LAS VEGAS (FOX5) -- If you’re wondering where you stand among the reasons for buying or selling your home in Las Vegas, the data is now available.
The real estate tech company Opendoor asked 8,200 of its users for a little additional information. Here’s what it found:
- Upgrading their homes (21.34%)
- Downsizing their home (19.68%)
- Needed Cash (11.2%)
- Relocating (11.07%)
- Retiring (10.48%)
- Selling an investment property (8.18%)
- Other (18.05%)
Opendoor touts a simplified process using an app to request and make offers and visit homes through use of codes between 9 a.m. and 9 p.m.
"Nobody's gonna be there," Ana Usma with Opendoor said. "Through our app, access the property and stay there an hour or two hours if you want and come back with your family."
The average price for a home in Las Vegas currently is $295,000. According to the Greater Las Vegas Association of Realtors, or GLVAR, the market hasn’t quite shifted yet from that of a seller’s to a buyer’s, but it’s on the horizon. The housing market has cooled off a bit this summer.
Opendoor recommends getting detail oriented if you are in the market to buy with these tips:
- Test drive the house - and take your time. Buying a home is a really big decision and rushing through home tours is a big mistake. Taking just 20 minutes to quickly tour the inside a home isn’t enough time to decide if it’s the right home for the next 5, 10 or 20 years of your life. Spend at least 45-60 minutes inside a home. First time is not always the charm, so tour a home at least twice. While you’re there, open every door, closely examine the status of the current finishes and appliances, blast the heat or AC to test the HVAC, take out a flashlight and look under furniture, flush every toilet and turn on every shower, take out a tape measure and measure walls, doors and living spaces. Get intimate with the house from top to bottom to see it for both its highlights and flaws.
- See the home in a different light - literally. Come back at different times of day to see the house in different lights and get a true, well-rounded sense for the neighborhood. Does a seemingly quiet street become a loud, crowded thoroughfare during commute times? Does the neighbor have barking dogs from 9am-5pm? Those are only things you’d get a sense for by walking the neighborhood and driving by at various times of day and days of the week. While you’re there, talk to the neighbors. They know the house and the community better than anyone, and it’s likely they can give you invaluable intel. After all, you’re not just buying a home, you’re buying a neighborhood.
- Know the difference between an upgrade and basic home maintenance. Maintenance on a home is what prevents a property from falling below market value. That includes a roof, HVAC, a water heater, and other items that gives a home a basic standard of living. Upgrades will raise a home above market value and give it an advantage over other local comparable homes. That includes high-end appliances, marble or granite countertops, brand new hardwood floors or smart home technology. Some homeowners may try and market a home as having all the bells and whistles that warrant an upgraded price, when it is really just a well-maintained home with an aspirational price tag.
- Check the expiration dates. Home ownership is more like owning a car than it is like renting an apartment, because you will eventually run into maintenance that you’re financially responsible for. Before you buy, find out the age of the roof, the HVAC system, the water heater, every appliance, the pool equipment and every other system in the home. If a roof has a lifetime of 20 years and a prospective home has a 18-year-old shingle roof, a buyer needs to consider how the cost of replacing that roof factors into their financial situation. Knowing what’s on the financial horizon for a home can save a buyer a lot of stress and panic on closing day and in the years to come.