Las Vegas Homes For Sale - Lunatics!

[@lasvegasliving9237]

The current state of the U.S. real estate market, particularly in Las Vegas, highlights how unmanageable it is for buyers earning an average income to afford a home. With record-high home prices and soaring interest rates, the dream of homeownership feels out of reach. Many sellers, acting like lunatics, continue to overprice their properties, listing them on popular real estate websites like Zillow. However, with demand dropping sharply due to affordability constraints, these sellers are now reducing their asking prices. A quick search reveals numerous price cuts for Las Vegas homes for sale, a clear sign of shifting market dynamics. The diminishing demand and rising inventory are forcing sellers of Las Vegas homes for sale to adjust expectations, creating opportunities for patient buyers. 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

[@jamesgullo8240]

Lunatics...that sums it up Jerry!

[@lasvegasliving9237]

Yes it does! Thanks for watching and commenting.👍

[@roostercogburn746]

Anyone who buys a house now will immediately be underwater.

[@lasvegasliving9237]

Depends on many variables to determine that but not over the long term.

[@lockup6104]

Jerry you are an example of a well seasoned veteran Realatore Someone who did well and is not in a position to gas light its customers to keep the lights on. Telling the truth and sharing your knowledge to help others from falling in that hole. Appreciate your honesty sidelined for now still waiting to pull the trigger Mahalo once again🤙🏽

[@lasvegasliving9237]

Thanks so much for those kind words and continued support! Mahalo and Happy Holidays!🤙🎄

[@edwardsteinmetz-gl3zl]

Merry Christmas!

[@lasvegasliving9237]

Happy holidays Ed!👍🎄

[@danieldd3846]

Merry Christmas!!!!!🎁

[@lasvegasliving9237]

@@danieldd3846 Happy Holidays!🎄🎁

[@scottbailey244]

I would also add that I have been through 4 major recessions in my lifetime. In the 1991 housing bubble, I was very young and worked at a lumber yard selling lumber & building materials. One day, I am being given a free tour of the Street Of Dreams in Hidden Meadows, CA, the next minute, I am seeing those same homes being foreclosed on and going back to the bank. I watched our sales crater from $60 million year to roughly $25 million per year as the housing bubble popped.

[@lasvegasliving9237]

Thanks for sharing that insight Scott.

[@Moondoggy1941]

The 90's were a dream in Ca. the affordability was insane ( cheap), the bottom just dropped out, banks were desperate to make loans, turned into sign and drive.

[@lasvegasliving9237]

@@Moondoggy1941 Sadly, those days are long gone.

[@freeheeler09]

Scott, this isn’t a recession! This is what happens when the housing market and healthcare and education and everything else has been completely commodified! Anymore in the US, the housing market is only an investment tool for foreign and domestic billionaires and corporations to avoid taxes and launder money. A recession ends. The poverty Americans are now experiencing is permanent.

[@edwardsteinmetz-gl3zl]

Your first example is the age old saying don't over build more than your neighborhood can support.

[@lasvegasliving9237]

Very true!

[@jimkelly2829]

Thanks Jerry, well done as usual.

[@lasvegasliving9237]

Thanks so much Jim! Happy holidays!👍🎄

[@jamesgallegos4665]

The comment you showed at the early part of this vlog (0:33) where the loan officer talking about "middle class" (in the USA there is no "middle class" because we are not in a caste society - it should be "middle income" - but I digress) homebuyers "...taking on $7,000 (monthly) mortgage payments thinking they can always refinance when rates come down in the future." That comment sent a chill down my spine because it is so reminiscent of the early-to-mid 2000s right before the real estate market crash because this very sentiment is practically Identical to what people were doing then, and we all know what ended up happening! I'm with you Jerry, this market is insane and if it keeps going this way? 2007-2008 all over again!

[@jimkelley8658]

As crazy as that sounds my daughter attends a UC college in CA. The small city that she is in commands routinely $6,500-$$7,500 a month and up for rental homes. Some of them homes are still in a time warp from the 70's too. The landlords have no problem getting it. They rent extremely fast and students. (aka parents like myself) have to pay for summer rent to hold the place when they are not there. Dorms are too full and some students just get shut out by their second year. It's crazy.

[@lasvegasliving9237]

It really is total lunacy! Happy Holidays James!👍🎄

[@lasvegasliving9237]

@@jimkelley8658 Certain areas in CA and other areas are beyond crazy at this point but they can afford it with wealthy or high income earning individuals/families.🤷‍♂

[@Pip23]

I was good friends with a lender and he tried to talk me into getting an adjustable rate mortagage for a very low perecntage. He also advised me to take out a home equitity loan to 'cash out" some of the value in my home. I told him, "I don't gamble with my home. We don't know for certain that real estate prices will keep going up or that mortage rates would stay low.". Shortly after, the crash of 2008 hit.

[@lasvegasliving9237]

@@Pip23 Good learning lesson to not listen to people who have a vested interest.

