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Sellers, agents ready to cash in on red hot housing market in Las Vegas

Posted at 6:56 PM, Feb 21, 2022
and last updated 2022-02-21 21:56:51-05

LAS VEGAS (KTNV) — There’s a flip side to the soaring prices in the Las Vegas housing market. People looking to sell are seeing dollar signs.

Real estate agents say prices for properties have gone up by three times what they were five years ago, and some people are ready to cash in.

“Everyone is going out there wanting to buy things, they are outbidding each other and they really want to buy right now,” said Jennifer Hurtado, real estate agent with Coldwell Banker Premiere Realtors.

If you are a buyer in this market, the struggle is real.

Olivia Meza is facing both sides of the story. She's having a hard time finding a home to buy, but as a seller, the odds are in her favor. Meza says she is selling an apartment complex for four times what she paid.

RELATED: Buyers struggle to find homes in Las Vegas in competitive housing market

"This is the best time to sell," she said. "People are looking to buy, people are looking to invest and they are looking into getting more property. Especially for people who are coming in from out of state.”

She says within a week of posting her listing, she received about 10 offers. Meza says local sellers are so thankful for the people coming in from out of state with plenty of equity.

"Obviously they are very happy with the rates, prices and the market and that is why it's honestly more of a seller’s market right now.”

"Right now is a once-in-a-lifetime opportunity for sellers to get top dollar for their homes,” said Hurtado. She recently sold her clients' homes for $1.7 million.

Her clients purchased it for $700,000.

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"Because the demand is so high for buyers both locally and people who are moving to Las Vegas they can get top dollar.”

For those who are thinking about selling, Hurtado says don’t wait any longer.

"With all of the inbound migration sellers have the upper hand," she said. "They list their homes, and for many of these sellers, in less than a week it is off the market”

MORE HOUSING STORIES: What's driving up Vegas area home prices? What does it mean for those who live here?

If you are on the other side of this and you are trying to buy a home. Hurtado says to hurry because interest rates still remain at a historic low, but this March they are expected to go up, and finding an acceptable loan can be more challenging.