Las Vegas Homes For Sale - Homeless!

[@lasvegasliving9237]

The U.S. real estate market, especially in Las Vegas, is increasingly unaffordable for the average buyer. With a national median home price near $420,000 and mortgage rates around 7.5%, typical monthly housing costs have soared to nearly $3,000. This financial burden has made homeownership out of reach for many. In response, several homebuilders are cutting prices, and numerous homeowners who listed properties on websites like Zillow are also lowering prices as demand weakens due to affordability constraints. The market for Las Vegas homes for sale reflects this shift, with sellers adjusting expectations to attract scarce buyers. Without significant price reductions, even modest Las Vegas homes for sale risk remaining unsold. For some, the dream of ownership feels closer to homeless as affordability remains a big problem. If you’re looking to buy a home, whether in Las Vegas or elsewhere, it is essential that you do not overbid on the price as many homes are still significantly overpriced. As a local Las Vegas realtor, I help people make the move into Las Vegas all the time. Reach out to me anytime if you're considering moving to this beautiful city. It would be my pleasure to help you find your perfect Las Vegas dream home. Jerry Abbott - REALTOR Summit Properties Call/Text: 702-550-9658 Email: [e-mail] Website: jerryabbottrealty.com TikTok: lasvegasluxuryhomes1

[@Roslyn-w2f]

It’s ridiculous

[@lasvegasliving9237]

@@Roslyn-w2f Very ridiculous!

[@BREEZYM6015]

No one talks about buying a townhome if you're single or don't need a lot of space. I paid $203,500 in 2023 for my 2 bed, 2 bath townhome in Las Vegas. My mortgage payment is affordable and my utilities aren't that much. I do have an HOA that pays the water, sewer, trash, and landscaping maintenance.

[@lasvegasliving9237]

Everyone has different desires and needs.

[@BoulderCityBlues]

The problem I see with these new homes is not are they are just overpriced ,built like cheap garbage, but they are on very small lots .The reason to buy a home over a condo is you have a yard and no neighbors on top of you . For me I would rather have a small house on a big lot than the other way around..But that’s just me ,as the saying goes the best neighbor is a fence .

[@lasvegasliving9237]

Sadly, many new homes builds are not the best quality and are being built on small lots as you said. Less bang for your buck. Very unfortunate.

[@TheeLynnChase]

You should read through the earnings call Lennar just did a couple of days ago. They are changing their entire business model that sounds great for share holders, not so great for home buyers wanting a quality build....

[@BREEZYM6015]

I bought a townhome and have no neighbors above or below me.

[@BoulderCityBlues]

@ You still have one to the right or left of you and maybe both

[@lasvegasliving9237]

@@BREEZYM6015 Nice

[@victoriascholl4607]

All those new homes come with expensive HOAs and no parking on allowed on your street!

[@lasvegasliving9237]

HOAs are tough but necessary in places like Las Vegas.

[@billanderson7120]

Jerry we just bought a new 760k house in Henderson. Builder did all they could not to lower the price. What they did do was drop the price 30k. Paid all the closing costs, paid my realtors fee, installed window coverings throughout and bought my interest rate down to 4.875%. Really enjoy your videos.

[@lasvegasliving9237]

Good for you. That's why so many home buyers are gravitating to new builds because of their incentives. Thanks for the support Bill!👍🙏

[@TheeLynnChase]

Now if only we can get them to finish the backyard and put in a pool.....

[@midicine2114]

Builder doesn’t want to hurt the comps

[@thomaskim5008]

If you wait another year, you would had a better deal

[@cellphonenut]

Good for you guys

[@SurfSarge]

That $455K house was so outdated it'd cost another $100K to remodel! Crazy!

[@lasvegasliving9237]

No kidding! Beyond crazy!🤦🏻‍♂

[@ronniepratt8710]

So common with most of those homes built during that time.

[@Nikalish1031]

That's like a 200k house or lower before the pandemic 😂😂

[@jamesgullo8240]

@@Nikalish1031 That is going to be sitting for a loooong time at 455K...

[@plektosgaming]

You could do DIY it or 50K, probably, but that also means there's an entire summer you spend doing it. That house is really worth 325-350K in that shape and will likely sit for over a year before it finally sells at about that price.

[@jamesgallegos4665]

Jerry, great video again as usual! At the 2:03 mark, where you start to break down the costs of owning a home here in Vegas, the one thing that's missing is the outrageous HOA fees that some neighborhoods charge! $3,000 a month mortgage is basis but if your HOA is $200, $300, $400 etc., then you end up paying that on top of the mortgage and it almost seems unfair to those people struggling to buy a home to get hammered with that additional cost!

[@lasvegasliving9237]

Yes, the HOA certainly adds to that $3000 number but it depends on the HOA so that's why I didn't add it in but those numbers are conservative.

[@mistyocean7118]

HOA are ridiculous my has been going up every year since i purchased my condo in 2021. definitely going to sell when the market improves 😢

[@lasvegasliving9237]

@@mistyocean7118 It's one big dirty game.

[@martinlugo5026]

We are on the same boat almost done paying off the home,pay it off.

[@lasvegasliving9237]

Right on.

