Las Vegas new home builders react to significant drop in home sales

[@elixiradventureoutdoors8119]

No one needs to feel bad for new home builders! They have made hand over fist of money on each build the past 2 years!

[@santosmadrigal3702]

Does that mean that people from California stopped moving in ?

[@TerryComo2010]

I work with builders, That is false. Profits are very thin, not like it may have been 30 years ago.

[@monsterpig3270]

@@santosmadrigal3702 Hell No! I just sold my house and overpaid for a mansion in Las Vegas.

[@surething2.0]

These trash builders have 1k homes on a 1 ac lot. Seriously is so ridiculous how close they’re building these cheap homes which sewer system isn’t designed for so many homes like that!

[@elixiradventureoutdoors8119]

@@TerryComo2010 what is it exactly you do with home builders? Out of curiosity. Home builders margins are small? Yet they are able to offer closing? Funds to buy points? Yet still turn a profit. I think your definition of small margin is a little miscalculated

[@actorsinsider9967]

New housing has been worthless for the last 20 years. Built quickly with no quality/integrity and with tiny/non existent yards.

[@DeshaunDamon]

D.R. Horton homes in NLV have very generous yards. Lennar has higher quality amenities - but small lots.

[@jessicabixler1658]

@@DeshaunDamon don't trust Horton after what they did to that custom home couple in Texas...cancelled them two weeks before closing

[@JesusIsLordLasVegas]

@@DeshaunDamon Where about in NLV, Aliante?

[@LivingLifeOutWest]

There are lot fees. So if you want a larger lot, you can pay for a bigger one. Add about $40K to the price.

[@MrWaterbugdesign]

$500k is worthless? Not good with math?

[@Moshins11]

Stop trying to CRAM everyone in small spaces. Go back to bigger lots and bring back yards and driveways!!

[@Population11]

Totally agree when I wanted a backyard they told me I’d need to buy a increased lot and the yard they were offering was laughable

[@SANDYMILLER23]

Very true comment.

[@nellj9495]

Large lots and suburban sprawl are kind of a part of the problem.

[@MrWaterbugdesign]

What are you talking about? There are many homes available with huge lots. And huge driveways? OK, that's a weird one, but OK, you can get massive driveways. Acre enough for you? There are currently 194 1+ acre properties listed within Las Vegas. There are thousands more not currently listed. But that's not really your point is it? What you really mean is you can't afford those properties yet you feel entitled to live on one. You want someone to invent a time machine for your own personal use so you can travel back to 1940 carrying 2022 cash so you can buy your dream property and then travel back to 2022 so you can enjoy all the modern conveniences and infrastructure we have today. Isn't that about right? Good luck with that fantasy.

[@maggie_codes]

Agree I’m sick of seeing townhouses. If I buy something, I don’t want a neighbor directly on the other side of my wall. It’s the same as living in an apartment. Sucks

[@808sportspicks2]

Starting at $300,000 is not affordable. I used to live in Vegas. These same homes used to sell for $100,000 sometimes cheaper just depending on the area.

[@k31than]

And I take it that the 300k homes they’re talking about ain’t even single family homes but rather townhomes/condos.

[@ShadeakaShady]

the real problem is the high interest rates and prices. the middle class cant afford it.

[@sunny051488]

Blackrock can afford it and will scoop up for rent later.

[@Population11]

Well it’s all over priced. I bought right before the insane increase. I couldnt even get a new build they wouldn’t see me. Had to use all the lenders they told me. It was like a privilege to even get on their “Wait list”. I absolutely as a young guy was merely given the yeah nah were not interested in you type of vibe. Horrible… I live in southern highlands now a beautiful home and glad I didnt use the builders. They should feel the squeeze bc of the way they kept increasing prices Week over Week. Don’t feel bad not one bit. Let those prices all fall!.

[@re8746]

Prices will drop 25-30% in the next year and buyers will jump back in. The market is resetting itself. This is what needs to happen and normal.

