What Is My Las Vegas Home Worth?

Four different numbers people call a home's value

When people ask what a home is worth, they can mean four different things, and mixing them up leads to confusion. Knowing the difference helps you read each number for what it is.

• An automated online estimate, which a website generates from public records and recent sales without seeing the home
• An agent's estimate of market value, which compares your home with recent sales and current competition and takes its condition into account
• An appraisal, a formal valuation by a licensed or certified appraiser, usually ordered by a lender
• The county's taxable value, which exists to calculate property tax and is not a prediction of what a buyer will pay

Why online estimates are only a starting point

Automated estimates use public records and recent sales to produce a number in seconds. They are useful for a rough idea, but they cannot walk through your home. They do not know whether you remodeled the kitchen, replaced the roof, or let the maintenance slide. They do not know whether your solar panels are owned or leased, how your pool is holding up, or whether your yard backs onto a quiet greenbelt or a busy street.

In a neighborhood where homes are all different, those details can move the value by a lot. Two homes on the same street, the same size and age, can be worth very different amounts. A personal estimate from someone who knows the area takes those details into account.

What we look at to estimate your value

We build the estimate from the same things buyers and appraisers look at:

• Recent closed sales of the most similar homes nearby, since what buyers actually paid matters most
• Active and pending homes, which show what you will compete against and where the market is heading
• Size, layout, age, and the number of bedrooms and bathrooms
• Condition and updates, including the kitchen, bathrooms, flooring, roof, and air conditioning
• The lot, the view, and the location within the neighborhood, such as the street, golf course, or greenbelt
• Pools, solar, and other features, and whether they add value or buyer concern
• The homeowners association, its dues, and its rules, if there is one
• Market timing, such as how quickly similar homes are selling in your area right now

How we choose and adjust comparable sales

The heart of a good estimate is picking the right comparable sales. We favor homes that closed recently, are close by, and are similar in size, age, style, and condition. The best comparables are usually in the same neighborhood or community, because buyers there are comparing the same things. A home in a guard-gated golf community and a similar-sized home across the street from the gates can sell for very different amounts.

No two homes are identical, so we adjust. If a comparable has a renovated kitchen and yours does not, or has a pool and yours does not, or sold six months ago in a faster or slower market, we account for the difference. We also look at homes that are currently for sale or under contract, because they show what buyers can choose from today, and at homes that were listed and did not sell, which can show where a price went too high.

An estimate from an agent is not an appraisal

A comparative market analysis, which is what we prepare, is a professional opinion of what your home could sell for in the current market. It is not an appraisal. An appraisal is a formal valuation by a licensed or certified appraiser, usually ordered by a lender when a buyer is financing a purchase or when you refinance.

Nevada law draws the same line. When a Nevada real estate licensee prepares a broker's price opinion, the law requires a statement in bold type that the opinion is not an appraisal of the market value of the property and that, if an appraisal is desired, the services of a licensed or certified appraiser must be obtained. If you need a number for a legal, tax, divorce, estate, or insurance purpose, you may need a formal appraisal. We can explain which one fits your situation.

An appraisal can also matter in a sale. When a buyer uses a loan, the lender orders an appraisal, and if it comes in below the contract price, the buyer and seller may have to renegotiate. We use that in our pricing advice, because a price that comparable sales cannot support can run into trouble even after an accepted offer.

Your county tax value is not your market value

Many owners look at their property tax notice and wonder whether it tells them what the home is worth. It does not. The Clark County Assessor's taxable value is the market value of the land plus the current replacement cost of the improvements, less statutory depreciation of 1.5 percent a year up to a maximum of 50 years. The property is then assessed at 35 percent of that taxable value, and the tax rate depends on your tax district.

That method is set by Nevada law and has nothing to do with what a buyer would pay. Two homes with the same taxable value can sell for very different prices, and a home's market value can move quickly while its taxable value follows a formula. Nevada also limits how fast your tax bill can rise: the increase is capped at 3 percent a year on a primary residence and up to 8 percent on residences that are not owner-occupied. If you believe your taxable value is wrong, the Assessor's website explains how to ask for a review.

What happens when you request an estimate

You tell us the address and a little about the home, such as updates, condition, and anything unusual. We pull recent comparable sales and the active competition, and if it helps, we visit the home to see it in person. Then we sit down, by phone or in person, and walk through the numbers with you, including the range we think is realistic and what could move it up or down.

Requesting an estimate does not obligate you to list your home. Many owners ask simply because they are curious, planning ahead, or weighing whether to sell now or wait. If you are thinking about selling, our page on selling a home explains the next steps, from preparing the home to what it costs to sell.

What moves home values in the Las Vegas Valley

Location is the biggest factor, and the valley's communities can behave very differently in the same month. Values in Summerlin, Henderson, and Las Vegas each follow their own patterns, and individual neighborhoods within them differ again. Our neighborhood guides cover places like The Ridges, Anthem, and Southern Highlands.

Beyond location, buyers pay attention to the age and condition of major systems, the quality of updates, the lot and views, and the monthly cost of owning the home, including HOA dues and any assessments. Interest rates and the number of homes for sale also affect what buyers can pay and how long homes take to sell. Our article Think About Resale Before You Buy shows the features future buyers notice.

Features buyers in the valley often weigh

In the desert, a few items come up again and again. The age and condition of the air conditioning system and roof matter because of the heat. A pool adds enjoyment, and it also adds equipment, maintenance, and water use. Solar can be an asset when it is owned and a concern when buyers must take over a lease or loan, as our guide Understand the Solar Before Buying the House explains. Landscaping, shade, and the home's orientation also affect comfort and utility bills.

Association and assessment costs

If the home is in an HOA, dues, reserves, rules, and any special assessments can affect how much buyers will pay. Newer communities may also carry special improvement district assessments that show up on the tax bill. Buyers factor in the full monthly cost of ownership, so we do too.

Will fixing things up raise my value?

Sometimes, but not always, and not dollar for dollar. Small repairs and a clean, well-presented home usually help. A large remodel often does not return what it costs. Before you spend anything, ask us which updates matter in your neighborhood. Our article You Don't Have to Renovate Everything goes through what is worth doing before you sell.

Other reasons to know your home's value

A value estimate is useful even if you are not selling this year. Owners ask for one to understand their equity before refinancing or borrowing, to decide whether to sell now or wait, to plan a move to a bigger or smaller home, or to prepare for a life change. If you are buying and selling at the same time, knowing your home's likely sale price shapes how much you can afford next. We are glad to update your estimate whenever you want one.