The Las Vegas Raiders aren’t the only new tenants to find this market on fire. The Las Vegas housing market has been downright thriving in 2020. Even during an international pandemic, that’s been true: the median home price in Las Vegas for July was $310,000, which means a trend of growth of 5.1 percent, year-over-year.
I’ve had homeowners asking me whether they should feel confident in the price of their home, especially given the COVID-19 pandemic. Shouldn’t sellers be worried that no one wants to buy until normal life is restored? And why does Las Vegas seem to be breaking the rules and thriving even in a strange year?
Why has this been such a peculiar year for the housing market, and why is the Las Vegas housing market thriving? Is there something unique about the Las Vegas community? Here’s what I’ve found out:
Why this year has been interesting for the housing market
Pick your poison. An economic meltdown in the financial markets. An international pandemic that shut down popular culture and has us conducting meetings online more than ever. An uncertain election year. No one knows where 2020 is heading — least of all in the housing market.
Why has this been such an interesting year for the housing market? Simply because it’s been such an interesting year, period. But supply and demand still reign supreme. In a hot housing market like that of Las Vegas, COVID hasn’t cratered housing prices because there are still enough people looking and few enough selling. This isn’t a trend that’s unique to Las Vegas, either — there are plenty of markets that should feel optimistic right now.
Why updating your home will make you more money
If you want to take advantage of a hot market in Las Vegas, good idea. I think that not only is it a good idea to do so now, but you’ll potentially lock in great interest rates when you acquire a new home mortgage. You’ll also know that you’ll be selling when prices favor the seller.
But before you do sell, I have a few ideas for updating your home to help you make more money. Consider:
■ Home trends are fickle. These days, everyone and their grandmother is watching HGTV and engaging in the latest trends. This can work to your advantage. Updating a home to take advantage of the latest home trends immediately makes your house that much more appealing to prospective buyers.
■ Cosmetic changes are important. You don’t have to tear out your walls to make an important update to your home. With the Las Vegas housing market as hot as it is, you simply have to make your house appealing—even if that means making basic cosmetic updates.
What home sellers can do to sell at top dollar
■ Buyers love certain renovations. Let’s say you wanted to update your kitchen. You might have two reasons for doing so. First, because you love a great kitchen, too. Second, because homebuyers love kitchens just as much! In 2019, 35 percent of kitchen remodels enlarged the kitchen, showing that these rooms are becoming more central to our daily lives. When you sell in a hot market, it’s important to give the people what they want.
■ Updating a home makes it more valuable. What better way to capitalize on a hot Las Vegas housing market than to upgrade your home? Even something as simple as a new garage door can have a tremendous effect on the cosmetic shift in a home, leading the statistics in the amount of costs recouped.
■ Covering minor renovations and repairs can lead to more attractive deals for the sellers. As a licensed contractor and real estate agent myself, I know first-hand how making minor renovations can help sell your home for a higher fee. I’ve been known to even front the cost of repairs for my clients so they can sell at top dollar. Make sure whoever you are working with has your best interest in mind.
It’s not always easy to know that you’re selling at the right time. But even given what we’ve seen in 2020, it’s clear that Las Vegas’s housing market is thriving — and that you can take advantage of it. All you need is a plan for updating your home and an understanding that even though 2020 has been strange, that doesn’t mean that it’s a bad idea to sell your home. It may just end up being a great decision.
Coltyn Simmons is the founder of Las Vegas-based Custom Fit Real Estate and Construction.