[@c.k.6011]

Concise, to-the-point, and examples all help make this an excellent summary. Thank you!

[@lasvegasliving9237]

Thanks so much for the support!👍🙏

[@billywilly1035]

The goal is to create more inflation so the national debt is easier to pay off. I think everything will converge together slowly. Slowly wages will rise, slowly housing will come down, it’ll make sense after enough pain. Love your videos, Always a pleasure for me to watch.

[@lasvegasliving9237]

Unfortunately, I disagree Billy. I do not see wages ever catching up to the unprecedented inflation we've recently experienced and what is coming. Wages will always lag behind, especially when it comes to home prices. Thanks for commenting and your support! Happy Holidays!👍🎄

[@scottbailey244]

The rent estimate on the 1.865 million dollar home was $6773 per month while the estimated mortgage payment was $11044 per month! Both numbers are staggeringly high. My best guess is that a renter would need to earn $300,000 per year to afford the rent and a buyer would need to make $550,000 per year to afford to buy. Even here in CA, the owner would have a difficult time selling or renting this home unless the home was in a coastal city.

[@lasvegasliving9237]

It truly is lunacy!!🤷‍♂

[@rathelmmc3194]

That rental rate would equal about a 1% cap rate, if I were to SWAG it. If you had a 50% mortgage on it, you’d have a pretty large negative cash flow.

[@jimkelley8658]

I live in a coastal city in CA about 1 1/2 miles from the beach. I used to see homes around a million. Then 2 million became more and more common. Now I see new builds pushing $3m and up. I get calls for my place every month. The callers all start by asking if you're willing to sell your home. (I'm not). I'd get rid of them by saying: "Sure, It's $2 million." That got rid of them. Now, I say that and they don't flinch. They stay on the line and want to ask more questions.

[@Chinese080808]

I think I'm at least a decently educated person and through my observations. I find it very unlikely most of us will ever earn 330K a year even for one year in our lives let alone over 550K. These numbers are staggering and completely out of touch.

[@Chinese080808]

@@jimkelley8658 Do you ever wonder or ask what these people do to be able to afford a 2 or 3 million home, drive two $100k+ cars, go on two luxury vacations yearly, be able to max out all their retirement savings, and still have plenty of cash left? And no I'm not delusional I know they're out there. 😄

[@plektosgaming]

That much for a home? I'd honestly do what my grandfather did, and build a home myself. What people forget is that even at the "lower" prices, home builders still make 100K or more in profits, and that's money that you could put into much better construction and materials. It used to be silly to do this when prices were 200K, but now that they are closing in on 500K, almost anyone can build a simple single story home for far far less than that.

[@lasvegasliving9237]

Building home is far more expensive than most people think and it comes with a lot of headaches. The builders are making money hand over fist but it doesn't really matter because most people do not have alternative options at this point.

[@rene-bl5gq]

Let's add that if a family making the Vegas median household income dropped their entire life savings it took them 34 years to save they will also be facing: - $0.00 Savings account - A mortgage/property tax payment higher than their rent - Possibly higher Energy Costs - Future Maintenance costs - more....

[@lasvegasliving9237]

So true and so crazy! Hard to believe what the world has turned into in the last few years regarding such a lack of affordability across all sectors of the economy.

[@connieso199]

Those dreamer homes will be sitting right there collecting dust 😂

[@lasvegasliving9237]

Some but not all.

[@RealEstate-yv1gp]

Merrry 😊 Christmas Jerry !

[@lasvegasliving9237]

Happy Holidays!🎄

[@danieldd3846]

Merry Christmas to all. You do a great job covering real estate and also do a good job covering LV. Spread your wings and pick other markets. You will grow this channel. Cheers from DD

[@lasvegasliving9237]

Appreciate the support!👍🙏🎄

[@user-kp5nm1sb8d]

MERRY CHRISTMAS JERRY!

[@lasvegasliving9237]

Thank you! Happy Holidays!👍🎄

[@marcfisher8165]

It would only make sense to buy a house if the expectation is a significant expected price increase in the future would make this attractive. The rental option makes far more economic sense. $3,500.month is still a lot to just dust off each month. ($42K/yr + utilities) You need to have a roof your head, if you can afford it then rent it.

[@lasvegasliving9237]

Renting is certainly cheaper than owning a home in today's market. There are far better alternative investments that historically have done a lot better as an ROI than owning and maintaining a home it with all of those costs.

[@dwnwind]

Great channel. Long time viewer. Jerry, wish you and your family a happy, safe, holidays. Merry Christmas and Happy New Year.

[@lasvegasliving9237]

Thanks so much for the long-term support! Happy Holidays!👍🎄

[@victoriascholl4607]

It makes me sad that buying a home has become a business and is no longer n American dream! When I see rentals that require over a hundred thousand dollar In income is nuts!

[@lasvegasliving9237]

It really is very unfortunate to see what has happened to not just the real estate market but through the entire economy regarding incredibly high prices from so much inflation in the last few years.

