Las Vegas, NV (PRWEB) December 15, 2004
Las Vegas Homes for sale that are over priced usually sit on the market much longer than homes in Las Vegas priced appropriately within your neighborhood. Over pricing Las Vegas homes can cause several detrimental affects. Most experienced Las Vegas real estate agents watch the Multiple Listing Service quite often within the neighborhoods they service and usually are able to spot overpriced or distressed property.
When these real estate agents notice Las Vegas Homes for sale sitting on the Multiple Listing Service for long periods of time, they sometimes assume there must be something wrong with the property. Any piece of Las Vegas real estate that is over priced can cause you to receive much lower offers for your property. The reason for this is simple; the buyer and their Las Vegas real estate agent feel that if your home or property has been sitting their for some time, that either something is wrong with the property, which may cost you prospective buyers or by now you may be desperate to sell it and therefore inviting someone to make a lower offer than what true market value suggest. Here is an example of how overpricing can occur.
Realtor Jane comes to your home and seems to be very pleasant and presents you with a CMA (Competitive Market Analysis) that says your Las Vegas home is worth $$. You are very surprised and happy to hear that your home is worth that much! Now before you make a rush decision to list with Realtor, you want to find out what Realtor has to say about your home.
Las Vegas Realtor Wayne shows up and again you feel this person is very pleasant and professional, he present you with a CMA. (Competitive Market Analysis) and for some reason this analysis seems to be a bit lower than what real estate agent Jane quoted to you.
Now you start to ask yourself, why is Realtor Wayne telling me my home is worth a lot less than Realtor Jane. All of a sudden your joy turns to anger and you don’t think too much about real estate agent Wayne. Allow me to try and explain why this happens in Las Vegas as well as in other US cities.
Unfortunately some real estate agents try to come in to a listing appointment and entice you to list with them by suggesting to you a price of what your home is worth that is way above the market values or they practice a technique called hedging. Hedging is a type of technique used to estimate future values of your property and not present market value.
In the example I gave above however, Realtor Jane could have been a new real estate agent in Las Vegas and just not been aware of the housing sale trends in your neighborhood. Either way this can cost your home to sit on the market longer than needed.
If you are like most people however, you are going to list with the real estate agent that suggested the higher value of your home. We as homeowners have no reason to believe that Realtor Jane was lying to us, because in our minds she is a professional and our human psyche always wants to believe that what we own is always more valuable than it really is. This however is just one example of something that can lead to over pricing of homes in Las Vegas and cause your home to sit on the Las Vegas housing market longer and cost you to lose prospective buyers and money.
So next time you are looking to list your Las Vegas home for sale always make sure you ask the real estate agent showing up for the listing appointment how they came to derived the value of your home Or contact The MyGoRealty.net Team with Century 21 Advantage Gold @
702-300-1004 and allow us to help you price your Las Vegas home appropriately.
Here are other Las Vegas real estate articles that may interest you from your real estate experts with http://www.mygorealty.net
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