In cities like Las Vegas, the dream of homeownership has become increasingly out of reach due to the alarming lack of affordability in the real estate market. Despite overall lagging wages, Las Vegas homes for sale now command exorbitant prices, pushing them beyond the means of many aspiring buyers. Compounding this issue are skyrocketing interest rates, which only serve to inflate mortgage payments, further burdening potential homeowners. Adding insult to injury, sellers often overprice their properties, perpetuating the cycle of unattainability. Platforms like Zillow showcase these inflated listings, painting a grim picture of the market reality. The situation is nothing short of disgusting, as hardworking individuals are left feeling disillusioned and priced out of their homeownership aspirations. 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. It is wise to be patient if possible and wait for home prices to recede, even if it takes most of 2024 for that to happen. 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: jerry@jerryabbottrealty.com Website: jerryabbottrealty.com
Dave Ramsey is a sell out working propaganda and steering people into the clutches of the powerful bankers and politicians who are there to steal whatever you are not smart enough to find a way to keep. For decades Ramsey has told people to get out of debt and live responsibly, but now he is saying that they should just buy and not worry about the prices, but to refinance when and if rates come down. Isnt that contradictory to what he has taught throughout his whole career!! Just mindlessly buy and finance it!!! What about being responsible and debt free?
Jerry, I moved to Las Vegas late summer 2020 in hopes of better health, find a job and buy a house and start a new chapter. It started off great but What followed was a shocking nightmare. I had $50k but no job as my previous employer closed shop just before covid and I was jobless but not too worried as I always find work and had nice savings. I did only a 6month lease in very nice summerlin apartment 2bed 2bath $1400. Within months there were lines of 100+ outside the leasing office at my complex (these were 90% californians). I was only finding jobs that paid $35k-$45k and houses were $250k+ I couldn't accept that pay and qualify for a house. (Crazy because I just sold my Tacoma WA house in 2019 for $400k) Well fast forward 12 months my rent renewal was $2100, houses were now $350k+ in good parts of Las Vegas. And they just keep going up. I ultimately left Las Vegas out of desperation. Shared a friend's house and landed an okay job. Since then a couple more moves but still no house. Crazy I had multiple houses (primary and rentals from 1999-2019). I sold just before covid and now have been housing insecure since (Very Stressful). I'm sure there is a few million like me. I just needed a $10k better pay and I woulda scored a nice Summerlin house for under $300k. Now they are $500k+. And my $50k has dwindled to $25k with all this infaltion. What a life Shock at 56.
Whats more disgusting is that the press secretary comes out saying that wages are outpacing Inflation and Americans are feeling how great the economy is doing. What a disgrace
They are paid to lie Biden is not going to tell you. For one he is close to death and doesn’t care, two he secured his family and doesn’t care about America. When he talks about poor people he speaks with anger while saying they got money to pay in other words he wants you to pay regardless if you are going broke and prefers for you to struggle. His hatred because he now realizes people no longer believe his false narrative.
@@lasvegasliving9237 Now. Now there Jerry. Remember no politics on your RU-vid channel. Biden is wonderful and we ALL love our dear caring leader who never lies to us.
@@user-lh1ss1fp5q Whenever my friends "complain" about inflation I ask them to show me their w2s , stock portfolios, and value of their home over the last 4 years. They get quiet real fast.
You are spot on, but sadly...the average American citizen will spend money on these things regardless of cost. (I.e. $20 McDonalds burger) Americans are consumers out of habit. They will spend $35 on a McDonald's burger.. .. sadly.
Dude is a real estate agent and says "Be patient, don't buy overpriced houses, empower yourself" How could anyone call Jerry dishonest?? Boycott the housing market!
He even says disgustingly overpriced...when a normal Realtor would say "Ever so slightly out of reach, yes, but only when compared to the olden days, which one mustn't do"
2008 because you were not financially literate? For fccs sake homes in Las Vegas in that time we’re cheap as they come. A 4, bedroom home was 140k180k a mansion was 250k thru 500k if you were pulling money out ( the juice then you set yourself up for failure) that’s not an excuse mortgage was less than two thousand dollars maybe 3,500 for a real big property. Not sure how people lost their home but I do remember people pulling equity out like if homes weren’t going to stop going up but my question is why would people want their mortgage to go from 700, monthly to 1,800 for pulling out equity that is just dumb.
Depends on your income bracket. Things like food is growing faster than 3.5%, but yachts are down like 10%. So the rich are doing better, may even have deflation.
