Las Vegas Homes For Sale - Misery!

[@lasvegasliving9237]

The dream of buying a home has become a struggle for the average person, as fewer buyers qualify due to high prices and steep interest rates. This financial misery has led to a drop in demand which has now allowed housing inventory to spike in recent months and price reductions are now becoming increasingly common. In popular markets like Las Vegas, where affordability has long been an issue, things are shifting. Data from popular sites like Zillow shows many Las Vegas homes for sale are listed at prices too high for most buyers, and yet sellers are now forced to cut prices as fewer offers come in. This trend is causing many Las Vegas homes for sale to sell for less than the original asking price, finally creating some opportunities for buyers amid a slowly cooling market. 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 significantly overpriced. Being patient or making a lowball offer is certainly an option for aspiring homeowners. 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

[@whatsreallygoodie]

How are you trying to be the best agent in Vegas? Whats your value proposition?

[@lasvegasliving9237]

@@whatsreallygoodie I will never have enough hubris to claim that I am the best agent but full transparency is my value proposition. Many people would agree with me on that.

[@hoosier-daddy-wv5gi]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[@LUCIASMITH-d1z]

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

[@JacobsErick-u8r]

That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!

[@winifred-k9e]

Mind if I ask you to recommend this particular coach you using their service?

[@JacobsErick-u8r]

When ‘Melissa Terri Swayne is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.

[@EmmanuelleNatty]

I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.

[@ZeusyLove]

21 year realtor here in Las Vegas👋 completely agree with everything you’re saying. I bought my house in the year 2000 for $122,000 and now it is worth just under $500,000. We are in a fantastic position because we have always decided not to live above, our means no matter how much money we make. We are one of the most fortunate people right now. This economy is not sustainable, and we need to see a correction if we want our children and our grandchildren to enjoy the benefits of homeownership.

[@lasvegasliving9237]

Good for you! Unfortunately, not good for new buyers and future generations if things don't change.

[@m.s.biteth1164]

Buy btc. Not real estate.

[@lasvegasliving9237]

@@m.s.biteth1164 👍

[@StuKatz911]

Dope...2000

[@StuKatz911]

My mom bout her home for 26k...what the hell does that mean!???? Dope

[@jamesgullo8240]

Zillow "Zestimate" is such a scam.

[@karenstasik2979]

When I lived in Colorado I went to contest an increase in my taxes. I pulled comps and used some of the zestimates online. They actually laughed at me about using zillow. I never forgot that

[@lasvegasliving9237]

It's certainly not perfect but it has gotten better in many instances over the years.

[@daboss6385]

Agreed one of the problems of overpricing

[@faraon2012]

The Corporation in United State of America is such scam. 😮 Wake up, retar-ds until to late...😢

[@eatcommies1375]

Zillow Zucks

[@thomasfranco5997]

On Halloween Night, one of my nieces brought her son who is 2 years old now to go around our Neighborhood. Her and her husband just came back from Texas, they had gone to look at Model Homes there. She told us that one day it was raining, while they were looking at one and there were buckets all over the home because the roof was leaking. I was like no way. She said See Ya! They wanted $325,000. It was a big home for the price. I thought that is the best time to go look at model homes during the rainy season. So Funny! Thanks Jerry! You are the best. Have a Great Day🙏👍✌

[@lasvegasliving9237]

Good story and thanks for the continued support Thomas!👍🙏

[@rhbarbs]

Do you know where they looked at model home.which builder

[@jackcovington645]

Mr. Jerry, shared with you in the recent past here in Lake Havasu City AZ, the sales are slowing down. In 2022: Homes sold before the realtors put out signs. Prices were above asking price. Now, signs everywhere. Prices down.

[@lasvegasliving9237]

The market is changing Jack. I hear and see it from many people like yourself and I thing will only continue as we head into 2025. Average people simply cannot afford homes as these prices and interest rates! Thanks for the continued support!👍🙏

[@InvestingWithAdamK]

I think the comment about not being able to afford the home they own is accurate for a lot of people. I said the same to my wife about our home recently and I have friends in similar positions. When I ran the numbers, my mortgage if I put 20% down on the home I live in, would cost more than 3 times what I’m paying. Now, I put down more than 20% when I bought and my rate is exceptionally low. I was a little shocked when I saw what the payment would be now with 20% down.

[@lasvegasliving9237]

It really is shocking how much things have changed in the last few years. Hard to believe!

[@InvestingWithAdamK]

@ For sure. My wife didn’t believe me then I opened a file in my computer put our data in and showed her what our payment would be. I’d need to be a starter for the knights or raiders to afford it. Lol 😂

[@ronniepratt8710]

I live in California, Old Town Orange. Over the summer, two small boxes at or less than 1200 sq ft sold for 1.8 and 2 million each. Couldn't believe it...Then I looked at what I own and couldn't believe that either.

[@lasvegasliving9237]

California is completely out of control. That's why so many are moving to cities like Las Vegas.

[@dwnwind]

This is so true. I have 2 friends that have moved out of state. 1. Johnson Tennessee. 2 Villa Rica Georgia. It's been 2 years since and they have no regrets. They love it.

[@lasvegasliving9237]

@@dwnwind Location and affordability will always be paramount for people to decide where they ultimately want to live.