[@davidmajer3652]

The one percent rule is, the rent should be one percent of the property's market value a month. Using Jada's example, that rental property is way over valued, and yet new rental properties are going up left and right. We are looking at a real-estate meltdown

[@lasvegasliving9237]

Those old rules do not exist anymore! 🤷‍♂ Scary times but real estate is definitely not melting down, it's melting up!

[@daboss6385]

@@lasvegasliving9237they still exist the timing has not caught the excess money from large corporations. When the time catches up and there are no willing renters or buyers the asset will devalue the rules are always the same the game is just be played with a lead.

[@jimkelley8658]

So a 1.2 million dollar home with 1% rent is $12,000 a month????

[@tobyk5149]

@@jimkelley8658 correct

[@davidmajer3652]

@@jimkelley8658That goes to the point that the property is overvalued. Being a landlord is a risky business, renters might not pay you or trash the place. If you are looking for a 3% return, (the return in the example) T bills are a better investment.

[@PlayedTV]

The banks are crazy for lending on any of these overpriced homes without 50% down.

[@lasvegasliving9237]

They don't care, they will just foreclose and move it to another willing and able buyer.

[@cranebrain2]

Have a Merry Christmas! Jerry

[@lasvegasliving9237]

You as well! Happy Holidays!🎄

[@dlasti]

Best thing to do is research everything. Zillow is a good guide to show how ridiculous or unrealistic sellers are.

[@lasvegasliving9237]

Very true! Thanks for watching and commenting.

[@Boots_And_Slicks14]

The listing agents should be blamed to, they don't have to list a home at a seller's ridiculously high and unjustified prices!

[@lasvegasliving9237]

@@Boots_And_Slicks14 Unfortunately, many listing agents are usually desperate to get the listing and will acquiesce to seller requests just to get the listing.

[@zoreiniecosio]

Happy Holidays 🎄

[@lasvegasliving9237]

Happy Holidays!👍🎄

[@ksmith2852]

It's so dishonest to act like home prices going up is a great thing. Realtors love it because their commission is a percentage of the price of the home. Politicians live it because property taxes are a percentage of the value of the home. You know who hates it? People who have to pay the real estate commission and property taxes each year. Homes are not investments. They are a place to raise your family and make memories.

[@lasvegasliving9237]

I understand your point of view but homes are not considered a place to just raise your family and make memories anymore. They are used as investment vehicles for a lot of people.

[@thomasfranco5997]

I am Sorry! but there is no way I would pay $7000.00 for a mortgage payment. I am retired and have a 401-K which has been booming in the past year. I have it for 24 years now. I have the money to buy a home but the highest I would go is $500,000 not a penny more. My father is a retired Income Tax Consultant and told us when we started out in the working force. It does not matter how much you make; it matters on how much you save. I followed his advice. So True!

[@lasvegasliving9237]

There are an inordinate amount of reckless buyers out there!🤷‍♂

[@InvestingWithAdamK]

$100 invested in the stock market in 1984 would be over $8000 today. A 40-year span is a long time. Homes have gone up a lot less than other things. I'd also argue it's more that your dollar has become less valuable than homes have really gone up in value (Peter Schiff loves to talk about home prices in relation to gold and it's an interesting comparison). At the same time, I've noticed people trying to list homes in locations where things don't comp out for what I would consider extremely high. That's nothing new though, that is just hopeful sellers who don't analyze location and don't realize how important that really is. Nobody wants to buy a $3 or $4 million home in an area that all the other homes are under $1 million.

[@lasvegasliving9237]

The dollar has lost nearly 100% of its value in the last 100 years. It's very sad and likely to continue over the long-term. Unfortunately, unless we have some kind of economic fallout, we will not see sellers come back down to reality or see lower prices.

[@InvestingWithAdamK]

@ Agreed. And, I don’t wish for a fallout. Have a feeling we’re going to be stuck in this type of market for some time to come. Merry Christmas Jerry. I hope you have some nice plans for the holidays.

[@lasvegasliving9237]

@@InvestingWithAdamK Thanks Adam! Happy Holidays to you!🎄

[@out2flip]

A bit off topic but the inflated house pricing is helping the solar industry. Home prices going up more people are staying put and are investing into their existing home with solar! Thank you inflation

[@lasvegasliving9237]

Still a long way to go and expand in this solar industry.

[@TuanNguyen-yc4wz]

Good Morning Brother JERRY 🌞 🇺🇸🇺🇸🇺🇸MERRY CHRISTMAS🏡🏡🏡 👍👍👍⭐️⭐️⭐️🏦🏦🏦✝️✝️✝️ 🥰🥰🥰🥇🥇🥇🏆🏆🏆🏡🏡🏡

[@lasvegasliving9237]

Good morning Tuan! Happy Holidays!👍🎄

[@ChadLusk-t8m]

Thanks for your information Jerry.

