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SOLD BY GAVIN ERNSTONE, The Dream Homes Specialist in Las Vegas
For luxury homebuyers and investors, Las Vegas is a haven of over-the-top properties in terms of location, size, amenities, and desirability. Being a city of constant change and growth, Las Vegas is also known for its diverse and expanding luxury real estate market. As of April 2023, Southern Nevada’s housing market has shown signs of having a balanced market, with supply and demand on an equal footing. Compared to 2022, the median sales prices of residential properties, single-family homes, condos, and townhomes, decreased. However, significant growth in the city’s luxury market has been observed.
The number of luxury homes in Las Vegas that sold for over a million dollars has tripled compared to the previous years. The demand for luxury properties in the city started in 2020 and interest for such homes hasn't shown signs of stopping in 2023.
Folks from other states, especially California, are often surprised by how much they can get for their money – lavish properties with stunning views befitting five-star lifestyles. These entice plenty of people to move into the city, not to mention the strong job market, low cost of living, and high quality of life.
OVERVIEW OF THE LAS VEGAS LUXURY REAL ESTATE MARKET IN 2023
The city’s luxury real estate market, just like the rest of the housing market, took a hit during the third quarter of 2022. However, the Las Vegas luxury homes market is moving at a significant pace. As of March 2023, the median sales price for a luxury home increased to $1,378 million which was $32,800 more than the previous month. This is due to the continuous migration and demand for high-end properties. Out-of-state buyers are making up a large portion of those who purchase luxury real estate. Aside from California, other states that have seen an influx of their residents flocking to buy a piece of Las Vegas include Florida, Texas, Washington, and Arizona.
As for inventory, the number of new listings at the end of the first quarter of 2023 was 2,565, which was 14.4% higher than in February of the same period. The number of properties listed without offers during the same quarter was up 109.30% from the previous year. To put it into perspective, in the Las Vegas Valley area, a total of 5,189 luxury residential properties were sold after an average of 56 days on the market. After an average of 71 days on the market, only a total of 40 properties in Lake Las Vegas were sold during the first quarter. Meanwhile, in Country Club Hills, only two properties were sold after sitting for an average of 103 days on the market.
Challenges facing sellers in today’s market
In general, sellers are still holding many of the cards. However, the market has shifted to the buyers’ side. Competition has gotten stiff because of a dearth in buyers. Therefore, sellers will have to contend with the situation by capturing the buyer's attention and earning their trust. Against a host of economic and global stumbling blocks, the chances of closing on a sale have become less of a sure thing.
Sellers also need to know the factors that can make or break a deal, such as the price. Determining the price of Las Vegas luxury homes is one of the biggest factors in attracting potential buyers. Listing a property at a significantly higher price can be a deal breaker for some, especially as out-of-state buyers are expecting more bang for their buck when they buy luxury properties in Vegas. Sellers can't undervalue their homes, either, because if they're listed much lower than comparable properties, buyers may think there are serious issues with the home.
A skilled Realtor will be able to suggest a price tag that will interest buyers, encourage offers, and negotiate a deal that's fair to all. In a market that favors buyers, sellers don't want to feel as if they're being forced to consider lowball offers. Which is why an experienced, local real estate agent is crucial in navigating the market. An experienced real estate agent will strategize the price of your home and formulate solutions to potential issues.
IMPROVEMENTS THAT STAND OUT IN TODAY'S MARKET
Aside from making sure the property you're selling is priced competitively, there are a myriad ways of making potential buyers want to live in your home.
Remodeling is one route to take, especially if you've wanted that upgrade for the longest time already. If done right, it can increase your home's value significantly. However, not all improvements carry the same weight.
Here are the most coveted features right now:
Buyers want a home office
The number of people who work from home continues to rise, so having a home office has become a necessity. If you don't have a dedicated space for it, converting a spare room is always an option. Just make sure to pick an area that's quiet and private, conducive both to solo work and remote meetings.
When it comes to designing a home office, comfort and functionality should always be top of mind. Use ergonomic furniture, install better lighting, and ensure ample storage.
Buyers want a finished basement
It comes as no surprise that a finished basement is popular when it comes to home upgrades. It's less complicated than other projects and the least expensive way to add more square footage. The best part is, it's customizable, so the possibilities are endless.
Homeowners usually refurbish their basements by adding living areas and bedrooms or creating a multifunctional space. Plus, there are luxurious options. Some convert their basements into mini home theaters, while others transform their space into private bars. In whatever way you finish your basement, it'll surely make your property more desirable for buyers.
Buyers want a modern kitchen
A gorgeous kitchen is gold. It's the most sought after feature by buyers and its attractiveness (or lack of) can make or break a deal. That said, don't be tempted to drop a huge chunk of change on the kitchen alone. Effective ways to refresh the kitchen include:
- Adding plants
- Replacing faucets and cabinet hardware
- Offering storage solutions
- Painting the walls
- Replacing countertops
- Upgrading appliances
- Updating the backsplash
Simple fixes can go a long way.