[@TheeLynnChase]

Great show Jerry! I was intrigued by your last example that was purchased at the bottom of our market here in Las Vegas, in 2013 for 215k. After 12 years of payments they probably owe around 100k. So let's say they make the quarter of a million dollars. Where are they going to go? Even if they bought a townhouse for about 370k, and put down 200k, they still owe 170k, that's more than they owed on their house, and they also start the clock over on the 30 year mortgage, and of course the first 10 years goes mostly to interest, and they will have a much higher interest rate. So they took on more debt, started the 30 year clock over and now have a town house not a single family resident that is worth more than a townhouse, and at best maybe put 20k in their pocket after closing costs agent fees, moving expenses. etc. Not a lot of incentive to go lower on the sale price. . . . such a wagner.

[@lasvegasliving9237]

Good points and that is one of the biggest problems with this current real estate market.

[@TheeLynnChase]

@lasvegasliving9237 Totally takes away seller incentives if they have no where to move that makes their situation any better and that's with a seller that bought at the bottom. What's a recent buyer in the last 3 it 5 years supposed to do? Everyone put down huge down payments and have real skin in the game. Feds gotta go! and no income taxes. That's the ticket! 😊

[@user-kp5nm1sb8d]

JERRY JERRY JERRY 🎉🎉🎉

[@lasvegasliving9237]

Yes! Thank you for watching and the support!👍🙏

[@bigscores7237]

I'll bet just about anyone who gets that reference was born between 1975 and 1985.

[@lasvegasliving9237]

@@bigscores7237 Not necessarily

[@johnhwang339]

When I refinanced our house 7 years into a 30 yr fixed at 5.75% to 15 yr fixed at 3%, it was a chance of a lifetime. The 3% was an FHA loan because I had very low equity from the 2008 crash. I swallowed that bitter pill and paid that PMI until my LTV dropped down to 78%. Did my best to reach that level to get rid of that. When I refinanced, the rate had to be at least 1% less. I did better AND cut 8 years off.

[@lasvegasliving9237]

Good for you John!👍

[@jclements65]

A majority of these new homes have HOAs, Small lots, Shared driveways. The older neighborhoods are the best. Find one in Horse Property area and you have it made. Large lots, RV Access to back yard. No HOA , peace and quiet .

[@lasvegasliving9237]

Agreed but not a lot of people want that kind of property.

[@VuQuang1973]

I want to move to Las Vegas! My home in Dallas cost 3x more to insure and 2x more for property tax at the same value!

[@lasvegasliving9237]

Reach out anytime!

[@I_Love_Furbabies]

Las Vegas sucks! We are locals and have lived here for 39 +years. It has gotten nasty, overrun with over building and trash/ litter everywhere.

[@Michael-we9vp]

JERRY ROCKS! He's the total package.

[@lasvegasliving9237]

Thank you Michael! Good way to start the year!😎🙏

[@betitos11]

Most of the cash transactions are the ones bought up by Wallstreet

[@lasvegasliving9237]

Yes.

[@feraidoonreha4339]

Thank you for telling us the truth

[@lasvegasliving9237]

My pleasure!👍🙏

[@johnbernal2641]

Ever time the rates came down I refinance for the lower rate without taking money out the home. Currently I already paid off number of homes Love your common sense advice.

[@lasvegasliving9237]

That's good if you know how to use those cash out refi funds to your advantage! Thanks for the support!👍🙏

[@thomasfranco5997]

Jerry, I have 401-K that I have had for 24 years now. I thought alright I could by a home in 10 years that did not happen. In 2009 during the recession my employer had their first lay off since 1963 when it started. Thank God, I was worried I was going to be one of them, but it was sad to see some of my co-workers that were. After that happened, I raised my contributions to my 401-K and 401-K Roth. My company had both for their employees. Now that I am retired after 22 years with the company. I still do not want to take a chance of buying a home. I have the money, but the interest rate is ridiculous. I have 4.25 interest rate fixed right now on my home. I do not want to take a chance. Thanks for your info. You are truly the best. You keep me watching every weekend. 👍✌

[@lasvegasliving9237]

Thanks so much for the continued support Thomas! Happy New Year!🎉

[@rickmiller6770]

YOLO You only live once, we can't take anything with us when we go someday. Enjoy your life!

[@lasvegasliving9237]

@@rickmiller6770 Thanks for sharing that.

[@Trump-rv4nz]

In my neck of the woods in the SF Bay Area, sellers are finally waking up to reality. My neighbors home has been on the market for close to 60 days and just did a 50k price cut

[@lasvegasliving9237]

Good to see but the Bay Area will likely always have absurdly high prices.

[@Nicehousecrappycar]

a top-notch episode 👍

[@lasvegasliving9237]

Thanks so much!👍🙏

[@junkang9688]

Happy New Year to you and your family.

[@lasvegasliving9237]

Happy New Year!🎉

[@IEraiderfan]

Thank you Jerry, Stay safe..

[@lasvegasliving9237]

You as well!👍🙏

[@renardfranse]

homeowners become renters and renters become homeless

[@lasvegasliving9237]

Good comment!🤷‍♂

[@paulbrungardt9823]

If you voted for Biden / Harris , you voted for this --- Now Enjoy !