Jerome Powell and his overlords don't want a deflationary cycle either. They think they can keep printing money forever. Keep kicking that can down the road!
@@NoDaysOff-oz2zl He is going down as the worst Fed chair ever.... Clown should have been raising interest rates since about 2018 when inflation started to go up...
I can’t believe he is being so truthful. What a rarity. 😳. Makes me want to buy in Nevada just to work with him as my Agent.😅 He seems like a true fiduciary. Great Public Service Channel.
What day of reckoning? The average working class person living outside? That's where this is going. If you aren't out on your ass yet, wait a while. The only way things change is for the worse.
Your research and commentary with facts (data) about the housing market in US and the mortgage rates info is highly appreciated! God bless you for telling the way it is and saving innocent buyers from a life time of nightmare! I have never seen a video on housing so detailed with numbers and data to state your point! I am sharing this video with a lot of my friends and also some in Canada! Thank you so much!
I bought my house in the SF Bay Area in 2015 with a 4% interest rate and I still pay. 4k per month. I can’t imagine what people pay now with houses in my area going for over a million dollars with an 8% interest rate
From the time I started to watch your video til the end of your video, you went from 110 likes to 200 likes. Your video was very informational and inspiring. Thanks!
Nevada has the 10th highest foreclosure rate in the nation . 46 % of the homes in Las Vegas are rentals . Nevada has the second highest unemployment in the nation behind California who just passed it this month . As these prices go up so will property taxes and that will lead to more foreclosures . Nevada especially Las Vegas is heading into a perfect storm and it why I’m seeing more and more and more houses coming onto the market that were just purchased a few short years ago ..The smart people are selling not buying , however buyers will stop buying as the market gets more and more out of hand . Investors who own rentals will put their properties up for sale as nobody is willing to pay rediculous rents with no rent control..And that map you showed earlier will be in reverse within 5 years tops . Just an opinion
Nevada has law that property taxes can only go up 3% a year. Unemployment is not that bad in Nevada. There are jobs everywhere. Campus monitors in high school start at $21.00 an hour. I know high school students who got hired at the Las Vegas Convention Center, making over $20.00 an hour.
@@nodebt6188 Property taxes go up as your property values go up , I know this because I pay them every year . Nevada unemployment is 5.1 only behind California at 5.3 who just passed us ..20 dollar wage may seem like a lot but not when rent average is 1500 a month ,The minimum wage is 12 dollars .Nevada energy doubled their rate in a city where people run their A/C 24/7 in the summer and the Southwest gas just bumped their rates also that’s going to make bills go through the roof in winter .The CCSD is one of the worst in the entire nation and the schools are in shambles so naturally the legislature gives money to a billionaire to build a stadium for a team nobody wants .The healthcare system is as bad as the education system .Nobody with a family unless they are wealthy should move to Las Vegas where you can afford to live in a good area because there aren’t many ,can send your children to private school and don’t have a gambling or drinking problem .Las Vegas is a house of cards that’s just waiting to collapse , it was far better in the 1980s when is was just a sleepily town full of mom and pop casinos where the only place to found traffic was on the strip .
Thank you Jerry for taking the time to provide all this information. The (on) point you make with Zillow’s Zestimate is not only with increasing prices. We owned a 5 year old single family home in the SW of Las Vegas and sold it in July 2023. At the time it was valued at around $490K. We sold to a family member, so to help out we sold it for $350K. A month after the sale the Zestimate was $360K, so they are definitely basing the Zestimate off of the listing and sale prices. Just wanted to add a little for your channel. Please keep it up! 🤙🏽
@lasvegasliving9237 Ramsey is right though. Prices will NOT come down, and if interest rates do come down (probably 3 years), it will drive house prices UP because of lower mortgage rates.
@@johnnyweekend That is a common answer most people give but what people fail to realize is that the economy could potentially be in a recession and prices do not automatically go up if times are tough (i.e. weak job numbers, lower stock market, etc.).
Waiting patiently for LV pricing to come down is not easy. Something significant will happen at any time based on all aspects of the world economy the fuse is lit just waiting for when the kaboom will happen. 👍🏽🌴🤙🏽🇺🇸🌺🍍
Jerry has true integrity, he is giving viewers his honest analysis, even though he is a realtor and would benefit if everyone just jumped in and bought houses at these prices. Gotta say, I’m impressed sir, if I am ever in the Las Vegas market, you’re the market pro to trust with my business.