[@lasvegasliving9237]

My pleasure Chad! Happy Holidays!👍🎄

[@jamesan8156]

FED just became hawkish. Recent buyers just married their rate.

[@lasvegasliving9237]

Their actions contradict that. Absurd policy making decisions by them.

[@Steve-i1r]

I'm holding!! my condo is paid off purchased in 2018 from equity in Inglewood CA condo Waiting to purchase house with no HOA because mine was just raised by 30%😮 hope the market correct itself soon

[@lasvegasliving9237]

Sounds good. Thanks for watching and commenting.

[@eheheh3263]

My HOA fees have also been going up, and we received an email saying that starting January it will go up again…

[@lasvegasliving9237]

@@eheheh3263 HOAs are getting ridiculous everywhere it seems.

[@robertveronese4405]

Crazy prices , I pay $1700 a month rent and would never even pay 3400. You would need your head examined to pay 10K!

[@Chinese080808]

I'm pretty sure that's for a single home likely with a two car garages though. Depending on the area $3400 isn't that bad. For an apartment definitely need head examined.

[@lasvegasliving9237]

Everybody's financial circumstances are different and location matters the most.

[@lasvegasliving9237]

@@Chinese080808 It's really not that bad compared to buying that home.

[@Khanfuzed1]

ive got 4 properties in MS / AL beaches, town, farm… 1-2 breakeven after 30-35 years; beach condo only up 30%. those averages are heavily weighted towards key markets that carried the averages

[@lasvegasliving9237]

Very true! Hopefully it works out for you in the long run.

[@Harleylady]

Thanks Jerry! Always informative. I’d be curious how many of these sellers are former Californians. It’s stunning the absurdness of the prices. Hence, why I suspect many Californians. I’d pay a higher interest for a well-valued home like many did back in the 70’s. Sadly, others’ pain will be our gain as we wait for the crash. Happy Hanukkah!

[@lasvegasliving9237]

Hard to know for sure but I agree with you in that these prices are truly absurd. Happy Hanukah and holiday season!

[@captmaverickable]

Housing is slowing but there are no forced liquidations. The dynamics of 2009-2014 are over. Housing will continue to experience pricing gains in desirable areas as there is no more easily developable land. Not to mention that many metro governments have added massive costs onto developers requiring street improvements and infrastructure installation.

[@lasvegasliving9237]

I agree that home prices will rise over the long-term but we should see a correction considering how high prices are as well as interest rates and the amount of inventory that's sitting on the market and coming to market at this point.

[@PC-cs5wp]

Include Repairs, Property Taxes and Insurance to ALL that!,,,,, Then what if you had put it all in the market over the last 40 years!,,,,, NO COMPARISON

[@lasvegasliving9237]

Very true!!

[@scottbailey244]

Of the 4 recessions I have been through in my life, this one is by far the worst one. I have NEVER seen the economy and housing in such an inflated bubble headed IN to the recession. This recession is just getting started and almost everyone is already broke. This recession was fueled by the pandemic and the governments reaction to the pandemic with stolen PPP/SBA money. Unemployment checks here in CA were $4400 per month which is more than most people were taking home in their regular jobs. This all occurred during the pandemic which was one of the major causes of the inflation. This will be the worst recession I have experienced and I don't think Trump can stop it.

[@lasvegasliving9237]

A lot of people keep hoping for that to happen and it's possible but I don't think it will materialize with all of the govt and Fed interference. Time will tell.

[@Ivsee77]

I’ve said this same thing since 2020.

[@daboss6385]

Unfortunately the regular citizens don’t understand phases of war. The pandemic was just phase one to what is going on now. Global reset which one side is fighting against another for how they think things should be dictated. Yes prices will fall in many different economic sectors when the phases of war changes. With that said if there is no need to take on an inflated unsure investment then don’t. The same ppl feeling pressured to buy now will be crying when they can’t refinance their homes due to the bank’s unwillingness to refinance a home that is not worth what you purchased it for it for. For some crazy reason people think these inflated prices will not come down when the leading indicator is massive layoffs always follow the job market and unemployment trends.

[@reskepa7028]

It’s madness..

[@anthonymartinez4307]

Has nothing to do with overpriced homes or cars. They raised property taxes nationwide. Hospital people did not stop working, taxi drivers did not stop working some companies had taxi drivers paying back, so the pandemic had nothing to do with it. Giving money to fake businesses or dead people or people in jail ( are you working? Obviously not) why would people who were making millions ( Trump and golf courses) need pandemic money? The poor have been paying taxes so they had nothing to do with what the wealthy did. Nevada is low wage country.

[@luisarevalo7172]

Location, location, location. Purchasing a home is all about luck and not about comps.

[@lasvegasliving9237]

That certainly is one way of looking at it!

