Las Vegas Home Appraisals

Written by Jeremy Horelick
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Las Vegas home appraisals are in hot demand, thanks to a booming real estate market in and around the City of Sin. Each time an owner and seller close escrow on a transaction, it means an appraiser was hired by the lender to size up the property's value. Indeed, it's a great time to be working as a real estate appraiser in this desert community.

Along with the greater Phoenix area, Las Vegas is the single highest-growth region throughout the U.S. This can be attributed to a number of factors both economic and demographic, but the primary cause is the aging "Baby Boom" generation, which is increasingly seeking out retirement options in warm climates. Because Las Vegas has expansion potential in every direction, it's a natural choice for developers and retirees looking to get in ahead of the boom.

Buying Las Vegas Home Appraisals

Despite the boom in new construction and development, there are plenty of properties that are also being overhauled and renovated to add even more value. These are the most obvious targets of Las Vegas home appraisals, as new home prices are set by the developer (even if they're negotiable to the buyer). While Las Vegas home appraisals almost always apply to residential properties, it's not unheard of for an appraiser to take on a commercial building as well.

Hiring an appraiser may seem like a wasted cost, especially when the price point for both buyer and seller is the same. Any credible lender will require an appraisal, however, even if both parties can agree to a price. Buyers looking to skirt this step should be forewarned: even if the seller agrees to waive the appraisal, your mortgage lender typically will not move forward in approving your loan without one.

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