Back in 2016 I was making about 70k a year. I bought my 4 bedroom house 2 car garage with RV parking and a back yard big enough to put a pool and a casita for 250k. I now make 105k plus a year and I could not afford my house today with making a lot more money today.
There are so many people in that same situation. They are calling it "golden handcuffs" because homeowners who have done well can't afford to move at this point.
@@lasvegasliving9237 I’m so happy you touched on Dave Ramsey. I used to listen to that guy when he first came out. He is such a hack job now. I can’t stand the guy. He gives such bad advice as well. I had a tranny go out on my van and the guy said to just scrap it and take the money it would cost for a tranny and buy a another used car with it. You don’t know what type of issues that other car is going to have. Well, I took the money and bought a new transmission and my car has been running great for years now. Dave Ramsey is a joke and has lost his way.
It seems contradictory to say that inventory is increasing everywhere except Las Vegas because people can't afford it, and then say mortgage payments are also increasing. So, interest rates and prices are up, but houses are selling. To whom?
Yes, it is truly crazy. People are taking on more debt than ever before because America has a massive spending (and debt) problem. Also too, there are more cash buyers or well qualified with larger down payments.
I bought a 1 bedroom condo in Las Vegas for $108,000 in July 2019 with mortgage payments of $511/mo and HOA $160/mo. This opportunity will never be available again for the next generation of buyers
Even though inventory is down in Las Vegas that doesn’t mean it’s a sellers market, you can see from those price reductions. Also Lennar homes is price cutting and buying down rates 2.99 year 1, 3.99 year 2 and 4.99 for the remainder of the loan. These buy downs are not cheap, that’s how desperate they are to sell their move-in ready-built homes.
Things are starting to change and some of the builders are getting more desperate. We'll see how this plays out. I think we will see even more changes after the election.
Yes, they are forecasting what is to come. I agree, it's only a seller's market if we collectively allow it to be. A good chunk of the inventory are sellers who truly do not have a willingness to move/sell unless they get a ridiculous asking price...simply fishing for an errant & misinformed buyer. The tables will turn soon and many of those so-called sellers will wish they had sold at some of the reasonable offers they have been getting...
LVL great message of facts we are very aware of the greed of those prices of homes outrageous thanks you are honest and excellent youtuber in Real State following you thanks again 😎🇺🇸✨🌟
You’re spot on and coming here 9 months ago from Dallas and selling my condo I’m glad I waited ( and still waiting) Also would be good if Realtors really educated their sellers not to get into this predicament and price smart.
Very informative, you covered not just the Las Vegas market rather you gave us what is going on the whole country. True real estate agent. Love your channel
100 percent over the past 4 years is correct. I own a small business in California and I have had to double my service call fee. People get upset but there is not much I can do. My dream is to save enough money and buy a home in Vegas but the prices are almost just as bad!
When you step back and think about it, this is truly the most unprecedented time in our country's history regarding inflationary pressure. We've never seen this kind of rapid price appreciation, while wages remain relatively stagnant. This could turn ugly after the election once the economy runs into trouble. Thanks for watching and the support!
A lot of buyers still here in AZ - went out last weekend with clients and found a 1300 sf home they liked for $420k - and we just went under contract at $439k. House had 6 offers. My last listing in April had 11 offers - a $800k house. My brokerage listed two in last 14 days - both gone first weekend. What I don't see anymore is cash buyers or investors. It's slowly starting to balance out - average homes are staying on the market a little longer than a year ago.
This market is truly crazy Ryan. Arizona seems as bad as Las Vegas. It really is unfortunate that Wall Street got their hands on so many homes and took a lot of inventory off the market. The FOMO buying just doesn't stop. Hard to believe the demand at these prices and rates. The costs and debt people are taking on in this market is unimaginable and it could come back to haunt a lot of them. It will start balancing out and eventually I feel a correction will come once the economy runs into trouble. We'll see how it plays out. Thanks for sharing your info!👍
Excellent video. That is a great point you make on the compounding effect of inflation. I never thought of it that way before. So a house that was $400K four years ago and is now overproced at $800K and goes up 5%, that is really 10% of the $400K. Apply this to everything and things get expensive fast. I still find it hard to believe folks are buying these expensive houses at 7% interest. Your point with Dave Ramsey is spot on. He is a pompas ---! He wants me to pay off my 2.5% mortgage with my savings that pay over 10%. My $300,000 savings (ROTH IRA) is paying my mortgage (and insurance and taxes) with the interest I earn AND I get to keep my $300K.
