Updated on March 17, 2020
Now is a good time to be selling a house in Nevada! According to Zillow Research, property values in the Silver State rose 1.15% in 2019, and are projected to rise a further 4.26% over the next year.
Of course, even the best Nevada properties will struggle to sell if you don't price the home properly, do a poor job of marketing it, or don't know how to handle the negotiations.
Read on to learn the eight steps to successfully selling your home in Nevada!
1. Finding a Nevada realtor
Selling a home isn't easy. It's a high-stakes, complex transaction and requires a considerable amount of time and expertise to get a good outcome. If you're looking to sell your Nevada home for the best price — and minimize stress along the way — you need to find a top-rated real estate agent in your area.
The best Nevada listing agents know exactly what local buyers want and how to reach them. They'll offer expert advice, guidance, and support every step of the way, from the initial listing all the way through closing.
In fact, sellers who work with real estate agents net 33% more, on average, than those who list on their own. For a $300,812 home — the median home value in Nevada, according to Zillow — that's a premium of $99,268. In other words, hiring an agent is well worth the investment.
2. Deciding when to sell
Few sellers realize that in real estate when you sell is almost as important as what you're selling. Indeed, if you want to maximize the potential of your home sale, you'll need to time the market just right.
Best time to sell a house across the U.S.
Source: 2019 Redfin Data Center
Best time to sell a house in Nevada for speed
|Best Month to Sell for Speed in Nevada||August||37 days on market||11 days faster than average|
If speed is your top priority, you should aim to sell your home in August. Homes listed in August were on the market an average of 37, whereas they took an average of 64 days to sell in January.
However, it's worth noting that this timeline doesn't include closing, which typically takes an extra 30 days, raising the average length of a complete sale to 67 days and 94 days respectively.
Best time to sell a house in Nevada for price
|Best Month to Sell for Price in Nevada||September||$294,000 median sale price||3% more than average|
If you want to maximize your profits, it's best to hold off an extra month and list your home in September. The median sales price for homes listed in September is $294,000 as opposed to $292,000 for homes listed in August.
Avoid listing in January, if possible. The median sales price of homes listed then is $267,000, $27,000 less than the peak month.
Learn More: The Best Time to Sell a Home in Nevada
3. Pricing your home
If you want your home to sell, you need to set the price right. Doing so without professional help is tricky, so most home sellers are advised to get a comparative market analysis (CMA) from a local real estate agent.
To conduct a CMA, a realtor will pore over recently closed, pending, and current listings for houses similar to your own. Along with their years of local experience, they'll use this information to recommend a competitive price that achieves your main goal of speed, maximum profit, or both.
4. Preparing, marketing, and showing your home
Here are some pro tips to make sure your home gets noticed.
Home Staging Works!
Home staging is all about making potential buyers feel at home when they walk through your front door. Done right, staging leads to faster and more successful sales; staged homes spend 86% less time on the market than non-staged homes.
Craft an Appealing (and Accurate) Listing Description
Most buyers start their search online. To make sure your house stands out from the thousands of listings they'll browse, you need a stellar description.
This starts by getting professional photos taken of your home (your realtor can help). You want to highlight what's memorable about your house in both the photos and the written description. Buyers need to see why they should schedule a showing as soon as they see your listing.
Market Your Home
Once you've crafted your listing description, it's time to get in the trenches and get your home out there. There are a lot of ways to market your home, and while your real estate agent will handle the bulk of the responsibility, there are ways you can help.
Make sure you promote your home on social media, local bulletin boards, and with a “for sale” sign in the front yard.
Showings and Open Houses
If you want your home to sell, you need to get buyers inside your house so that you can wow them with your magnificent staging. Schedule some open houses and make sure you're frequently available for showings. It may be a pain to have so many people coming in and out of your house, but it'll be well worth it in the end.
Just be sure to let your real estate agent take the lead. Nothing scares away buyers faster than overbearing homeowners.
5. Fielding offers and negotiations
Once a buyer is interested in your property, they will submit a formal offer. Usually, the offer will state an acceptance deadline, and if you don't accept by that date, the offer will be nullified. If you're not satisfied with the offer, you can also submit a counteroffer, which will reset the timeline. You'll go back and forth making counteroffers until an agreement is reached.
If you accept the offer, you'll sign a purchase agreement, which is a contract that states the terms of the purchase. It will usually include several contingencies, which will allow the buyer or seller to back out of the deal if they occur. Typical contingencies include finding an unexpected problem after an inspection or if the buyer is unable to obtain financing.
Learn More: Real Estate Counter Offer Etiquette
6. Appraisal and inspections
After you've signed a purchase agreement, you and the buyer will have to take certain steps to meet the terms of the contract.
Your home will need to undergo an appraisal, an evaluation of the home's value by a licensed appraiser. Mortgage lenders require home appraisals to ensure the home is worth enough to be sufficient collateral for the buyer's mortgage. If the appraised value comes up short of the offer price, the buyer won't receive a big enough mortgage and the deal can fall through.
Assuming all goes well with the appraisal, the buyer will hire an inspector to perform a home inspection. The inspector will scour your home to check for any previously unknown issues with your property.
If a problem does turn up, the buyer may request that you fix it before closing or that you lower the price. Because of the intense heat in Nevada, it's not uncommon for buyers to request repairs to the roof, which can be damaged by the sun.
7. Paperwork and required Nevada disclosures
When selling a house in Nevada, you're legally required to disclose any known material defects with your property. In layman's terms, that means that if there's a problem with your house, such as a leaky roof, broken pipe, or issue with the foundation, you need to let the buyer know before they go through with the purchase.
Learn More: Disclosure Requirements in Nevada
8. The closing process
At this point, the end is in sight. The buyer's lender will start processing the loan documents, and you'll set a closing date.
On that date, the buyer will perform a final walkthrough of the home. If everything is in order, you'll meet at the office of an escrow agent, closing agent, or title company. Typically, the seller signs the closing documents first, followed by the buyer.
Then, the funds in escrow (down payments, closing costs, etc.) are released to the proper parties. Finally, the deed will be recorded with the local municipality, and the buyer will take the keys.
Learn More: How Much Are Closing Costs for the Seller?
Next steps: Sell your Nevada home and save thousands
Whether you're looking to list your Nevada home immediately or 6-12 months from now, it's never too early to start looking for an agent, getting advice, and making a plan.
Clever is here to help guide you through the home selling process — and save money along the way! In fact, homeowners who list with us save an average of $9,000 on home selling costs.
Top ways to sell your home in Nevada
- Discount real estate agents in Nevada
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- Flat-fee MLS companies in Nevada
- iBuyers in Nevada