Las Vegas Homes For Sale - Stolen!

[@lasvegasliving9237]

Wall Street and corporations are aggressively buying up properties, aiming to create a nation of renters. This trend is driving up prices across the U.S., making it incredibly difficult for the average person to buy and afford a home. In markets like Las Vegas, institutional investors target Las Vegas homes for sale, further inflating prices and limiting opportunities for individual buyers. As affordability diminishes, it feels like the dream of homeownership is being stolen from everyday people. However, many sellers who overpriced their homes on platforms like Zillow are now reducing their prices as the total amount of Las Vegas homes for sale has grown over 65% in the last six months due less demand as prices and interest rates remain elevated. 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

[@DDwyer-k6u]

Corporate GREED !!

[@sawtoothbygeorge]

If we ever decide to buy in Las Vegas. you're the man.

[@lasvegasliving9237]

@@DDwyer-k6u Yes

[@lasvegasliving9237]

@@sawtoothbygeorge Thanks so much!👍🙏

[@daidavies6210]

They are buying million dollar homes for rental , The people pay $3500 in rental, If the people bought that house they would have to pay $6800 monthly Mortgage… Do you Understand what that means ? It means they are saving the property Market from collapse…

[@justinflor]

Make it illegal for corporations to own homes. Only actual people should own homes.

[@mikeshafer]

And it should be illegal for foreigners and/or illegals to buy property.

[@lasvegasliving9237]

More wishful thinking than reality.🤷‍♂

[@EnufAlrdy909]

You should also not have property taxes on your primary residence.

[@mikeshafer]

@ yeah it’s kind of scary to find out that you never actually own your property and that if you stop paying that property tax bill eventually you could lose your home - even if it’s paid off. Wow.

[@RasiRobi]

@@mikeshaferyup we don’t really own anything

[@irenmolnar221]

Blackrock is the big problem!!!!

[@faraon2012]

Ours government is the big problem, they run blackrock$. 🎉

[@lasvegasliving9237]

Definitely!

[@lasvegasliving9237]

@@faraon2012 You have that reversed.

[@scbrennan2039]

Mortgage rates are not the problem. My mother had a 6% mortgage for 30 years. ITS PRICES!!!!!!!!!!!!!

[@tuscanyjc]

7% isn't bad either

[@bigb6046]

Exactly, mortgage rates are not really high historically. Two percent mortgages are not a birth right. Where do people think two percent rates come from, if you wouldn't be willing to loan your money to someone for 30 years for 2% why would you expect someone to lend you money for 30 years for 2%. Let's get the Fed out of the mortgage market, rates must be set by the free market where lenders and borrower expectations meet.

[@lasvegasliving9237]

Correct, it is definitely the pricing!

[@lasvegasliving9237]

@@tuscanyjc Historically, no but very bad with prices at these levels.

[@BIGGOODBOY]

Once mortgages dropped to 2% it screwed a lot of future buyers

[@geraldcroft9020]

I think you’re the most honest and straightforward and informative people that I listen to for real estate

[@seannotaro473]

Thats the point, THEY WANT TOTAL CONTROL, SLAVE ECONOMY

[@lasvegasliving9237]

Thank you so much for the kind words and support Gerald!👍🙏

[@dpledoone]

Wall Street’s “pure exploitation to gain an unfair advantage…” is the best quote I have ever heard that captures the current state of the real estate market - kudos to Jerry

[@lasvegasliving9237]

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

[@MikeJMiller90]

I've watched you for so long, but I finally gave in and bought a home. Being 34 yrs old, I couldn't keep paying someone elses mortgage. I hope that being young with my continuing professional growth, I can come out on top of the current housing situation. Thanks for all the information and guidance you've provided 🙏🏻

[@lasvegasliving9237]

Understandable. Congrats Mike!👍

[@puravida5683]

Many of us have looked at another viable option. Purchasing a liveaboard yacht! No property tax, no HOA, and you can relocate anywhere, any time.

[@lasvegasliving9237]

Lol...okay.🤷‍♂👍🛥

[@DDwyer-k6u]

Corporate GREED. !!! LUIGI is a HERO now! Incredible.

[@BREEZYM6015]

Mario is usually the HERO! 😂

[@lasvegasliving9237]

Thanks for watching and commenting.

[@lasvegasliving9237]

@@BREEZYM6015 Thanks for commenting.

[@jaday4230]

Just signed a rental contract yesterday, my rent is only 3400, but to buy the same house would cost 1.2 million, $9500/month with 20% down 😂😂😂

[@lasvegasliving9237]

Scary! Just goes to show you how much cheaper it is to rent than own right now.

[@raymondmoore6049]

@@lasvegasliving9237yes, right now! But, once they have everyone renting we’re all screwed!

[@FuzzyFromYT]

“Only $3,400” is a crazy statement when it’s going towards someone else’s mortgage

[@lasvegasliving9237]

@@FuzzyFromYT Seems that way but much cheaper than buying it. Crazy times!

[@midicine2114]

@@FuzzyFromYT if you were to be on year 1 of a mortgage, almost all of the payment is interest anyway... they wouldn't really be paying down much debt.

[@sunso1991]

Inflation and over regularion are the real problems. I bought my house in 2017 for $340k. Last week the exact same house that was vacant for 4 years around the corner, over grown with mold, with a small tree going though the roof sold for $360k with 6 offers. The real flation in the last 7 years were in the 30% range. And the local zoning and permitting office is hammering new builds and renovation!

