Selling Your House in Las Vegas: OOPS Your Listing Expired!

Monday, December 19th, 2011

Selling Your House in Las Vegas:  OUCH Your Listing Expired!

I am putting a postcard campaign together for reaching out to Las Vegas sellers who attempted to sell their home but their listing expired!  I have found a lot of reasons why potential listings expired and am putting them right here in a nifty list for you:

Agent Related to Seller: I was actually shocked about this one.  Almost 30% of our 1400 ish expired listings in the last three months were listings where the agent wasX related to the seller in some way.   Maybe if your Las Vegas listing expired and you had a relative list it, you may want to find a Las Vegas real estate agent that has no emotional ties to you or your property.

Price: I was not shocked about this one.  Without running full blown CMAs on the property but just using my trained eye on the area and PPSF, it appears that about 60% of expired listings are overpriced.  Only about 20% of those listings were GROSSLY overpriced (by more than 10%.)  That isn’t too shabby.  Buyers are finicky in this market for bargains and even the slightest overpricing can turn your listing into an expired listing.

Photos in MLS: OK folks, it only rains here like five days out of the year and snows MAYBE one day of the year.  People moving here from out of state are generally trying to escape some elements like snow and rain.  When I see photos with snow (which is rare) or rain or clouds, it’s like fingernails on a chaulkboard.  There are several other photo problems.  Another is holiday decorations.  There is no better way to age your listing by allowing your home to get photographed with holiday decorations.  The last and probably the worst way to stigmatize your Las Vegas house listing is to have very few photos.  Our MLS allows up to 25 photos.  There is no excuse – even in a 2 bedroom condo to not have more than 10 photos.  With that 2 bedroom condo there are probably community amenities available to add to the MLS.   There were less than 10% of expired listings that made use of ALL 25 photo spots!

MLS Data Incomplete: Non-required (yet searchable) MLS data is empty and buyers may be missing out on the fact that you have granite countertops, walk-in closets, a balcony or a bedroom & bathroom downstairs – you get the picture.  When you list your home you should ask for MLS sheets – both REALTOR® & public views so you can see how your home is portrayed to the public and compare it with your competition!  I saw a LOT of white space with expired listings!  I would say close to 80% of expired listings could have used better descriptions and made better use of the non-required MLS fields.

Showing Instructions: Homes that are difficult to show are difficult to sell.  Uncooperative tenants & appointment with listing agent just to name a few.  This was about 40% of expired listings.  Placing your home on an electronic keybox and making showings easier will help get more traffic in the door and increase your chances of receiving a good & acceptable offer.

Please note – my above findings are for “standard” or “traditional” listings only.  They DO NOT include short sale or REO listings that have expired in the last 3 months!

If you are looking for a complimentary, no appointment necessary consultation to sell your Las Vegas home, please fill out the form below:

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Selling Your House in Las Vegas: Preparing Your Home for Sale

Sunday, December 4th, 2011

Selling Your House in Las Vegas:  Preparing Your Home For Sale

Selling a home with equity in a distressed real estate environment such as the Las Vegas valley is definitely a hard choice many sellers have to make.  Even if the home isComputer Guy inherited (as in part of an estate or probate,) they face tough pre-listing decisions:

