Where does sales information come from ?

Specific sales information is available to appraisers via a number of sources.  For single-family residential home sales the Greater Las Vegas Association of Realtors (GLVAR) is most often used to find property details.  The GLVAR keeps property information including a listing and sales "history."  The history is important because it reveals the changes that a listed property has had in its status.  Thus, a property offered for sale at $ 500,000 that was reduced by $ 15,000 every 2 months for a period of 12 months (with a final listed price of $ 410,000 recorded) is not reasonably contracted for sale at $ 470,000.  If no one would buy the home at any of the reduced prices ($ 485,000, $ 470,000, $ 455,000, etc.) during the listing period why would they now pay $ 60,000 more than the listed price?

Greater Las Vegas Association of Realtor (GLVAR) sales information also provides important details not available to the public via Automated Valuation Models (AVMs) or AVM Internet sites with regard to property taxes, assessments due (like SIDs and LIDs), Home Owner Association (HOA) fees, property condition and other cost information that could could make a significant difference in the value concluded for a property.  For appraisers, there is more information collected by real estate agents and more information collected on the personal inspection of a residential property than is disclosed on a standard (URAR) appraisal form.  Thus, AVM sites that take information from appraisal forms to "model" or statistically predict the value of your home can have significant error.  

Commercial property sales information is available to appraisers via; the Clark County Assessor, real estate brokerage firm reports, subscription sales databases and other Internet real estate marketing and sales sites like PropertyLine.com and Loopnet.com.  Most commercial appraisers subscribe to paid subscription sales sites due to the detail that they provide about sales, the parties involved in the transaction, the search capabilities and the time savings.  Appraisers who complete a relatively large quantity of appraisals are also exposed to a great deal of information regarding properties.  When an appraiser has appraised a number of office buildings, for example, he has seen the leases, vacancy rates, expenses, capitalization rates, costs and other figures associated with offices his or her first hand experience becomes a source of market information.

The Clark County Assessor, via the Clark County Openweb Informapper, also provides detailed sales information, tax information, flood information, plat maps, conveyance Deeds and Value Affidavits on both residential sales and commercial sales transacted in Clark County, Nevada over the last several years.  The Assessor's information provided via the Internet is free to the public but it is not confirmed / verified and finding one or more of the principals involved in a transaction can at times be difficult.  

Contact us with your questions or concerns regarding appraisal research, sales information or regarding your specific appraisal assignment in Nevada at 1-702-568-6699.  We can also be e-mailed at grigdon@cox.net.         

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.