[@lasvegasliving9237]

Crazy prices and times!🤷‍♂

[@toddlevin]

A couple of things - 1.) The highest rate of return on your first US map over a 10 year period (which is 87% in MA) yields a rate of return of 6.5% annually over a ten year period, which is an unremarkable rate of return. For comparison, since 2014 the S&P 500 has produced a total return of 233%, equivalent of compounding at a 12.8% annualized rate - so the numbers on your map indicate at best a modest and certainly NOT a "great return on investment" as you are quoted. Obviously the lower states would mean even less of an annualized average return, as the 56% number over ten years in Nevada yields a rate of return of only 4.5% annually over a ten year period - heck, I currently get a guaranteed 4.25% yield in a Chase CDs now without having to tie money up in a house with all the associated costs. 2.) Your quote "There are now nearly 7,000 Las Vegas homes for sale, which is a 65% increase in just the last six months alone due to high prices and interest rates" - this is very misleading. The truth is that this number is actually way down from a high of over 11,000 (!!) Las Vegas homes for sale just two years ago, and this number of 7,000 Las Vegas homes for sale you quote is pretty much the actual average amount over the past 7 years since 2017 (here is a link - fred.stlouisfed.org/series/ACTLISCOU29820 - for reference from the Fed).

[@lasvegasliving9237]

I appreciate your insight but the amount of capital these corporations have is unfathomable and can easily deploy it into RE to not just get an "average" ROI but rental income to boot. The 7,000 Las Vegas homes is not misleading because you're comparing it to pre-pandemic highs and these current levels is certainly a lot higher (and better) than 3,000 we had available just a few months ago.

[@toddlevin]

@@lasvegasliving9237 If you look at the Fed link I provided, the all time high of 11,000+ Las Vegas homes on market was only twenty-four months ago, and certainly not 'pre-pandemic' as you suggest! In terms of pre-pandemic numbers you discuss, the Fed chart linked clearly shows an average amount of homes on market between 2017-2020 (when the pandemic started) to be 7,000 - 7,500 which interestingly, is still where we are at the current moment. It seems the amount of homes in Las Vegas on market comfortably swings between 4,000 and 11,000, but the one thing you never address - that number should consistently rise over time, because there are more houses total as more building takes place. Meaning the percentage of homes on market doesn't change, but there are more homes available because the supply is constantly increasing over time.

[@thackskidmore3647]

A 6.5% annualized return is great if you are leveraged to the hilt at a tax deductible 2.5% interest rate. But when money isn't free anymore something has to change

[@lasvegasliving9237]

@@thackskidmore3647 Good point.

[@mikemay8334]

The problem has been from the flippers. I warned about this years ago. The first time buyers can’t afford a house now unless they’re making $1 million per year. I don’t know how they can do it.

[@lasvegasliving9237]

Big corporate investors and smaller ones (flippers) are the plague of this industry.

[@FuzzyGreyPenguin]

someone making $1M a year can buy multiple single-family homes, all-cash / no mortgage. So, you definitely don't need to make $1M a year to be a homeowner.

[@mikemay8334]

@ , you have heard of the debt ratio? As a young person trying to buy their first home can not spend more than 1/3 of their income on a house payment. When your Avery home is selling for 500k that means your payment will be somewhere around 5k per month and that’s not including taxes and insurance. That’s still $180k per year income needed and that’s with nothing extra. I was being sarcastic about $1mi but I can see it wasn’t wasted on a person of your caliber 😂

[@lasvegasliving9237]

@@FuzzyGreyPenguin Correct

[@lasvegasliving9237]

@@mikemay8334 Yes and they have been financially stressed to the max to buy average homes (at best) because of the ridiculous amount of inflation and corporate buying in recent years.

[@TenebraeObscura]

I must say I like this inventory situation. I am in a desirable market and had put my house for sale at a reasonable price in 2018. 34 visits and 34 rejections: driveway not straight, not flat enough, kitchen too dark, backyard not big enough… Now it is on market again at a fair price and buyers are falling over themselves to bid. 😆

[@mikeshafer]

They should abolish residential REITs and force existing corporations to dump their holdings over the next 10 years. I think the idea of REITs is great but in practice they destroy the American dream. And for some bizarre reason in LV especially !

[@lasvegasliving9237]

Institutional ownership in the residential real estate space is the biggest plague to the industry. They have literally ruined the market for millions of people simply because of greed. As much as we'd all like to see them go away, they won't because they are too wealthy and powerful.

[@chrisweidner4768]

Worked 50 years. Planned my savings to purchase a retirement condo when retired…… only to see the prices triple in the past 3 years. Sigh.

[@lasvegasliving9237]

Sorry to hear but real estate prices will not wait over the long haul.

[@rss608]

yes, we need to force the the "corps" out of the home RE market. These corps are not performing the update and maintenance needed on the rental homes. So many renters have gotten fed up and moved into RV's. Need a special "corp" land tax to help pay for the infrastructure that they are taking advantage. The "rent helpers", street maintenance, park expenses, dog catcher, police, fire should all be paid for by an additional "corp" RE investment land tax on each property. Meaning that a home owner /occupied discount needs to be instigated. Thinking 40% for increase for non-owner occupied homes.... that way the cities can afford to pay for the infrastructure. yes, I know, going to slow down the Airbnb and small investors and drive the price of housing down... But is that what we want to get folks off the streets!

[@lasvegasliving9237]

I hate to say it but that's more wishful thinking than reality. It's simply won't happen.

[@mark7s980]

Florida housing is collapsing, too. Mostly because of storms and sky-high insurance rates.

[@lasvegasliving9237]

Yes, heard it's pretty rough down there now.