[@idid1866]

Reads about right!

[@lasvegasliving9237]

@@paulbrungardt9823 Okay🤷‍♂

[@plektosgaming]

​@@paulbrungardt9823 News: They all eat lunch together, go to the same country clubs and social events, and their children all attend the same schools. They all attend the same religious institutions and are largely on a first name basis with each other. Also, while a sitting President can only politely ask Congress to write laws, which are largely ignored by those in actual power. I.E. the actual blame is with Congress and the Senate, and if you thought the last decade was interesting, wait until they have full control again ( which happens every couple of decades ). I predict zero restraint and zero help for us working folk at the bottom as they line up at the trough of money in front of them.

[@matthewrock1467]

Appreciate your honesty for telling the truth

[@lasvegasliving9237]

Thank you Matt!👍🙏

[@danieltres6824]

Hello Jerry…. I am pretty much in the same situation as Kieth. I feel the same way. You can’t just get up and leave with such a low monthly mortgage. Where anywhere in the United States can you live for 1500 a month renting or owning? Your locked in with the low interest percentage don’t leave till that 30 years is up that’s my opinion. Stay safe all and be wise on any purchases in the next few years. This situation could get way out of hand than what we all have seen so far😊

[@lasvegasliving9237]

On one side a lot of people feel trapped but many people in that situation should also feel very grateful that they are not in very difficult situation financially compared to people today struggling with much higher prices and rates.

[@32266ms]

I have an over 1M house in Huntington Beach, CA, that is paid off. I wish I had refied when rates were so low. It would be outstanding if I had 1M in a >4% interest FDIC insured account. I'd be netting over $20k/year. Could easily buy a house for cash and still net in the black on this financial arrangement. Not to mention renting one of the houses out or both. But hindsight is hindsight. So, to answer your question I would have refied to turn equity into liquid cash and invested the liquid cash instead of fighting to pay off the house. I paid off my house in 2012.

[@lasvegasliving9237]

Hindsight is always 20-20 but good for you anyway!

[@khonzi4266]

I'm paying 35 percent of my income in RENT. It's ridiculous.

[@lasvegasliving9237]

Sorry to hear that but you are definitely not alone! Sad to see what has happened for housing.

[@Nikalish1031]

Some states actually put a cap on rent, but not Vegas...no let's just keep raising rent so everyone lives on the streets...cute right. Let's have a camping party on Las Vegas Blvd. 😂

[@vpking77]

@@Nikalish1031 Rents are so much cheaper in Las Vegas than in NJ for what you get but the catch is everything else is so expensive it makes the lower rent meaningless. Car insurance rates in Las Vegas are ridiculous. Much higher food prices. Gasoline. Summer utility bills. It wasn't all like that in Las Vegas. It was once the most inexpensive place to live in the country. $2 breakfast. $2 steak dinners. $13.99 dinner buffets. low price gasoline, cheap rents, free entertainment.

[@John_GGG]

@@vpking77. I saw an all you can eat buffet near me while out for a walk, $28.50 per person.

[@plektosgaming]

@@vpking77 Rents are dropping, though. There actually is a small net migration now from Vegas as nobody under 30 really is staying and it's no longer a prime spot to move to from California any more. So you can get a nice place for around $1300 now, which is somewhat affordable. That's about 1/3 the price of owning, as that 3K he showed us doesn't include home insurance or HOA fees. 4K is what you pay at the end of the month, all-in. VS 1/3 for renting a nice place in Henderson or some high-end tower.

[@seanl2863]

Hi Jerry, well, it's what's. Perfect scenario, we were paying rent for this property $1,100 p/mo for the past 8 years (lucky I know) here in Vegas but now the owner wants to sell to pay the other property he owns, so guess what? We're buying it because we won't find rent compared to what we were paying on rent now. That being said, we will pay $2,300 p/mo the same as a rental property but it will be ours because now it will be cheaper than renting.

[@lasvegasliving9237]

Not bad and now you can build some equity over time.

[@Nikalish1031]

My husband and I were going to buy a home at the end of 2019 in Henderson when they were going for 200-300k...then the pandemic started at the end of December going into January 2020, my husband and lost our jobs at the casino we worked for and life was uncertain. But now after watching your videos, I have realized many people in the Las Vegas area have taken advantage of the refi boom, no one wants to sell there cheap interest rated "normal Vegas" priced houses and refinanced houses, so sellers are taken advantage of that in 2024 when listing houses because not many people are selling now and it's up to sellers willing to sell and builders like lennar, KB, Richmond, etc. I will not be buying a house until buyers and new home builders get their act together.

[@lasvegasliving9237]

Okay, thanks for sharing your thoughts. Hopefully you'll be able to find something soon.

[@rogersmith9705]

Thanks Jerry! 👍

[@lasvegasliving9237]

My pleasure Roger! Happy New Year!🎉

[@andysiau6576]

Another great video Jerry! Happy New Year. And get well soon!

