Setting The Price

The property's list price and its condition are the two most important factors, even in down markets. Price the home based on comparative sales data or pay a certified appraiser (an approximate cost of $300 to $500) to accurately determine the value of the property. As for its condition, evaluate the house objectively and repair any obvious cosmetic issues that could deter potential buyers.

In a down market, consider lowering the price or making major repairs (e.g. roof replacement) to lure buyers. Advertise the property in every marketplace (LVR, Redfin and Zillow), offer open houses and put up visible signage. If you are NOT satisfied that your listing is getting the exposure it needs, then you may need to switch agents.

In a slow market, the most attractive option (to buyers) is to lower the price. Consider repairs of any cosmetic defects that could deter prospective homebuyers. Also, increase the exposure of the property through open houses, broker open houses, professional staging, and visible signage. As an option of last resort, pull the house off of the market and simply wait for things to improve.

Honestly, there isn't a predictable "best time" to sell. It mostly depends upon supply, demand and other economic factors, both locally and nationally. That said, the weather is less of a consideration in the more temperate months, with the real estate market picking up steam as early as February. In Clark County, the market can slow during the hot summer months. Also, many prospective homebuyers and real estate agents take vacations in the summertime. Following the slower summer, real estate sales activity picks up for the fall season, which usually lasts into November. The market tends to slow again as buyers and sellers turn their attention to the holidays.

List is the seller's advertised price; a figure that represents only a rough estimate of the final sale price. Sellers can price high, low, or close to what they hope to receive. Appraisal value is a certified appraiser's estimate of the worth of the property, and it is based on comparable sales, condition of the property, square footage, and numerous other factors. Banks and lending institutions issue loans based on the appraised value.