[@plektosgaming]

130,000 homes in Vegas are now investor owned. This isn't even considering snow birds or those held off market, which raises the numbers even further. Overall, 20% of Vegas is now owned by people who aren't living in those homes as the primary owner/their primary residence. The only silver lining is WHEN it finally does collapse, it's going to be a dizzying fall as the profiteers flee like rats.

[@lasvegasliving9237]

It's scary that this is allowed! We'll see how it plays out.

[@thackskidmore3647]

@@lasvegasliving9237 Its not "allowed" it is incentivized. We encourage real estate investing and speculation! We give tax breaks for interest, we give deductions for property tax and we give tax breaks for investments that last longer than 365 days.

[@Trump-rv4nz]

in my neighborhood in the San Francisco Bay Area on the peninsula, home sales are down and some have been on the market for a couple months. Quite a change from the last few years

[@thomaskim5008]

Even then, the Bay Area home prices will not drop much.

[@lasvegasliving9237]

Yes, things are changing but certain areas like the Bay Area will always have elevated prices.

[@lasvegasliving9237]

@@thomaskim5008 Sad but true. That will always be the case for certain areas.

[@BREEZYM6015]

What is there left to do in the Bay Area with all of the stores closing and businesses leaving?

[@Trump-rv4nz]

@@BREEZYM6015 some malls are still packed

[@johnlynn6290]

We will see the Hand Of God move and we will see real estate go back to being what it once was a place to live and only a place to live not an investment.

[@lasvegasliving9237]

I respectfully disagree.

[@georgemyers7980]

Who cannot see that this should be illegal for big hedge funds or entities to purchase residential housing.. what do you expect to happen when you allow things of this nature to occur...

[@lasvegasliving9237]

It should be illegal but Wall Street owns most of the politicians who make all of the rules. It's one big dirty game.🤷‍♂

[@mrchad97z49]

Yes, housing has a normal rate of increase, which is historically about 4.22% per year when you average each of the annual rate of increases for the past 62 years. This is based on FRED's historical average sale prices since 1963. So, Based on that rate of increase of 4.22%, if you go back to 1963, which had an average sale price of $19,300, and if you add 4.22% every year... It means the current sale price for 2024 should be $237,000 instead of what FRED reports as $520,000. So this means home prices are roughly double what they should be, if you follow the average rate of increase.

[@lasvegasliving9237]

What should be and what is real are two very different things.

[@BREEZYM6015]

How do we get the prices back where they should be?

[@mrchad97z49]

@@BREEZYM6015 the FED controls the banks and they say they are continuing their tight monetary policy even if interest rates drop 0.25% haha So, the squeeze is already on because if there is no loan, then there is purchase.. And I hear 25% of loan applicants are being rejected. Plus, supply is a lot higher now than what it was 2 years ago. So in my opinion, the squeeze is already on but getting a recent purchaser to take a loss will most likely have to be done under a foreclosure unless someone really wants to avoid foreclosure. But not everyone bought at the peak. Most people have loans that are much lower. I see houses on retail for 400k (example) in Dallas but if you look at the "Notice of (Substitute) Trustee Sale" posted at the County Clerk , it often lists the item that is being foreclosed on, the Original loan for only $250k (example). So many people bought when prices were much lower. But as a side note, if the original loan was 250k, the amount they owe is always Lower. And usually MUCH lower. They may only owe 100k.. The actual amount they Owe is not published but the longer a person has a loan in play, usually they pay it down more so than if someone had a loan for just 2 yrs. This is another reason why a few years ago, Lenders require 20% down so they can punt your house to the Trustee in a foreclosure without losing any money. So they dont care much if you default because they will get their money back. Plus, usually a loan is orginated and then Sold to foreign investors to hold. So, your House payment is literally Feeding the World. So the originator doesnt have a vested interest if the loan is sold in 6 months. Plus, rating agencies are Hoaky. So half the time the buyers of these loans dont even know what they are buying. Or the level of risk associated because the agencies are faking the numbers so the CDO can be sold. At least, that is what was happening in 2008/9.. But anyway! How do we get back? Keep the squeeze going.. worse case, outside forces creating a black swan event. And btw, I wonder if people realize that even if interest rates drop to 5%, you are still paying 2 times the sale price over 30 years. And that is not including property taxes. So what do we do? Pray. and wait.

[@MichaelInTheDesert]

@@BREEZYM6015you won’t.

[@mrchad97z49]

@@BREEZYM6015 i had a big response but youtube deleted it Or someone did. The short version is just wait. The squeeze is already on. The Fed is restricting the money supply so I hear.. And I hear that 25% of mortgages are being rejected. This is how they can reduce the money supply.. by not giving loans. Credit and loans equals MONEY. People get credit and they take a check and pay someone and POOF, money is credited from credit. Plus a lot more supply is on the market now than 2 years ago. So, the FED's actions are working but just like the 2008 crash happened, it took time. Even if mortgages drop to 5%, you are still going to pay 2 times the sale price over the course of 30 yrs.. So even if the Fed drops the prime rate by 0.25% it wont matter in housing. Plus mortgage rates do not always follow the prime rate. I have seen recently when the prime rate dropped and mortgage rates went up. They are not the same thing. And dont forget about property taxes. you have to pay that too along with the 30 yr mortgage.

[@StarCarlton]

If Zillow had their "Zestimate" at the correct price, lots would change. Where is Zillow getting their estimates? Why not estimate it at the correct price? Their numbers are not accurate. They go with whatever the homeowner has the home listed as.

[@lasvegasliving9237]

Their algorithm has gotten better over the years but of course it's not perfect. It's very hard to gauge exact prices without being able to run targeted comps.

