Whenever you hear that a neighbor’s house is on the market, the same question flashes through nearly every homeowner’s mind: how much are they asking?

That’s because of the nature of residential markets: our own homes’ real estate values (in fact, all Las Vegas real estate values) are connected with one another, and that asking price is an estimate of the current state of affairs. It has to be reasonable in order to attract the attention of serious buyers —  but if it’s too reasonable, on closing day the seller will walk away with a lighter bank account than necessary. The Ballen Group’s agents pay close attention to how the market is moving, in addition to drawing on multiple sources to determine the value of a home.

 Real estate values in Summerlin and Las Vegas are determined in large part by what other similar homes have recently sold for. These comparable sales show what a real world bank was willing to lend, and how many dollars a real life buyer was willing to pay. “Comps” are to real estate values what the Dow Jones is to securities: a trustworthy reality check, no kidding around.

How ‘comparable’ a comp is depends on a number of factors to be taken into account:

·         The structure

·         Condition

·         Amenities

·         Location

·         Neighborhood

The structure of a comp sale will have similar square footage, number of bedrooms, etc. Its condition is a value judgment best made by professional appraisers. Amenities can include everything from upgrades in a development to added features like central air conditioning or a Jacuzzi. And location means a great deal (is it in a high crime area?) — as does the similar but more precise neighborhood (are the neighbors taking care of their yards? Are the schools first-rate?).

Ultimately, when determining real estate values for Summerlin homes, appraisers take into account much more than just the house itself. That’s why when you set out to find a home for your family it’s important to look beyond the physical facets of the house alone: should you later decide to sell it, the whole host of factors will come into play. Whether you are buying or selling a home in Las Vegas this fall, contact The Ballen Group today for a pricing evaluation.  We market your home with extensive marketing throughout the Las Vegas Valley. Our Short or Stay Calculator at http://nevadashortsaleservices.com/ will help you evaluate the pricing of your home and our search tools at http://www.BallenGroupHomes.com will help you look for your next home.