Buying a home in Las Vegas can be a challenge for those wanting to make a purchase in today’s current market conditions. Housing agents might write multiple offers for a client and still can’t get the offers accepted. So what do you do in an environment where offers are so regularly turned down?
When the market becomes tiring for buyers, especially for clients making an offer on a home for under $300,000. One of the main things to keep in mind is that it’s important to not give up! One of the things about the current market is that values are growing at a rapid rate. Recent statistics have shown that in the last 12 months alone values of homes have risen approximately 31%. So if an owner had a home on the market one year ago for $100,000, it is worth $131,000 today, or a $200,000 home would now be worth $260,000! With this type of growth it can be difficult to make an offer that a seller is happy with, but the key is to not give up! New legislation in the Senate on homeowners’ rights and an improving economy, possibly 20% over the next six months. So a buyer who doesn’t give up and gets that home purchased is likely to be richly rewarded in rapid appreciation of their new home.
The second thing you need to do to get an offer accepted, is to be aggressive with your offers. It is important to make sure your agent is doing everything possible to get the best options for an attractive offer, and you should always ask questions on the work they are doing. As a client you should be asking questions such as: “are they doing the research necessary to make a good offer?,” “Are they seeing if there is other offers on the home?,” “how the competition is?,” “Is the offer cash and is it conventional?,” and “Is it FHA?” You need to know all of these details to make a serious offer on a home. Also, your agent should look at comparable home sales, what the recent short sells are, what’s under contract, and what’s going to close in the next 30-60 days. That will give you a realistic picture of what the home is likely to be worth in the upcoming months so that you know that you’re not overpaying or paying much more than what today’s market dictates.
Another thing that you can do is talk with a seller. You can meet with the homeowner if they live in the property and make a personal connection that will help you get your offer accepted. We have seen a 25% increase in the numbers of offers that get eventually accepted just from making that personal connection with the seller and letting them know who you are. Also, don’t just allow your agent to fax in the offer or email the offer to the agent. That’s the easy thing to do. If your agent goes with a more personal touch such as presenting the offer to the seller in person, then the seller gets to see you as more than just a piece of paper! This can affect the seller’s decision and they’re more likely to accept your offer. Maybe send a picture of your family or write a short story of why you love the home so much and can see it as a place to call your home. It is important to realize that offering above the sales price isn’t always the only key to buying a home. A high bid always helps because every seller wants to make money, but that’s not the only reason that a seller will accept your offer.
Finally, have your agent think outside of the box. Have they looked at new homes yet? Have they looked at FOR SALE BY OWNERS? Have they looked at other avenues of people selling their homes on Craigslist? There are many, many other avenues than just the standard multiple listing service method which most agents rely on. Doing extra research and spending a little extra time and the extra care to details can make all the difference when it comes to getting the offer accepted.
If you’re looking to purchase a home in Las Vegas, and have any questions, please feel free to contact The Batchelor Group at 702-595-8036, or you can do any research and find us on the web at www.lasvegas1realestate.com, We’d love to assist you at any time and answer any question you have, even if you have an agent already that is struggling and they just want a little bit of advice from us, we’ll be happy to offer any advice we can assist them with.