[@rss608]

I wouldn't buy any residence or house right now. It has become cheaper to build your own house from scratch....

[@lasvegasliving9237]

That's not true at all. It is very costly, time-consuming and comes with many headaches to build your own home from scratch.

[@rss608]

@@lasvegasliving9237 I'm sitting in the living room of the 2200sq ft house that I built. true, it did take me and wife 3 years to finish it but no loan....

[@officerzanzibar701]

Larry, a problem that I see is that homes are so overpriced, even if the market reduces the price of housing, say 50 percent, housing is still too expensive. Example, if a house selling today for $850,000 is reduced 50 percent, it would still be too expensive at $425,000.

[@lasvegasliving9237]

The problem is that every sector of the economy is too expensive, especially home prices. It's very unfortunate that the pandemic was the starting point in creating such a financial mess for millions of people.

[@BREEZYM6015]

Who is Larry? 😂

[@MrKsteph01]

I agree with what you are sharing regarding ridiculous markups in pricing, and happy to see all the reductions. I'm wondering if you can share some what investments were put into flip houses, both costs and improvements, that can help us understand why a seller things 100% price increases are justified. It'll help us viewers understand the arguments you make about homes being overpriced. Thank you, and I enjoy your weekly education. Cheers!

[@lasvegasliving9237]

There really is no way to know the exact amount that investors put into each of these homes to determine why they are increasing the prices so much. The simple answer is that they are trying to maximize profit while minimize costs on renovation. Greed keeps getting worse and worse. Thanks for the support!👍

[@67ak7632h]

I believe that in 5 or 6 years the stock market will crash back to a fraction of where it is now. People will not have the incomes for million dollar homes, including condos. Also they will not be renting apartments at $3,000 a month and a huge exodus out of these areas.

[@lasvegasliving9237]

I respectfully disagree with that assessment.

[@67ak7632h]

It's not an assessment of REALESTATE but of the stock market being so highly over priced and of historical results of lowering interest rates.

[@lasvegasliving9237]

@@67ak7632h It won't happen. The "machine" won't allow it.

[@Valhalla_Heathen]

That house behind is incredibly gorgeous! When the time is right to buy, I will certainly come to you 😎 Happy weekend brother! Cheers

[@lasvegasliving9237]

Thanks so much. The home behind me are beautiful semi custom homes from Toll Brothers. Reach out anytime!👍🙏

[@msk384]

Where can you have property taxes of only $600 a year? In many cities, that is a monthly cost .

[@lasvegasliving9237]

True.

[@InvestingWithAdamK]

If the one on Morehouse has accurate taxes and insurance estimates of approximately $300/month combined, so long as can rent for 1,800-1,900 a month seems pretty reasonably priced at this point. Happy Weekend Jerry

[@lasvegasliving9237]

Yes, and likely will sell fairly soon after multiple price reductions.

[@da808fam5]

Who's buying all the homes and renting them out?

[@lasvegasliving9237]

Wall Street, corporations, smaller investors.

[@danieltres6824]

Hey guys…. I don’t think it’s a crash but yet a downturn on the house market. I believe the house market is at the all time high and will see as much as a 30% drop between now and the next few years. Just remember folks corporate company’s can’t buy all the houses nor will be able to get renters to pay 3k to 14k a month on these properties so the corporate companies that are buying will realize this and sell off what stock they are holding on real quick in the next 5 years. Stay positive all and wait if you are thinking about buying. There’s still more downturn in this crazy market so be patient my friends😊

[@lasvegasliving9237]

Thanks for your insight. We’ll see how it plays out.

[@Matthew-yj1nd]

There is a simple solution to this problem, don’t rent a single family home!!! If they can’t rent them they’ll sell them.

[@lasvegasliving9237]

Agreed!

[@BREEZYM6015]

I'm glad I bought last year if it's only going to get tougher to buy.

[@Resmith18SR]

Jerry, I think you should substitute the word greedy for delusional when describing these sellers who think their house doubled in value in just 3 years.

[@lasvegasliving9237]

I use that word more than you think if you've seen my previous videos.

[@cynthiawylie3584]

The higher the national debt the more money is printed because each dollar is worth less and people need more dollars to buy anything. I was born in the fifty’s, a candy bar was 5 cents, bubble gum 3 for a penny.

[@lasvegasliving9237]

Inflation is crushing millions of people against lagging wages. Very little will change over the long haul as more and more people suffer financially against it.

[@alexb.5047]

The country has experienced tremendous growth/gains in securities and housing over several years. Personally, I think banks and institutions are overleveraged in many areas and once they start to pull back we will see the true numbers. The problem I feel is that there are artificial numbers in the economy that are told to the American people. They should just be honest about the figures and let the markets play out as they should. I recently read an article about Real estate in the 1970's and there were so many similarities. Housing supply challenges, population growth, inflation, national and global economic worries. Something has to give and as it has always been said...."History repeats itself." I truly believe corrections are good, they are healthy for the markets to reset and take their foot off the pedal for a bit." Best of Luck everyone. The cost of living is nutz!

[@lasvegasliving9237]

Good insight Alex and I agree with you!

[@alexb.5047]

@@lasvegasliving9237 always providing value in the Las Vegas market! Thanks so much for your content!

[@lasvegasliving9237]

@@alexb.5047 My pleasure! Thanks for the support!👍🙏

[@qualitytouchpainter]

Vegas homes are newer than some of the old relics in other cities. The internet is changing everything. Build back better includes cities. Cheaper to build a new city than repair one. You cannot deduct the cost of interest and taxes on zero income. Let alligator properties eat all their equity.

[@lasvegasliving9237]

Good insight!