[@smeff099]

Needs to half to get back in line with organic growth.

[@SmokyOle]

It needs to drop beyond 30%. Otherwise this will happen again in a few years.

[@thatguybill34]

*With what jobs? 51% of companies are doing layoffs.*

[@re8746]

@@thatguybill34 Just over half huh?

[@Fredflinstone23]

Keep on dreaming

[@SANDYMILLER23]

Houses are wayyy too expensive. With corporations buying houses to turn them over fast or rent them out...its going to cause a massive housing crisis in that nobody's going to buy them.

[@youngkwak9931]

700,000 for a cookie cutter cheaply built home. The same home 150,000 3 years ago same home.

[@cr8389]

Exactly what i am saying

[@frank8348]

These are some made up numbers lol. homes didnt 5 x

[@youngkwak9931]

@@frank8348 frank the realtor???? Who minored in ecnomics?????

[@rons5319]

No sane person should have bought a Vegas house at these prices. It's a extremely hot crime ridden area with no water. Houses there are 70% overpriced at least.

[@happygilmore7755]

@@TopVillain 🤞🏼

[@RasiRobi]

@@TopVillain 🙈👍🙏

[@sunny051488]

Now do Texas

[@mauricecohen3830]

Only certain areas of Las Vegas have high crime rates (mostly north Las Vegas ). All surrounding areas have low crime rates. Henderson has the lowest crime rate in the US for cities with a population of over 100,000. Homes are overpriced all over the western states.

[@DaHaiZhu]

it's a DESERT! You Got No Water! Duh

[@chrismiller755]

Exactly

[@LuckyClovers]

🔨 nailed it

[@mauricecohen3830]

Another one who knows nothing about Nevada.

[@georgerivers6042]

I'm no mathematician or real estate expert,BUT I have been in this city for almost 20 years and THESE CURRENT housing/ RENTAL prices are the HIGHEST they've ever been...... this is a SERVICE INDUSTRY CITY......VEGAS PAYCHECKS CANNOT AFFORD CURRENT home /rent PRICES on top of a huge INFLATION on FOOD and GAS......... those homes that were PURCHASED in the year 2020 and 2021 and early 2022 WILL BE FORECLOSED SHORTLY and DEFINITELY underwater COMPARED with FUTURE neighbors....... LONG-TERM they will NOT be able to afford the payments.......

[@richardharrison859]

But, investors can and continue to as Las Vegas has no rent control, very low investment property taxes and no personal income tax.

[@georgerivers6042]

@@richardharrison859 Vegas ALWAYS has the top foreclosures... . So OBVIOUSLY it isn't

[@pawelek7]

Agent is like: yeah it was awesome last two years, I bought a nice house for myself and that lovely Chevy Tahoe.

[@desertguy1362]

Builders are struggling to get people to sign. Because maybe they have a brain and know the homes are 30% overpriced right now.

[@The_Savage_Wombat]

If local home builders are so concerned about slow sales, maybe they should put up some of their staggering profits and offer 3% financing on the new homes.

[@mauricecohen3830]

@Jacob P I'm not crazy about home builders either but you're saying is not true. All you have to do is to check labor rates for contruction workers the past 2 years (insane). Material also increased but labor was more of a factor. They are making a good profit but nowhere near 200% as you're suggesting.

[@dave3207]

300k for a town home? Maybe when the market crashes again ill pick one up for 80k.

[@OutdoorsWithGeoff]

Isn’t this what we wanted? A slowdown to stop the inflation and rapid price increase? I get it. The fed hit the stop button when it raised interest rates. But at the same time, these real estate agents and sellers were making a FORTUNE for two years! I had to relocate to Vegas because of my job and I had to pay more because of the inflation. And we loved our agent. But I won’t lose any sleep cause I know he made a ton of money off me and everyone else during this process. We should want the market to settle down to where people aren’t priced out of home ownership.