[@jimmyamico4713]

Thanks for being transparent through day by day week by week month by month and year by year🇺🇸❤️🙏👍

[@lasvegasliving9237]

Thanks so much for the support Jimmy!👍🙏

[@PlayedTV]

Home owner paid $270k in 2012 bought with 3.5% down with FHA loan. Today value $1.1M and I wouldn't be able to afford now even if the rate was 0%

[@lasvegasliving9237]

It really is crazy how things have changed so rapidly!

[@straightup7up]

When I go to Las Vegas, I'M CALLING YOU JERRY! Keep up the great work!

[@lasvegasliving9237]

Thanks so much!👍🙏

[@dividebyzero1124]

My paid off sfh in CA now worth 5x what I paid two decades ago. Inflation still rises at 7% mortgage rate. Property tax, insurance and maintenance costs are going way up. Who you vote for has consequences.

[@ronniepratt8710]

Like that's really going to matter.

[@lasvegasliving9237]

Good for you but bad for new buyers. I highly doubt whoever wins will be able to undo the runaway pricing issues in this economy. 🤷‍♂

[@lasvegasliving9237]

@@ronniepratt8710 Sadly agree.

[@anthonymartinez4307]

@ronniepratt8710~ Harris plans to raise taxes again if elected. They ( Biden & Harris did enough damage) if she stays we are doomed.

[@Committed2good]

Democrats will bail out buyers who make bad decisions and Republicans will encourage rich people to do to us whatever they want by giving them tax breaks or low interest rates! Both parties are awful on this issue.

[@rockbottom3940]

Hey I forgot to say I really like your content and the format you present. Keep up the good work.

[@lasvegasliving9237]

Thanks so much for the support!👍🙏

[@juiceda6]

Glad i found you. I live in Las vegas and been looking at getting a new home. Bought my home 3 years ago for 300k in the sw and is worth about 420k now. Debating on renting it out, ot even selling it. Lennar was offering me a 4% rate. The price is just to much still. Gonna wait. Looking for a 4 rv car garage setup.

[@lasvegasliving9237]

These builders are trying to entice buyers with these low rates but are still overpricing their homes IMO. Sadly, I don't think new home construction will crash anytime soon but we might see more incentives and some more price reductions in the coming months. We'll see. Keep me posted and reach out anytime. Thanks for the support!👍

[@lockup6104]

Mahalo another great video. 2nd largest builder reducing price and interest buy downs are another sign of what’s really coming. Appreciate the vid 🤙🏽🤙🏽🌴🌴🍍🍍⬇️⬇️⬇️⬇️we go

[@lasvegasliving9237]

Thanks so much buddy, appreciate the continued support. Mahalo!🤙🌴

[@ayyray7868]

My wife and I are content with renting for the foreseeable future at $2,100 per month in Henderson, NV. Paying a $4,000 mortgage means there would be no room for saving/investing and other expenses. We don't want to be house poor like most people seem to be and locked in a golden jail cell.

[@lasvegasliving9237]

Understandable as renting is the cheaper option right now.

[@j.l.salayao8055]

A house is just a brick and mortar, an rv, a car, and or trailer to some people. It is relevant. If renting is the best for you, no shame on that. You are blessed. My wife and I live in the desert going on seven years now along with our three large dogs in our travel trailer while keeping a full-time job. Our offer for a new house in Lake Las Vegas has been accepted and most likely be in our new home by the end of November. Not easy to get here, but our Father in heaven made it possible. I trust you'll be alright and will receive your blessings down the road. -cheers from the Nevada Desert!🤠🏕🏜🪵🪵🪵

[@lasvegasliving9237]

@@j.l.salayao8055 Good for you!

[@glennsullivan1970]

Good stuff Jerry…. My friends and have been talking about the house we have bought years ago all of us could never afford to buy the house we are currently living in. This so wrong!! In so many ways From Connecticut

[@lasvegasliving9237]

It's pretty crazy to think how many people could not afford the home that they bought several years ago in today's market. We are living in unprecedented times. Thanks so much for the support!👍🙏

[@ChadLusk-t8m]

Thanks Jerry

[@lasvegasliving9237]

My pleasure Chad, thanks for the support!👍🙏

[@jamesdiemer-xg1iu]

Awesome show, lots of good information.😄

[@lasvegasliving9237]

Thanks so much for watching and the support James!👍🙏

[@BREEZYM6015]

I got a 6.875% rate on a $203,500 townhome in Las Vegas. My mortgage is still better than renting.

[@lasvegasliving9237]

Good for you!👍

[@Rayjack-m9o]

When did you buy, And what about association or maintenance fees ?

[@lasvegasliving9237]

@@Rayjack-m9o Bot

[@TuanNguyen-yc4wz]

Good Morning Brother JERRY 🌞☕️ Here we are Saturday morning with you news from you, brother👍👍👍🇺🇸🇺🇸🇺🇸⭐️⭐️⭐️🥰🥰🥰✝️✝️✝️

[@lasvegasliving9237]

Good morning Tuan! Thanks for the continued support!👍🙏🇺🇸

[@ty6099lle]

Jerry Abbot, Las Vegas' #1 Real Estate Agent: Thank you for another great video. I await your buy signal. Hoping for a $500K home that is currently $750K, and was $350K before COVID.

[@lasvegasliving9237]

Thank you for the support!👍🙏

[@MarcHasaraMarcHasara]

A single man or woman making $127,000 annually as the minimum income required with a $4,000 monthly payment and 15% down that person better have a tight grasp of the debt situation they find themself in when buying real estate above $400,000. When I was making $80,000 and putting down 30% to 40% I was able to keep my house payments around $2200 with PITI. I was cash poor from payday to payday but single, always on time and paying extra principal on every payment making 13 payments a year. I'm debt & mortgage free now.