[@MarRon98]

Highest foreclosure rates in Nevada, Florida, and Connecticut

[@lasvegasliving9237]

Yup.🤷‍♂

[@RasiRobi]

I didn’t know foreclosures are going up in Nevada. 😮

[@lasvegasliving9237]

@@RasiRobi Highest in the nation.

[@misosour]

It’s different this time rates mean nothing Prices only go up

[@lasvegasliving9237]

Something has to give at some point.

[@jessieflores9324]

Thanks for the update.

[@lasvegasliving9237]

My pleasure Jessie!👍

[@morningsalute03]

The last house should of cashed out a while ago. They got greedy. Not to say they won't make a huge gain but definitely missed the high point.

[@thomaskim5008]

That home is worth a low $300k

[@lasvegasliving9237]

They will still do well, hard to time the market.

[@BREEZYM6015]

​@@thomaskim5008How will you react if it comes in higher?

[@lasvegasliving9237]

@as2223 Insanity!

[@roongrunchaichongolnee7484]

Don’t blame Wallstreet. Blame government for printing money

[@lasvegasliving9237]

Both are to blame.

[@murphthesurf3409]

Monopolize food and water too !

[@lasvegasliving9237]

Everything!

[@diamondbuyers]

These are rookie prices, come visit Sydney

[@lasvegasliving9237]

I heard it's the worst down under!

[@diamondbuyers]

@@lasvegasliving9237 Average price for an average 3bdr 2 bth in an average suburb is over $1m to $2.5m

[@darrylperry6029]

I believe housing prices will decline slightly or stabilize with little to no growth from 2025 to 2028. My view is that the current prices were artificially inflated and the fact is that there are limitations on all commodities, including housing.

[@lasvegasliving9237]

You could be right or you could be wrong. Time will tell.

[@darrylperry6029]

So true. As I learned earlier in life, there’s always the SWAG theory that comes into play. We’ll see. 😊

[@kermicgreen3370]

Jerry does that mean these properties are returning 70+% over a 10-year period on rental incomes, or the values are appreciating 70+% over the same period?

[@lasvegasliving9237]

Those are the values of the homes appreciating over that 10 year period of time.

[@kermicgreen3370]

@ okay thanks. Wow that’s crazy. The rich get richer!

[@lasvegasliving9237]

@@kermicgreen3370 Very true! Thanks for the support!👍

[@EnufAlrdy909]

Local realtors at REMAX here in Northern AR believe the market here is going to explode upwards beginning in February 2025. They're betting the farm on it!

[@lasvegasliving9237]

Not surprising.🤷‍♂

[@mrodd1234]

Don't rent from the corporations...... Boycott them, ban them from buying....

[@lasvegasliving9237]

Easier said than done. They will never be boycotted.

[@senmcquire]

Clark County just updated my property tax assessment values. They increased the land assessed value by 1% and decreased my home/building by 1%. Not sure what that means.

[@lasvegasliving9237]

Weird🤷‍♂

[@achenworth1]

Prices are outrageous. Too much money chasing too few homes. Its not the interest rates. I paid 6.5% on my first mortgage in 1998. That is a fair rate. People got spoiled with artificially low interest rates the past 20 years--and it devastated the interest payments to savers.

[@lasvegasliving9237]

Agreed, it's not the rates, it's the price points that are outrageous and what is causing so much financial stress.

[@FuzzyGreyPenguin]

What % of single family homes are owned by large corporations? Feels like the main reason home prices remain high / continued going so far up is because first time homeowner keep paying more and more for homes & bidding above list price, and paying more than they can afford - not because corporations have snatched them all up.

[@lasvegasliving9237]

It's hard to know for sure what percentage of homes are owned by large corporations. The fact that they have been allowed to invade the residential real estate market is an atrocity. They have taken a tremendous amount of homes off the market, which has created a LOT more demand over the last few years. This is a very big contributing factor to why first time homeowners are naïvely bidding up the prices of these homes when they have no business being at those price points.

[@RasiRobi]

Buy overseas and retire there

[@lasvegasliving9237]

Not a realistic option for the vast majority of people.

[@maxmurphy7306]

​@lasvegasliving9237 Why i did already in spain and morocco, bought 2 condos already occupied until summer , after that Airbnb for the summer.

[@RasiRobi]

@@maxmurphy7306 smart! Same thing here but in Central Europe

[@BREEZYM6015]

​@@maxmurphy7306He said the vast majority of people aren't going to be able to do that. He didn't say it was impossible for anyone to do it.

[@John_GGG]

9316 Morehouse is sale pending now as of 9/16.

[@lasvegasliving9237]

Yes, we'll see what happens on the final closing price.

[@wayneirwin-f1z]

Inflation has bled the middle class dry. In 1966 I started my 1st job where I had taxes taken out of my paycheck. I started at $1.05 an hour and made $42 after taxes I brought home $39. It doesn't seem like it was worth the 40 hours from today's perspective however,an ounce of gold was valued at $36. How much would a minimum wage earner have to be paid today inorder to be on par with the mid 60's?

[@lasvegasliving9237]

Inflation is truly wiping average people nowadays. Sad to see the direction of this country.

[@Kevin-xz4jq]

Great comment. Currently an oz of gold is $2660. That would be the equivalent of earning $3103 per week, or $77 per hour! Imagine getting your first job and earning $77 per hour or $160k a year. Todays middle class are truly fighting an uphill battle.

[@nicweethee]

Hey Mr Abbott. I am wondering if the hedge funds and what not are buying up all the real estate while is inventory piling up in Vegas?

[@lasvegasliving9237]

No, that does not seem to be the case as inventory has gone up 65% in just the last six months alone.

