In general, real estate market participants such as buyers, sellers, and agents have more information at their fingertips than ever before. That being said, they need to understand where to look for data and what to do with it. People looking to buy or sell a property in Nevada often inquire about which MLS database contains homes in a particular area. Even those not using an agent, such as ‘for sale by owner’ sellers would like to see this data in order to successfully price their property based on comparable sales and listings. The Nevada Association of Realtors recognizes separate multiple listing services in the following areas: Greater Las Vegas (including Boulder City, Henderson, and Pahrump), Northern Nevada (including Carson City, Reno, and Sparks), Incline Village, and Elko County. Many Laughlin properties are listed in both the Greater Las Vegas system and across the border in the Western Arizona Regional Data Exchange (WARDEX). Cities and towns in the state such as Jackpot, Ely, West Wendover and other smaller population areas fall outside of the coverage area of the state-recognized MLS’s. Properties in these areas may show up in one of the aforementioned MLS systems, in smaller unsanctioned systems or just on real estate brokerage websites and lists.
Being listed on the wrong MLS system is tantamount to advertising to the wrong group of buyers. Even if the buyer of a Henderson property was a casino executive relocating from the Reno area, he would not find the property through the Northern Nevada MLS. The executive would search national or local websites that pull Las Vegas area listings from the Greater Las Vegas MLS. The executive would also most likely work with a Las Vegas real estate agent. Even if the executive had a close friend who was a Reno real estate agent, that agent would refer the buyer to a Las Vegas buyer’s agent, perhaps obtaining a referral fee at closing. Since the Reno agent is not a member of the Greater Las Vegas MLS, he does not have the ability to pull listings, obtain access to properties, or to share in co-op commissions with the listing agent. Since Las Vegas buyers work with Las Vegas agents, the Greater Las Vegas MLS is place to be listed.
Nevada is dominated by Las Vegas and no bolder statement could exist for American ingenuity. Where else in the world can you find a huge tourist attraction in the middle of an absolutely sun scorched state? I would be willing to gamble a pretty penny there is no other such place. Centralized populations and heat characterize Nevada. There are two primary cities, Las Vegas and Reno, in which ninety percent of the population lives within 20 minutes. As to heat, Las Vegas is as hot as Phoenix in the summer, but with so much more to do. Still, if you have problems with heat, Nevada real estate may not be for you. Can you name the state with the greatest real estate appreciation for the last 12 months? You might be surprised to learn it is Nevada with over 28 percent appreciation. Think about that for a minute. If the pace continues, the average home in Nevada will double in value in less than four years! That is truly an outstanding rate of return. Although the rate of appreciation is amazing, Nevada real estate is still reasonably priced. The average single-family home in Las Vegas goes for $360,000. In Reno, the price jumps to a still reasonable $440,000. Purchase a home in Nevada and you could easily be looking at making $200,000 over the next two years.
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