[@johnthomas3842]

New homes anymore have a HOA, the fee never goes down, it always up. We bought a home 7 years ago at a decent price, no HOA. Please consider that when buying a home. Another thing to consider is, if you buy a home with solar, unless it is paid for, you will be required to take over the contract.

[@lasvegasliving9237]

Unfortunately, most people that live in Las Vegas are living within an HOA. Those fees will never go down over time. Also, solar is a good option after what has been happening with energy costs here.

[@ursulamoon9567]

I agree with what you are saying. I really want to buy in Las Vegas but I’m waiting and being patient even though it’s not convenient.

[@lasvegasliving9237]

Many people are looking to do the same thing in hopes of a housing correction. We'll see how it plays out.

[@msk384]

I have an important question: What products are you using on your face?!? Your skin looks fab; ESPECIALLY for being in a climate like LV! Beyond this, thank you immensely for your diligent efforts to give homebuyers a true, unfiltered experience regarding real estate in the LV Valley. 👍👍👍👍

[@lasvegasliving9237]

Thank you but I can't take full credit for cosmetic products helping more so than my editor using a light filter to help even everything out. Appreciate the support!👍🙏

[@TheeLynnChase]

Great analysis as always. I have been a local Realtor here as well, since 2007. I started at the lowest point in real estate history. lol. I wonder if you could comment on one of your shows about how adding value to a house you buy affects the asking and selling price. For example, you buy an older home for 350k and then put in 120k worth of added value, such as a pool and landscaping can add up quick and then a lot of time the older homes that sold for 350k need a complete over haul, both asthetically and maybe also needed like roof, plumbing and electrical repair. That can sometimes explain these huge increases in an asking price. The question then becomes comps in the neighborhood in a one mile radius. Sometimes the price jump is greed, but not always and it is not nice to insult sellers that worked really hard and invested their money to improve a property and it sounds like you think they shouldn't even be able to recoup their investment much less make anything for their time, work, expertise and attention. A good flipper makes a house something special, not talking about all the bad flippers out there You could do a whole show just on that topic alone, but all in saying is there can be reasons and valid reasons for a home price increase besides greed. Maybe they bought the house for 350k but have a 100k home improvement loan on top, so the home price is really 450k. See what I mean? add up 5% appreciation for 4 years, and it starts to make more sense.

[@Rhonda-g5l]

Very well said . Thank You.😊

[@lasvegasliving9237]

Great insight and true in many instances. The problem is that many of these investors are putting very modest amounts into the home and trying to reap obscene profits. Each house obviously has to be handled on a case by case basis but the overwhelming amount of greed seems to be unending in this particular market.

[@lasvegasliving9237]

@@Rhonda-g5l Agreed.

[@rathelmmc3194]

If that was the case then that would be fine, but a good flip sets the comps higher then everyone with no mods since 1980 think they can get the same valuation. I mean appraisers weren’t even taking into account concessions on valuations.

[@TheeLynnChase]

@rathelmmc3194 yes, so those that own a home with no mods since the 80's have a more valuable asset. It works both ways. Therein lies the rub.

[@eddym5532]

I think even upper middle class can`t afford a new home or a new car. 115 thousands Dollars for a car or 600 thousnds dollars for a used house is crazy.

[@lasvegasliving9237]

It really is crazy and completely unaffordable for middle class people to comfortably afford anything anymore.

[@neverdown222]

$115,000 for a camry?

[@edwardsteinmetz-gl3zl]

Yet another round of truth. Prices have to come down.

[@lasvegasliving9237]

Thanks Ed! Much appreciated!👍🙏

[@Deltron6060]

Wouldn't "truth" require being correct at some point. 😂

[@lasvegasliving9237]

@@Deltron6060 Patience.⌛

[@lasvegasliving9237]

Good story and good for you!👍

[@Larrye123]

My mom bought a house in 1982 for $55k and assumed the owners' 16% mortgage.

[@lasvegasliving9237]

Those were certainly the old days. Even though the interest rates were much higher back, prices were a fraction of what they are today.

[@trigun442]

I'm paying $3,200 for a 1 BR 1 BA 689 sq ft apartment in the Bay area California. My wife and I are on the cusp of owning a home in Las Vegas with a 4.25% interest rate. Can't wait to own rather than to rent.

[@cr8zie]

Is that interest rate on a new home from a builders lender?

[@trigun442]

@cr8zie brand new quick move in home and yes lender is under the builder. Using them since the incentives are much better.

[@lasvegasliving9237]

Good for you because that kind of rental rate in California is just absurd.

[@lasvegasliving9237]

@@cr8zie Probably

[@lasvegasliving9237]

@@trigun442 Yes, that's why new home builds are selling because prices are high but they can buy down the rates to allow for more affordability compared to traditional financing of resale purchases.

[@frankm2385]

Awesome channel, Jerry.

[@lasvegasliving9237]

Thanks Frank! Much appreciated!👍🙏

[@RaceMentally]

There will be a pull back. But labor rates will not be lowered. Everyone remember that.

[@lasvegasliving9237]

We are definitely due for an overall economic pullback, possibly a recession, especially if the Fed continues to lower interest rates.

