Recently Funded Las Vegas Fix & Flip Loan — Lantzman Lending provided the borrower with a loan for $250,000 on a purchase price of $250,000. The property sold for $410k.
One unique feature that we noticed on the listing was the use of extensive virtual staging (see before and after staging photos). The borrower used virtual staging in photos to help drive in person traffic to the listing. While we encourage our clients to use actual staging in their fix & flip projects, virtual staging is a money saving alternative that can provide an online solution for marketing photos. Properties tend to show significantly better in person and online with staging, and it can also help to minimize renovation imperfections that are unavoidable in fix & flip projects. At a cost of $1500 to $5000, the cost of staging can usually be recovered in the sales process; in fact, multiple sources claim that staging can increase sales prices from 5 – 15% and the cost is usually about 1 to 1.5% of the sales price.
The Las Vegas real estate market has started to improve after 9 months of dropping from July of 2022 to April of 2023. The median home price now sits at around $397k. This is up about 2% since it’s recent low point in April of 2023 when the median home price bottomed out at $393k. When comparing the current median home price to home prices 12 months ago, the market is still down about 7%. Marketing times have accelerated and homes are going pending quickly at about 13 days, and this is the result of reduced inventory and a seasonal increase in demand during the spring and summer months. Historically, we see demand reduced once school is back in session and heading into winter.
If you are looking to get a quote quickly on your next investment in Las Vegas then follow this link: https://www.lantzmanlending.com/get-instant-quote/