There is a lot of talk among real estate analysts and Realtors that the current real estate market in the Las Vegas Valley is a “seller’s market.” This means the supply of homes for sales is limited and that potential homebuyers will find it challenging to find a home they can afford.
There are also many current homeowners that wish to buy a newly built home from a builder. However, they face the challenge of finding and buying a home that is under construction on contingency while selling their current existing home. My twin brother Robert and I help with this challenge through the Nevada Builder Trade In Program that we operate through the Smith Team-Realtor-Keller Williams Realty Las Vegas.
The Nevada Builder Trade In Program is two-fold: We help homeowners find a brand new home that meets their individual needs from 50 plus neighborhoods under construction from a builder-partner, and we help them buy it while selling their current home at the same time.
In 2017, we received many inquiries from homeowners in this situation and I am happy to say we helped 140 of them successfully buy a brand new home on contingency as we sold their existing home. We also have dozens more clients in various stages of the process at this time. In 2017, we noticed a brisk pace in home sales with increases in prices – which can impact homebuyers wanting to both sell and buy a home in our increasingly competitive market while home prices and mortgage rates are still reasonable.
The Greater Las Vegas Association of Realtors (GLVAR) released a report stating that a total of 46,598 local properties were sold in 2017 through the Multiple Listing Service. This is the third best sales year in record – in 2016 the figure was 41,740. Also in this report the median price for an existing home increased by 14 percent to $267,900 in 2017 and the median prices of local condos and town homes increased by 26.5 percent to $143,000.
It is very important for sellers to work with an experienced Realtor in today’s market. Someone that truly understands where the market is going and focuses on your goal to sell your home for the highest possible realistic price. Robert and I have decades of experience in Las Vegas real estate and we rely on this expertise when helping you determine a realistic sales price – and in turn may influence how much you want to spend on your brand-new home.
We at the Smith Team offer the following at no cost:
A comparative market analysis of how much the current homeowner’s residence may sell for and an estimate of the current home’s equity.
Advice on home improvements to aid in the potential of increasing the sales price – with recommendations to contractors that can complete the work.
We offer guidance to help current homeowners assess their ability to purchase a new home if their current home sells at the projected market value.
If the homeowner qualifies financially and decides to sell their current residence and purchase a brand new home in a builder-partner neighborhood – we at the Smith Team will list, market and sell the clients current house at a reduced commission while offering the buyer’s agent the standard 3 percent commission. We also will help arrange for moving services or help locate a temporary rental if needed between the sale of your current home and the completion of the brand new home!
Keep in mind that whether you are interested in buying a home or listing a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. I have thirteen years in New Home Sales and sixteen years in General Real Estate sales!
Thanks and make it a terrific day…………Robin