Las Vegas, Nevada – Have you been trying to sell your home and it hasn’t sold? Has it been listed for several months, yet you haven’t received a decent offer? In the Las Vegas market, competition for home buyers is intense. New homes tracts have been popping up all over the Vegas Valley and are competing for the same Buyers as resale homes. Additionally, the incentives they offer can be very enticing, such as paying the Buyers closing costs, etc. What can you do to compete? Here is a list of the Top 5 Reasons Las Vegas Homes Don’t Sell.
OVERPRICING YOUR HOME
Let’s be clear. If you used a Zillow “Zestimate” to price your home, you’re likely overpriced. When CBS news interviewed Zillow CEO, Spencer Rascoff and asked if Zillow Zestimates are accurate, his response was as follows; “Zestimates are a good starting point, but nationwide Zestimates have a median error rate of about 8%.” This means that some areas of the country may actually have an error rate significantly higher than 8%. For example, in New York, the error rate is 19.9%. In San Francisco, the error rate is 11.6%, and in some rural areas of California, the LA Times reports error rates to be as high as 26%. Some local experts believe the error rate in Las Vegas may be between 10% and 12%. This means a $500,000 house could be overpriced by $50,000 to $60,000. This creates lots of problems. Experienced agents and appraisers know that Zillow values are hardly accurate -- often far from it.
BAD PHOTOGRAPHY
Think of Real Estate photos as “bait” to attract Buyers into your home. While good photos attract Buyers, bad photos have the opposite effect. If the photos don’t look good, the home doesn’t look good. Gone are the days where a Real Estate Agent chooses the homes which a Buyer will view. In the Internet era, it’s the opposite. Buyers search for homes online from their computers or smart phones; then tell agents which homes they would like to see. Many times, homes with dark photos, photos of clutter or no photos at all, are overlooked and skipped over. The MLS allows 35 photos to be uploaded. This means 35 opportunities to showcase your homes strengths. If your agent doesn’t take advantage and only uploads a few photos of your home, you are not getting the marketing you deserve.
POOR DESCRIPTIONS OF YOUR HOME
Many years ago, agents would describe homes for sale as “Turn-Key” or “Move-In Ready.” While these descriptions may have been sufficient 20 years ago; “Home Improvement” shows and “Home Flipping” shows on Cable TV have changed the awareness and expectations of homebuyers. Today’s Buyers are much savvier regarding upgrades. They know the difference between real wood flooring and laminate. They understand why Travertine is better than tile. If your agent doesn’t understand or explain your homes upgrades, then how can you expect to get top dollar? Does your home have energy efficient features which keep utility bills low? This is very important in the desert. Most of the new builder homes are energy efficient, so if your home has extra insulation or Low-E windows, this should be mentioned. It’s amazing to see so many homes listed for sale where the listing agent fails to mention key selling points, such as a Corner Lot, Cul-De-Sac, Downstairs Bed and Bath, etc. Each upgrade makes your home more attractive and sets it apart from the competition. Make sure key upgrades are mentioned.
TOO MUCH CLUTTER
While good photography can get Buyers into your home, clutter will surely scare them away. When a Buyer enters your home, they want to imagine how “THEIR” stuff will look in your home. This is hard to do if they’re forced to look at YOUR STUFF. If your home is full of boxes, stacks of paper, and miscellaneous junk, make it disappear. Clutter not only harms your chances of receiving a good offer, it can prevent your home from selling. Have you noticed that new model homes have no clutter? We understand that nobody lives in these homes, however, please remove as much clutter as possible. At the very least, transfer the clutter to a secondary bedroom or the garage until the home is sold. (A storage unit is even better) A clutter free home is not only peaceful; it creates a sense of space and cleanliness.
SMELLS
Remember the song “Smelly Cat” from the TV show “Friends?” Smelly Cats do not help homes sell. While most of us love animals, few enjoy the smells that…well, you know. Additionally, the number one smell that can turn off a Buyer is cigarette smoke. This can be a deal killer. Be sure to smoke outside and get the carpets cleaned if necessary. If the smell is strong, you might need some fresh paint. At the very least, air freshener can be a big help. Lastly, if you’re going to cook fish for dinner, please be aware that the smell might linger for days. Neutral smells are recommended to attract Buyers and not scare them away.
Myers Team owners, Bill and Francoise Myers with Simply Vegas Real Estate are Las Vegas Top Agents who specialize in Seller Representation.
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The Myers Team are licensed Real Estate Agents. They are not CPA’s, Accountants or Attorneys. The content above is for information purposes only and should not be construed as tax or legal advice. The information provided is obtained from public records, it is deemed reliable but not guaranteed. Agent production is based on short sale listing ends from non-lawyer affiliated Agents and Brokers.
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