[@lockup6104]

Mahalo Jerry Merry Christmas you Da Man TRUTH🤙🏽🇺🇸🌴🍍🌺

[@lasvegasliving9237]

Thank you buddy! Happy Holidays!🤙🙏🎄

[@franka.7481]

The last home shown closed at $472 per sq ft.! $460,000 for a 975 sqft home is still way out of line. Realtors and mortgage brokers better start teaming up in stopping these companies from buying up single family homes. If it continues to happen the affordability crisis will continue and eventually there will be little to no need for realtors or mortgage brokers in buying single family homes since those companies buy with cash.

[@lasvegasliving9237]

All of it feels so artificial at this point. All we need is some kind of economic downturn, and we will likely see a reversion to the mean. However, I'm not so sure that's going to happen when the Fed steps in to avert these big problems.

[@franka.7481]

@ interest rates need to stay up! Its one of the only ways I see prices coming down. Any lowering of interest will cause prices to spike again.

[@lasvegasliving9237]

@@franka.7481 Correct.

[@campampates]

10:12 The fact that they still closed at 460k on a house that's LESS THAN 1,000 sqft is still crazy...

[@lasvegasliving9237]

Completely crazy!

[@Nicehousecrappycar]

Merry Christmas, Jerry (and also to our Saturday Morning family.) We may disagree on some points in 2025, but I recognize the value that you add.

[@lasvegasliving9237]

Thanks so much for the continued support! Happy Holidays!👍🙏🎄

[@matthewrock1467]

Happy Holidays

[@lasvegasliving9237]

Happy Holidays!🎄

[@henrycoulter4350]

If the average home is selling for an unaffordable price to the average wage earner, "what is keeping prices so high" I do not understand it. If interest rates remain where they are, at what price will they become affordable in Vegas $320,000.00? Does that mean that average prices in Vegas have to drop $100Kfrom where they currently are to become affordable. I live in California but I bought a house in Vegas back in 2012 because they were so very cheap (I paid $130K for a 3 bedroom two bath house in a decent neighborhood) and nobody wanted to buy houses back then, now that they are expensive people are trying to buy, go figure.

[@lasvegasliving9237]

There are a tremendous amount of wealthy homebuyers that are relocating to places like Las Vegas very easily because of the equity they've built up in their own homes. Also, there are a lot of investors and corporations that have continuously bought up a huge swath of homes.

[@pauloaldana5057]

Have you seen the cost of goods and basic needs such as groceries!!! It’s absurd!! Even though it’s going to get worse. The only thing that will remain unchanged it’s God promises. Take heart! Be courageous! And fight back evil. With the light from HolySpirit. Merry Christmas 2024. 1 Thess. 5:16-19.

[@lasvegasliving9237]

Crazy!

[@RebelMontana]

Happy Holidays Jerry. Every content creator has no answer to this situation except to hold out. What the next administration will do is to be determined

[@lasvegasliving9237]

Very true! Tough to know what's going to happen as we go into 2025. Thanks for the support! Happy Holidays!👍🎄

[@10000Islands]

P.T. Barnum said it best ...

[@lasvegasliving9237]

So true!🤷‍♂

[@jamesdiemer-xg1iu]

I'd never do this, it is crazy to but this home, it is not a need but an ego thing to some.

[@lasvegasliving9237]

Want versus need is always a battle of the ego and the wallet!

[@Ivsee77]

If people can’t afford to live prices will eventually come down. There is only so long that you can use credit cards or borrow money. It’s genuinely hard for a lot of households just to buy food.

[@jimkelley8658]

Not going to argue that there are a lot of households struggling. Those families are not the ones that should be thinking of buying a home though. There are a lot of people doing well, very well.

[@lasvegasliving9237]

Very true! We are definitely headed down the wrong path with potentially big problems on the horizon.

[@lasvegasliving9237]

@@jimkelley8658 True.

[@SeanD808]

"The average inflation rate of 2.82% has a compounding effect between 1984 and 2024. As noted above, this yearly inflation rate compounds to produce an overall price difference of 203.65% over 40 years."

[@lasvegasliving9237]

Good insight, and very true! Inflation is a pernicious tax that has ruined millions of lives, especially in the last few years.

[@chantelstar1286]

What's nuts about Vegas condos are these HOA fees (ie: Regency Towers) when the amenities seem weak. I've seen them from $1200 - $5000 for one to 2 bedroom condos~ You even mentioned it for a home in this vid. What are they spending $6000 a year for in a home HOA? There are housing crises because people don't count in these variable, sunk costs - HOA dues, mortgage interest, taxes, special assessments, etc. I've owned (investment prop, didn't live in it) and I've rented (I am single, high income) and renting has always yielded me the highest value. ALSO, it's easy to negotiate fixed "rent control" terms w/condo landlords for future years.

[@lasvegasliving9237]

No kidding! It's hard to believe that anybody would be willing to pay those kind of HOA fees. Renting is definitely the cheaper option.