[@MajorChipHazard1]

This is only the beginning. 80% market crash is coming. No fertilizer for next year. Do you not see what's happening in our country and around the world? This is not gonna end well buddy.

[@incognito7671]

We are headed back to levels not seen since 2008. Then, the real correction will begin. If you don't think so, just calculate a mortgage for a mean home price of over 400k with a mortgage rate north of 7 to 8%, and then think about how many families can pay this.

[@MrWaterbugdesign]

Hahahaha....look at other developed countries. Their house values for years have been about 2x higher than the US while their median incomes have been about 1/2 the US. And their percentage of homeownership has been higher (except a couple cases like Germany). Plus all of those countries only have variable rate mortgages available. Only the US has fixed rate mortgages. US property values are cheap. Obviously people can afford current values. It's only Americans who feel they can't afford homes. And that's no wonder since they're spending so much of their income on what they consider essentials like driving a new $50-75k car, eating out several times a week, buying crap on Amazon, standing in line to pay $5 for a cup of coffee, $100-400/mo for smartphone, internet, games and subscriptions and renting apartments and homes they can barely afford. You're right, I don't think a big chunk of Americans will ever be able to afford a house. It takes work and sacrifice to be able to afford a house and that's a price many are unwilling to pay. No problem, plenty of people are willing to work and take risk in order to provide you with rentals. It's great income.

[@mauricecohen3830]

@@MrWaterbugdesign They do have fixed rates in Europe but 30 year mortgages are almost non existant. 15 years is the norm. But you are right, we're about to see great opportunities for income properies.

[@unknowndriver6652]

@@MrWaterbugdesign lol thats what am doing waiting patiently to buy cheap and rent it you are 💯 right people are very bad with savings i am in the trucking industry and ive seen so many truckers making 10k to 20k monthly and barely making ends meet, that's crazy

[@WasThatWrong]

We are in a recession and Las Vegas is running out of water that’s why home sales are going to plummet

[@kerriemacon5494]

IT'S JUST TOO MANY CROOKS IN LAS VEGAS PRAYING ON THE POOR THE ELDERLY AND THE WEAK AND NOBODY SEEMS TO CARE WE'VE GOT TO DO BETTER.

[@TheRealMVPPP]

Houses and interest rates make it very hard for the middle class to buy a home. A mortgage for a $420k is $2400 a month. Not too many people can afford that in vegas, so they’ll just keep renting. Given that the average salary in Las Vegas is $31 an hour($64k a year) after taxes a paycheck comes out to $2100 (not including 401k or retirement contribution). To comfortably afford a $420k house you probably need a solid $120k a year.

[@unknowndriver6652]

People dont buy 420k houses they buy a 250k or 300k and both contribute, for only 1 person its imposible

[@mauricecohen3830]

I bought a house in Henderson at the end of 2020. It doubled in value in 11 month. That's when you know something is wrong. I think home values will go down for the forseable future. People who purchased a home in the past 6 to 8 month will problay be under on their loan for a couple of years.

[@garza7676]

This is what you need to do to control inflation . Also homes in Las Vegas are overvalued . With the median @ 38 k a year . New homes are not affordable . Let’s hope the feds keep raising the rates .

[@ajax8079]

Who the F wants to buy a $250K house for $800K???????......................

[@markal6004]

Too bad so sad guess what ? You've been in a great market for years and now things are changing. That's what happens in a business, nobody was complaining when people were paying 10 to 40 thousand over market price. Deal with it.

[@nealstellar6986]

Remember last year these ppl were not even treating home buyers like humans. They had so many demands and attitude.. and 30-40k premium lot fee on top of over inflated price

[@angelobkoljenovic9528]

I’m happy that they won’t sales single one.this people aren’t stupid

[@JoeyTheSinic]

Idk how this is a surprise to anyone? Anyone who actually knows what they are talking about called this back in 2020. (Late ‘22 - early ‘23) Housing correction. Values dropping up to 30-40%. All that easy money being made in real estate is over for awhile. We’re likely going back to 2011-2013 (not really) prices ladies and gentlemen. It wont be that bad. But it wont be pretty

[@sunny051488]

Not a chance. Will be lucky if we roundtrip back down to Feb 2020 prices.