[@lasvegasliving9237]

Thanks and same to you Andy! HNY!🎉👍

[@valentinorossi7771]

Jerry, you showed us a good trend in price decline. People must exercise patient and do not rush to buy as only fools do do. Keep telling us the truth. Oh I hope you have s speedy recovery..

[@lasvegasliving9237]

Thanks so much for the kind words and support Valentino!👍🙏

[@Djii892]

Jerry, I love your videos. I do think that your estimates of the property tax and homeowners insurance in your first example are too low. That makes a situation even more egregious.

[@lasvegasliving9237]

Agreed, for some, it's worse depending their finances/credit.

[@situationmoney]

New home builders are experienced with "sales psychology" and price manipulation. Even though they will lower the original sales price, pay closing costs, buy down interest rates, provide building upgrades, etc, buyers still have to consider the "out the door" price and the ongoing cost to own a home. Even with all these buyer incentives, buyers could still end up overpaying for a home. Always get a Comparative Market Analysis (CMA) when you are considering a new or resale home purchase...

[@lasvegasliving9237]

Correct. Smoke and mirrors.

[@plektosgaming]

Correct - the actual financial break-even point is about 3 percent interest. Then the purchase price hardly matters as you build equity quickly, especially if you make double payments. I.E. - same as you'd spend on the 7.5% loan, just burning down that interest to an effective 2% or so. So if a home like this is what you want, haggle as hard as an old pirate. Eventually ( I predict about a year ) they will be giving you that 3% or lower rate just to get it sold.

[@lasvegasliving9237]

@@plektosgaming Good insight!

[@JohnnyJolter69]

Closed on my home in Nov 2024 when the interest rates dipped just enough to 6%; but I left Vegas and bought elsewhere. There is way to many people in Las Vegas now; and those that are still in the city are all looking for same thing in terms of real-estate. Las Vegas needs a MAJOR correction which I do not believe is going to occur. Also, any Lennar build and a majority of other new builds have foundation issues and major inspection issues because they were built cheap and rushed, so not only are they overpriced; but they are junk. I went through numerous "new builds" and the home inspection process always had the same results. Poorly built, and no worth the overvaluation

[@lasvegasliving9237]

There are definitely too many people living here in Las Vegas now but unfortunately, that will only continue as the city gets more popular. Also, new homebuilding construction has certainly gone downhill over the last few years. People will continue to move here though based off of the overall popularity, tax benefits, entertainment, etc.

[@raulvargas-ramos5529]

I'm thinking of moving to Vegas. I have been in CA since 2005, I am 29 years old, no debt at all. I was looking at a small condominium as my first purchase but I think I would rather rent for a year, save more money and see how 2025 plays out.

[@lasvegasliving9237]

Sounds like a plan. Reach out if you need any help on the purchase side.

[@plektosgaming]

Sounds smart, but be aware that Vegas is actually bifurcated geographically as well. Almost all of the real estate that is moving and going up in value are in the "nice areas" of town where investors basically trade property back and forth, with the occasional 1%er or person who can pay cash opting in. This is basically a semi-circle around the city. The layout is identical to the San Fernando Valley in that the south and west, especially past the freeway, are the wealthy areas and a bit up to the northwest as those are all new homes. Northeast, east, and center are not. Property in these areas is mostly older, needs rehab, and is not moving at all - and dropping in price, as yuppies and investors don't want to rub elbows with normal people. So if you don't mind living in the hood or hood-adjacent ( this is where a professional like Jerry comes in) and it being a fixer, yes, there will be amazing deals in a year or two for sure - provided you are willing to do the work yourself. So keep looking and ignore the media because there are some nice deals, even now, if you do your homework. :)

[@lasvegasliving9237]

@@plektosgaming Good insight but not so sure about your general assessment about investors trading back and forth. There are many 1% people who are buying here and many that aren't 1% as well. Hopefully better deals will come later in 2025.

[@MattBerlin-c5t]

I would have refinanced especially if I’m coming into retirement. I did the same thing when I retired I’m paying 1500 a month for a brand new house in California. Rents are about 2800-3300. You could also buy another home if you had equity to pull out and buy another house to rent out when the rates were that low.

[@lasvegasliving9237]

Hindsight is 20-20🤷‍♂

[@ChivoXL909]

Keith had to have cashout refinanced because otherwise it does not make any sense to refinance when you only have 5 years left and paying almost nothing at that point in interest. I refinanced 5 years into our home loan during the 2021 rate cuts because we got a 2.6% rate a whole 2% lower than our previous loan lowering our monthly payment by about 200$ which we just apply to the principle to pay off the loan faster.

[@lasvegasliving9237]

Yeah, that's probably what happened with him but at least you did it 5 years, not with 5 years left.

[@repsolnow]

Regarding Keith's comment, he must of refinanced somewhere during the 25 years of ownership. It makes no sense to refi with 5 years left on a 30 year jumbo.

[@lasvegasliving9237]

Yeah, that seemed odd.

[@roblowy6799]

Why not emphize this is not particular to the United States. The issue is a world wide problem.

[@lasvegasliving9237]

It definitely is a global problem.

