Homeowners take advantage of valley home price increase during pandemic

Local News

LAS VEGAS (KLAS) — When the pandemic started, fears of an economic crash were real for millions of homeowners, with many worried about losing value in their homes. It appears the opposite is happening, though, and owners are taking advantage of a recent boost in home prices.

“We are in a seller’s market,” said homebuyer Nelson Diaz on his moving day. “It is a dream come true.”

Diaz’s new home is in Mountain’s Edge, but this isn’t their first home.

“I did have a lot of equity in the house,” he told 8 News Now. “It enabled me not only pay off the house, down payment on this one, paid off all the cars and left money for Cancun.”

As the pandemic continued, home prices went up. The Diaz family took advantage of that, sold their Henderson home and are now in a much better situation.

“We got an offer; it was a good offer,” Diaz recounted. “We took it and ran with it.”

They aren’t the only ones.

“The people who are selling traditional resale homes, it is just fast,” said real estate agent Lacy Colson.

She notes it’s a trend she and other agents are noticing around the valley.

“I have a lot of clients who have been able to pay off their debt, pay off their cars, have money in the bank and also upgrade their homes,” Colson shared.

Andrew Leavitt of PIF Lending explained, “At this point, if you bought a house in 2014 or 15 or 16, there is a ton of equity in that property, at this point.”

He says the market isn’t only allowing people to make a profit, but also allowing people to start investment portfolios:

“A lot of the people are jumping into the cryptocurrencies, that has been a popular trend going around. A lot of people have got into stocks.”

Leavitt says many clients are even taking extra money to buy more real estate as investments.

“We found our dream home here,” Diaz said.

The family says they feel fortunate in such an unpredictable time, and they are especially happy they now have a pool.

“We knew exactly what we wanted, and the dream came true.”

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