The only way you can accurately determine your Las Vegas home’s value is by comparing it to similar properties that have recently sold or are still on the market. These comparison homes are what’s known in real estate as a “comp”. If there aren’t any similar properties nearby selling at a certain price point, then it may be more difficult to accurately price your home.
Use at least three comps to get an average price
Use at least three comps to get an average price. You can use more than three, but that may not always be helpful. The more comps you have, the more data points there are and the better your estimate will be. The best way to start finding Las Vegas home comps is to simply search for “homes for sale in Las Vegas” or “Las Vegas real estate” + whatever area code or neighborhood you are trying good comparison homes in.
Are the comps in similar neighborhoods?
When looking at comps, it’s important that they not only be comparable but also in similar neighborhoods. If you compare a new luxury condo with a 4-bedroom house from 30 years ago, it’s going to be hard for anyone (including yourself) to figure out what’s wrong with your offer or how much extra money people need in order to buy your home. If you’re looking to buy or sell a home always be looking for homes in a similar neighborhood. However if you are wanting to buy or sell a condo or townhome then its always best to make sure you are looking at condos or townhomes for comparison properties.
Search for similar square footage
Square footage is a comparison of the size of two properties. It is the most common way to compare the sizes of two properties, because it is standardized and objective.
The size of a property has a big impact on its value and potential income, which makes it important for you to be as knowledgeable about square footage as possible when you’re evaluating properties with your team.
Does the comparison property have a similar floor plan to yours? If not, is it close?
Square footage is a comparison of the size of two properties. It is the most common way to compare the sizes of two properties, because it is standardized and objective.
The size of a property has a big impact on its value and potential income, which makes it important for you to be as knowledgeable about square footage as possible when you’re evaluating properties with your team.
Compare properties with homes that have been updated or are in great shape. Don't compare your home to poorly maintained homes. Someone will be suspicious if you do.
We can’t stress enough that you should only compare your home to other homes in similar condition. If a home has been recently remodeled, this is great news for you—but it means that the values on that property are going to be higher than others in the neighborhood, which may not be representative of what your home might be worth.
It’s also important that you don’t compare yourself to poorly maintained homes. Someone will be suspicious if you do because buyers always prefer properties with new roofs and freshly painted exteriors, among other upgrades and improvements.
Comps should be within date range. You may have trouble with comps that are more than a year old.
Las Vegas has expanded as a city in a similar fashion to most large cities. The urban city is developed and then many suburban communities begin to develop around the outskirts of the city center. Many of these Las Vegas home developments and neighborhoods have their own complete brand of lifestyle, architecture and amenities. If you are purchasing a property in the Summerlin Development, you will get a completely different experience than if you purchase a property in Downtown Las Vegas. One thing that is common about the developments is that many times homes that are built within a similar date range often time have similar characteristics.
- If you have owned your property for more than 1 year and then sell it, your comps should be updated at least every 3 months.
- If you have owned your property for less than 1 year and then sell it, your comps should be updated at least every month.
Pick comps that close to the same age as your own property
It’s important to pick comps that are as close to your age as possible. The reason for this is because there are a few different factors that will affect the value of your property, and you need to be sure that those factors were similar when you were selling the property and when the comps were sold.
The bottom line
It’s important to accurately consider the comps that you are using for valuation. You want them to be as close to your home as possible so that they can be a good indicator of what your property is worth in today’s market. This will not only help you get an accurate idea of how much money should be spent on upgrades, but also allow potential buyers who visit the house feel more confident about buying it because they will know exactly what kind of return they would receive if they sold their existing home at current prices.
When getting comps also always remember to take into account any large amenities that the home may have that may be similar or unique when compared to other properties such as pools, spas, bars, wine cellars, outdoor entertainment areas (etc.). If you’re listing your Las Vegas home, townhome or condo on the market we always recommend that you go to a realtor that is licensed in Nevada in order to get the best outcome for your home. If you need to get a valuation and sell your home fast, you can always get a cash offer for your home as well within 24 hours.
