The housing market nationally and locally has turned a corner, and after bottoming out, home values are starting to rise.
National realty research firm Zillow shows Las Vegas median home values are expected to rise 1.4 percent by June 2013. Nationally, they're expected to rise 1.1 percent during the same time.
Another national firm, Clear Capital, shows Las Vegas home prices will rise 9.3 percent by the end of the year.
Some local agencies say so far the trend is even higher.
"Our numbers show that prices have actually increased on resale properties, resale single family homes, 12 percent from January through June of this year," Windermere Real Estate broker and owner Robyn Yates said.
Windermere shows the average value of single-family homes was $143,902 in January. They went up to $169,623 in June.
Yates says there is less inventory because of a federal law that has slowed down the foreclosure process.
While many homeowners are still struggling deep in underwater mortgages, they can look into refinancing and see if they can get a loan at a lower rate.
Many are choosing to short sale their home. Yates said now is the right time to do that before the Mortgage Debt Relief Act ends later this year.
"They could get any tax on that forgiveness forgiven. So in the case of someone upside-down $100,000, they could get relief equal to $133,000," Yates said.
Owners are advised to talk with a realtor and attorney for a short sale. Their credit will take a hit for two years.
Even though prices are finally starting to rise there are still great deals for potential home buyers. But Windermere says there are about 15 offers for each home in the market, and cash buyers are still winning.
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