Home owners in Las Vegas have been struggling for some time now thanks to a depressed real estate market, but things are finally looking up. According to the Greater Las Vegas Association of REALTORS, average prices of existing Homes in Las Vegas NV are on the rise and are approximately 31 percent higher than they were just a year ago. Home owners will find this news helpful, especially those who wish to sell. Those looking to buy a home in the area should purchase now before prices go up any more.
Home owners are leery of these rising home prices and that another housing bubble may occur. Many feel this won’t be the case though as median home prices continue to be significantly lower than they were back at their peak in 2006. In fact, according to the Greater Las Vegas Association of REALTORS president Dave Tina, home prices remain below what one would expect them to be had the housing bubble never occurred. The biggest problem for those looking to buy a home continues to be the housing shortage.
Those who own Homes Las Vegas NV and wish to sell will find now to be the perfect time to do so. Traditional sellers are placing homes on the market at a rate higher than has been seen lately. For some time now, lenders have been the primary sellers of homes in the market, homes which have been foreclosed on or were sold through a short sale. Traditional sales in 2013 actually make up more of the local home sales market for the first time in years.
Another good piece of news for home owners is short sales and foreclosures continue to decline. Although short sales are likely to remain strong until 2014, according to Dave Tina, this is due to the extension of the Mortgage Forgiveness Debt Relief Act enacted by Congress. Owners who sell their home through a short sale may be required to report the write off amount on their taxes and pay income tax on it.
Home buyers and sellers alike need to be aware of existing market conditions. The more one knows about the market, the better he or she is able to receive a fair price on a home, either as a seller or as a buyer. Things are looking up for the Las Vegas housing market which is good for all.