[@JoeyTheSinic]

@@sunny051488 delusional

[@JoeyTheSinic]

@@sunny051488 Your delusions are being proven false more and more each day that passes since i made my comment. Welcome to the great reset. Hopefully you haven’t lost much or wont. Bc i warned ya.

[@sunny051488]

@@JoeyTheSinic it’s still +100% and -20% clown. Get back to me when we are at Feb 2020 levels. I’ll be here

[@peaceful4you408]

Why does it seem like everybody is moving to Vegas. I know a ton of people from the eastcoast that has literally just flat out purchased homes with cash out there in Vegas.

[@trevorgwelch7412]

Bring the new house prices down . 🏠🏠🏠🏠🏠🏠

[@legacyopp9318]

Did they forget to mention there are 11,000 homes currently for sale in Vegas 😆.

[@aSkylandVegasAngelRadi]

Don’t buy a house with no back yard.

[@DexScreenHer]

speak on it!!

[@debz7682]

Too many people diagnosed with fomo, 2% interest and home $400k still a not worth, but people were suckered to buy cuz the media said it’s a good time to buy 😂

[@DexScreenHer]

yeah mines 427 but its not worth it

[@jessicabixler1658]

"Samsung stove" would count me out pretty quick...that crap is just that

[@SportyGeek12]

My sister bought a beautiful samsung fridge and dishwasher for her new home and they had issues within 2 years. My mom has one of cheapest frigidairs and its lasted 8 years, 0 issues.

[@thatguybill34]

*Las Vegas is about to get hard by this next housing crash in 3-6 months.*

[@DexScreenHer]

perfect .

[@unknowndriver6652]

Finally

[@LuckyClovers]

Lawless Degas

[@franceliaroman9612]

Vegas is gone , too hot , no jobs, prices too high.

[@DexScreenHer]

I dont know how they qualify working out here, they dont pay ish....

[@RasiRobi]

No water soon as well

[@clipartinc]

Can't keep raising prices! You're going to have to start accepting blood for payments!

[@rupertj1346]

Would not buy there- there’s no water there

[@pedroramires5049]

In riverside California is getting to slow.

[@Dayvid85-s4o]

Everyone let’s rent for 6 months until prices drop or move in with family, People need to stop buying and control the urge to buy in order for these prices to drop, sellers need to stop being greedy and drop prices now before they keep raising rates

[@janinemonetta7501]

Lol the states running out of water who in their right mind would live in that desert !!!

[@eshraqsalahuddin115]

Price going to the moon is sustainable?

[@felixlanz9331]

this is called stabilizing

[@MichaelBrown-ny3et]

Las Vegas went down first the last time in 08’. The rest of the country will soon follow.

[@johnsmith-pd7lu]

HA HA, just wait until the migrants flood in and lake mead dries up and trucking stops bringing in food

[@teresaalford5978]

I hope the greedy home builders go bankrupt!!!!!!!

[@444truthteller]

They about to run out of water that’s why

[@mikemccormick8115]

This is just the tip of the iceberg.

[@nightfly1985]

Lol drop? All i have seen pricrs go from 250 to 450 in 1 year.

[@johnryman1366]

Wait until H2O is rationed....And why are chip board buildings still being built in the desert. Concrete and Adobe for the desert.

[@DexScreenHer]

man you should see the material they are using, I install the data lines in these new homes and I am amazed that they are selling so high

[@honorladone8682]

Who wants to live there?

[@raffyzoo2130]

you ask atrocious price. haha. what a gyp. who would pay that much? and then the taxes? and the insurance? waay too much money

[@RasiRobi]

🤔 hmm. Californians stopped coming ?