The sad part is how much bogus information or non-transparent information is constantly being fed to the public. It's a disgrace. Keep doing what works for you. Thanks for the support!🙏👍
Good illustration. We're retired and live in Boise. Other than the toxic, soul eating politics, the high cost of home ownership is motivating people to flee the left coast. In doing so, they have made housing in Boise, and much of Idaho, unaffordable. 1st time homebuyers are flat out SOL. If we wouldn't have purchased our home in 2016, we simply wouldn't own one.
Jerry as a finance guy, I found your comments very insightful-great job. You picked up stuff I did not: dividends do not apply to deflation as the damage is done; spot on, inflation is compounded and the economic carnage will take years to unwind-just look at credit card delinquencies. Moreover, if rates are coming down, the economy will be in free fall and job losses will offset any real estate momentum.
Thanks so much for the support!👍The economy is smoke and mirrors and sadly millions of people are in serious financial trouble (mainly debt) and it seems to only be getting worse, not better. Reducing rates would be a disaster. I think it could get ugly after the election. Time will tell.
Thanks Jerry Abbet you’re a big help I was thinking about you when I was out camping here in Nevada and California areas and noticed that these 20:53 government campsites are out of price. When actually they should be even free paid by taxes.
Up here in CT prices have gone up 40% - 60% in 3 years… most people that are living here and have mortgages for the least the last 8 years could not afford to buy their house now ( I think a whole segment could be made on that thought) and my friends and I were all thinking the crash would be here by now. Now I am thinking at least 1 1/2 years from now
Prices have gone vertical for the last couple of years and unfortunately it has historically taken several years for RE prices to bottom out from the peak (May 2022). I agree with your timeline but I don't see a crash, more of a correction.
I think the reason we are negative is because at the end of 22 so many of the online buyers had been dumping supply so we spiked up to like 7800ish homes for sale. We came way down after investors swept through last spring but we have been moving up again the last month even with the new home builders not listing properties on Zillow.
Moved here a year ago from the Midwest for a promotion. It’s not horrible. However, the crime, homeless, and traffic is not what I’m accustomed to. I will stay for another year and start looking at other areas though. No place to raise a fam
@@DillonFrancis31 Where do you live, The Strip? I have lived in some very good suburbs in SoCal and Washington, and I can tell you that hands down living in Green Valley Ranch in a gated community has been the safest and best family environment to raise a family...hands down. The only item we address separately is the schools as CCSD cannot be trusted....private only.
Homes in the Minneapolis area are still being priced like mortgage rates are 3%. Just saw a home built in the 80’s, remodeled, but layout was old and not good. Asking price $1M. I can only shake my head at whoever lays out a million dollars for that polished dump. Paint and new cabinets but you know the plumbing and wiring is still 40 years old.
I’ve been watching my mother’s condo in LV she bought new in 1998 for $260k on 2113 Capestone St. It was up and down in small price changes that skyrocketed only recently she sold for $460k in 2/2022. Good timing since she had Alzheimer’s! In 2024 it’s reached a $500k value.
Where I live in Orange County, CA, a current home for sale in a decent area, 1884 sf, built in 1972, 1.5M. With 350k down payment, monthly payment with PITI, 10k a month. The home is clean but very average and could use an update. I love how the clown running this circus says we have the strongest economy in the world! Love your weekly videos!
There’s been a few homes that I’ve been tracking. Mostly waterfront homes/condos in the Pacific Northwest and I have to say that I’ve never seen houses sell so fast some listed in the morning and pending by evening. I have no idea if they’re priced just right for the area with our economy but I don’t see too many homes in my neighborhood sitting for too long. ?? we own four different properties two homes and two condos our primary residence is a single-family home. My mother-in-law lives in our second house and we rent out our two condos we thought of selling, but I guess we’re just gonna hold.
Thanks for sharing that info Nina. It really all depends on location as usual when it comes to real estate. It really is mind-boggling the kind of demand that's out there and a lot of that has to do with the fact that these large Wall Street corporations have bought up most of the normal existing inventory, which is caused such a supply crisis.
The avg person can't even afford the avg apt. Roommates are a must. Renting a room or buying and living in a van or rv are realities for a lot of people.