[@mchristr]

Artificially low interest rates created this bubble. Generations past bought at 7 percent or more, the difference being the ratio of housing costs to income. A downward correction of 10 or 15 percent in home values will make housing affordable and inspire sales.

[@lasvegasliving9237]

Correct, previous generations were able to buy homes at 7% interest rates are higher because home prices were a fraction of what they cost today. However, a 10 or 15% housing correction is really not going to help people when this whole economy is so over inflated.

[@Esperia-ef9xh]

Wait another year or two before you buy, save your money folks 💰

[@carolanderson2773]

Rent is sky hi. Two bedroom apt is $2,000. Even renting a room in is close to a 1,000 dollars.

[@trigun442]

I'm paying $3,200 for a 1 Br 1 Ba 689 sq ft apartment in the Bay area CA.

[@lasvegasliving9237]

Agreed.

[@lasvegasliving9237]

@@carolanderson2773 Very unaffordable but still cheaper than owning right now.

[@lasvegasliving9237]

@@trigun442 Wow. That's why so many are moving out of areas like that.

[@kiyoshitakeda452]

Very good episode. When a developer buys down on a mortgage rate is it for a 5 yr Adjustable loan or a 20 yr. mortage?

[@lasvegasliving9237]

Thanks so much. Some builders are buying down a rate for a limited time while others are doing it for the full 30 years.

[@MsCold2011]

love your video Jerry

[@lasvegasliving9237]

Thanks so much!👍🙏

[@TopTrade1]

I hear everybody talking about how resilient real estate is right now. Demand is worse than during 2008 crash. It's anything but resilient.

[@lasvegasliving9237]

Not sure where you heard that information but we certainly have a hell of a lot more demand than 2008.

[@TopTrade1]

@@lasvegasliving9237 I saw reports saying less homes are selling now than during the 2008 era.

[@rathelmmc3194]

Luxury is wrecked. WSJ had an article about how sellers are way overpricing their properties. They’re even trying to use auctions to sell their properties and the bids are nowhere near where they want.

[@lasvegasliving9237]

Interesting. I think a lot more changes are coming.

[@jamesgallegos4665]

Almost every house in the Las Vegas / Henderson / North Las Vegas area has HOA fees involved! As a renter, usually you don't have to worry about that extra monthly committment but as a homeowner, you must take that into consideration when buying a home in this market! Having lived in Dublin / Newark / Hayward and Fremont California in the past, we never had to worry about the "HOA Fees" but here in Vegas, you do! When the HOA fee equates to a car payment, perhaps you will reconsider the purchase?!?

[@lasvegasliving9237]

That's part of the deal living in Las Vegas for most homeowners.

[@riverat7558]

We've had 40% inflation in the past 5 years. Exported it to the entire world! It's not that the home prices are high the value of the dollar has been destroyed !

[@lasvegasliving9237]

Sad but true.

[@marylee9083]

You must know that building materials also increase too, plus labor etc, nothing is going to be cheap ever!!

[@lasvegasliving9237]

Funny, build quality is lower than ever while prices for materials skyrocket.🤦🏻‍♂

[@shearenergy8203]

no! that’s the problem I can’t replace it if I move…. Realtors think other here in California. Besides I like it here where I’m at the beach

[@lasvegasliving9237]

It all depends on your preference and financial situation. Las Vegas is not for everyone.🤷‍♂

[@cb-gz1vl]

The trouble is if you sold your home now even though it increased by 3x you still can't afford a home somewhere else in the US unless you go to a depressed area like Ohio etc.

[@lasvegasliving9237]

That's not necessarily true because people who have sold their home for a large profit are able to downsize into areas like Las Vegas comfortably if you're coming from high property value areas.

[@CaptainCaveman1170]

Another excellent, informative video, Mr. Abbott. There's lots of price reductions happening from California to Miami...but often you have to look at what things are selling for, not what they're listing for to see the truth. Why people thought that the covid distortions would last forever is beyond me. It was clearly a temporary supply/demand mismatch mixed in with absurdly low rates and unprecedented stimulus. Talk about a radioactive cocktail. But there's still a long way to go for sanity to return to markets. If Trump seals the border, prices will probably keep sliding steadily for a number of years due to unfavorable demographic trends. There simply won't be enough wealthy young Americans out there to purchase all the Boomer assets (at top dollar anyway). Wall Street will probably step up and fill the void, but they'll want a steep discount first to make the properties pencil (because right now so many of them don't).

[@lasvegasliving9237]

We're in a real mess and I don't think things will change much regardless of wins the election. We are likely going to see some economic turmoil, likely late 2025 as everything is cyclical. We'll see how it plays out. Thank you for the support!👍🙏

[@castin5406]

How do these 75k homes list for 1mm dollars?

[@lasvegasliving9237]

Because they're not $75,000🤷‍♂

[@j.l.salayao8055]

It's called the "American Dream" because you have to be asleep to believe it.

[@civicsi_702]

I think i saw on reventure app that inventory is starting to go up in Vegas? Its up yoy from Oct 23 to Oct 24?

[@lasvegasliving9237]

Las Vegas housing inventory is up 65% in just the last six months alone. Things are slowly changing.

[@cb-gz1vl]

Also don't forget those ridiculous HOA fees. Mine were OK at $50 a month but I've seen them in the $200 range.

[@lasvegasliving9237]

HOA fees are going up just like everything else. Nothing surprises me anymore at this point.