[@joepacheco7979]

Do real estate agents run and hide for a reverse mortgage transaction, or is it reasonable move for them? Do they still profit? I'm looking to sell my place in Hawaii for a reverse down (60+%) in Vegas, but don't want to be a "hot potato" and totally avoided. I love the weekly videos. Keep it up!

[@lasvegasliving9237]

Thanks for the support!👍🙏

[@aaronf.2576]

The cash buyers are the usual suspects, Black Rock, Vanguard, et al !!!

[@lasvegasliving9237]

Yup 🤷‍♂

[@John_GGG]

Re: Keith’s comment from last week, in California aren’t his property taxes capped so they can’t increase too much? Prop 2 1/2? I’m guessing Keith has borrowed against his equity in the past. $1450 is a room in an old five bedroom house around me.

[@lasvegasliving9237]

Yeah, I assume the same. Seems odd to do that.

[@darrylperry6029]

BTW, I hope you get better. Take care.

[@lasvegasliving9237]

Thank you Darryl!👍🙏

[@thetaburnmusic]

I would have also refi'd for the lower rate AND worked to pay off the loan quicker. It would be easier to pay off the balance more quickly at those record low rates. BTW you got a real estate channel for RENO that you recommend?

[@lasvegasliving9237]

Paying off the loan is right play, not to refi. I don't have another channel to recommend for that.

[@bonniemartenez5294]

Thank you for keeping us outdated.

[@lasvegasliving9237]

My pleasure!👍🙏

[@neilwarren3322]

In 2021 I refinanced my home that I had owned for 10 years I was able to borrow money at 2.7% interest in invest it at 12% interest it makes my mortgage payment plus give me pocket walking around money

[@lasvegasliving9237]

Nice!👍

[@plektosgaming]

The second example also has them more than doubling the price, but you can see from the photos if you look up the listing that it's the exact same everything that the house was built with. Old tile, old cabinets - zero renovation aside from cleaning the property for sale. But now it's 137% more? lol. I guess there's a sucker born every minute. This home in the shape really is worth about 350K and will probably eventually sell for that.

[@lasvegasliving9237]

It's all one big joke, but the joke is on us.

[@MrUpscaleman]

Just went into contract with an AMAZING deal at the Lake.

[@lasvegasliving9237]

Good for you. 👍

[@clubmogambo3214]

Vegas housing is definitely super pricey, but relatively speaking, you'll get a lower cost house per sq ft and better deal if you're willing to go with a two story home.

[@lasvegasliving9237]

That's true for Las Vegas.

[@clubmogambo3214]

@@lasvegasliving9237 Yes, I should have specifically stated it applies to Vegas, but I also suspect that this applies to most desert cities, altho I can't say it's a fact.

[@lasvegasliving9237]

@@clubmogambo3214 Depends on the city.

[@Mikolay-x7]

My friend, don't worry a couple of months, and all Americans gonna be a millionaires 😂😂😂😂😂😂😂

[@lasvegasliving9237]

Yes, let's hope so!😎🤞

[@Mikolay-x7]

@lasvegasliving9237 you don't have to hope so hyperinflation coming soon

[@jamessrq]

In the case of the man who had been living in his home 25 years, I would have paid it off because you then have a much larger percentage of your income available to use or invest. I prefer money I can control to money that is tied up in a recurring payment.

[@rzhang70]

My guess is he took cash out. If so, it should be a smart move if he used the cash to invest that makes far more return than 2.5%. On the other hand, if he paid off the house, he would be one of those house rich people who can't access the money in the house.

[@lasvegasliving9237]

Agreed!

[@lasvegasliving9237]

@@rzhang70 True

[@sawtoothbygeorge]

Sellers should stop being greedy, it's not smart. List the home what the prevailing market will allow. Delaying the true value will only cost the seller more money in the long term, selling the home at a much, much lower price.

[@lasvegasliving9237]

Greed is part of the human condition.🤷‍♂

[@sawtoothbygeorge]

@@lasvegasliving9237 And, that condition will send them to Hell.

[@daven1bm]

As for the refinance after 25 year question. The only way I would do that is if I could use that wlequity to pay cash for another property I could rent out.

[@lasvegasliving9237]

I highly doubt that's why he did that. Seems quite odd.

[@akbooman]

Is there such thing as a decent home in that area that is not a member of a HOA? I hate HOA’s!!

[@lasvegasliving9237]

Most of the homes in the Las Vegas Valley are within an HOA.

[@dlasti]

Don't be deceived, just because you see price reductions does not mean the home is worth it. Prior to the pandemic, median prices were between 280-320k. And now four years later, the median price is 420k, supposedly because the housing market dictates a home's worth. IMO, buy only what you think the home is worth and that means do your homework and research. Wait it out still, things will get better. Nothing wrong with renting until you can actually afford a home.

[@lasvegasliving9237]

Understood. A lot of it is just shady sales tactics.

[@Thinknthrowed]

Why is it that we hear about people losing their homes going homeless but I’ve never not ever once seen an interview with one of those people?

[@lasvegasliving9237]

Too many to count.

[@AzzekaTheRealOne]

Las Vegas better fix their homeless problem or they are gonna be a ghost town within a year 👁️👁️

[@lasvegasliving9237]

It's gotten worse but that has no bearing on the overall city and market.

