How Can the General Public Find Las Vegas Area Rental & Sale Comps?
First of all I want to explain what a real estate “comp” is.Â A comp in real estate is not a freebie you get from throwing your money away in the casinos like a free lunch or room or show.Â A “comp” is a comparable.
Comparables or “COMPS” are used to determine pricing (done by real estate agents) or value (done by appraisers).Â It is basically a review of the market on what homes are selling and/or leasing for.
There is a really easy way you can find rental and sale “comps” in the Las Vegas Market – through IDX.Â This is basically MLS fed listings provided that the seller or owner allowed for the IDX option.Â Most MLS items are there but some are not (just so you know!)
First thing you want to do is go here to get to the search engine.Â The page will look like this:
If you are looking for residential sale comps, click on “2” (single familiy res sold)
If you are looking for residential lease comps, click on “8” (residential rental leased)
Once you are there, you can narrow your search down to the subdivision or the street (this is great if you are looking for one particular home that may have sold!)Â
When you are looking at “comps” you want to go back in a very little time frame, I recommend only going back 3 months for the most recent activity and to get a most accurate snapshot of your market and pricing:
**NOTE!!Â Make sure you put your subdivision name AS RECORDED in this search tool.
Click on “search” at the bottom of the page and then your “comparables will come up!Â Focus on SALE or LEASED prices and NOT list prices!Â List prices are irrelavent as to what is selling/leasing and for how much.
Here are two examples of situations where the lease price is lower than list and the sale price is higher than list:
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