[@jolseywales]

After much thought on this subject of home values and affordability these last few years I’m beginning to think more and more that maybe not everyone should qualify for a home. Or wants to. Homes are for families and this generation isn’t making families, let alone getting married. Everyone is downsizing. Enter musk with small homes. Maybe this is the future. Let them eat cake (sellers). No one's buying. Not at these prices. I'm not. Single 49 yr old "renter" dude. I'm happy renting with my Corgi. No worries, no stress of home ownership. For now... :)

[@lasvegasliving9237]

I agree with you that not everyone should be a homeowner, especially at these prices and interest rates. However, you're not right regarding people not buying. There have been a tremendous amount of buyers, hence the reason why prices are so high. Something needs to change soon though because it is quickly becoming a case of the haves versus the have nots when it comes to homeownership.

[@nuno1007]

small point perhaps but.... ASKING price reductions are NOT price reductions. We have not yet seen a meaningful decline in sale prices here in LV, maybe it's coming...

[@lasvegasliving9237]

Understood but reality is setting in nonetheless for many sellers and many home prices are coming back down but still nowhere near enough.

[@brianseattle]

These history comparisons are irrelevant. In 1998 I tried to buy a $20k condo @8% interest. I was making minimum wage was $4.25. I couldn't get financing. There is always good deals on homes in the markets. It is your job to find the best deals. 1. Bould your nest egg. 2. Buy a home you can afford.(Get the most bang for your bucks). 3. Hold the property for as long as possible (20 + years) 4. Pay extra on the mortgage as much and as often as you can. I have multiple and a couple million in home equity .

[@lasvegasliving9237]

Good advice and good for you!👍

[@neilwarren3322]

I would rather pay the 7% and have that money they use to buy down the mortgage rate to lower the price of the house.

[@lasvegasliving9237]

Agreed. It's pricing that is absurd.

[@paulshevchenko1432]

I sold my million $ plus home and cashed out Collecting 6-7% return on a million Don’t have to pay property tax or cost of owning… I pay $500 rent at an old couples guest house … I will ride that train all day….

[@lasvegasliving9237]

That's great, glad you're doing well.

[@g9351]

Vegas RE market remains strong. Condo price sets an all time high record in Oct. At $315,000, October’s median price for condos was up 14.3% from $275,500 in October 2023. The previous high of $299,500 was set in September.

[@lasvegasliving9237]

The Las Vegas real estate market has been very resilient but I'm expecting changes not just in Las Vegas but throughout the whole country. Unemployment levels are rising and that will be the biggest factor to the overall economy and housing market. I see prices correcting sometime in 2025.

[@ProCoach2373]

The taxes and insurance figures for the example are way too high for Southern Nevada. Regardless, I'm glad I'm not a first time buyer!!!

[@lasvegasliving9237]

Sadly, renting is cheaper than owning a home. First time buyers are basically priced out of the market at this point.

[@RiffOSaurus]

@lasvegasliving, there are more affordable homes in the Las Vegas area that you do not cover. Why do you not mention those??

[@lasvegasliving9237]

There are all different types of price points here in Las Vegas and I show a variety starting in the luxury category and then working down close to the median price.

[@RiffOSaurus]

@lasvegasliving9237, yes you do, BUT, there are still much lower priced housing that you DO NOT cover.

[@lasvegasliving9237]

@@RiffOSaurus I don't cover the lowest priced housing options, sorry.

[@RiffOSaurus]

@@lasvegasliving9237 You claim to know every inch of the Las Vegas real estate market, why not let people know about more affordable areas and options? No offense, but the medium homes that you speak of are still way out of reach for most people. There are some smaller, brand new houses, such as Storybook Homes, that have single family homes starting at $341K, for a 3 bedroom, 2 bath, 1332 sq ft home, which I feel are still too high. BUT, still a more inexpensive option.

[@RiffOSaurus]

​@@lasvegasliving9237that's too bad. Why don't you cover those?

[@SurfSarge]

Next Weeks Video should be interesting with the Election results....Praying for this Economy!

[@lasvegasliving9237]

I really don't think anything is going to change dramatically regardless of who wins the election. It will likely take time to see any kind of recession or downturn in the economy.

[@SurfSarge]

@@lasvegasliving9237 It will keep spiraling down the drain if we keep up with this current trend!Under Trump the Economy will at least start the healing process and of course it will take time!

[@John-bq9jh]

Great channel and great data. However when prices double in a year dropping 10,20,30 % is not what I call fear or crash. If a house sold for 100 K and listed for 1 M and price is dropped even 90% it’s not a big deal.

[@lasvegasliving9237]

Unfortunately, these price reductions are not really meaningful at this point and because prices have gone up so much in the last few years most people won't feel like they're getting a good deal regardless.

[@officerzanzibar701]

Larry … In 2012 my wife and I purchased a home in Minden, NV (45 miles south of Reno, NV). Our home is nothing special, 1,750 sq. ft., 3 bedrooms, 2 baths, .35 acre lot. In 2012 we paid $265k. Our home is now (supposedly) worth $845k. So in 12 years, this is an increase of $580k or 218.1 percent of what we paid for our home. This means our home’s value increased, on average, $48,333 per year or 18.2 percent annually; or $132.42 a day! This home equity is nice, but what are we going to do with it? If we sold our home, we could not afford to purchase a compatible replacement home. Why would we want to sell our home just to: trade our current 3 percent interest home loan for a 7.2 percent interest home loan, live in a much smaller home, be “House Poor”, or live under a bridge?