[@cjmuniz12]

He still owed 9 years on it, most of the payment going towards principal. I would have tried paying it off, but perhaps he needed cash and did a cash out refi. Hopefully he went with a 15 and not restarted the payments at 30 years

[@lasvegasliving9237]

I would have paid it off. Very strange.

[@mrodd1234]

Who in their right mind would buy at these prices along with rate... Boycott the corporations that rent houses... Don't rent from them so they have to sell...

[@lancemorales655]

Unfortunately, it is hard to boycott when you need a place to live.

[@lasvegasliving9237]

Good question! Boycotting won't happen and this will likely continue.

[@kagnewcobra5228]

@@lasvegasliving9237 Exactly! I'm sure most corporations know what they are doing. It's all about the Benjamins, baby!

[@Nikalish1031]

Half the rental properties suck. We are looking to rent, I looked at rental "houses..." $2000 for a nice maybe 2bed, 2.5bath, NO PETS, $2.5K SECURITY DEPOSIT, only 12 month lease term. Okay so I am paying the rental company a buy 12 give them a free lease term. $2k is not SOOO bad to have a house, garage, etc., but you to tell me I can not have pets, give you $2.5k security deposits, and I know with houses you have to pay those deposits to fix things that go wrong like garbage disposals, garage doors, washer/dryers, etc. You are almost better renting but you take risk renting in an apartment as well.

[@nbidwell1977]

Cash buyers coming in from California… beyond that I’m not sure…

[@thanostimestone6813]

Pay off the home. Put it under an llc for rent. Voila. You have property and housing taxes paid for. Make sure it’s somewhere around the strat is. According to these corporations that are buying homes for 100k, than 1 week later bump it up to $10,000,000. So about $13,000-$20,000 per month. I think that’s reasonable.

[@lasvegasliving9237]

Not sure what you mean on those numbers.

[@duanejahn2368]

I'm sitting on a $300K property with a 2.25% mortgage and monthly payment of $610. I will have enough money saved up to pay off my house early but probably won't because I will never get money at that a cheap a rate again. Plus, I am earning more in Treasury bills than my mortgage rate. Bottom line I can't see a reason to sell.

[@lasvegasliving9237]

Understandable and many people in that same situation.

[@trollmode3863]

I see more kids staying with family instead of trying to buy homes or rent...SMH no more American dream

[@lasvegasliving9237]

That's correct. Sad.

[@danielgalarraga524]

Refinance it 100%. "FREE MONEY"

[@lasvegasliving9237]

Some agree, some do not.

[@TheIrvingsylva]

Only reason i can see for that guy refinancing after 25 years is to pay for a lifestyle he cant afford ….

[@lasvegasliving9237]

Sad but likely true.

[@RebelMontana]

Jerry rents going up since majority can’t afford it which is the cause for homelessness. Car market is the same results

[@lasvegasliving9237]

Very sad and frustrating times for millions of people.

[@ConnieLeFan]

That $3000 average monthly payment was not realistic for many areas, if not most areas, as the home owners insurance cost used of $100 is ansurdly low, the property tax of $277 is also very low, plus they did not include the monthly HOA fees that most everyone buying a "new construction" home in a new neighborood will be forced to pay, as will many others buying resale homes in the many HOA communities! And most buyers today will want to buy a newly constructed house to be able to take advantage of the lower interest rates only obtainable from large builders, not to mention the extras they can currently get large builders to cover currently, while not realizing they will be locked into paying monthly HOA fees forever, and those fees can and probably will increase every year, and could increase by lot, even if your income does not increase a lot every year to cover all your rising costs annually!!! I would advise buyers to carefully consider the extra annual costs of buying a home in an HOA community that can take ownership of your home if you ever fall into hard times and can't pay all your bills that increased faster than your income!!

[@lasvegasliving9237]

I understand. Those numbers were conservative because I didn't really want to scare people into realizing how much higher those costs could be.

[@darrylperry6029]

I would definitely payoff the loan as soon as possible unless there is some kind of tax advantage for him. Paying off your home puts more $$$ in your savings towards retirement…just my humble opinion.

[@lasvegasliving9237]

Agreed.

[@lockup6104]

Mahalo Jerry. Richmond American not a huge builder in Vegas are now offering a 1 2 3 buy down and I’m sure there are more incentives now following Lennar. Not a fan of Richmond American just throwing it out their of a start if a trend. 🤙🏽🌴🇺🇸🌺🍍🍍

[@lasvegasliving9237]

Yes, this especially happens more during this slow part of the real estate season but these builders still do well because the prices are still outrageous. Mahalo!🤙🌴

[@tomv5988]

I guess I see his point when he says he has something that's very inexpensive for him and he wouldn't be able to find anything at that price now. Just think there's more to the story.

[@lasvegasliving9237]

I agree. Seems odd after 25 years.

