Intoruction
With strong demand and remarkable price growth in 2021, the Las Vegas housing market is only bound to get hotter in 2022. It takes the right Realtor to buy or sell a home in this dynamic market. Here’s what you need to know about hiring Las Vegas Realtors.Table of contents
- What happens in Las Vegas: Market overview
- Why hire a Realtor in Las Vegas
- The skills and traits of a good Realtor
- How to choose the right Realtor
- Questions to ask when interviewing Realtors
- Red flags to watch out for
- How to be a good client after you’ve hired a Realtor
- FAQs
- Start buying or selling luxury real estate in Las Vegas
What happens in Las Vegas
The Las Vegas housing market is in full swing with single-family home sales reaching their highest in 14 years. Home prices continue to rise in October 2021 though at a slightly slower rate than previous months, according to data from Las Vegas Realtors. Demand has outpaced shrinking inventory.
Demand is being driven by an influx of new residents relocating from Southern California and other pricier areas, putting pressure on the market. Business Insider estimates that 30% of buyers are relocating from California to escape higher taxes and home prices. LV is the most affordable among the United States’ top 10 major cities. Southern Nevada is a particularly bright spot. Homes are selling quickly while median prices reach new heights practically each month. Increased buyer activity and limited inventory are keeping agents busy around the clock. Builders have also raised their prices and have been forced to put buyers on waiting lists.
The median sales price of existing single-family homes climbed to $410,000 in November 2021. Furthermore, 79.9% of homes sold had been on the market for just 30 days or less compared to roughly 83.8% of homes in October 2020.
Townhomes and condos sold for a median price of $229,000 in August 2021, up 23.8% from $185,000 in August 2020.
The luxury market is also seeing a good amount of activity with 107 homes selling for $1 million or more in November 2021, slightly less than 119 in September 2021. The median sales price of luxury homes increased to $1,425,000 September, up $150,000 from $1,275,000.
Las Vegas Realtors believe that the Southern Nevada housing market is near a tipping point. LV currently ranks among the 10 most overvalued housing markets in the United States, with homes selling 41.88% above the long-term pricing trend, according to professors at Florida International University and Florida Atlantic University.
2022 Predictions for the Las Vegas housing market
Las Vegas Realtors predict the following based on current trends:
- The Las Vegas condo market will heat up in 2022. In a tight market, condos are an excellent alternative to townhomes and single-family homes. With more inventory available in the condo market,there is less competition compared to the single-family home market, attracting more buyers. Experts also cite the fact that home prices are increasing faster than incomes, forcing buyers to look for more affordable types of property ownership.
- Las Vegas suburbs will see more real estate activity. As the city of Las Vegas grows exponentially, the suburbs will become a more attractive option for buyers. With relatively affordable prices, more inventory, and larger homes, more buyers will consider moving to the suburbs.
- The Las Vegas housing market will only get hotter. Although median sales prices are growing at a slower rate than last year, and as housing markets start to stabilize nationwide, the Las Vegas housing market has nowhere to go but up as buyers continue to relocate from the more expensive regions in the US.
Why hire a Realtor in Las Vegas
If you’re a buyer
Why it’s esp important if you’re buying luxury property
Working with a Las Vegas Realtor can simplify the property search and help you find the home of your dreams. As already mentioned, the LV housing market is being flooded with buyers, making it a competitive market. This means that you need to come prepared. A Realtor will offer professional guidance and make sure that you’re well-equipped for the home search.
Here are some of the benefits of working with a Realtor:
- Expertise – There’s simply no substitute for professional advice. Working with a Realtor will help you avoid the common pitfalls of buying a home in Las Vegas. It doesn’t matter if you’ve already purchased a home before. No two transactions are the same, which is why a Realtor’s services are so important. An experienced Realtor can anticipate the many scenarios that can arise during the home buying process. They will exercise due diligence to prevent delays and nip issues in the bud. Their involvement will help ensure that your home purchase goes smoothly.
- Access to exclusive listings – A Realtor can present listings that match your criteria. They can also provide access to exclusive and off-market listings that can be difficult to find. Working with a Realtor can help you streamline the property search while at the same time expand your reach. This is especially useful when it comes to the luxury market, where the most desirable properties are advertised off-market. Many luxury sellers prefer to be discreet, promoting properties only to persons within their personal and professional network. A luxury Realtor with a vast network can help you catch wind of off-market listings.
- Stress reduction – Simply put, an experienced Realtor can make the buying process less stressful overall. Many clients tend to underestimate the buying process, which can take anywhere from several weeks to months. From house hunting and making offers, to negotiations and property turnover, a Realtor will stay on the ball and keep the entire process from being too overwhelming. This allows you to focus on other things, such as business, family, and philanthropic work, while waiting to close the sale.