[@lasvegasliving9237]

Wow, amazing for you on "paper" but like you said what can you do with it if it's always tied into a home but you're in a good position nonetheless that many people would love.

[@Resmith18SR]

Who seriously would pay $845,000 to live in Minden NV? 😂😂😂

[@lasvegasliving9237]

@@Resmith18SR Seems absurd.🤷‍♂

[@officerzanzibar701]

@@Resmith18SR Who would pay $845k for a home in Minden, NV? California cash buyers, that’s who! In the last three years, all but one of my original neighbors has sold out and moved on. All of my new neighbors are from California, who sold the properties in California for big dollars, and moved on to my neighborhood with cash to buy homes. All are cash buyers! Example, my new neighbor across the street from me, from the California bay area, paid $895k CASH for the home that they purchased!

[@Resmith18SR]

@officerzanzibar701 I just looked at pics of Minden NV and it looks like a place I would never even visit, let alone live there. So overpriced right now and to move from the SF Bay Area to Minden NV and pay $895,000, I would probably just hang myself. LMAO

[@10000Islands]

Rent until the prices come down. It is massively cheaper to rent than to buy at these prices, anyone who tells you differently is lying to you.

[@lasvegasliving9237]

Agreed for most people, renting is the cheaper option right now.

[@davidmajer3652]

Good luck with your new TikTok channel.

[@lasvegasliving9237]

Thanks David!👍🙏

[@garybacher236]

When i bought my home interest rates were 9.5

[@lasvegasliving9237]

Yes, but home prices back then were fraction of the cost compared to today's prices.

[@janissaryone1906]

$480K? Hold my beer, in Toronto, Canada, the average price is $1.1 million Cdn. ($800K USD).

[@lasvegasliving9237]

Pretty ridiculous up there in Toronto!

[@Deltron6060]

Even a broken clock is right twice a day. After 4 years of being wrong I'm sure you'll hit sometime 😂

[@lasvegasliving9237]

Lol...we'll see.😎

[@j.l.salayao8055]

"Even a stopped clock is right twice a day" -by Joseph Addison

[@morningsalute03]

1st house dropped those numbers that fast? Talk about the realtor blowing smoke up to the sellers to get the listing. Absolute clown show.

[@lasvegasliving9237]

Hard to know for sure who is to blame but absurd overpricing nonetheless.

[@faraon2012]

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

[@lasvegasliving9237]

It really is crazy!🤪

[@justfedup]

I feel bad for the Americans your Morgatge rate will keep going up , based on the 10 year . In Canada our rates are going down but the pricing is sky high, I wish I could buy for 500 k

[@lasvegasliving9237]

It's a lose-lose situation for most major real estate markets across almost every country in the last few years.

[@alexissconiers1316]

Why did you set the mortgage rate at 7% for the 30 year and 3.75% for the 15 year. This is misleading 🙄

[@spearmintrhinospearmintrhi6238]

Relax clearly it is a mistake jezzzzzz

[@lasvegasliving9237]

I didn't set that 15 year rate into that table. That was included in for some reason but it would certainly be higher than 3.75%.

[@lasvegasliving9237]

@@spearmintrhinospearmintrhi6238 Yeah, that calculator set that for some reason, I did not since the 15 year is much higher.

[@j.d.m.3287]

will it get worse before it gets better... home ownership is being squeezed out of existence... one year, five years, ten years from now existing homes will slide into rental properties which will then have unaffordable rents. then what?... the great re-set marches on....

[@lasvegasliving9237]

Something has to change pretty soon because the lack of affordability across the entire economy, especially in housing, is completely unsustainable IMO.

[@RebelMontana]

I feel like Patrick Star I only have 3 dollars meme. We already feeling the financial pain and its just the start. I'm seeing more business closing down and more homes for sale. Nobody wants to buy an overpriced home as reality kicks in. A lot doesn't have the requirements to afford it but I'm guessing the real estate market is hot lava and you can't touch it at this time.

[@lasvegasliving9237]

The overall real estate market is quickly becoming a case of the haves versus the have nots. Lower and middle-class people will really have no chance at homeownership now and especially in the long run if things keep up the way they have been.

[@tanaka.shinji1]

Not enough home builder, only real estate flipper from the world taking over real estate market in the US. I would live in RV or moving to south east asia for retirement. American dream is over sadly. 😂

[@lasvegasliving9237]

Sad but true for many people nowadays.

[@wallye8713]

Zillow was great when everyone’s value was going up. Now that is not it’s a “SCAM”. Come on on people Vegas real estate is like Fla and Texas with Hurricanes. Heck ur in a dessert! Just like your city Real Estate is a big “Gamble” always has been always will be…

[@lasvegasliving9237]

Zillow will never be 100% accurate although their algorithm has gotten better over the years. Your comments regarding Las Vegas being in the desert as if it's not a major city is quite absurd. Las Vegas happens to be one of the most moved to and popular cities every single year.

[@wallye8713]

@@lasvegasliving9237 it’s called SIN city for a reason… oh yeah and how we forget about the October 1st 2017 massacre and the now homelessness just a block off the strip… just outa sight

[@lasvegasliving9237]

@@wallye8713 Absurd comment, every city has it's good and bad moments but Las Vegas continues to be one of the most popular and most moved to cities in the country every year.

