When the Great Recession hit, there were a few regions that took a particularly hard hit, and Sin City was one of them. Las Vegas’s economy was nearly destroyed along with people’s credit, and the bursting of the housing bubble was one for the record books. Blowing up houses in one of the country’s biggest vacation destinations was extremely lucrative in the early years, but it came with an unpleasant lesson for those in the middle just a few years ago. Yet no one was hit harder than the average homeowners, workers, families and residents who call Las Vegas home year-round, and not just for a long weekend.

As 2013 draws to a close, home prices are rising again, but some people are understandably (and wisely) coy. In fact, Las Vegas is hailed by some as having one of the hottest housing markets in America, with home sales prices up about 35 percent this year. Home values ​​overall are up 29 percent, and there are some parts of the valley where land prices have doubled since last Christmas. Is this too good to be true and what does it mean for residents?

it’s a bet

Those who live in or around Las Vegas, Nevada are well aware of the commonalities between the economy and casinos: the house always wins, don’t play what you can’t lose, and if there’s a chance to increase the odds, do so. . . Elsewhere in the country, home values ​​have risen about 3 percent in the past year, so that should be a red flag. So far, analysts aren’t declaring the city a “housing bubble 2.0,” but then again, the Great Recession wasn’t widely predicted until it was too late, either.

Once again, investors are flocking to the city, homes are turning over quickly, and those homeowners who aren’t underwater on their mortgage are making a handsome profit. However, it is still possible that this is the emergence of another bubble, which is exactly what is happening according to Robert Schiller, an economist at Yale University. So what should homeowners do if they want to sell? The answer is simple: accept the highest offer you can get. right now.

“If I could do it all over again…”

When America was in the midst of the Great Recession, people had all kinds of regrets, especially those in Las Vegas. They wish they had protected their credit score, saved a bigger emergency fund, paid less for their dream home, or had a backup plan in terms of job security. People rarely get second chances, but in Vegas this could be the bonus round.

If this really is a second housing bubble, your best move depends on your situation. Are you looking to buy or sell a property? Or are you just trying to stay afloat financially? If you are a buyer, tread with extreme caution. But if you’re a seller or trying to straighten out your finances and repair your credit, this is the market for you. Remember, a few professionals in your corner wouldn’t hurt you.