Real Estate Advice

Price it right.

The worst mistake any seller can make in a softening market is to overprice a home. Even putting a high price on your home to "test the market" for a few weeks (with the notion that you can always lower it later) is generally a bad idea.
Your real estate goal should be to seal a deal during "the first two or three weeks your house is new to the market." That's when your home generates interest from serious buyers who have their radar up for fresh properties.
If you're asking too much, they'll move on, and your house will get lumped in with the rest of the inventory. And if it lingers too long, "it can become stigmatized," - Buyers will think there is something wrong with it.
How can you be certain that you're pricing it right? Start by checking out your rivals: similar homes for sale in your neighborhood. But the numbers that you really want are the actual prices comparable homes have sold for recently - a market analysis that a good real estate broker will prepare.
And don't cling to memories of what houses were commanding six months ago; if your area has seen a slowdown in sales, you're not going to get top dollar. "The silver lining," is that houses priced correctly are selling for what they're asking.

In a faltering market you need to stand out. That's where something called "staging" comes in - that is, sprucing up your home in a way that encourages prospective buyers to envision themselves living there.
The first step is to rent a storage locker and fill it with all that clutter from the attic, basement, and garage. Also remove any furniture that makes your home look overcrowded. And… you may want to sweep your house clean of such personal items as wedding photos, framed diplomas, or children's finger-paintings - it's difficult for prospective buyers to see your home as their castle if your family's signature is all over it.
Tone down unique decor. That nude oil painting hanging in the foyer may turn off buyers. Rooms painted in unusual colors should be redone in neutral tones.
Remember, "You're not selling your things, you're selling your house."
"Curb-appeal" is equally important; - The trip from the driveway to the front door can kill a deal.
So, slap a fresh coat of paint on the door, hang a wreath, hide the garbage cans, and plant flowers along the walkway.

You may hate the idea of parting with 6% your home's value, especially when you're facing the prospect of getting less than you dreamed of. And with the Internet making do-it-yourself sales easier than ever, you may be tempted to dispense with an agent.
But in a tougher environment, marketing is everything, and an experienced agent -- that is, one who didn't recently jump into the real estate gold rush - can be invaluable in helping you price your home correctly and in getting it noticed by prospective buyers. An agent can also steer you through the tortuous sales process and keep a deal on track when the inevitable glitches crop up.
So are there ways to save on those steep commissions? Any real estate professional will tell you that fees are always negotiable. But just as investors with hefty portfolios often pay smaller percentage fees to their advisors, sellers of high-end homes have the most leverage when it comes to commissions.
A recent seller reduced the take on a $900,000 property to 4 percent. You may also be able to get a package deal if you use your listing broker to buy another house in the same market.

In 2005, investors accounted for 28 percent of the housing market, up from 23 percent in 2004, according to the National Association of Realtors. But the game of buying a home - or two or three or 17 - holding it for a bit, and then flipping it for a handsome profit has pretty much played itself out.
"Get out as fast as possible," is the best advice. The market is moving away from the investor, and even when it stabilizes, it's not going to skyrocket anytime soon.
So don't repeat the mistake that tech-investors made during the dot-com bubble. As stocks spiraled downward, they held on, thinking that the market would bounce back quickly. Just accept that you're going to lose money on that particular deal.
"Take your lumps," - If you're feeding a particular property cash flow, it won't take long to make it a very bad investment.

Home prices still are exorbitant by most historical standards. But the market is moving in buyers' favor - here's how to capitalize on that shift.

Many sellers are clinging to bloated price tags that are based on what homes were fetching at the peak rather than what's realistic today. Case in point: A four-bedroom home, here in Las Vegas, that came on the market last summer for $750,000 -- now has an asking price of $620,000.
To gauge local conditions, you want to know how many houses are for sale and how long the average house has been sitting on the market today vs. a year ago.
Once you focus on a particular house, get the same report on comparable dwellings that an agent would give a seller. It costs you nothing, and it can save you from placing more money on the table than you should.
Without doing this research "you're just shooting in the dark"; the home could be totally overpriced, or it could be a steal.

In the heat of the boom, home shoppers committed to properties within minutes of touring them. Although sellers still have the upper hand in some markets, in most, time is on your side.
You can make good use of it by getting to know your target market intimately. "Do your homework!"
Some of the things you can delve into more deeply:- the school system; zoning issues that could change the value of homes in the coming years; the job picture; and recent property tax increases, as well as the outlook for more.
Once you're ready to make an offer, again, don't be hasty. Hire a professional to conduct a careful inspection, and follow up by getting estimates for dealing with any problems he uncovers - repairing a leaky roof or replacing an old furnace. All this is part of the cost of carrying a house, and you need to factor it into your budget before you know what you can really afford to pay.

Sellers who won't budge on the asking price may be willing to make other concessions. This is especially true when you're buying from home-building companies, which need to keep prices stable to avoid angering recent purchasers.
To move product these days, they're throwing in all sorts of upgrades.
In January the National Association of Home Builders found that 41 percent of builders were offering freebies, up from 32 percent six months earlier.
Some are offering backyard landscaping, window treatments, and free washers and dryers to first-time buyers of 1,700- to 2,800-square-foot homes. Others are tossing in all sorts of incentives to buyers of two- or three-bedroom condo-units.
In some areas, some sellers have offered to make up to a year's worth of mortgage payments to buyers who come close to the full asking price. Remember, there are plenty of houses to choose from, don't let a gimmicky offer lead you to overpay for a place you're not crazy about.

For additional information about Las Vegas Real Estate and a leading Las Vegas Realtor visit: www.vegasrealestatesales.com

Call Denise at (702) 496-2830 or Todd at (702) 985-2148