[@dannyzuehlsdorf3697]

Jerry, I have a friend who's older and trying to sell her gated condo in Las Vegas. The problem is OUTSIDE of the community there are several tents being set up by the homeless. So every time the agents are coming in to look at her condo, they drive by these tents and the potential buyers say, "Nope. We can skip this one." Do you know the TITLE or department of local politicians she can send a letter to in order to get this resolved? There are several other sellers in the same community facing the same problem. Any help would be greatly appreciated. Thank you and Merry Christmas!

[@lasvegasliving9237]

My first suggestion would be to have them talk to the HOA to figure out what's going on and what can be done to resolve the problem. I would think the HOA could point them in the right direction because that is completely unacceptable. Thanks for the support and Happy Holidays Danny!👍🎄

[@dannyzuehlsdorf3697]

@@lasvegasliving9237 excellent. I'll pass that along to her, Jerry.

[@faraon2012]

We living la vida loca, the fall of Wonderland in America 🎉

[@lasvegasliving9237]

Yup!🤷‍♂

[@American_Mike]

The sellers of that last home might have lost money after realtor fees and taxes.

[@lasvegasliving9237]

Possible. Game is changing.

[@victortoombs4754]

One thing that is not being discussed is the hidden home inventory that builders are holding on to. Over 300K properties in the South, which is double the norm. I looked at some luxury townhomes in southern Utah, and there are a row of 8 that were all reduced multiple times, and after no buyers, they were taken off the market in November 2023. That's 13 months that these turn key townhomes sit empty. I think that when things get really bad that there's going to be a flood of inventory put on the market by panicked builders/developers as well as people losing their jobs. That will push prices down.

[@lasvegasliving9237]

Very true! The ghost inventory is possibly going to allow more downward pressure on prices as we go into 2025.

[@adt422]

I find it so odd that people are still trying to flip homes. Did they not get the memo? Real estate peaked in 2022. Real estate is not going up, even as rates come down. We have an affordability issue. I'm watching buyers in Marin County pay $1mm under ask for outrageously priced homes, thinking they're getting a deal, only to watch the estimated value go down another $1mm a week after they buy it. Lunacy.

[@lasvegasliving9237]

It really is crazy and they only want to inflate the market even further for their own potential gain. The greed is unending.

[@scottbailey244]

I would also like to add that US citizens are expecting the government to fix this mess. They were expecting people like Biden, Trump and Congress to fix it. I think it is irrational to expect the people that caused the crisis to actually fix it. I say this while fully understanding that the pandemic played a role. But, the governments reaction caused the housing crisis. Expecting the same people that caused it to fix it is insane.

[@lasvegasliving9237]

Nobody is fixing this mess. It's only going to get worse for middle and lower class individuals and families over time.

[@robertmartinez1228]

7,000 is scary.this should not be happening.

[@lasvegasliving9237]

Very scary!

[@Coach_G_high_desert_CA]

Thank for info 🎉. I will contact you next year around fed/march to start looking for home(s). I am interested in Scott 80 & section 10 areas. Summerland maybe a few years later. 🎉 Merry Christmas. 🎉

[@lasvegasliving9237]

Sounds good coach! Happy Holidays!👍🎄

[@rangercal1]

Better grab on to something because the bottom is going to fall out.

[@lasvegasliving9237]

I'm not so sure about that because the govt and the Fed will likely interfere to prevent any real economic fallout. The economy is all smoke and mirrors.

[@j.l.salayao8055]

Yup, hold on at your ears.

[@midwestslim]

Buyers with cash will be king in 2025

[@lasvegasliving9237]

Maybe, we'll see.

[@ProCoach2373]

Renting is no cake walk either. I'm in an corporate owned rental until we move away in May. They are already sending us their proposed rent increases for a lease renewal. We'll need to go month to month for two months and they want $500 extra per month! LOL I can't condone buying if it's not comfortable long term, but renting stinks! It's a short term solution at best in my opinion. I don't want anybody having that much control over my life. Sir, your rent is going up. Sir, we'll fix it next week if you are lucky. Sir, we decided to sell so you'll have to move again. No thanks...

[@lasvegasliving9237]

Unfortunately, it's a lose-lose situation. Buying and maintaining a home at current prices compared to normal wages is nearly impossible for the average person at this point. Also, renting is another terrible option, albeit a cheaper option, but not a good one either based on what you just explained in your comment.

[@prmhighflr69]

The problem here is house flippers what's the average length of people actually keeping the home, it used to be 30 years now it's probably less than five😮😮😮😮 Jerry you forgot to mention that house on foggy Glen was bought in 20 for $180,000 and then in 22 they wanted $423,000😂😂😂😂😂😂😂

[@lasvegasliving9237]

Investors, large and small, are the plague of the real estate industry. They've literally ruined it for normal people.

[@nitemoves3157]

If only everyone walked around with the sign above their head signaling whether or not they are positive or negative in the finances. Exponentially more debt in the system vs 2008/GFC. Keep spinning those plates!

[@lasvegasliving9237]

That would be interesting! All smoke and mirrors!