Hi Jerry, It sounds like the numbers on the map in your video is only mortgage. Realistically, the cost of owning a home also include property tax and home insurance. It would be nice to show a map with these numbers added in, because these two items can be pretty large as well.
The only tool they have to bring down inflation is to increase interest rates. Not until people make hard choices to spend less will companies stop increasing prices and potentially lower them. As long as people keep putting purchases on credit we will not see any changes. They have to force the demand down, that’s it.
Very unreal! Americans truly has a FOMO spending problem and people are taking on more debt than ever to maintain their lifestyle. It will likely come back to haunt many people.
A Loves jumbo loaf of Wheat bread in Hawaii is being sold for $13.49 in Hawaii and that’s with a discount of $2.50. A lawmaker filed a complaint. The same loaf is being sold on the mainland for $4-5. Lucky you live Hawaii, but not when comes to Hawaii’s cost of living.
Unreal! I honestly don't know how people continue survive through this kind of inflation. Personal debt levels are spiking as a result of all these price hikes and it seems to only be getting worse even after all the rate hikes. Nothing make sense anymore.
That property at 4155 Salisto St - they are pulling the same trick as in South Florida. Notice the "#0" on the address on the Zillow listing? They are hiding the price history. You have to search for the actual property address to get the real story.
SWFL here, 1 hour inland, mtg $2,800. Bought 3/2/2 home 5/20/23. Why? RENT on a 1 BR $2,100. No brainer if I want to stay in SWFL. I’ve lived here 42 years.
I was noticing the $400+ per square foot pricing on a lot of your listings. There is no way in the world it costs that much to build a house. The builders should be building like crazy (and making big profits) in a market like that.
The builders are building like crazy but demand has been truly out of control. That's why the cost per square foot for a lot of these new homes continues to go up very quickly.
$5k in cali is very high, but those houses are much bigger lot size than nyc. We need a map that excludes condos and townhouses. Maybe price by the square foot. Wow Vegas market is insane still....
Hi Jerry. Enjoying the videos, so please keep the info coming. My hubby and I live in Northern CA. We bought our current 62 yr old home in 2010 @ $126,000 and 4.25% (single level, attached garage, 1100 sq ft, 3bd/2ba). It was a flip property. Mortgage started out in the mid $800 range and would increase if we had an escrow shortage. We refinanced in 2022 and 2023 at the same percentage rate, and as of 5.18.24, our mortgage is now $1083. However, we're now both retired and plan to leave CA due to politics, mismanagement, and high taxes. Reno is an option, as that's my husband's hometown, but we are currently priced out of that area. We want a red state that offers little or no income tax and where allow our pensions, investments, and SS funds can stretch for the years to come. As for Vegas, we will keep our eyes and ears open. We are afraid that wherever we end up, a 3 bd/2ba house might be out of reach, but only if we get a good price for our current home, and find something a little larger, up to 1500-1600 sq. ft. Perhaps things will settle after the November election and lighten up in the housing market. We also continue to do our homework and research so we can stay well informed.
Only buy necessities and if possible gold and silver. Since COVID started i saw what was going to happen. I wish i would've taken my grandfather's advice and hunkered down more during the good times when assets were a lot lower priced. He said set yourself up for the bad times and when things hit rock bottom then you can buy a ton of assets. At least i finally learned and have been setting things up the last four years.
My first mortgage payments were $757.65. That was '94 and I remember thinking, "This is insane. I'll need two roommates to do this. How can anybody DO this"? (I didn't apply for the mortgage. I took it over when my father died, so it was his mortgage).
I am currently leasing a small 200 Square Foot commercial warehouse for $300 a month. I've been there for almost a year and was thinking about signing for another year until I receive the new lease agreement. The management company is now asking for a 30% increase in just one year to $390 a month. In what world does rent go up 30% in one year? Needless to say I decided to end my lease and not renew.
Jerry, how about an episode of people that are buying homes now, people who have closed on a house. What's their story, why would they during this period in Vegas history buy a home now?
Jerry, In what world does it make any sense to live in Las Vegas when a home you show is bought for $795,000 and has $623 a month HOA dues? For what services? There is no way that I could live in comfortably with that BOGUS debt load hanging over my head every month for the time I am living in that area. The average income of people living and working OR retired in Las Vegas would not reasonably qualify for this home. You continue to extol the virtues of Las Vegas (desert) living as if this bubble lifestyle makes sense. It does not.
