The Vegas market is shifting, buyers are more in control than ever before. Over the past 100+ days, Opendoor worked with hundreds of buyers in Las Vegas and dug into the data to understand local insights about what buyers currently want, so homeowners can have the data points that can help them sell their homes in record time.
Here’s what the data suggests will help a home sell faster in Las Vegas:
1. Optimize Open Houses: Home buyers value flexibility. Our data shows that the peak time for home visits in Las Vegas over the past 90 days was between noon and 4pm. Thursday was the lowest traffic day and Saturday and Sunday saw the highest foot traffic from interested buyers.
2. Timing is Everything: It’s no secret that the most popular time to sell a home is in the spring and summer months. Nationally, 60 percent of homes trade hands between May-August. People who want to sell quickly, but have a little wiggle room should consider putting their homes on the market in June. Opendoor saw the greatest amount of buyers in June last year.
3. Price Accurately: It may be tempting for a home seller to list their house for an overly ambitious asking-price, but the longer a house stays on the market, the more their move will be delayed and the more they’ll need to compromise on price. The average days on market for a home in Las Vegas is currently 77, which would add nearly three months to a home sellers timeline.
4. Cosmetic Fixes are Key: Don’t underestimate the power of a coat of paint. Opendoor sells hundreds of homes a month and we see stronger interest in homes with new paint, carpet and appliances. Investing in a deep clean, lawn care, and fresh, neutral-colored paint are easy fixes to get a home up to the standard of today’s buyers. Hiring local tradespeople for painting and lawn care, or even a TaskRabbit to help declutter, can speed up the timeline for accomplishing these tasks. If a seller is on a time crunch, and can’t complete repairs, Opendoor can handle everything for them.
5. Know why Buyers are Moving: The top reason why Opendoor customers moved in Las Vegas in 2018 was because they were up-sizing into a larger home, and nearly 15 percent were downsizing to something smaller. Less than 10 percent of home sellers were moving because of retirement or because they needed the cash equity in their home. Understanding why people want to move and where the motivations of buyers lie can help a seller target the right buyers and understand the current marketability of their home.
For more information on OpenDoor visit https://www.opendoor.com/.