  • Should I sell or rent out the house? That is a decision that should be weighed along with costs of property management, vacancy and leaving some wiggle room for a declining rental market.
  • Should I stage my house? Probably not.  Most Las Vegas Homes for Sale (your competition) are vacant & unfurnished.  Recommended practices would be to simply save your money and keep your home clean and clutter free.  This means if the home is occupied to start boxing stuff up and put it in the garage or in storage.
  • Should I put upgrades in my house? I don’t recommend it.  Home sale price margins are tight in the Las Vegas market currently.  Highly upgraded homes in cookie cutter neighborhoods do not sell for that much of a higher price.
  • Should I do repairs to my house? Only if they will assist with financing.  Wait for the home inspection to come with a buyer repair addendum.
  • Should I hire a real estate agent? You may want to consider hiring a real estate agent not only for MLS/IDXmarketing experience, but also one that has experience with current market conditions & aggressive negotiating skills.
  • How should my home be marketed to the public? You or your agent should come up with an aggressive marketing plan.  One that involves the internet where MANY buyers are looking for and choosing their homes.
  • How should I price my home? DO NOT USE ONLINE INSTANT TOOLS!  I find those highly inaccurate.  Most real estate agents provide complimentary consultations on home pricing.  (Shameless plug – I provide mine without an appointment necessary – delivered to your email.)  You may also want to consider hiring an appraiser for an honest third party opinion.  Paying a couple hundred bucks up front could save you thousands of dollars in the end.  Holding costs from pricing too high can hurt you, selling too quickly at too low of a price can leave money on the table.
  • What are the costs of selling my home? Real estate agent commission is not the only cost.  There are title, escrow, real property transfer taxes, HOA transfer fees and other fees involved.

I am finding sellers with equity are doing their due diligence prior to selling a las vegas home.  Some take MONTHS for the preparation which is mostly emotional.  One thing is for sure, we do not know where the market is heading.   We are still in decline even though our market is pressed for inventory.  Let me give you an example:  the gentleman I have been supplying pricing comparables for a year and a half now has lost half his value since I started working with him in June 2010.  Time is definitely money in our market.

It is a very difficult decision to sell a home in Las Vegas these days because of the losses that have occured over the last 4 years.  It is an emotionally charged decision.  I personally do not push anyone into selling a home because I am wasting time if the home does not sell because I pushed the sellers into selling.  If you are considering selling your Las Vegas home and would like acomplimentary, no obligation, no pressure, no appointment necessaryconsultation on pricing of your home, my marketing plan, costs to sell your home (which includes my costs & fees) please click here to fill out this form.

 

Selling a Home in Las Vegas: The Costs of Selling a Home

Thursday, November 17th, 2011

Selling Your House in Las Vegas:  The Costs of Selling a Home

Many home sellers get “hung up” on what the commission is on selling their home.  Sometimes they don’t understand that there are a myriad of other costs of selling a home involved (besidesmoney liens) that are usually equivalent to the commission amounts.   Each scenario for a home sale is different and your mileage may vary :)

Here are the typical costs forselling your Las Vegas Home:

Real Estate Agent Commission: This is not a “set rate” as some people may think and it is negotiable.  When you are interviewing Las Vegas real estate agents it is common in our area to ALSO charge a transaction fee or a flat fee amount on top of your negotiated %.  This will be set in the listing agreement provided a GLVAR listing agreement is used, it is always best to ask up front.

Real Property Transfer Tax or RPTT: RPTT in Clark County NV is your sales price x .0051

Title & Escrow Fees: Again, this is not a set rate, settlement costs  & title insurance fees vary from title company to title company.  I really like to useOld Republic Title Company’s fee navigator when I do net sheets.

Reconveyance Fee: This is for paying off your mortgage if you have one and it runs around $300.

Recording Fee

Miscellaneous & Pad: For Fed Ex, Notary & Miscellaneous Items – $500

HOA Transfer Fees & Documents: Some areas (with governed by multiple HOAs) can expect these fees to run upwards to $1000.  The seller is required to provide these documents per NV state law!

Costs of Repairs: If costs for repairs are written into the executed contract, this amount should be considered for the net also.  Typical costs for repairs are $500-1000.  Even if no costs are requested, sometimes lenders on financed transactions may ask for repairs on certain items to be done.

Costs Pursuant to Buyer’s Loan Program: There are also some loan programs that will not allow buyers to pay certain costs (such as VA loans) and the seller will have to bear those costs.  Expect that to run around 1/2 to 1% of the purchase price.

Buyer’s Closing Costs: The buyer may ask the seller to pay their closing costs for items such as home warranty, appraisal, lender costs, title costs, recurring costs, prorated costs, etc.  This fee is typically 3% but can run as high as 6%.  This is all negotiable with the buyer contract before it is executed.

