We have been hearing of the housing shortage in Las Vegas. Where there’s a housing shortage, it’s a seller’s market.
Looking for the perfect home can be challenging especially when it’s a seller’s market. It can feel frustrating at times when sellers are in control. However, we’ve got five tips on how you can survive a seller’s market and find the perfect home for you.
So here we go, “How to Survive a Seller’s Market in Las Vegas”:
By getting pre-qualified, you will show sellers that you are serious and you are able to hold up your end of the sale. This gives you a little more leverage and control in the real estate playing field.
There’s no better way to show seller’s that you’re serious and ready to buy than walking with all your paperwork. When we say all your paperwork we mean: pre-qualification letter, proof of funds and an approval letter from your lender. This will prove that you are financially capable of committing to the purchase of the house and it will entice a seller that is ready to sell their home. Especially if they are depending on the sale of the home for other reasons.
In a seller’s market, flexibility may just be what you need to find your home. When you’re willing to compromise, you will allow yourself to be introduced to new homes that you wouldn’t normally see. Being unwilling in a stiff market may make it more difficult to find a house that has all the features you need in a home.
Timing is everything! When houses are limited, it helps to be readily available to sellers. Be open for communication with sellers and be ready to make a move at a moments’ notice if your offer is accepted. Respond quickly, follow-up on requests and or missed communication and aim to build a rapport with the seller. This can make all the difference in getting your dream home.
It’s important for you to know that in a seller’s market you have very little control. With this being said, don’t play hard to get. Try as much as possible to follow the seller’s lead and not challenge his/her with too much negotiation tactics. Proceed cautiously in negotiations and always remain calm and be fair.
With these tips in mind, we hope you survive!
