My blunt advice is this:  if you do not have to sell your home in Las Vegas at this time, do not list it for sale.  It is a buyers market.

Not long ago Las Vegas home owners were able to list and sell their houses for ever higher prices -- almost ignoring comparable sales.  Those days are ancient history. 

Some sellers, however, still believe in the old myth of setting a list price significantly above current market value.  First they say: "Well, maybe someone will buy it for that price".  The reality is: "Most likely they won't". Today, armed with mountains of information on the MLS (Multiple Listing Service) and other databases, buyers are fully informed about what comparable homes have sold for recently. And they are unwilling to pay above market price for a home.  Buyers now want a home priced well below the last sale in the neighborhood.

"Too high" can backfire on sellers

The other thing that some sellers say is that they can drop the price if it does not sell for their high price.  Based on years of experience, I can tell you that can backfire.  Here is why.

1. Prospective buyers begin home searches with an upper dollar limit in mind.  Often this limit is set by their lender. If a property is listed significantly above that limit for the size, features and location of the home, it will probably not even appear in an agent's or buyer's search of the MLS.  That means the over-priced home gets far fewer showings -- if any at all.  And if it does not get shown, it will not get sold.

2.  What usually happen next is that the owners finally decide to lower the price -- a bit.  Then lower it again until it comes in line with current market values.  Only then will the property get the attention and showings it deserves.  Meanwhile, buyers who might have purchased it earlier have bought other homes.  In the end, a too-high price may very well delay the sale of the property.

To lower the price -- or not

The MLS these days is filled with an above-average supply of homes and condos for sale.  Because of that, even properly priced homes may not be shown often or receive quick offers.  It may be the price -- or may not.  You should ask your real estate agent to get feedback from other agents who have shown the property.  Specifically, your agent should find out what their clients thought of the property and the price.  Other agents are always happy to share this information.

If it turns out that the price is a problem to most prospective buyers, then you need to consider reducing it.  

If the price is not the problem, but another feature is, you need to discuss all your options with your agent.  For example, your home may need to be staged.  Or it could simply be that the market is slow and few homes are selling.