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.
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.
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.
This entry was posted on Monday, July 27th, 2015 at 8:44 AM and is filed under Appraisal, Financing, Market Updates. You can follow any responses to this entry through the RSS 2.0 feed.
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