If you are thinking about selling your Las Vegas house and would like a no cost, no obligation estimated net sheet please fill out this form:

Seller Questionnaire

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Free Home Value Estimate & Online Value Calculators!

Thursday, August 11th, 2011

Online home value calculators are a very popular way to get a quick and easy home value estimate in the privacy of your own home without waiting.  HOWEVER I have found these online property value calculators wrong more often than not – especially if your home sports some unique characteristics that could enhance your home’s property value.

Some of the unique items in Las Vegas homes that may enhance and bring up the home value may include:

  • Large Lot Size
  • Pool or Spa
  • Upgrades
  • Guard Gated Community
  • Golf Frontage
  • Lake Frontage

These online home value calculators sometimes adjust the property value correctly for the unique characteristic but not most of the time.

For example, there is a property listed in SW Las Vegas on a SUPER large lot.  The listing price is $175K.   Zillow estimates $146000 & Corelogic estimates $198K.  That’s a pretty HUGE difference.  If the seller were to list it at Zillow’s price, they could be leaving money on the table.  If the seller were to list it at Corelogic’s price, they could be sitting on an aging & stagnating listing in a declining market.

When I use my own house as an example, Zillow estimates $206k & Corelogic estimates $200K.  When you put the pen to the paper and add the amenities on (pool, condition, balcony, views) then it shoots up to $220K.  If I was listing my home and if I relied on those, I could be leaving a significant chunk of change behind!

If you need to find out what your home is worth an appraisal is definitely worth the couple hundred dollars you may pay for it if it means netting tens of thousands more or an aging listing in a declining market (which can also leave money on the table if not priced right the first time around!)

Now where can you get a free home value estimate from some human eyeballs and a brain?  You can get a complimentary home evaluation consultation from filling out that form!  I am not an appraiser but I do have extensive BPO/pricing experience.  Your no obligation complimentary home evaluation consultation that is delivered to the privacy of your email box (no appointment necessary) includes:

  • Tiered pricing (quick sale, 60-90 day marketing time, 180 day marketing time)
  • Net Sheet (commission and other selling expenses)
  • Marketing Plan (extensive exposure for your home)

I understand that you cannot be pressured when selling is considered in this distressed market so I give you the numbers and you can make the decision on your own time!

 

Making Improvements & Selling Your Las Vegas Home.

Friday, July 1st, 2011

Top Dollar for your Las Vegas HomeStandard sellers consistently ask what updates they can do to sell their home.  My answer is usually none.  They are shocked.

The reason for this is that we barely have inventory – yet prices are dropping.  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.    The keyword in that sentence was “must”.  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.  If you could see the garbage that we (REALTORS® & LasMarketing Your Las Vegas Home Vegas Home Buyers) see, your expectations would be very low also.

There are VERY few well priced standard sales in our market.  Heck, there is very little “sellable” inventory in our market.  Most of the sellable inventory is distressed REO or trustee sale flips.  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.  My best advice to you (unless your comparables show otherwise) is to slap on that neutral paint (if necessary), clean the carpets & de-clutter.   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!)  Also make sure it is priced and marketed well.  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.

Las Vegas Free CMA Home SellersTips to get Top Dollar on Your Las Vegas Home

Complimentary Consultation for Pricing Your Las Vegas Home

Marketing Your Las Vegas Home

 

Selling Your Las Vegas or Henderson Area Home – The Guide

Wednesday, March 16th, 2011

Welcome to a guide for selling your Las Vegas or Henderson area home!  In today’s distressed environment Las Vegas home sellers need an edge to sell their homes quickly and for top dollar.

That edge does not come from just one factor and a little luck.  A variety of components are vital all together to make it happen!

This entire website has been put together as a guide to show sellers what combination of elements are necessary to get to the goal of closing a home:

When it comes time to sell your home, make sure you interview many agents.  I also provide a complimentary home evaluation consultation (or FREE CMA) as everyone else calls it!

I also have another website and here are more resources for Las Vegas Sellers for extra reading.

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