in selling your Las Vegas home.
Don’t step over dollars to pick up pennies
First, let’s learn the adage “don’t step over dollars to pick up pennies”. Far too many folks try to cut corners thinking they can save money. In fact, what they end up doing is losing 10 to 100 times more than they thought they would save.
The irony here is that spending money makes you more money. I spent less than $200 for storage when I sold my home. That investment made me more than $10,000 extra. This is important everywhere. Las Vegas, Henderson, Summerlin, Rhodes Ranch, Mountain’s Edge, Peccole Ranch, Southern Highlands, . . . everywhere. Yes, that means houses and condominiums as well.
Hire a professional
Second, hire a professional. Yes, pay for a full-service real estate agent. People think they can save a 6%, 7% or 8% commission. However, statistics show that in saving a commission, sellers actually end up with over 20% less money in their pocket. That goes for communities from Fairway Pointe, Copper Ridge, Sovana and Nevada Trails to the likes of Queensridge, Brookshire, Coronado Ranch and Spanish Trails.
A professional knows the laws and procedures. They know who is reliable and trustworthy to deal with. As you may imagine, there are folks out there that are less than professional to deal with. The professional you hire can help you protect yourself from those substandard experiences.
A professional also has their finger on the pulse of the marketplace. They can tell you exactly how to place your home on the market in such a way as to gain the greatest interest from buyers.
Make the home less “you”
Third, make your home more neutral and less “you”. What does this mean? This means clear all your countertops. Also, empty 50% of the clothes in your closets. Remember as well to remove the extra decorations and pieces of furniture in your home. Empty the stuff in your garage. Also, take any BOLD colors and paint them a white or off white shade. The key here is that when the buyer walks through, you want them not to see “you” in the home. Instead, you want them to see themselves in the home. The more they can see themselves in the home, the more offers you get. Likewise, the more offers that you get, the higher price you get.
So, rent a storage space. Some storage areas will even give you the first month’s rent for free. So, if you rent a truck for $50 or $80 for a day and use that storage space, you may put an extra $10,000 in your pocket.
Make your home easy to show
Fourth, make your home easy to show. I saw one listing that said “Can only be shown Tuesdays or Thursdays between 10am and 1pm.” Remember, the fewer offers, the lower the price. Many smart sellers even have a friend take their pets for the first few weeks. This allows for easier showing and less “aromas” to remind buyers that this is someone else’s home.
Have the agent place a lockbox on the home. These days that increases security as the agent can track all agents in the home.
Price your property right
Fifth, in this market it is best to price your property just a bit on the low side. The best interest in your home comes in the first week. If the home is priced over what the market will bear, nobody will notice your home. If it is priced just slightly below market, many people will come and look and then buyers will bid higher against each other. A listing that shows a price reduction in its history (yes, agents can view that) shows a seller that is desperate.
Remember, appraisers will appraise your property based upon what has SOLD in the nearby area in the last few months. Make sure to review with your agent what the appraisers will see before you price your property.
Get an appraisal and a home inspection before marketing
Sixth, consider getting an appraisal and a home inspection before your home hits the market. Having those up front lets you know what the market will bear and what the buyers will expect. If repairs need to be done, consider doing them before your home is available to show. This gives you as the seller the strongest position.
Have a complete game plan
Finally, make sure you have a complete game plan. As an agent, I personally give my sellers a timeline of when everything will occur and be done by. I keep in touch by phone, text and email so that they are kept aware. They know what days to expect what actions. They know the worst possible case on how much money they will get from the sale.
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