[@lancemorales655]

It appears to me that renting from an individual or REIT who has a low-interest rate loan or has the property paid off would be more advantageous than buying. Coming up with a 10 percent down payment to increase you monthly housing payment on a house that is going down in value, is a very big disadvantage. Why not save the 10 percent down payment and have a rental house where the owner gives you a lower rental price and then maintains and makes any necessary repairs to the house at no cost to you. With the 10 percent you saved from the down payment and the money you saved every month on the house payment, invest it into a low-cost S & P 500 ETF where the average return is over 10% a year. Jerry has proved that buying a house right now is a currently a losing investment with negative short-term returns.

[@lasvegasliving9237]

Good insight but the sad part is how many millions of people have been brainwashed into buying into the "American dream" of homeownership. That used to be a dream but now is a nightmare for most due to such exorbitant costs. Appreciate the support!👍🙏

[@lancemorales655]

@@lasvegasliving9237 Any ideas on how to fix this.? Maybe bring back "No qualifying, assumable loans".

[@kevinsalaam1390]

The goal is to pay off a home. Why refinance with 5 years left on a mortgage.

[@lasvegasliving9237]

Yes, very odd. Likely pulled money out of it and now continues to pay for a long time.

[@KierzolSLU]

Let's give real estate 3-4 years to bottom on prices. This year it's not going to be a good one for economy neither 2026, or 27. Save money people and wait for much better oportunitys.

[@lasvegasliving9237]

We'll see how it plays out.

[@briancurran1140]

Homelessness is going one ☝️ way up up and away with inflation thanks Biden

[@lasvegasliving9237]

Homelessness is a very troubling situation in most major cities nowadays.

[@kyoung5600]

Las Vegas is a place for people to enjoy entertainments and gambling and not the typical place for you to get the job you want and settle down for the rest of your life, good for retirees who owns vacation homes and settle down during the winter time. It's very hot in the summer time about 6 months of desert heat

[@lasvegasliving9237]

That's not at all true as evidenced by the dozens of retirement communities here. Not a place to live for those that are gamblers.

[@mikeo9596]

3 months of desert heat, not 6.

[@lasvegasliving9237]

@@mikeo9596 Correct

[@Ooops1984]

Keith most likely did a cash out refi...otherwise not a wise move

[@lasvegasliving9237]

Not a wise move at all IMO.

[@levimcfadden7276]

If one can do a cash-out refinancing at a 2.5% rate, it is far better than paying off a mortgage. The cash can earn far more than the actual cost of the monthly payments.

[@lasvegasliving9237]

I completely disagree with that assessment. You're paying way more for the home over a long period of time just to cash the money out.

[@johnhwang339]

​@@lasvegasliving9237I agree with you, Jerry. The returns on the investment are not guaranteed. Investment income are also taxed so that eats away at the returns. Paying off debt is a guaranteed return on investment.

[@RealJustinReyAlinea]

He The Real Deal Knows The Cold Hard Facts 💯

[@lasvegasliving9237]

Thanks Justin!👍🙏

[@angelafariscal8020]

I wouldn’t refi that’s crazy. For five years more then refi that another way to many years to pay off.That’s a downside .

[@lasvegasliving9237]

I agree. Very odd.

[@cb-gz1vl]

I used to live in Vegas and the thing that's bad is I see these listings and every single time the kitchens have those horrible, low grade cabinets. I remodelled my kitchen to American Woodmark which is good mid grade. But time and time again, even in that $455k home you show they have that real crappy cabinet setup with the low quality counter tops. The build quality is abysmal. You can tell this is a $250k home that's just over priced. LOOK AT THE QUALITY to know its over priced. Add to that useless structures like wall dividers with little bench windows in them that serve no purpose. Also the floors. That's a $455k home at 7:10 and that kitchen floor is low quality. And you're paying $455k to be packed in right next door to your neighbors with no yard. And good luck doing projects with the HOA complaining about everything. BTW you have to also factor in HOA and auto ins. I've seen people pick areas just cause of the auto ins rates. HOA can be absurd like $200 a month.

[@lasvegasliving9237]

Agreed! Crazy to see a $200K home priced at $500K with such atrocious quality/zero upgrades.

[@gilly20]

Housing pandemic and covid vaccine pandemic,😮😢 very bad😢

[@lasvegasliving9237]

Agreed!

[@davidmajer3652]

You can easily get 4%+ on treasuries. A 2.5% interest rate is all but free money. You could just take the refinanced proceeds and buy treasuries and bank a riskless profit. In an inflationary world, your 2.5% debt will make a sucker of the lender.

[@lasvegasliving9237]

Good point.

[@vgslife9640]

every home in America is way overpriced, let the housing market crash, it's time for a correction, people need to afford homes again.

[@lasvegasliving9237]

The only way we will see a housing crash is if there's a massive economic downturn/recession. This would lead to a tremendous amount of collateral damage and people will not be able to afford homes, even if they were lower if a lot of people have lost their jobs. It won't happen.

[@josephpiskac2781]

My experience and witness regarding homelessness is people are being attacked and destroyed in their housing. Crime is everything and the Federal Government set the standard.

[@lasvegasliving9237]

They certainly ruined millions of lives in recent years.

