If you already own a home, you have been riding the real estate wave. The good news is the surf is up. With prices here in the Las Vegas area up over 30% just since the beginning of the year. While it has been tough for home buyers, especially buyers that are financing, there is hope in sight. The bad news / good news is that interest rates have crept up a bit over the past few weeks. While not significant, it will put a few people on the sidelines. Additionally, some buyers will get a little more aggressive with their offers so they can seal a deal before rates inch higher.
Foreclosures have been down a bit but banks seem to be taking steps to continue foreclosure processes. 33% of home sales here in the Las Vegas area in May 2013 were still short sales. If you purchased a home from 2004 - 2006 you are still likely upside down. If you are in a position that you cannot or don't want to ride the wave any longer, short sale now. The short sale process takes several months and you must close escrow before December 31, 2013 to avoid paying taxes on the difference between your mortgage payoff and your sales price. Effective January 1st that will once again be considered income and you will be responsible for any taxes owed on that deficiency.
Really overall there is no better time than now to ride the real estate wave.
