Harvey and Shelley kick off their new show slot with a live show. They use this opportunity to hold a buyer panel, a show built around helping potential buyers. In this segment, they cover finding a home.
Starting the process of finding a new home? If so, you are likely looking to find the best deal possible. Real estate prices depend on several factors. Understanding how a house price is determined will help you evaluate if an offer is a good deal or a pass.
When you start searching for a house, you will likely hear the term “comps” used often. This term is short for comparables and refers to the prices comparable houses to one you are looking at have sold for in the recent past. Comps are a good metric to determine a price range for a property. The asking price should not be significantly above comps and your offer should not be a great deal below the comps.
The price also depends on the condition of the house as well as general market conditions. The cost for a relatively new house will be higher than a house that requires repair, reconditioning, or other work. The overall condition of the local real estate market is also a factor. If real estate prices have been going up month over month, you can reasonably expect to pay above comps. If the real estate market is in decline, you might be able to purchase a property below comps.
Finally, location is also an important factor in house price. The neighborhood, surrounding amenities, view, and area can increase or decrease the price. If you are looking at houses in more popular Las Vegas neighborhoods, expect to pay more.
As always, please be sure to tune in each and EVERY Saturday at 11 AM to RERNLV on AM720 KDWN.