Las Vegas Sun NewsReal estate:
Las Vegas Valley home prices likely to keep rising in 2013
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A home for sale near Buffalo and Alta drives in Summerlin is seen Friday, Nov. 18, 2011.
Monday
21 January 2013
9 p.m.
VEGAS INC archives
Las Vegas home values are expected to rise this year, though not nearly as fast as in 2012.
After hitting bottom last spring, Southern Nevada home values are projected to rise 3.1 percent by the end of the year, a new report from research firm Zillow found. Home values in North Las Vegas and Henderson are expected to climb 3.2 percent, Zillow said.
The submarket with the biggest anticipated rise, 4.6 percent, is Logandale, an unincorporated town about 60 miles northeast of Las Vegas. Similarly, home values in Mesquite on the Arizona border (about 35 miles northeast of Logandale) are expected to rise 4.4 percent.
The region’s median home value rose 14 percent last year to $129,100, according to Zillow. Cash investors helped fuel much of that increase by picking up cheap homes to rent out for profit.
Nationally, home values are projected to rise 3.3 percent this year after climbing 6 percent in 2012.
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Author, Zillow is a very odd form of an astrologer. Do you think it's reliable?
We have seen this kind of propoganda here before. This is so pre-2007. Next they will be saying we need to offer 10k more than ask price to have a chance to buy anything once its on the market , ..remember that one! lol. Vegas real estate promotions , it just never changes. I guess they think if they just keep repeating it over and over eventually the simple minded will all start believing it and then begin repeating it also.
What about the 58,500 vacant bank owned distressed properties(as of the end of Oct 2101) all over town .Are they projected to appreciate too?
Or what about the few hundred thousand properties that are under water and the foreclosures are on hold while the unrealistic laws that stopped foreclosures mid-stream are amended so they can go forward and be re-sold by the banks?
I am looking to buy 2-3 more condos, but i'm waiting for the BIG market downturn the MUST come when these 100's of thousands of units come on the market.
I'm waiting and watching!