[@wallye8713]

@@lasvegasliving9237 sorry visited often for business and pleasure that always end up short I Also have family that lives there. It’s a cr*p hole

[@Mikolay-x7]

Did I tell the house per 1 oz of gold ❤❤

[@lasvegasliving9237]

Okay.🤷‍♂

[@pyrofusiondancer]

California resident here. On Tuesday I'll be voting in favor of a rent control proposition that will give all cities the ability to apply rent control. While I don't like giving the government power over markets, the fact is I see that the entire real estate industry is so corrupt and so powerful, I feel that giving the government more power is the only way to possibly combat ever increasing housing costs.

[@lasvegasliving9237]

That's a tough issue to deal with as letting the govt in is only asking for my problems IMO.

[@kandiloois2881]

Omg make more money and keep up with the Economy! Americans are spoiled. Look at other home prices in Australia Europe This is the times we live in. Can’t expect prices to remain the same, that’s unrealistic expectation. And by the way Las Vegas prices will never go down…..PERIODT

[@lasvegasliving9237]

Easier said than done for most people who are trapped. Everything is cyclical, prices are likely to correct at some point but ultimately will go higher in the long run based on history.

[@rovvt1284]

inventory is sparce. orange gave larry trillions. Larry can just wait it out. Folks are going to pay double to triple for howsing. Mission accomplished

[@lasvegasliving9237]

There's no way it will be sustainable long-term without seeing some kind of correction or crash. Everything is cyclical.

[@TeresaCha-v5x]

Waiting is the way to go with the housing market bc the market just started to correct and it take at least couple of years to shake the over valued prices off!!!

[@lasvegasliving9237]

I agree, I think we will see a correction although home prices will likely go higher in the long run.

[@FrankHouston-v5e]

When a $111K is now "worth" 450K, i'ts a symptom of manipulation and greed without limit. It does not matter how hard you work, The American Dream is dead. Let it all burn!

[@lasvegasliving9237]

Totally true, too bad so many buyers are willing to pays such obscene prices.🤷‍♂

[@BTC909]

Wow 7.174% 30/yr.

[@lasvegasliving9237]

With near record prices and now 7% interest rates, things are only getting worse. Something has to change soon. Time will tell.

[@valentinorossi7771]

Jerry, at about the 10'15" mark where seller dropped the asking [price from $2.2millions to $1.75 , he or she is NOT delusional. You are just being polite. I say it is pure greed. Come on, common sense prevails. Seller should know that. I'll keep watching your channel to wake up potential buyers so they won't be fooled and swindled.

[@lasvegasliving9237]

It is absolutely greed and stupidity quite frankly. Thanks for the continued support!👍🙏

[@realestate_doggie]

With rates being 6%+, prices should be dropped by 25-30% . Then it all makes sense again. For those who paid peak pricing and want to cry about lowered values, go ahead and sell your current home with a 3-4% rate and buy at 6-7%.

[@lasvegasliving9237]

You would think that would be the case in a normal real estate cycle but we are living through unprecedented times right now with massive inflation. Lower prices matter more than 6% interest rates and I don't see a 30% crash coming anytime soon.

[@realestate_doggie]

@ call it an adjustment to market conditions. Nobody is buying homes, sellers need to realize that if they NEED to sell they have to price accordingly.

[@lasvegasliving9237]

@@realestate_doggie There are PLENTY of people still buying homes. Until that really slows down, sellers will continue to keep prices high.

[@realestate_doggie]

@@lasvegasliving9237 Yes I realize that there are still buyers in the market but transaction counts are the lowest since the 1990’s. Just look at how many daily expireds/cancellations there are compared to even a few years ago. Most sellers are delusional and buyers are being realistic.

[@williamwilson9283]

👍💯

[@lasvegasliving9237]

Thanks!👍🙏

[@BoulderCityBlues]

New construction homes are pure garbage .. You’re going to end up putting in more to fix it in the future than paying a higher interest rate on an older home that wasn’t put up fast and substandard just because population is growing ..California did the same thing in the 60’s when everyone started moving to LA ..When the Northridge quake hit it was all those tikytac homes that were red and yellow tagged yet the homes built back in the 50’s or earlier hardly got cracks ..An older home with good bones that you can upgrade is way better than any of these new homes being built that are all looks and no substance.

[@valmeditation9790]

I walked through models up at Sky Point. They were falling apart just from people touring them. I'll stick with my older house, she's doing just fine 😊

[@lasvegasliving9237]

Very unfortunate and true and many instances all because they can't build homes fast enough due to the insatiable demand. Crazy to think that people are willing to pay these kinds of prices for such a lack of quality.🤷‍♂

[@lasvegasliving9237]

@@valmeditation9790 Sad to hear and I've also seen a lot of problems first hand.

[@ricric8348]

Lennar is not telling truth! First example, inside townhome never sold for 397k, only larger outside unit. So 359k is normal price.😢

[@lasvegasliving9237]

There is a lot of smoke and mirrors when it comes to new homebuilders.

[@Mikgwerd]

I hate lennar, any of their houses I go see, it seems like there is always one section of the house like the bathroom for instance where they totally skimp on the quality of the build 🙄

[@lasvegasliving9237]

@@Mikgwerd Quality has definitely dropped significantly from many of the builders.

[@Mikgwerd]

@@lasvegasliving9237 seems like it! Thanks for taking time to answer the comments Jerry! Know any that are still relatively solid?

