5 Factors that Influence Las Vegas Property Values
Your Las Vegas home value is based on what people are willing to pay. Every buyer is unique and finds different things to be valuable. For example, some people prioritize schools and neighborhoods while others look at square footage and upgrades.
Let’s explore five factors that can influence your home’s value in Las Vegas.
1. Neighborhood Comps
Comparable homes – or comps – in your neighborhood play an important role in home appraisals and comparative market analysis. No two comps are the same so you’ll have to adjust for the differences. But you can expect people to pay similarly for your property.
Your home’s location matters. While your property may be conveniently located to your work or family, it needs to be convenient to other people as well. Here are some things that indicate a good location in Las Vegas:
- Highly rated schools
- Low crime rates
- Nearby grocery stores, shopping and entertainment
- Proximity to roadways and public transportation
- Employment opportunities
- Neighborhood development plans
- Lot location – acreage, cul-de-sac, etc.
3. Home Size, Age and Layout
When looking at comps in your area, it’s important to compare apples to apples. To do this, pick a home that has a similar number of rooms, square footage and features. Generally speaking, homes with more bedrooms, bathrooms and trendy floor plans are worth more.
4. Property Condition
Obviously, the condition of your home has a major impact on its value. Upgrades generally increase its value and make it more attractive to buyers. And, by keeping up with your home’s condition, you won’t have to spend much time and money getting it ready to sell.
On the other hand, deferring maintenance can rapidly drive down your home value. Las Vegas home buyers prefer move-in ready homes, which means you either need to fix up the home yourself or sell it for less.
5. Presentation and Pricing
To sell your home quickly, you must present it attractively. If you price the home too high, it could sit on the market for a long time. However, if you price it too low, you could end up taking less. An experienced real estate agent can help you price your home accordingly.
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