[@willietoro8944]

Hell no you don't refinance! He went from paying his house off in 5 yrs to making payments for 55 yrs! He was bamboozled by a realtor friend 🤔

[@lasvegasliving9237]

Very odd!🤷‍♂

[@dividebyzero1124]

Refinance the home if the rate is super low. Take more money out to invest in a rental property. Alot of people did that during the pandemic.

[@lasvegasliving9237]

First, people cannot refinance at all now with where rates are now. Second, pulling equity to buy rental property is not an advisable or possible option for many people, especially recent buyers.

[@tuscanyjc]

Your boy @ min 10 has some funky math. 2.5% would have been a 15 year loan then & he didn't refi $750K just saying

[@lasvegasliving9237]

Not sure as I'm just reading off what his actual comment said.

[@prmhighflr69]

Jerry Chinese bought that house in 2013 now they're trying to make a profit that's why the housing market went to hell😅😅😅😅😅 go trump

[@lasvegasliving9237]

Sad to see such purchases being allowed in the overall real estate market.

[@josephfrank1472]

After 25 years they should of had this almost paid off? Would of think he would of put it in a 15 year loan and get it paid off?

[@lasvegasliving9237]

Correct. Very odd, likely pulled money out.

[@rss608]

I can't believe it, an RE agent that is giving good advice!!!! Top of the market, wrong time to buy...Vegas has one of the lowest effective tax rates known to man... the price of refinancing is pretty expensive in cali but to be able to reduce your total payment is often worth it due the effective high land tax rate of 2.25%. Sold my house in cali and with my own hands built one in AZ. 50 acres, 6400 sq feet under roof compared to 2200 sqft in cali. I have no debt and land taxes 1/7 of my house in cali.... sure, took me 6 years to finish the project but no loan payment...... now I can afford to live off the SS that I get. Had I stayed in cali I would have ended up living with the homeless in the streets!!!!

[@lasvegasliving9237]

Good for you! Thanks for the support!👍🙏

[@NashBrooklyn]

far too aggressive is another word for a ripoff

[@lasvegasliving9237]

True 🤷‍♂

[@RasiRobi]

You will never own your home even if is paid off.

[@Nikalish1031]

It isn't your land 😂

[@lasvegasliving9237]

True

[@lasvegasliving9237]

@@Nikalish1031 It's a rental😎

[@plektosgaming]

The person who refinanced almost certainly did the refi to take out money trick. A little math works out to him taking out a 270K loan at 2.5%. Given that the home was worth around 375K originally, give or take, the person is hoping that they can sell and cash out eventually, which is incredibly risky, considering the signs that we see in the economy. They now have a loan out on a home that they already paid 600K in total interest and payments on over 25 years. Now they kicked that forward ( I used a 20 year re-fi) Meaning they went from a net positive to basically requiring that the home now goes to 900K to break even if they want to sell it. As you say, the devil is in the details.The issue with all of this is that that 420K home you listed comes out to 950K in total payments over 30 years. Oof. You literally are giving those blood-sucking leeches at the bank more than the home is worth once you hit 7% and above.

[@lasvegasliving9237]

It's absurd IMO. Terrible decision to do long term.

[@darrylk808]

Yes, refinance. You can take out equity in your home at 2.5% and invest it in the SP500 at 10%. LEVERAGE!

[@lasvegasliving9237]

I disagree. Paying way more for a home than necessary in the long run.

[@everardobarajas5723]

Defani voy yo hemos pedido a ustedes te cueste pelea en usted

[@lasvegasliving9237]

Not sure what you are saying.

[@TERRI19842]

AND YET AGAIN ......THE REALESTATE MARKET KEEPS GOING UP. THERE'S NO SUCH A THING AS A BUBBLE ANYMORE.

[@lasvegasliving9237]

We are living in crazy times. Totally manipulated markets IMO.

[@lancemorales655]

I think KeithJ did the right thing. Refinance at 2.5, get some equity cashed out, and invest the equity and monthly savings into an investment that makes a higher return. He still has the tax advantage of writing his interest off. Why would you pay off a house that is currently losing value?

[@lasvegasliving9237]

How is the house losing value?? Many would disagree with that philosophy.

[@s_clark]

He took little cash out. His principal and interest payments are about $1,000 month. He borrowed about $125k total, which it sounds like is about what he owed on the original loan. Not a wise move, in my mind. Why not just pay off the house with other cash and direct the payment to an investment account instead? Truth is, it's 3 years later and he would have 2 years left on his original mortgage instead of 27 years left on the new one.

[@lasvegasliving9237]

@@s_clark Agreed.

[@jimmyamico4713]

❤

[@lasvegasliving9237]

Thanks Jimmy!👍🙏

[@lighttheworldonfire3364]

middle of the desert with no water, overpriced homes, 100+ degree heat, Hookers, and drugs? How can I NOT resist moving to Las Vegas. And tier 1 Lennar homes.... I have to move there now.

[@lasvegasliving9237]

Okay pal. Maybe dig a little deeper than just all the media nonsense you read about.

[@JohnSRay-en7pi]

refi is a great idea at 2.5 % but do not plan on spending a long weekemd in vegas not too hard to invest your $ and earn more than 2.5% viewer made a great move but onloy if he did something smart with his money and not splurge on a new cadillac