[@nicweethee]

Ok well maybe they have pulled back because rates are going back up. Maybe we will see some equilibrium. Hopefully pensions aren’t investing in MBS’s as much as the gorged theirselves on back in 06’-07’.

[@lasvegasliving9237]

@@nicweethee The fact that they were able to invade the residential real estate market is an atrocity. They've ruined homeownership for millions of people due to their never ending greed.

[@nicweethee]

@@lasvegasliving9237 ain’t that the truth. It used to be the American dream to buy a home for yourself and maybe if you were lucky enough to nest away enough to put a down payment on a second home you would be able to retire with some dignity having equity and cash flow from that second home as a rental property. Now most millennials and gen z are stuck renting because there is no way with their annual income will they be able to get a mortgage from a bank to own a home.

[@joeblow3939]

I think a lot of people believe they should get all there tax money as well as there utility money's reimbursed when selling.

[@lasvegasliving9237]

That would be nice but certainly not reality.

[@qualitytouchpainter]

If they can’t rent it for $2K a month, who would buy it for $400K? Average union service worker gets paid $15 an hour. The union service worker cannot afford a 1 bedroom apartment.

[@lasvegasliving9237]

It's all based on supply and demand. The market is changing and I think a lot of these property owners are going to suffer once we see the economy hit rough water.

[@sawtoothbygeorge]

In my opinion home prices seem to be reasonable with prices at the 2020 level, however, most people selling their home have a mortgage at really a too high, they, homebuyers, got greedy and are getting screwed.

[@lasvegasliving9237]

Home prices are anything but reasonable compared to 2020 prices.

[@sawtoothbygeorge]

@@lasvegasliving9237 Exactly!

[@SINCITYPATRIOT]

It was great seeing you in coffee bean, keep up the great work👍

[@lasvegasliving9237]

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

[@glennday7802]

Las Vegas area is a hellhole. Hard pass.

[@lasvegasliving9237]

Different strokes for different folks.

[@googleuser3316]

Yep. Was just visiting there a couple weeks ago and the people seem so soulless. Everything in Vegas was about $$$. Henderson and Boulder City were decent but really in their own bubble.

[@lasvegasliving9237]

@@googleuser3316 Las Vegas has certainly changed quite a bit, especially in the last few years.

[@sawtoothbygeorge]

So many of the so-called returns are unrealized returns Mortgages are paid, most of the time, are paid for with after tax dollars, depending on what your mortgage is depends on what the after-tax cost of a home really costs. The higher your tax bracket the higher the out-of-pocket cost. Plus, property taxes will "kill" a lot of the pocketbook. Properties are so darn overpriced it is sickening.

[@lasvegasliving9237]

Very true. Owning property is not for the faint of heart. It's a lot more expensive than most people think.

[@sawtoothbygeorge]

In my opinion I think 2020 prices are about right with our diminishing economy.

[@lasvegasliving9237]

@@sawtoothbygeorge If that were the case then we would have 2020 prices but that is very unlikely to happen again.

[@sawtoothbygeorge]

@@lasvegasliving9237 The pundits are certainly trying to prevent it from happening, but possible. Wages must increase to levels required to prevent it from happening. Prices of homes come down or wages go up. My bet is wages should go up but it may take a full decade or so. With the fullness of time, we will know.

[@jimmymcgill5572]

Do you think $1.5-2m homes in 89138 still fall into this category or it’s way different in this zip code because of buyers wanting to be in the best zip code in vegas?

[@lasvegasliving9237]

I'm not sure why you think 89138 is the best zip code as that as is a matter of opinion but it certainly a popular area based on historical sales and upcoming communities. I don't think any particular zip code will isolate itself if we see an overall correction in the economy and housing market. A rising tide lifts all boats and lowers them as well.

[@jimmymcgill5572]

@ It’s a matter of fact. Outside of the strip itself which is skewed because of the expensive penthouses, 89138 is the most expensive zip code in Las Vegas. Thus, it is the most desirable and competitive.

[@lasvegasliving9237]

@@jimmymcgill5572 I still think no area or zip code is immune to an overall market downturn.

[@TheeLynnChase]

Hey Jerry! Great show a always. My Saturday morning show with my first cup of Joe. Jerry and Joe. 😊 On your third example where they purchased at the bottom of the market for 118k , and provided they actually sell their home for the 409k and make the over quarter of a million dollars, Too bad that quarter of a million dollars isn't worth what a quarter of a million dollars was worth back when they bought their 118k house. 😮

[@lasvegasliving9237]

So true! Thanks so much for the continued support!👍🙏

[@BREEZYM6015]

Where did the phrase "cup of Joe" originate from?

[@TheeLynnChase]

​@@BREEZYM6015 ​@BREEZYM6015 No idea but Google had this: back in the late 1800's coffee company Martinson Coffee trademarked the term “cup of joe,” suggesting that the slang term comes from the company's early years.

[@bigscores7237]

Credible estimates put the number of illegal immigrants alone, not to mention legal immigrants, at as high as 50M. At the same time, Detroit has had over 50% of its housing stock destroyed and the rest rendered unlivable for anyone sane. That's 700,000 housing units removed from inventory. Similar dynamics have played out across many cities. Plenty of advanced countries, like Poland, Russia etc have housing costs that are fractions of what things cost in the US. The foregoing are major contributors and are rarely discussed or even mentioned.

[@lasvegasliving9237]

Thanks for sharing that. We'll see if it changes anything going forward.

[@dean98052]

Are sellers really delusional? Or is this part of their plan, to initially list at an insane starting price, and then drop the price just to make that part of their incentive?