HOME STAGING TIPS
Staging a home for sale simply means creating the kind of space that will allow buyers to imagine themselves living there. Sometimes the property's best assets can be showcased by simple techniques and making small improvements. Think of it as dressing to impress.
Impress buyers by sprucing up the exterior
Your home's façade carries a lot of weight when it comes to first impressions, so it's upon you to make the exterior of the house look stunning. Start by cleaning the roof, gutters, and sidings. Hose down the driveway to get rid of accumulated grime. Mow the lawn and get rid of weeds. Check for cracks and other issues, so they can be repaired immediately.
Impress buyers by decluttering
Everyone accumulates unnecessary stuff, which ends up everywhere. On countertops, side tables, consoles, curio cabinets, bookshelves, and every available space. Before proceeding with larger scale projects, it's best to get rid of these knickknacks. Box everything up but keep them organized. Separate those that can be donated and those you can throw out.
Impress buyers by depersonalizing your home
With home staging, your goal is to make the property appeal to as many potential buyers as possible. To do this, you must depersonalize every room. Remove all family photos and keepsakes. Make sure that bathroom countertops are empty of personal toiletries. Hang fresh towels; unwrap a new bar of soap.
Impress buyers by upgrading your interiors
You don't need a complete overhaul and a full-blown renovation to improve your home. With a couple of trips to the hardware store and a few tweaks in the right areas, you can breathe new life into any space. Rearrange your current furniture, give your walls a fresh coat of paint, or bring in new décor – the options are endless.
Consider adding mirrors to create the illusion of more space. Placing potted plants can also do wonders to make the space feel inviting.
Impress buyers by adding light
Just like mirrors, lighting can make or break a home's entire look. Great lighting creates ambiance, depth, and draws attention to the room's best assets. Without sufficient lighting, any space can feel small and cramped. It's the reason many homeowners hire professional light designers to create functional but aesthetic space.
If you have lighting problems, it's time for a fix. Enhance natural lighting by getting rid of heavy drapes or window treatments. Boost illumination by adding lamps, pendant lights, and other types of artificial lighting to every area of the house. Consult your Realtor, lighting designer, or decorator for effective solutions.
WHY WORK WITH A REALTOR WHEN SELLING
In the age of online listing services, many would think that hiring a Realtor to sell your house is superfluous. However, working with a Realtor will continue to be an advantage because of the following:
Work with a Realtor to access cutting edge marketing tools
Realtors can access a slew of cutting-edge tools to give your property more exposure. One of them is the Multiple Listing Service, the most effective communication tool in the home buying and selling marketplace. The MLS allows every listed property to be automatically displayed on major third-party sites like Realtor, Zillow, and Trulia.
Aside from helping market your home, Realtors can also vet potential buyers to make sure they're qualified. You'll be surprised by the amount of bogus buyers posing as interested parties. Realtors can require interested parties to get pre-qualified before seeing your home. You won't need to spend hours researching and following up on so-called buyers who weren't serious in the first place.
Work with a Realtor for their integrity and expertise
The advantage of working with a Realtor can be boiled down to two Es: ethics and Expertise. These real estate professionals hold themselves to a high standard, in the same way that doctors and lawyers do. Guided by principles and duty, they're expected to always prioritize their clients.
Expertise, on the other hand, is demonstrated in many ways. This includes finding a home with specific requirements, the ability to value property, and having a deep understanding of the housing market. With so many factors to consider, working with someone who knows the ins and outs of the process can make things easier.
Work with a Realtor to manage the paperwork
Selling a property isn't a quick transaction. You'll go through several processes, which involve a copious amount of paperwork. While going through all of them alone is possible, it's definitely time-consuming. A dedicated Realtor can manage and ensure that everything is sorted out.
They'll also keep copies of all the paperwork on file for many years after the sale is complete. This means that if you ever have any concerns down the road, your Realtor can easily help you sort things out.
SELL YOUR LUXURY LAS VEGAS HOME FAST WITH GAVIN ERNSTONE
Being a niche market, luxury homes for sale in Las Vegas require an expert. Gain an edge over the competition by working with a local expert with a proven track record of success.
With more than 25 years of experience in the Las Vegas luxury real estate market, Gavin Ernstone knows the luxury home market segment inside out. He regularly deals in million-dollar properties, and consistently hits $100 million a year in sales. With such impressive credentials, he can be an invaluable asset when selling your Las Vegas property.
It's time to work with a Las Vegas real estate expert with unparalleled market insight. Reach out to Gavin Ernstone today. Call 702.523.3677 or contact him here.