Nevada Builder Trade In program gains popularity
Summer is a time when the Las Vegas Valley’s real estate market rises along with the temperatures, and this summer is no different.
To help homeowners who want to get in on the action — in both selling their current home and purchasing a new one on contingency — the Nevada Builder Trade In Program can help. Operated by Robin and Robert Smith of the Smith Team of Keller Williams Las Vegas, the program helps homeowners sell their homes and purchase a brand-new home from a builder-partner at the same time.
“The process of selling and buying a home at the same time can be confusing with many nuances, and that is why working with experienced Realtors such as ourselves is important,” Robin Smith said.
“When you do this in a hot real estate market like that of Las Vegas, it becomes even more important because, as a seller, you want to sell your home for the highest price possible and, as a buyer, you don’t want to pay more than you have to. The Nevada Builder Trade In Program can help you do both with the focus on what is best for your bottom line.”
The valley’s current housing market is labeled a “seller’s market,” with the Greater Las Vegas Association of Realtors reporting the median sales price for existing single-family homes sold in Southern Nevada through the Multiple Listing Service in May was $295,000, an increase of 18 percent when compared to May 2017, coupled with low resale home inventory.
“In a seller’s market, homeowners tend to sell their home quicker than normal, if it is in good condition and offered at a realistic price. However, homeowners wishing to purchase a brand-new home after selling their current home face the pressure of finding a brand-new home and securing the purchase before the builder’s sales price goes up, which can happen at any time and is based on market demand,” Robin Smith said.
The Nevada Builder Trade In Program assists homeowners throughout the selling and buying process and helps them lock in on a sales price of the newly constructed home to be purchased contingent on their current home’s sale.
The first step in participating in the contingency program is to meet with the Smith Team to receive a complimentary market analysis — or potential sales price of the current residence based on its size, amenities, location, condition and sales of similar nearby homes. The Smith Team also offers advice on minor repairs or improvements that could bump up the sales price.
“Completing a comprehensive market analysis that determines a realistic listing price based on today’s seller’s market is a crucial component in purchasing a home on contingency. It is in your best interest to sell your home for the highest price possible because it will provide more financial resources in the purchase of your new home,” Robin Smith said. “It’s important to work with experienced Realtors like Robert and I because you’ll leave money on the table if your sales price is low and you won’t be able to sell it if it’s too high. By understanding how much you may be able to sell your home, you can then decide how much you may be able to spend on a brand-new home.”
Through the Nevada Builder Trade In Program, the homeowner can enter a contingency agreement with a homebuilder partner and secure the home and purchase price. Builder-partners constructing 50-plus new-home neighborhoods in Southern Nevada include Beazer Homes, CalAtlantic Homes, Century Communities, Pulte Homes and Woodside Homes, as well as Sun City Mesquite by Del Webb.
Through the program, the Smith Team will market and sell the home at a reduced commission while offering the buyer’s agent the standard 3 percent commission.
Simultaneously, the Smith Team serves as a liaison with the homebuilder regarding the status of the home sale, construction progress and projected closing dates.
After the sale, the Smiths will help arrange moving services or help locate a temporary rental, if needed, between the sale of the current home and the completion of the new home.
Homeowners interested in the program can gain additional information by contacting the Smith Team at 702-460-5080, visiting ISellLasVegas.com or inquiring at a builder-partner neighborhood.
Those interested in purchasing a home on contingency at a non-builder-partner neighborhood and receive benefits similar to the Nevada Builder Trade In Program should contact the Smith Team before beginning their home search.