- Discretion – Luxury homeowners are particularly concerned about their privacy and security. An experienced Realtor will facilitate a sale with tact and discretion, keeping the details of the transaction under wraps until it is finalized. They will act with confidentiality while looking for the right buyer for your home. They will also schedule viewing appointments with only the most qualified buyers to control the flow of visitors to the property.
- Preparations – Preparation is the key to a successful home sale, even in a hot market like Las Vegas. Some homeowners will take weeks or months to get ready to sell. Preparations typically include home improvements, general cleaning, landscaping, and home staging. Home staging is particularly important for luxury properties, since buyers in this market tend to be more discerning and meticulous than usual. If you’re selling a massive luxury property with eight bedrooms and two kitchens, home staging will require considerable time and effort. A Realtor can offer suggestions and recommend a professional staging company to get your home ready to sell.
- Due diligence – An experienced Realtor will protect your interests and mitigate legal risks by practicing due diligence. From seller’s disclosures to accurate pricing, they will cover all bases to ensure a smooth and successful transaction. They will also organize and process all the necessary paperwork to prevent delays and errors.
- Objectivity – Some sellers might have some attachment to the property that can cloud their judgment. A real estate professional can bring objectivity to the home sale. Any Realtor worth their salt will provide a price range based on relevant data and stock knowledge. Their objectivity will also keep them civil and level-headed during negotiations. You can course all of your questions and objections through your Realtor during negotiations to keep discussions from getting too heated. An experienced Realtor will raise these issues with tact while negotiating with the buyer’s representative.
There’s only one way to find out if a Realtor is a good candidate for you. Contact me, Rebecca L McKenna-Inman of RE/MAX Advantage, to schedule a consultation.
The skills and traits of a good Realtor
So what makes an effective Realtor? Here are some essential skills and traits to look out for when buying or selling Las Vegas:
- Responsiveness – A seasoned Realtor will respond to all communications in a timely and organized manner. Most Realtors don’t work typical office hours. When consulting with a prospective Realtor, ask them about their day-to-day schedule. Some Realtors respond to emails at the start of the day while others are more likely to return messages at night. Others take calls 24/7. Some have full-time staff answering messages for them. In any case, you should be able to get a response to your messages within the day.
- Availability – Are they doing this full-time or part-time? Do they deal directly with clients or will they pass you onto other agents in the company? How many clients are they juggling at any given time? The answers to these questions will help you determine a Realtor’s availability. A true professional will make themselves available to you within reason.
- Experience – How long have they been handling luxury real estate deals? There’s no substitute for real-world experience, and experience can only come with time. Longevity is also a sign of grit. Las Vegas real estate is a dynamic and competitive market, and only the best Realtors will last.
- Soft skills – They say real estate is a people business, which is why a Realtor must have excellent interpersonal skills to succeed. From active listening and problem-solving to open communication and adaptability, a good Realtor knows how to navigate the intricacies of human interaction during real estate transactions.
- Home staging – A luxury Realtor would know a thing or two about home staging. They have an eye for what sells and will make recommendations based on current trends and practices. They can also put you in touch with a professional staging company.
- Pricing – An experienced Realtor knows how to price a home correctly. They will come up with an estimated price range based on recent market data. In the case of luxury and ultra-luxury properties, they know how to take the home’s unique features into consideration when setting a listing price.
- Research – A Realtor has access to market data and other resources needed to make sound real estate decisions. Whether you’re buying or selling a home, your Realtor will conduct research to make sure that your choices are guided by relevant data and information.
- Marketing – Las Vegas Realtors are masters of marketing. They know how to play up the home’s best and most unique features. They know what buyers are looking for and how to capture their attention. From real estate photography to Instagram live, they know how to choose the best channel depending on the audience and the client’s goals.
- Tech-savvy – A good Realtor knows how to use the latest technologies at their disposal to effectively market a home and provide better service. For instance, hey know how to use social media and other digital platforms to show homes and attract qualified buyers. They also have IDX to better showcase listings on their sites.
- Presentation skills – The most experienced Realtors know how to sell a home. For example, they know how to describe a property’s winning qualities during home viewings, walking prospective buyers through the property while keeping the conversation engaging and informative. They also know how to conduct themselves during meetings and negotiations.
- Negotiation skills – This is where experienced and talented Realtors truly shine. A good Realtor will secure the most workable terms during negotiations. They will know when to push and when to make concessions in order to protect your interests. They will also know how to defuse the situation in case of conflict.
- Local expertise – Las Vegas Realtors are local experts who know the city like the back of their hand. They offer the kind of perspective that only a local can provide. They have insider information on the best neighborhoods, schools, and country clubs to help you choose an address that reflects your lifestyle and preferences.
