According to Corelogic, who released a report today, Nevada ranked as the number 1 state in terms of housing appreciation. Home prices have been rising here in the Silver State for over a year now and the latest year over year increase is over 22%, through April 2013. What does all this mean to you as a home buyer or seller?
Home buyers, it is no secret that inventory is low. While there have been modest increases in inventory over the past couple weeks there are still less than 4,000 homes on the market in the Las Vegas valley. Due to the low inventory, prices will continue to increase. Expect a 2-3% increase every month at least. So to get the best dealk try to buy now.
Home sellers have the upper hand in this market. Fewer than half of all home sales in the Las Vegas area are now short sales or foreclosures. This is great news for home owners. Prices up means if you needs or want to sell, you can do so and make a profit in many cases. With home prices increasing, those that purchased or pulled out large sums of money on their homes between 2004 - 2008, you are probably still under water and will need to short sale if you want to sell your home.
If you are still under water on your home, the Mortgage Relief Act is still in effect through 2013, but short sales take a while so I recommed getting your property on the market as soon as possible in order to avoid any tax penalties for short selling.
Click here to get your homes value or to see available homes on the market.
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