[@ricric8348]

@Mikgwerd we rented a new Lennar house and the shower leaked downstairs causing a messy repair . Took Lennar 3 weeks to fix.

[@markbrenner1715]

Wait till after the election. Things should drop.

[@lasvegasliving9237]

We'll see how it plays out.🤷‍♂

[@cr8zie]

You’re running out of new and fresh content, Jerry

[@lasvegasliving9237]

I don't think so but okay.

[@thomaskim5008]

Correction in coming years, not coming months?

[@lasvegasliving9237]

Nobody has a crystal ball to determine when a correction or a crash is likely going to happen. I think it could take us another year to see any kind of meaningful price reductions. Time will tell.

[@thomaskim5008]

@ If nobody has a crystal ball, then how do you know the correction is coming? May be the correction does not come and home prices continue to rise?

[@lasvegasliving9237]

@@thomaskim5008 I don't know but I think it's a good bet to assume we are overdue for correction after the last few years of unprecedented appreciation. Ultimately, home prices are very likely to go even higher in the long run because of the inflationary environment that we constantly live in.

[@davidharris7235]

Sellers are just to greedy

[@lasvegasliving9237]

Agreed!!

[@markbrenner1715]

That means the economy is crashing. That's why they are cutting rates

[@lasvegasliving9237]

Exactly, the Fed is nervous.

[@marylee9083]

The home seller may hate you being saying the housing market is crash etc, haha!!

[@lasvegasliving9237]

I don't care, we need a correction to all prices. This is total madness!

[@DDwyer-k6u]

25K downpayment assistance will be very HELPFUL .

[@lasvegasliving9237]

No it won't and it will never happen.

[@justepic7029]

3b 3b - $1.7M GTFO

[@lasvegasliving9237]

That's the reality for now but still hasn't sold at that price point.

[@rickpatterson4495]

So pair a house to a car, House are still cheep,

[@lasvegasliving9237]

What??

[@MatthewCallero-fi5fh]

That comp you used with 2 weekly reductions to 1.7 was bought 6 months ago for 1.1. Why didn’t you mention this? Your screen cut off the sale price in April 24. Apparently the sellers are manipulating the value given by the computer algorithm. Classic computer value scam that you intentionally failed to point out.

[@lasvegasliving9237]

Yes, I could have used the sold price from a few months earlier just to show the absurd level of greed from the current sellers. However, the point being made is that they have now gone through a large price reduction due to massive overpricing. The sad reality is that many of these sellers have profited handsomely from many naïve buyers. I'm convinced most of the sellers are overpricing their homes intentionally to maximize profit, even if it takes a sizable price reduction as they still profit quite well in the end. It seems to fool the algorithm and convince people homes are worth. more than they really are, but again, it was not intentional. Appreciate the feedback Matt.

[@MatthewCallero-fi5fh]

Thank you for the reply. I understand what you are saying, but to my point, you can prove your theory by using the fact they purchased it for 50% of their asking price 6 months later. Forget that they lowered the price twice, that's to be expected after they doubled the price. They do this to inflate the computer value on whatever website (zillow etc) I appreciate your work and will continue to follow you. Keep up the good work

[@lasvegasliving9237]

@@MatthewCallero-fi5fh You make a good point as I am starting to think the overpricing by sellers/investors is intentional to trick and trigger the algorithm on these website platforms creating a false level of appreciation. The price reductions make it look like a "Black Friday" fake sale but still massively overpriced compared to the original price point. It's all just absurd greed. Appreciate the support Matt.👍

[@uncomfortablynumbshow]

Bros been talking about a real-estate correction now for 3 or 4 years. Like they say even a blind squirrel finds a nut once in a while.

[@lasvegasliving9237]

That's pretty funny considering I haven't even been on YT for 4 years.🤡

[@facemakerable]

Las Vegas homes not crash , its only human crash think their home worth SO $$$ much : ))

[@lasvegasliving9237]

The Las Vegas housing market is not likely going to crash but there could be a correction as we head through 2025. Time will tell.

[@rachelaloha9365]

I can wait! Maybe 2026

[@lasvegasliving9237]

Might be a better time. Time will tell.

[@toddlevin]

So I just went to the Lennar website you're using here. There are currently 113 available homes (this includes what they call 'move-in ready', 'under construction', and 'coming soon'). Out of 113 homes, 18 have price cuts. So 85% of these homes are at full ask, no price cut whatsoever. Of the 15% of the homes that do, all price cuts are mostly around 7%. This hardly seems like "misery" to me. I think cherry picking individual data points doesn't serve you well. Why don't you give us Lennar's stats for the past 6 (or even 12) months - how many homes Lennar put on the market in that time frame, how many sold, how many are still on the market, how many are/were price reduced, what the average reduction is was, etc.? Then we can all get a better idea if your cherry picked data points actually mean anything as a longer term indicator, or not.

[@lasvegasliving9237]

That webpage from the video showed many of the homes that they have at reduced prices so that is not cherry picking. Granted, many of them are selling close to their original price points but that doesn't mean that people should be running out and buying homes at these absurd prices, regardless of the incentives that they offer.

[@spearmintrhinospearmintrhi6238]

Relax jezzzzzzz

[@lasvegasliving9237]

@@spearmintrhinospearmintrhi6238 Agreed!

[@rhbarbs]

It's pretty bad.i only had one showing

[@lasvegasliving9237]

Wow, things are definitely slowing, especially into the election.