Selling a house in Las Vegas has become a possibility for a number of home owners that previously found their homes value under water or short of the value needed to cover the home loan. For those of you that are not currently working with a Realtor or are unsure where to start if your ready to sell your house, this post is designed as a quick list of activities you will want to consider, before putting your home on the market.
What is my house worth
The first question you have to ask yourself is “what is my house worth?”, “does it make sense to sell?”. Any experienced Realtor will be able to research the homes sales in your neighborhood to give you a near appraisal figure of what your home is worth. Using online estimates from some of the bigger websites seems like a quick and simple way of doing this, but without detailed analysis, you might find that the number your looking at could be off by Thousands either high or low, giving you an unrealistic view of your homes current value.
To do a proper valuation of your property, a Realtor needs to look at only the last 90 days of activity within your neighborhood, expanding past the boundaries of your subdivision, only if there are not a sufficient number of homes that have sold, or gone under contract. Once the “comparable” homes have been identified, adjustments need to be made for things like: the size of the home, pools, the number of garage spaces, the number of bedrooms, any remodeling, and many other points that make one home worth more or less than another. This is why the online estimates can never tell you what your home is really worth, it takes a focused review to make sure you will receive full value for your home.
Once you have determined a value for your home, a Realtor will provide you with what is called a Net Sheet, or a good faith estimate of all the expenses in selling your home balanced against what your home should be sold for. This will be a reasonable estimate of the amount of funds you will receive after closing, or your net proceeds. Until you have this amount identified, you will not know the financial reality of selling your home.
Create a schedule for moving
If you were to sell your home, where will you be moving to and when? When homes were selling in days to investors at prices over and above appraised values, many sellers found themselves in a position of not knowing where they were moving to! Part of the plan to sell your home has to identify where and when you will be moving. If your moving into a new home, you might have the luxury of scheduling these events, however if your looking to move to a new neighborhood, you have a few options to help you schedule your move.
One option is to lease back your home from the new owners. If your selling to an owner occupant it’s less likely that this will be an option, as they are under the same pressure as you to move into their new address. To help you coordinate the move to your new address, you may want to write an offer on your new home as contingent on the sale of your old home, making that original net sheet all the more important.
Get started on selling your home in Las Vegas by calling me, Bruce Loeffler at 702-328-8113. I will provide a detailed home value and neighborhood analysis, so that you can make an informed decision on not only selling your home, but also what you should expect to move into your new home. We can work together to create a marketing plan to sell your home and a schedule for moving into your new home.