How to choose the right Realtor
Choosing the right Realtor can be challenging for someone who’s buying from out of state or trading up to their first luxury home. But it’s worth investing the time and effort in finding the right representative in this competitive market. Here’s how to choose the right Realtor:
- Ask for referrals – If you have friends, family, or business associates who’ve successfully sold or purchased a home in Las Vegas, ask them to refer you to their Realtor. They can give you a realistic review of the Realtor’s strengths and weaknesses since they’ve worked directly with the person.
- Contact GLVAR – Call or message the Greater Las Vegas Association of REALTORS® (GLVAR), Las Vegas REALTORS®, or Nevada REALTORS® to learn more about real estate professionals who are actively serving clients in the area. Las Vegas REALTORS® also has a database of listings by Realtors for you to browse.
- Do a quick online search – Google “Las Vegas Realtors” to get some quick info on names, brokerages, and online reviews to help you find the right representative. From there, you can decide who to include in your final list of Realtors to consult with.
Questions to ask when interviewing Realtors
Once you have a list of Realtor’s names, you can schedule an interview. Here are some questions to ask:- Are you doing this full-time or part-time?
- Will I be working directly with you or another agent in your company?
- When’s the best time to call or message you?
- Do you take calls or respond to messages outside of regular business hours?
- What’s the best way to contact you?
- How many luxury real estate transactions have you handled in the past year?
- Which neighborhoods do you serve?
- How much do you take in commissions?
- Are there other fees and charges I should know about?
- How much should I sell my home for?
Red flags to watch out for
Every Realtor is different, but there are some red flags to watch out for when talking with a prospective Realtor:- Part-timers – Scheduling can be more difficult with part-time real estate agents, who typically work 20 to 25 hours a week. They may also have other obligations that conflict with their real estate career. It is generally advisable to choose a Realtor who works full-time, or who has a team that can work full-time on your real estate deal.
- Late messages – If a Realtor takes too long to respond to your messages, it’s better to move on to a candidate who can return calls and emails in a timely manner.
- Unrealistic pricing – While it’s tempting to choose the Realtor who sets the highest listing price for your home, try to determine whether or not their pricing is realistic. A Realtor should be able to back up their listing price with data and market research. They should ideally give you a price range that your home falls under as opposed to a fixed number.
How to be a good client after you’ve hired a Realtor
- Agree on a schedule – Your Realtor may not always be available to take calls 24/7 but you can agree on how soon you expect them to get back to you. Let them know if you expect to get a call back within the work day or the next.
- Don’t preempt your Realtor – Once you agree on the best strategy for buying or selling your home, let the Realtor do their job. Don’t preempt them during the property search or negotiations.
- Pay attention to market data – If the Realtor provides data showing how much your home is worth, pay attention. Don’t let your biases or attachment to the home cloud your judgment.
FAQs
What’s the difference between a real estate agent and a Realtor? A real estate agent is a trained and licensed professional who helps clients buy and sell residential (i.e. single-family homes and condos), commercial (i.e. offices), and investment (i.e. multi-family homes) properties. A Realtor is a real estate agent who is also an active and paying member of the National Association of Realtors (NAR) or any of their local chapters, such as Las Vegas Realtors. What are the costs of hiring a Realtor? In most instances, there are no upfront costs to hiring Las Vegas Realtors. The agent’s commission is typically paid when the home sells. It is customary for the seller to pay the listing and buying agents’ commissions upon closing the sale. The amount can be negotiated when listing your home. What makes people go to Realtors? Realtors make the buying and selling process easier and less stressful for clients. They also have specialized knowledge in real estate and the local housing market that allows them to facilitate transactions with ease. They also help clients avoid the common pitfalls of buying and selling, such as pricing a home incorrectly, making lowball offers, and more. How much commission does a Realtor make in Nevada? The standard commission for Realtors in Nevada is 5% to 6% of the purchase price. According to Glassdoor, Realtors in some places in Nevada make an average salary of more than $60,000 each year. Who pays the closing costs in Nevada? Buyers customarily pay 2% to 5% of the purchase price in closing costs. However, closing costs may be shouldered by either buyer or seller depending on the terms of the sales contract. What is the real estate commission in Las Vegas? The standard real estate commission in Las Vegas is 5% to 6% of the purchase price.Start buying or selling luxury real estate in Las Vegas
If you’re ready to explore your options in Las Vegas, contact me, Rebecca L. McKenna-Inman of RE/MAX Advantage at 170.250.12322. You can also email me at Rebecca(at)TeamMckenna(dotted)com for inquiries. With over 20 years of experience in residential real estate, I help clients make the best decisions in this exciting market. I have sold over 1,000 homes in the Las Vegas area, some of which fall within the $500,000 to $1 million price range. Could yours be next? My certifications and designations include:- Certified Residential Specialist (CRS)
- Certified Luxury Home Marketing Specialist™