RENO, NEV. (KRNV & MyNews4.com)--Over the past several years, the housing market has been on a roller coaster. Experts say that ride is going up, and hopefully will keep climbing, if interest rates stay low, and home values keep rising.
Thursday, experts from Las Vegas, Northern California and Reno talked about the future of the market and what homeowners and potential buyers need to know.
"Market values are coming back, interest rates are low buyers are very excited as well as investors to buy homes and we're noticing a strong up tick in the real estate market," says Ty Leon-Guerrero, a Realtor in Northern California.
Guerrero was in Reno Thursday to talk about the market there. He says Reno's housing market will be about the same-on a six month delay.
"Prices are affordable, it's a great time to get out there and buy. It's a sellers market if they're thinking about selling homes, values are starting to come back up slowly," says Leon-Guerrero.
The speakers also talked about a new piece of legislation here in Nevada expected to be signed into law this session. Steve Hawks says the "Home Owner Bill Of Rights" could extend the time it takes for a home to go into foreclosure, possibly making it a 5 year process.
"It gives the homeowner more opportunity to work with the bank, we're seeing principal reductions down and programs that were happening before," says Hawks.
They also say it's a sellers market right now, a lot of homes are in that foreclosure process, which prevents them from going on the market. The end result is ultimately less homes for buyers to chose from.
"Many homes in Vegas have gone up 75 percent since they implemented these new laws because the shortage of inventory. I think you're going to see another 25 to 35 percent increase in values from today. We can look to California since they implemented that law, values have gone up 25 percent just in 90 to 120 days," says Hawks.
Hawks say if you are in your home, and have received that initial notice of default, use the mediation program that's available if you want to stay in your home.