A home valuation is a process of determining the current worth of a house in the local housing market. There are different ways you can go about finding your home’s current value, and there are several different reasons why you might need or want to know the value of your home at any given time. Today, we will discuss what a home valuation is, how it works, and how you can go about getting one for your Las Vegas, NV home.
Traditional Las Vegas Home Valuation
In the traditional home valuation process, a professional appraiser will visit your North Las Vegas or Las Vegas Valley home to measure, record, and photograph features that are particular to the house, including its size, square foot area, age, number of rooms and bathrooms, lot size, style of architecture (examples include Victorian homes with gingerbread detailing or split-level homes with large kitchens), and the presence of certain amenities (a home theater, for instance). The appraiser will also look at property taxes and comparable houses in your local housing market to determine if there are any factors that may affect the appraised value.
For example, an older house on a small lot might be more valuable if it’s situated close to local amenities than it would be if it was located further away. Part of this process will involve research into how much similar houses have sold for recently. With all this information, the appraiser can put together a report detailing the current market value within the neighborhood.
If, traditionally, yours has been the most affordable neighborhood, and you’re worried about low home values to compete in the housing market as a seller, just remember that the median sales price for any given Las Vegas, NV home has steadily risen over the past several years. As Las Vegas home prices continue to rise, the median home value has gone up, too. Real estate professionals all across the nation, and especially those operating in Southern Nevada’s housing market, will tell you that the average assessed value per square foot of average homes everywhere is higher than ever.
Non-Traditional Home Valuation
In some cases, you might choose to order a home valuation for yourself rather than relying on someone else to provide numbers for you. Luckily, with current technology, you can use free online tools, like the one here offered by Clark County Market Values, to get an accurate estimate of your home’s current worth before you go hire real estate agents and put your home up for sale. These online tools are particularly helpful for sellers who are deciding between selling via the traditional route with a realtor or getting a straight-up cash offer from a home-buying company.
When Do You Get a Home Valuation?
There are many different reasons why you might get an appraisal for your home. The process begins when someone wants to buy or sell a house. Potential buyers may want to conduct research by receiving an informal estimate of the price their house would command on the market, while sellers will receive more detailed information that they can use to price their houses competitively and avoid any issues with financing or loan denials once their homes have been put up for sale. Real estate agents can help you navigate this process and connect you with reputable lenders, who will then send their appraisers out to your home.
Also, people who are refinancing will often require appraisals in order to determine how much equity they have built up in their homes over time, which lenders prefer rather than having to conduct full valuations every time money is borrowed against property.
What’s the Value of Your Home?
Homes are not only important because they provide shelter- their value is also relevant to many other aspects of life, including taxes and insurance costs. A home valuation provides a snapshot of home values in the local Las Vegas, NV housing market, as well as financial information that lenders and homeowners can use to make more informed decisions.
Keeping up with the value of your home, the median sales price, and the home values of comparable properties in your area are important for many reasons. Whether you’re buying and selling real estate, financing a home purchase, or refinancing an existing home loan, getting a home valuation is one way to stay informed about how much money you have tied up in your house.
In order to get the most accurate home valuation possible for your Southern Nevada home, it’s important to go with a company or individual that has relevant experience and the tools necessary to do an in-depth analysis of your house. With the advent of online valuation tools, like the one you can find at Clar County Market Values’ website, you can also get estimates on your home from the comfort of your couch or bed.
