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  • Increasing Las Vegas Home Prices Causing Appraisal Issues

    Las Vegas Home Values are Increasing! Will you have an Appraisal Issue?

     

    Las Vegas Home Values are Increasing, What does this mean for you?

    The real estate market is moving so well, we are pushing the ceiling of value right now, unfortunately that means we may have some appraisal challenges. The great news is we are here to represent you and help your home overcome these challenges. Last month my team, alone, saw 3 transactions where the home value came in under contract price. $40,000-$60,000-$80,000 values lower than purchase price, means we get to settle for the lower price, or challenge the appraisal. We are challenging the appraisal and asking for an appraisal reconsideration. We are even filing complaints against appraisers. When a property comes in undervalue at a mere $5,000 under contract, it’s often a mistake or appraiser ego getting in the way. Our job is to sort through it and yield you the highest return possible when you sell your Las Vegas Home.

     


    The Greater Las Vegas Association of Realtors “reported the median price of homes sold through its Multiple Listing Service during June was $220,000, up 10.1 percent from $199,900 one year ago. Meanwhile, the median price of local condominiums and townhomes, including high-rise condos, sold in June was $115,000. That was up 5.5 percent from $109,000 one year ago.”  Appraisers just don’t seem to get it. We are seeing issues because buyers are willing to pay what the contract says, while an appraiser doesn’t want to value the home for the current market.  The increase in value is great news for home owners looking to sell their Las Vegas home, as the market is appreciating at a healthy rate. Compared to June 2014, 14.2 percent more homes and 6.3 percent more condos and townhomes sold this June. There are fewer homes on the market than what is considered a balanced market, available homes in Las Vegas “for the month of June was 13,740, down 0.7 percent from one year ago.”

    “Compared to one year ago, total sales volumes in June were up 23.5 percent for homes and up 13.2 percent for condos.” With average days on market at approximately 60 days, inventory is moving quickly. It’s a great time to list and sell your Las Vegas, North Las Vegas, Centennial Hills, or Summerlin home. 
    http://daveradcliffeltd.com/valuation-form/
    Are you interested in learning what you Las Vegas home is worth? Let us know how we can assist you, we will come out to the house and provide you with a FREE Comparative Market Analysis when you are interested in selling your home.
    Our job is to get maximum value for your home when you are ready to sell. Dave Radcliffe ranked number 1 in 2014 as the top producing individual out of 172 Realtor-Agents in his office. Dave and his team continue to rank in the Top
    5 producing teams month after month in 2015 at Keller Williams Realty Southwest Las Vegas because he is all about customer service and utilizing the best resources in the real estate business. The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection.
    As a retired police officer, Dave is passionate about giving back to the service community and dedicates much of his time giving and supporting the Las Vegas Metro Police Department, Firefighters and Military at Nellis Air Force Base. Military, Fire and Law enforcement never pay a full commission when they work with the Radcliffe Group. The Radcliffe Group can assist you in your Las Vegas PCS or relocation, New Home Construction purchase, Condo and Luxury Home purchase. Specializing in helping Las Vegas and North Las Vegas homeowners sell their home for the highest market value, Dave and his team will help you yield your highest profit. Call 702-379-3401 when it is time to sell your Las Vegas, Summerlin, Centennial Hills or North Las Vegas Home.
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    Written
    by Nickel Lowman
    Content quoted from Greater Las Vegas Association of Realtors For
    Dave Radcliffe, The Radcliffe Group
    Keller Williams Realty Southwest
    702-379-3401

    2 responses to “Increasing Las Vegas Home Prices Causing Appraisal Issues”

    1. Appraisers are causing appraisal issues. And agents overpricing homes for the current real estate market conditions. Appraisers were at fault in 2007 when home prices soared then collapses. But I’m not pointing fingers because there are other people who affect appraisals equally as much.

      • Matt, appraisers are regularly coming in with very bad, low appraisals. Demand is certainly raising prices and we’ve had 8 low appraisals in the last 6 months. On one occasion the appraisal came in $80,000 low and when the loan was moved, the next appraisal came in at value. There is no way, on a $580,000 property that values can be that far apart.

        I do not believe appraisers had any real effect on the 2007 market. The collapse is all due to secondary market securitization and loan products that were so risky that foreclosures were going to be obviously high when they were issued.

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