[@lasvegasliving9237]

Many are for sure but many are playing the game like retailers on Black Friday.🤷‍♂

[@lighttheworldonfire3364]

They bought ~14% of properties. It's only a little higher from time past. But yea I don't think investors should be buying starter homes stripping them from young people.

[@lasvegasliving9237]

It's a lot higher than 14%. Investors, small and large, are the plague of this industry.

[@lighttheworldonfire3364]

​@@lasvegasliving9237 It peaked in 2023 at 29%. But a majority of properties bought are small investors. The number I quoted is correct unless it doesn't include small investors. That still drives up the price. For example during the GFC in 2008 I think foreclosures went to 3% from their usual 1.5%. But by ratio this is double the the amount. Creating the GFC. I know a small investor who rents 7 properties. I know another acquaintance who owns pieces of many and I think still has an apartment complex left. He went from being a caring person to a selfish person with wealth entitlement complaining how others mooch off the system. Meanwhile he says his kids are registered in the better school counter in "gramdpa's house" when they are in a crappier county sucking my tax dollars paying for his kids education. The hypocrisy of it.

[@richardvanderpool7540]

If no one can buy, what difference does it make what inflation does.

[@lasvegasliving9237]

There is still a large contingent of people who can comfortably buy homes in this country.

[@thomasfranco5997]

What up Jerry. I just had a Starbucks Grande Pike. I am like hyper like Kraemer in Sheinfeld, when he drank too much coffee awesome episode. I just seen yesterday a home like the one behind you. Where they were selling one just like it in Las Cruces, New Mexico for $500,000 but when the real estate agent showed the model there were many upgrades then it came up to $825,000. Sorry too smart for that. Jerry, you are the only few who tell the truth!!!💯👍✌

[@lasvegasliving9237]

I hear you! That home behind me has a base price of $2 million but if you add in some decent options and a lot premium it's closer to $3 million. Scary to think how much these homebuilders are making off of such reckless buyers.

[@scott-gy6fe]

a twenty percent correction is overdue...the party ends when buyers are unable to finance their dream. Look for 50 year mortgages to appeal to 25-year-olds priced out of home ownership.

[@lasvegasliving9237]

Agreed and scary!

[@ern.col.1588]

Jerry, I doubt I'll ever be able to buy a home but if that ever changes, you're my guy.

[@lasvegasliving9237]

Unfortunately, buying a home is only getting more difficult over time for millions of people. But thanks so much for the kind words and support!👍🙏

[@BREEZYM6015]

I bought a townhome last year in Las Vegas buy understand that buying a townhome isn't ideal for everyone.

[@syedullah613]

Look at the real estate what it’s gonna do in one year, historically you can look at new car market, which is crashing right now. If the income triples, then it makes sense that the home prices could go up three times but the income has not even went up 35%since 2012.

[@lasvegasliving9237]

Incomes will never triple. Homeownership ultimately is going to be for people in the one percent club in the long run simply because it's far outpacing income growth.

[@senmcquire]

I really curious to see what happens when the FHA and VA loan foreclosure moratorium ends on Dec 31st. I know the ripple affect. will take 6 to 9 months but I’m wondering how many homes are going to be in that tsunami

[@lasvegasliving9237]

They were extended into April 2025.

[@ssam168]

The house behind you look very nice, wonder how much it cost.

[@lasvegasliving9237]

Brand new two story model home in a new community called Ascension (in Summerlin). Builder is Toll Brothers, specific model is Crestline. Base price is approximately $2M, nearly 5,000 sf.

[@whoisjohngalt7655]

This is why we need to stop renting from big investment company's and spread the information BOYCOTT

[@SheepAmongG.O.A.T]

It should be illegal for company's to buy real estate for profit, just as it should be illegal for other countries like China to do it.

[@lasvegasliving9237]

True but not likely going to happen. They are too powerful.

[@lasvegasliving9237]

@@SheepAmongG.O.A.T Agreed but not likely going to change anytime soon.

[@davedefea5530]

The prices just seem too high. Relative to everything else.

[@lasvegasliving9237]

Everything in this economy seems very high in price, especially homes. I don't think we're going to see any kind of crash throughout all sectors of the economy regarding pricing.

[@g9351]

Write a good offer to the house you'd like to buy. Listing price and Zestimate price are only for reference. Trying to find a good deal is better than sitting aside. Some sellers are willing to accept lower price but not all. In current market many sellers are off from the market and waiting for the next strike. Affordability has been dropping especially in the last few years. Buy when you still can.

[@lasvegasliving9237]

Good advice.👍

[@ChadLusk-t8m]

I agree with you Jerry. I think that there will be a crash. Thanks

[@lasvegasliving9237]

I don't think we're going to see a crash, but I do think we are overdue for a correction. We'll see how it plays out. Thanks for the support.!👍

[@Youtuber-yc4uo]

Ohhh bbooo hooo!!! ARE AMERICANS COMPLAINING ABOUT CAPITALISM???!!!!!! HAHA

[@lasvegasliving9237]

There’s a fine line between capitalism and obscene greed.🤷‍♂️

[@Youtuber-yc4uo]

@lasvegasliving9237 that's the thing. "greed " is not a concept that exists in capitalism. You can't make "greed" illegal. You first have to acknowledge capitalism has problems.... and Americans are too stupid and brainwashed to question capitalism.

[@stella-gx8ne]

When Trumpie gets in it’s going to be brutal…… Just BRUTAL

[@lasvegasliving9237]

Not so sure about that.🤷‍♂️

[@Harleylady]

Brutal how? Trump is not my savior as Jesus is. Facts don’t support it will be brutal under Trump. (I was a never Trumper in ‘20. Didn’t vote OBama to a third term, but voted Trump this go around.

