With Housing Supply Shrinking, GLVAR President Offers Tips to Sellers

Realtors rarely miss an opportunity to remind the public when it’s a good time to buy a home. But with local home sales rising and the local housing supply shrinking, this might be an especially good time to consider selling your home, according to David J. Tina, 2017 president of the Greater Las Vegas Association of Realtors.

“Our housing supply here in Southern Nevada is tight and has been getting even tighter in recent months,” Tina said. “At the same time, we’re selling more homes and seeing a growing demand from buyers. Add it all up, and it’s a great time to sell your home.”

According to the latest GLVAR statistics, the total number of existing local homes, condos and townhomes sold in January was 2,675 — up from 2,348 in January 2016.

Compared to one year ago, sales were up 14.1 percent for homes and 13.2 percent for condos and townhomes.

GLVAR reported a total of 41,720 such properties sold in 2016. That was more than the 38,577 properties sold during 2015. It was also more than in 2014 but fewer than during each of the previous five years.

Tina cited a combination of factors driving local home sales, including an improving local economy, home prices that are still lower than in most parts of California and a local population that is growing by about 2 percent per year.

Increasing home sales combined with fewer homes being listed for sale in recent years has led to a shrinking supply of homes available for sale.

“We’re currently looking at less than a three-month supply when a six-month supply is considered to be normal,” Tina said. “We need more homes on the market.”

Of course, that can create some challenges — not insurmountable ones, Tina added — for would-be buyers looking for the perfect home. But it presents a real opportunity for sellers.

Once a home is listed for sale, Tina offered these tips for sellers to keep in mind when sprucing up their home and making it as attractive as possible for a potential quick sale.

■ Keep your home as clean as possible.

■ To improve “curb appeal,” make sure the landscape, paint and exterior of your home is in great shape.

■ Cut the clutter and depersonalize your home as best you can.

■ Try to make things inside your home as neutral as possible, so buyers can see themselves living in the home. Avoid unusual paint colors and patterns. For example, think about the most attractive model homes you’ve seen decorated and presented by the best homebuilders.

■ Keep jewelry, prescription drugs and other valuables or sensitive items in your home secured and out of sight.

■ People love their pets, but we aren’t all “pet people.” Pets can have a detrimental effect on selling a home. Eliminate pet odors and take your pets with you when Realtors show your home or hold open houses. At the very least, keep pets in a safe and secure place, like a dog run or a laundry room, when prospective buyers visit.