[@JuggaknotPunch]

No one wants to say it..crash is coming and will happen!

[@felixlanz9331]

yeah 300s cookie cutter house with poor Integrity and small back yards

[@DexScreenHer]

thats a townhouse

[@rottenpizza84]

The Fed gives and The Fed takes , Papa Pow is in control.

[@scottriley9398]

Why is it bad news when homes sell quickly and just as bad of news when homes sell slowly?

[@AKAAAK]

Nothing out of the ordinary here. Interest rates up, housing prices up, labor costs up, material costs up, existing home owner pockets need filling, Big Corp CEO pockets need filling too. What else would you expect in a capitalist country......

[@mauricecohen3830]

And yet, no one has found anything better.

[@Mike-B.]

Global pandemic breaks out, and Americans go home shopping. Okay....

[@notyouraveragewhiteguy7821]

Let's Go Brandon! Vote smarter people!

[@Fetchem1222]

2:14 what a disingenuous statement. He doesn’t believe what he’s saying. Denial ….afraid of the future pink slip. This is gonna be painful folks.

[@stevenbrooks1243]

Of course you have over priced over valued assets JOKE

[@kellis773]

This really isn't surprising, the economy is slowing, rates suck and the consumer is doing the right thing, put the purchase on hold until we can get more clarity on where this market is headed.

[@davidstock2713]

Sub-standard economy. Flat-lined surgery room monitor, formula 2008-2016' bunk. If so stellar formula as claimed, why such plautoed, and-or flat lined. Mistake leaders make, waiting much to long for change, that never evolved. Try different formula, with agreed on paper expectations time duration. Example if a formula meets expectations within 1-calendar, and-or shows signs with rising to occasion to meet expectations, it's a keeper formula. If a formula post/after 1-calendar, and-or even very first 4-months induction, holds cookie cutter execution, it's a throw back formula, which even the fish/game warden would agree, also sign as enivitable throw backs.

[@aaronpetry715]

All bubbles do this. When home prices go up 40-90% in two years people walking around like it was normal and surprised when it crashes back down 🤣

[@simonassouline1230]

With people loosing all their money in casino’s! How can anyone afford to buy a house!

[@jayhernandez4197]

I’m just waiting to take advantage of this opportunity. I didn’t have the chance back in 2008, but time I’ll make sure to squeeze every ounce out.

[@williamv3403]

When you say buyers are nervous, do you mean investors? Just 6 months ago you had “buyers” paying over $100,000 over asking to get in on this record low inventory. Now you are trying to tell me the same buyers willing to pay over $100K over list with no inspection is now scared of 3% rate increase!?! Or does the powers to be never want to admit on how the institutional buyers were manipulating the market to drive up cost and profit off of that manipulation and now all the big buyers are out because SHTF?

[@Jackie-lg4tt]

So does this mean they going to build them even more cheaply.

[@marrywhowanna]

This was bound to happen 😂 the fake pump couldn’t sustain 😁

[@DexScreenHer]

none of this makes sense. where did all the money come from and where did it go? Maybe i was saved, wonder if Vegas will make it

[@chuckles1972]

About time!! It looks like that one guy was getting ready to cry!!! I bet he was crying last year when everybody was moving out onto the street and losing their homes.

[@andrecordero6958]

everything compared to 2021 is not a good point of comparation , trillions of stimulus . could never get close to healthy productive growth

[@londubh2007]

Well, considering that Las Vegas is unsustainable this isn't a bad thing.

[@Jay-om8gr]

Because of these skyrocketing prices

[@imo8249]

I would move to LV from California just because of the Newsom electric only car law.

[@jessicabixler1658]

In 12 years? We barely had smartphones 12 years ago....think of everything else we didn't have. But ok move and pay more in transportation costs...