[@deannab479]

Rent now. Don’t buy. Taxes, insurance, mortgage rates all too high

[@lasvegasliving9237]

Agreed.

[@middleofnowhere99]

5637 San Florentino sold in 2002 for $478 forget 7 months ago massive overprice looking for suckers to pay millions.

[@lasvegasliving9237]

Yup....ridiculous!

[@vgslife9640]

Let it crash its the greedy who takes cry & beg when it falls apart but the working class try to stay balanced working & saving staying afloat let the investors lose everything like the common person doing right now & its not even a crash.They need to regulate these home prices & prevent from sky rocketing..

[@lasvegasliving9237]

The govt and the Fed will never let it crash. The economy is all smoke and mirrors and real estate will likely only belong to the one percent club over time.

[@bonniemartenez5294]

It is called national greed.

[@lasvegasliving9237]

Global greed!!

[@pwu8194]

Real estate is getting a bit like Bitcoin now. People bid up the price because they think the price will keep going up.

[@lasvegasliving9237]

Very true! I hate to say it but over time it looks like these prices will only go higher and higher and will only be for the one percent club.🤷‍♂

[@shearenergy8203]

Yes it is…. Merry Xmas jerry abbot

[@lasvegasliving9237]

Thank you! Happy Holidays!👍🎄

[@touchstar68]

I wouldn’t recommend going with your gut instinct. Better to have an informed rational decision. Otherwise all good advice here.

[@lasvegasliving9237]

Of course! However, it has to make sense financially and you have to know whether or not your commitment is strong enough to hold onto a property long enough to reap the rewards.

[@tobyk5149]

Everything bubble. Those who fail to learn from history are set to repeat it.

[@lasvegasliving9237]

It could get ugly. Time will tell.

[@nicweethee]

Hey Jerry I may be needing to find a studio/bath or 1 bed bath condo in Vegas because I think I’m going to be starting a business out there since I work in the film industry and it’s looking like a lot of producers are relocating out of ATL and LA. Can you rep me as my agent?

[@lasvegasliving9237]

Reach out to me direct for more details.

[@jimkelley8658]

Jada is a little off with her math at that end example. A 1.2 million with 20% down is a 240k down payment. That leaves you with a jumbo mortgage of $960k. Rates were down to 6.5% just a short while ago and could come down again. But for the sake of argument let's say the rate is 7%. That means her 30 year payment is $6,386.90. That's still a lot of money for most people. It's not anywhere near the $9,500 she claims though. I'm aware it doesn't include taxes but even though it still wouldn't be anywhere near the $9,500 she claims. Not saying she should buy at this price but her math is fuzzy. Am I missing something?

[@lasvegasliving9237]

It all depends on the interest rate as many are well above 7% and when you do add in taxes and insurance it gets outrageous.

[@idid1866]

37yrs...you'd have to start saving at birth, lol!

[@lasvegasliving9237]

lol...no kidding!🤦🏻‍♂

[@Whatisthis94]

Another bailout for banks and others coming soon?

[@lasvegasliving9237]

Possibly. It will depend on the economy but I don't see a tremendous amount of economic rough water ahead, especially when the Fed can step in at any time to help out.

[@Pip23]

Displaced blue staters and city dwellers need somewhere to go. I'm in FL in a big house 20+ years. I got in cheap and the price increases are justified here. I suspect Vegas is in the same boat. People like me will be fine. My point is, not everyone will feel this evenly when the inevitable correction happens. The luxury market and house flippers are going to get hurt.

[@lasvegasliving9237]

It's never an even process for everyone. Those who got in early and have done well to manage their finances will always do far better than those whose wages lag far behind as well as their financial decision-making.

[@Pip23]

@@lasvegasliving9237 Well said.

[@lasvegasliving9237]

@@Pip23 Thanks!👍

[@Jenk03]

Greedy sellers. Buyers, don’t be fooled to play into their game.

[@lasvegasliving9237]

100% true! More buyers need to listen to that advice!🤷‍♂

[@SuperMassman]

the solution to high prices? High prices,, 😂

[@lasvegasliving9237]

Pretty much!🤷‍♂

[@RedVegas]

What are we gonna do Jerry…

[@lasvegasliving9237]

Prepare for the worst, hope for the best!

[@ConstitutionCurt]

I’m sick of seeing the same houses for sale. Overpriced and on the market for 365 days! Realtors would never pay for marketing of an unsalable home but for some reason they do.

[@lasvegasliving9237]

Many sellers are very stubborn and want to get maximum value for their homes. However, a lot of sellers are now getting a big wake up call realizing that this is not the peak of the real estate market anymore. I think we're going to see more downward pressure on home prices going into 2025.

[@urkodehoyos4286]

Budget suites 😂😂😂

[@lasvegasliving9237]

Not really an option for the vast majority.

[@RichCatelli]

The algorithm took you off my feed. WTH!😡

[@lasvegasliving9237]

Sorry to hear that! Not sure why that is happening with some people. Make sure to subscribe!