[@edwardsteinmetz-gl3zl]

For the algorithm. Price, price, price. Then add taxes and insurance. What do you live on?

[@lasvegasliving9237]

Very hard for millions of people.🤷‍♂

[@mikeshafer]

No offense to Dave but I think he’s way off. We aren’t going to see a 3x from here over the next 5-6 years. That would price out 99% of buyers. We already hit peak for this cycle. It’s going to turn downhill once we hit Sep/Oct 2025.

[@lasvegasliving9237]

I agree with you Mike. There's no way that will happen in five or six years.

[@DavidMadeira29]

The bigger the Estate, the longer the debts extinguishment, it has always been like that. Keep an eye on the cold weather forecasts. Namastè.

[@lasvegasliving9237]

Thanks for commenting!

[@TuanNguyen-yc4wz]

Good Morning Brother JERRY 👍👍👍🇺🇸🇺🇸🇺🇸🏦🏦🏦🥰🥰🥰

[@lasvegasliving9237]

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

[@Noname-fw7uo]

Brother Jerry is in the hooouuussseee!

[@lasvegasliving9237]

@@Noname-fw7uo Right on!👍

[@larainimagine1]

Now they are building new rental homes... corporations get around it

[@lasvegasliving9237]

Yup🤷‍♂️

[@John_GGG]

Jerry, with websites like Zillow that give potential buyers so much more information about values, are home buyers any smarter in their decisions?

[@lasvegasliving9237]

Not really. Buyers seem to throw caution to the wind, especially during these last few years.

[@rickjobs638]

Remeber the coal mine, you work for the mine,you rent their homes, you shop in their stores.

[@lasvegasliving9237]

Different times.

[@rickjobs638]

@@lasvegasliving9237 Those time are back blackrock,van guard,statestreet are one company they own most of everything.

[@franka.7481]

No one but a very select few will be homeowners if prices tripled. Serious action needs to happen in stopping wall street buying up homes. Who will be the market for realtors and mortgage brokers who work in residential real estate??

[@lasvegasliving9237]

We will not see home prices triple by the end of the decade. There's no way that will happen, it's already unsustainable.

[@gachauni9083]

How easy is it to find a renter in Vegas?

[@lasvegasliving9237]

Las Vegas is a big city for renters. There are a lot of new buildings popping up because of this but it all depends on the property you're trying to rent and if the price is reasonable or not.

[@Chestercountyblack]

You cannot blame the sellers bc the appraisal price is what it is especially when new luxury homes are sailing for much higher and giving you less. No one is going under there appraised value no matter how much the percentage of the market goes up! Vegas has a lot factor that are stimulating the market compared to others. This is a fact and l foresee it getting worse for buyers in the short term.

[@lasvegasliving9237]

I think it's likely to see a correction before home prices ultimately go higher over the long-haul. Time will tell.

[@whosbehindthedoor8788]

Lean with Dave. Insurance, taxes cost of construction is stealth up.. this time around a lot of houses paid for or at 3% mortgage.

[@lasvegasliving9237]

He's not wrong based on history but if we get to those levels in 5 years we are all going to get wrecked.

[@edwardlovescrypto4296]

I’d be very curious to see how the housing market reacts to ww3

[@lasvegasliving9237]

Nobody knows what the future will bring or how it will change the economy.

[@lockup6104]

Good morning Mahalo 🤙🏽🤙🏽🌴🤙🏽🌴🌺🌺🍍🍍

[@lasvegasliving9237]

Mahalo buddy!🤙🌴

[@All_Things_Digital]

How much is that home behind you? Thanks

[@lasvegasliving9237]

$2 million base, closer $2.5M with options and a lot premium. New semi custom homes from Toll Brothers.

[@j.d.m.3287]

the overall cost of home ownership is well on its way to 3x.... consider in the 70's and 80's the real estate tax assessments, insurance costs, HOA fees were minimal to zero...additionally, monthly utilities were low, TV was free, only one phoneline into a house.... today, the "add-ons" to mortgage payments have made true ownership nearly impossible.... where are the stable employment opportunities in America..? Who is earning the 150,000 - 200,000 per year..? Las Vegas has stable opportunities, but, base incomes are not at high enough levels...

[@lasvegasliving9237]

Homeownership is going away for millions of average income earning people. It will likely only be for the upper one percent club in the long run.

[@j.d.m.3287]

....Also in the 70's and 80's, mothers (women) only worked if they wanted to... domestic car payments were no more than 300/month, gas was 0.55/gallon... the kid delivering the morning paper could save up and buy a car within a year or two... the american train has jumped the tracks, good luck to the kids of today...

[@lasvegasliving9237]

@@j.d.m.3287 The good old days.🤷‍♂

[@davidmajer3652]

Those glasses really compliment your face. You made a wise selection.

[@lasvegasliving9237]

Thanks so much David!🙏

[@sunnienie239]

wow nowonder home sale sold less than a week 'Corp buy any homes on the market this got to be stop

[@lasvegasliving9237]

Corporations have contributed to these absurd home prices and it will not stop in any measurable way anytime soon.

[@sunnienie239]

@@lasvegasliving9237 Right

[@tuscanyjc]

Ask Dave if his income has grown on par with real estate prices?

[@lasvegasliving9237]

He didn't mention that but hard to imagine any average earning person being able to keep up with inflation, especially in the last few years.

[@sawtoothbygeorge]

The middle class is DEAD.

[@lasvegasliving9237]

Pretty much. Sad.