Owner can list four-plex on Multiple Listing Service

Q: Hi, I have three four-plex units that I’ve held since 2009, and I seek to list them for sale soon. The Las Vegas multifamily market gets less attention in the local news, yet has experienced both growth yet volatility in the last year. My questions are:

1. What are the factors for sellers to consider in listing the multifamily properties in 2014?

2. Is it best to list properties for sale in January to March?

3. Any other comments are appreciated regarding the Las Vegas multifamily market for 2014.

Thank you.

— Michael S., Las Vegas

A: First of all, thanks for asking this question. I agree that we don’t hear as much about multifamily housing issues as we do about single-family homes.

Let me answer your questions in order.

For starters, you should know that multifamily housing units containing up to four separate units can be sold through the Multiple Listing Service like traditional homes.

If you own a building with more than four units in it, you must go to commercial sites to sell the property.

In either case, I always advise people to use a local Realtor with experience in this area and with this product type. Whenever possible, get references from others who have sold similar properties.

As for the best time to sell such multifamily properties, that’s the age-old question. The short answer is that there’s room for debate. Many people in our industry will say wait until the spring.

With so many people taking that position, you often have many property owners listing their units at the same time. This causes inventory to go up and prices to go down.

If there are more choices for buyers at any given time, then there is usually some downward pressure on prices. It’s basic supply and demand economics.

I encourage people to simply list their properties when they are ready to sell.

Personally, I think now is a good time to sell such properties because the inventory has not increased much.

As for any other comments, I’d add that the multifamily market has continued to see some very positive gains in recent months. This is much like our single-family home market — which Greater Las Vegas Association of Realtors statistics show has seen prices rise by about 24 percent year-over-year from the end of 2011 to the end of 2012 and by an almost identical percentage from the end of 2012 to the end of 2013.

I don’t expect to see such big price increases in 2014. But I believe the overall housing market will continue to be strong and stable.

Please send your real estate questions to me at ask@glvar.org so I can answer them in future columns.

Heidi Kasama is the 2014 president of the Greater Las Vegas Association of Realtors and has been a local Realtor for more than 11 years. GLVAR has more than 11,000 members. Email questions to ask@glvar.org. For more information, visit www.lasvegasrealtor.com.