[@imo8249]

@@jessicabixler1658 I'm getting a Tesla, but not when ordered by a wannabe dictator. I'll go to a state like Florida

[@SmokyOle]

Newsome is a clown I'm not driving an RC car to work.

[@pev789]

Ok gohead lol

[@ktm3850]

I feel sorry for the true homebuilders that put every ounce of effort into workmanship. On the other hand this is music to my ears for the HACKS and shortcut homebuilders. I'm sorry but I don't one ounce of sympathy for the cookie cutter homebuilders looking to shortcut and maximize their profits by doing crap work.

[@rhbarbs]

It's about time.townhomes are 450,000 brand new w out upgrqdes in summerlin close to 500;000..prices will only drop

[@Esperia-ef9xh]

Good

[@caesarlorenzo4073]

Vegas has a slow horrible economy man no local is paying those prices so if Californians and other out of state people stop moving to Vegas of courses the market is gonna slow

[@henrycole8705]

Why does this news media only talk doom and gloom?

[@garycallihan4206]

Stop invoking subtle phrases like "struggling to find buyers....". Mortgage rates are a very good reason to avoid any purchase.

[@dustinmiller2775]

Somebody made a bad bet in Vegas?! Nuh, uh?!

[@CarlosLopez-en6dp]

Good I hope it takes longer

[@DexScreenHer]

2 MONTSH LATER NOW HOW YALL FEELIN>z?

[@markgideon23]

meantime; low housing buildings are next to 0%

[@eyelovecolorado2195]

I’m no economist but when you have 100 people show up for an open house, then that home sells for 20% over ask something drastic needed to be done last year early in 2021. The White House and the fed are to blame for this because they thought this was normal??!!

[@fbenfrank]

It was abnormal last year, don’t be a liar 🤥, now it should get back to normal.

[@DexScreenHer]

they are lying, those are townhomes they are pricing at 300k

[@hwn8088]

Just keep Building Homes cause the roaches 🪳🪳🕷🦂🦟🪲 need a place to live lol 😆 😄 😂

[@cassieshaffer8613]

History repeats itself. so what next year will be diffent. its feast or famine with re

[@nereidalopez9507]

Isn’t 1-2 months a HEALTHY NORMAL market? That’s literally how it was before COVID.

[@mauricecohen3830]

Yes, 30 days is considered normal.

[@UncleAlpha1]

Who the heck wants to live in a hot dry desert

[@Jujube.999]

🙋‍♀️

[@afghantrucker]

You'd have to be crazy to buy now! Vegas will see the biggest crash in the country.

[@AngelMartinez-eu6nx]

Buyers market around the corner. Be patient

[@jalamela1480]

It will take up to 2 years next. Wooo 🎉

[@dpz3782]

Drop the prices and they will sell.

[@mcmc7746]

The crash has already started. We are already in a recession, and this one, based on the data, will make 2008 look like a picnic. Let's Go Brandon!

[@Population11]

Ppl like u smh

[@TheCrapchute]

You get it. We have been in a recession since November 2021.

[@MajorChipHazard1]

@@Population11 Better wake up son. This ain't a game. It's happening right now. It's not a conspiracy theory. It's out in the open for everyone to see yet you people choose ignorance. You're in denial. There's no debating this reality. A 80% crash is about to happen. It's pretty much a fact at this point. No avoiding it.

[@JuggaknotPunch]

Yes..big opportunity if you know what to do..minted multi-millionaire in the making!

[@mcmc7746]

@@Population11 not a fan of critical thinking observers, eh? I build homes for a living. We peaked in home sales in April of 2021. It has been on a declining trajectory ever since then. I don't see it stopping anytime soon. And yes, Brandon is the reason, and the worst we have ever had. I am one of "those" people. One of those that would prefer that America be Great Again.

[@DragonButter32]

we have no water...why are we still building more houses, hotels and why does every gas station need a car wash but not solar powered ev chargers. the new homes are awfukl...300k is not affordable