Las Vegas Home Values
The value of a Las Vegas home is determined
by numerous factors. The method by which Las Vegas home value
is determined is very comprehensive.
First, a "Comparative Market Analysis", commonly known
as a "CMA",
is prepared by a professional Las Vegas real estate agent
to establish how the property compares with other similar homes
sold within close proximity. While the seller can list the home
for any price, it's wise to know what homes have been selling
for in previous months in order to obtain the most marketable
listing price as the first step in the determination of the
Las Vegas home value.
The CMA is an informal estimate based on the value of Las
Vegas homes recently sold in the neighborhood and gives
the seller a base price to consider. A variety of things must
be considered such as square footage and upgrades. Another way
to find information about the value of the property is do research
on Las Vegas home values at the local Recorder's Office or Assessor's
Office where tax records are made available to the public.
These are some of the features that are taken into account to
obtain what the Las Vegas home value may be:
- Square footage of property
- Square footage of the home
- Amount of Bedrooms
- Amount of Bathrooms
Amount of Garage Spaces
- Pool / Spa
- Patio/ Covered
- Landscaping
- Single family home
- Condo/ Townhouse
- Detached / Attached
- Year Built
- Planned Community / Amenities
- Monthly Assessment fees
- Location
Las Vegas Real Estate Market Value vs. Las Vegas Home Appraised
Value
The difference between the market value of a home and an
appraised value should not be confused. A certified appraiser
gives an opinion of the value of a home based on numerous
factors. An appraisal is required to be submitted to the lender,
as it is an important element of the loan application process.
Appraisals vary between $250 - $350 depending on the size
of the house and are customarily paid by the buyer.
Market value is what price the house will bring at a given
point in time. A comparative market analysis is an estimate
of what the home's market value might be, based on sales of
comparable properties, and is compiled by a real estate agent.
Increased Value of a Las Vegas Home or Las Vegas Real Estate
Curb appeal is the first most influential thing that will
influence the value of your Las Vegas home. Although the actual
value may not be decreased by its outside presentation, a
house that is not well maintained may have a decreased value
and will chase potential buyers away from the onset.
Home improvements could increase a Las Vegas home's property
value substantially. Remodeling kitchen cabinets, upgrading
the plumbing system, replacing the roof, enhancing the landscaping,
painting or wallpapering walls, or upgrading the carpeting
will add to value of Las Vegas real estate..
The most popular and most attractive rooms to be remodeled
are the bathrooms and kitchens. If the completed work is done
well, a good job will transform an older house with a new
"face-lift" and will prove to be a worthwhile investment.
Remodeling Magazine recently reported that bathroom additions
that are well done might yield an increased return of as much
as 81%.
The condition of the overall neighborhood will also influence
the value of your home. Using driveways to repair cars, parking
campers and boats on the driveway or on the streets, or too
much noise in the area could bring the Las Vegas home's value
down based on the neighborhood's influence to the property.
It's always important to find out what the local ordinances
require of residents and to know what is permitted in the
community or sub-division.
Please contact
us if you have questions about Las Vegas real estate values
or the determination of your Las Vegas home value. Also, as
you look for another Las Vegas home, use the Free
Las Vegas Homes MLS Search to view all available Las
Vegas real estate. |
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