The hottest ticket in Las Vegas for the past few years has been real estate. The pandemic motivated many people to relocate, and plenty of them have landed in Clark County looking for low-cost living in the Southwest sun. Median home-sale prices rose by 11.1 percent between December 2022 and December 2023, according to Redfin data — however, while homes today sit on the market for far less time than they used to, it can still take a while to sell. Before you list your property, read on for everything you need to know about how to sell a house fast in Las Vegas.
How fast can you sell your house in Las Vegas?
Despite its year-round desert climate, Redfin data shows that the Las Vegas housing market follows the same seasonality as the rest of the country: Homes sell faster in the traditional spring/summer homebuying season and slower in winter.
The median number of days Las Vegas homes lingered on the market before selling in December 2023 was 48 — that’s more than a month just to go into contract, not counting the additional time it takes between contract and closing. And if that seems like a long time, consider that in December of 2022 it was a much longer 69 days. But it’s likely to speed up once spring and summer hit.
Need to sell faster?
If you don’t have time to wait that long — for example, if you need the proceeds from the sale immediately, or if you need to relocate ASAP for work reasons — there are ways to speed up the home-sale process. Consider these options:
- iBuyers: iBuying can be a good option for those in a rush to sell. These online companies make quick cash offers and can close the entire deal in just a few weeks — but you’re not likely to get as much money for the sale as you would in a traditional market transaction. Offerpad and Opendoor, the two biggest names in the industry, both buy properties in Las Vegas.
- Cash-homebuying companies: Companies that buy houses for cash move with similar speed. These real estate investment firms are very active in the Vegas area. In fact, nearly 30 percent of home sales in December 2023 were cash transactions, according to data from Las Vegas Realtors.
- Work with a local agent: A real estate agent with local expertise can help you to leverage the unique qualities of your home. They can market your home for speed and help connect you with motivated buyers who are looking to move quickly.
- Sell as-is: An as-is sale tells potential buyers that there will be no negotiations over repairs or other details. This speeds things along by avoiding lengthy back-and-forth conversations.
- Be flexible: A need for speed means remaining open to seller concessions or other compromises that can help to expedite the sale process. This includes pricing your home to sell — an agent can help you set an asking price that’s fair but competitive enough to catch buyers’ eyes and inspire them to bid quickly.
Selling your home fast for fair market value
Working with a trusted real estate agent may mean the transaction moves a bit slower, but it’s the best option if you want to sell for top dollar and capitalize on your home’s market value. Before listing your home, consider these topics with your agent.
Is it worth upgrading your home?
Most major renovation projects will delay your listing — hiring and scheduling a contractor could extend your timeline by weeks or even months. And they typically do not recoup their cost when you sell. But that doesn’t mean you shouldn’t invest in any home improvements at all. For example, a broken air conditioner in the Las Vegas heat definitely needs fixing before you list. Consult your agent to decide what’s a must-do and what’s a don’t bother.
Should you hire a professional stager?
Staging your home can make your property more appealing to prospective buyers, especially if it’s cluttered with years worth of personal items (or completely empty because you’ve already moved out). A buyer wants to be able to visualize themselves living there — if your agent thinks staging could help, it might be worth the price.
How should you price your listing?
This is the most crucial question to discuss with your agent. Their local expertise can help you determine a list price that is appropriate for your house and current market conditions, and if you want to move quickly they can take that into consideration in the price. A price point that’s low enough to appeal to buyers may help set your property apart and drive a quicker sale.
What do you need to disclose to the buyer?
Home sellers in Nevada are legally required to fill out the state’s “seller’s real property disclosure form.” This is standard in most states and details any known defects or issues with the property. In addition, if you’re part of a homeowners association, you’ll need to disclose all the HOA’s financial info and bylaws for the buyer as well.
Closing day
After you accept an offer, stay focused on fast communication with your attorney and your agent. The buyer’s attorney and agent will likely be making contract revisions and requesting additional information, so responding promptly will help you avoid further delay. Expect to pay some closing costs and related expenses before the transaction is complete. Here are some common closing costs for sellers in Nevada:
- Realtor fees: This represents the biggest chunk of cash that eats into your profit as the seller. Agents’ commission fees typically total between 5 and 6 percent of the home’s sale price. The median sale price in Vegas was $422,000 in December, per Redfin — 5 percent of that comes to more than $20,000.
- Transfer taxes: Clark County, where Vegas is located, charges a transfer tax of $2.55 for every $500 of value. So, if you sell your home for $400,000, the transfer taxes add up to $2,040. However, you might be able to negotiate to split this fee with the buyer.
- Title insurance: Sellers typically pay for the owner’s title insurance policy here, although this too can be up for negotiation. This protects against any potential problems with the home’s title.
- Capital gains taxes: If you stand to make a large profit on the sale, you may owe capital gains tax to the IRS. How much you owe will depend on a few factors, including your marital status and how long you’ve owned the home.
- Attorney fees: While you aren’t required to hire a real estate attorney in Las Vegas, it’s a smart investment. Selling a house involves lengthy contracts, large sums of money and potential liabilities, so a lawyer can make sure you’re protected in the deal.
Find a real estate agent to help you sell your home fast
Working with an experienced local real estate agent can help you maximize your home’s sale price while also moving quickly. If time is of the essence, interview multiple agents to find one who can work on your timeline.
FAQs
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Selling to an iBuyer or cash-homebuying outfit will likely be the fastest method of selling your home in Las Vegas. These companies can close a deal from start to finish in just a few weeks, as opposed to waiting more than a month for your home to go into contract, and then another several weeks (or more) until closing.
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Yes, an agent with expertise in your specific area in Las Vegas can help you price your home competitively based on local market conditions, and make strategic marketing decisions to help the home stand out. However, since you’ll likely have to wait for your buyer’s financing to be approved before you can close, selling directly to an iBuyer or cash-homebuyer will be faster.