[@MichaelD-w3e]

Stock Market haha The market S&P -60% , NASDAQ -70% Kids, enjoy the ride lol

[@lasvegasliving9237]

Certainly not over the long-haul.

[@touchstar68]

USA hold my beer 🍺 Australia

[@lasvegasliving9237]

No kidding!

[@touchstar68]

@@lasvegasliving9237 difference our Government determined to prevent prices falling, with immigration being the remedy.

[@Mr.Creepo]

Bubble???

[@lasvegasliving9237]

Certainly seems that way but it's very hard to tell based on conflicting economic information that the public is privy to. I definitely think we're headed down the wrong road and there could be some economic rough water ahead.

[@DougBossi]

Happy Holidays Jerry! Onto 2025!

[@lasvegasliving9237]

Happy Holidays brother!🎄⛳

[@BoulderCityBlues]

All these pandemic homes are way overpriced and way overvalued..Nevada has the highest unemployment in the nation Las Vegas leading the way along with being one of the places with the highest foreclosure rate in the nation and it’s only going to get worse as businesses close . Las Vegas entire economy is based on tourism and tourism is based on the economy . Over the past 6 years people have wracked up unsustainable debt because of high inflation and credit card debt . Places like Florida , Texas are seeing housing busts already and Nevada will see the same as 48% of the city is made up of rentals of investor owned homes with no rent control . You’re going to sees the condo market go first then the housing market to follow . Other parts of Clark country are in a selling frenzy like Laughlin , Boulder City as old timers can’t put up with the rising costs anymore and had enough and as less California’s enter the market inventory is going up and will only go up more in the coming 6-8 months .. just my opinion .

[@lasvegasliving9237]

I agree that pandemic prices are completely outrageous at this point. However, Las Vegas has become a very different and more resilient city in the last several years. This is not just about tourism and local jobs not being able to support current home prices here. There's a tremendous amount of out of state, wealthy homebuyers and investors that are constantly buying up properties here. The likelihood is that even if we get a housing correction, home prices will only go higher over the long-haul in Las Vegas.

[@toddlevin]

1.) These people who think they're going to refinance when rates come down - I just don't understand this - mortgage rates for a 30-year conventional fixed is currently about 6.5% - 7% in Nevada, and even if rates dropped precipitously to 3.5% (which isn't going to happen anytime soon) the monthly difference on the mortgage payment isn't going to be enough to make a large leveraged mortgage suddenly affordable. What exactly are people thinking in such a case? 2.) Again Jerry, this 40 year/828% Washington State price appreciation you hammer on only works out to a modest ROR of 5.5% annually over 40 years (without all the insane costs factored in to maintain the Washington house over a 40 year period). The S&P during the same 40 year time frame returned an ROR of over double that - 11.5% per annum. So the price appreciation is very misleading when you talk about 828%, but don't really break that down any further. And that's the best case scenario (Washington State) that you offer. All the other states are even worse off in terms of price appreciation over the past 40 years, most lagging behind even the simple annual inflation rate!...

[@lasvegasliving9237]

Todd, I'm just providing information to show my audience why so many people continue to buy homes. They have been brainwashed into believing that buying a home is the American dream and will allow you to build wealth from homeownership. Nothing could be further from the truth at this point. There are many alternative investments, including the one that you mentioned that are much better options.

[@mxp2000]

Dumb people create opportunities for smart people. It's sad but always true.

[@ronniepratt8710]

Zillow is a waste now. No longer credible.

[@lasvegasliving9237]

Sometimes yes, sometimes no.🤷‍♂

[@darrylk808]

Californians are waiting for the crash. They all want to move out of CA and are waiting for a good price on a home in a no tax state.😁

[@lasvegasliving9237]

A tremendous amount of Californians have already left the state to come to places like Las Vegas because of the cheaper cost of living and no state income tax. That's a big reason as to why home prices have skyrocketed here in the last few years.

[@DMAN-xk5ni]

@@lasvegasliving9237and this will drive out the renting locals and younger generations out of the city. Affordability is no longer sustainable in the Vegas market along with changing climate, water restrictions on the horizon, it will only get worse for 1st time buyers in the area.

[@lasvegasliving9237]

@@DMAN-xk5ni Agreed.🤷‍♂

[@Mikolay-x7x]

Did I tell you 1 oz of gold 😂😂😂❤❤❤

[@lasvegasliving9237]

Yes, a few times!😎🎄

[@Mikolay-x7x]

@lasvegasliving9237 we are going to close to the catastrophe..

[@Mikolay-x7x]

@lasvegasliving9237 moving to Mexico 🇲🇽 as soon as possible, better be ready with more than 2 or 3 passports. I've got 3 already

[@j.l.salayao8055]

@@Mikolay-x7x Say, hello! to my little friend.

[@lasvegasliving9237]

@@Mikolay-x7x Lol...okay