Report: Houses Quickly Growing in Value - 8 News NOW

Report: Houses Quickly Growing in Value

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LAS VEGAS -- A report recently released shows homes in Nevada increased their value by more than 15 percent in 2012, among the fastest appreciating states in the nation.

For sellers, the appreciation can mean more profit. For buyers, it could mean a golden opportunity.

"We had built a custom home and in that area they were going anywhere from $525,000 to $540,000 and then everything hit the fan," homeowner Edwin Squiers said.

Squiers said he can't erase 2009 – when the housing market in Las Vegas crashed -- from his mind.

The value of his home dropped drastically. Almost four years later, its value is increasing.

"It's starting to go up a little bit now," he said. "I can maybe pick up $30,000 if I sold it."

According to real estate tracker CoreLogic, Nevada now has the second highest home appreciation in the United States.

The biggest increase in appreciation is being seen in houses valued at $200,000.

"I think supply and demand is probably fueling (appreciation) more than anything," said Kolleen Kelley, president-elect of the Nevada Association of Realtors. "We have such a small supply of houses."

She said that sellers could have more bids on their houses and buyers might not want to wait around.

"If appreciation continues to go up, you certainly want to buy sooner rather than later," Kelley said. "The housing prices will go up as well, so to get it at a lesser price you probably want to do that now rather than later."

Homeowner Richard Aker said he isn't buying or selling right now.

"Hopefully it will get back up there beyond what we paid for it," he said.

He said he is making sure his home is in good shape for whatever turn the economy takes next.

"We're keeping the home up, of course, and … we presume that's going to take a little more time, but we presume it's going to get up there ," he said.

Realtors said interest rates are at an all-time low and builders are constructing more houses than previously.

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