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® & Las 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.
All in all, you should exercise caution when throwing money in your home to sell it in the Las Vegas real estate market!