Size Really Does Matter

Many buyers come to Las Vegas with a good idea of want they want in a home, but clueless as to what they want in the way of lot size.

I am constantly contacted by buyers that have found 10 -20 listings on the MLS and think they want to see them all.

After sowing them 2-3 Las Vegas homes I can help them narrow the field from 20 to 5 just by the lot size. This is something that you as a buyer can determine before you get to Las Vegas by subtracting the squre footage of the home from the lot size to determine how big your yard will be. If it is a 2 store home, divide the homes square footage by 2 then subtract that from the lot size for an estimate of your yard.

Example:
If the home is a 2 story with 2,400 sqaue feet and the lot size is 2,800 square feet – do the following.
2,400 divided by 2 = 1,200
1,200 subtracted from 2,800 = 1,600 square feet of yard

The example above of 1,600 square feet is the total for front, back and both sides. So if the home is situated in the center of the lot, that means you would have approxamatly 400 square feet of yard on all 4 sides.

Most develpments in Las Vegas will have 20 feet of less between homes, and give more square footage to the front and back yards.

Its been my exerience that an average 3 bedroom 2 bath home running between 1,600 and 1,800 square feet of home foundation, a lot size of 3,500 plus square feet if preferable to most home buyers.

Anything less starts to become very cramped.

So when looking for a home for sale in Las Vegas on the MLS, be sure and pay close attention to the lot size.

Las Vegas Real Estate Market Status

The National Association of Realtors, found annual quarter-to-quarter gains in some markets hitting unprecedented levels in a survey, released September 2004 by the economics department. Las Vegas was at the Top of the list with a median resale price of $269,900 during the second quarter of 2004. That is a astounding 52.4 percent higher than the median price of $177,100 for a Las Vegas home during the same quarter of 2003. The 52.4 percent increase is the largest annual gain ever recorded by the NAR survey, which began in 1982.

NAR chief economist David Lereah said the Las Vegas metropolitan area had barely a 1.7 month supply of homes on the market during the second quarter, compared with an average 4.2 month supply for the nation as a whole. A serious shortage of inventory appears to have led to Las Vegas homes record-setting price jumps.