I agree with you on the home prices and HOA fees but Las Vegas continues to be one of the most popular cities people are moving to and buying homes at all price points. That's just the facts, not me extolling the virtues of desert living. Many of the buyers are coming from very HCOL areas and with a lot of equity that can easily buy these homes. The local Las Vegas RE market is certainly not driven by locals.
What seems like what may happen is another 2008(?) bubble. I'd hate to follow Ramsey's advice and buy a house, get saddled with a 3K+ mortgage, and suddenly lose quarter or half the value in the matter of months.... then can't refi since an appraisal won't back the value. I worked at a mortgage broker from 2002-2005, saw a lot of crap paper running through. I don't have that insight anymore but it would be interesting to see what kind of loans are being written. Back then there were all sorts of 3/1 ARM, 5/1 Interest Only and my favorite, the 103% LTV loan. Hopefully they're not doing as much NINJA/No Doc loans. If that's happening again we're going to see history repeat itself.
It's bad enough to hear such self serving advice from these financial gurus but the job market is also weakening which these gurus forget to mention. Not good having a $3K mortgage when you lose your job and or inflation is still out of control. Mortgage brokers are using higher and higher DTI ratios to get these loans written which is not good but unlikely to see a repeat of 2008.
Nice data driven presentation today. It seems the eternal polishing of the financial system is influencing home sellers even though it’s fake. Unfortunately I think this will go on until it no longer mathematically can’t. The current message from the stock market, current administration and federal reserve is there will never be another recession because if markets go up they stay up. Yet why are metals hitting all time highs and central banks, the Chinese and Russians stock piling gold?
At some point things are going to crack and things will change. We are at record debt levels. It's false confidence and it won't take much for the economy to hit rough water, especially as the job market continues to weaken and rates stay very elevated for longer. Time will tell. Thanks for watching and the support!🙏👍
Again sorry to those people with tight budget didn't buy last year, your affordability is way less or no affordability now. Still want to wait for the market to crash with high demand on top of low inventory? Good luck!
@@bobbowie9350 You are right. Many people were hoping the market would come down or even crash. Unfortunately they still don't understand why the housing market operates with the rapid growth in the past three years. They don't want to face the reality of supply vs demand.
I live in Idaho and the housing market here was on fire two years ago. It has slowed to a crawl now and many people that moved here thinking this state was a panacea for happiness learned a hard lesson. Many of them have sold their homes at a loss and have left the state. I have watched a lot of retailers gouge us for quite some time and they are now paying the price by losing a big chunk of their business and a lot of businesses are closing down. You reap what you sew.
Jerry, you really cant blame people for wanting MAX profit on a sale. I understand some folks are asking crazy prices for a home. Covid cash affected everything.
It's human nature for us to be greedy but there comes a point in time where reality also has to set in. You're correct about the Covid cash affecting everything. That really threw things out of whack.
I'm in a seemingly stable and cheaper area. Nothing is selling but lower priced homes or perfect houses in the right area at the right price. Lots of homes past 70 days, 150+ days, even with price drops. We're in the second half of May! The nearby new condos and townhomes are dead. Nothing has sold this spring. NOTHING!
Just bought a vacation home in Vegas last month through a builder. I hate the rates and the price hike but coming from SoCal, I don't feel as much pain as you. This same new house would cost 2-3x more here in LA and I am there for the long term.
@@lasvegasliving9237 That's exactly why the Vegas RE market has the pricing support. For Californians, Vegas price tag is so cheap. Affordability to these people have never been a problem.
Agreed! There will be a big change in market sentiment IMO as delinquencies and a weakening job market will likely only get worse once the economy hits rough water.
What is disgusting about Las Vegas is the OVER DEVELOPMENT of houses, businesses, communities, in all directions of the valley. Even beautiful mountains are being flattened to accommodate the crazifornians who invade here. The bozos who work for the city are crazy about property taxes only but don’t worry about the consequences of too many newcomers in. Even a crazy LA studio is going to be built in a noble area. Very depressing!
I live in Lake Las Vegas. There is a road I take to go to a lowes nearest to me, there is a new build community being build right near a road, few weeks ago the sign for the new homes said mid 400’s. Yesterday when I went to Lowe’s driving that same way they changed their sign to low 500’s. Home prices isn’t coming down, not anytime soon, and if people are dumb enough to vote Biden again expect homes to stay going up as well as the interest rates even inflation.. 😢
I simply don't understand the insane buying behavior allowing home builders, investors and sellers to charge such premium prices. If only people would boycott this madness!
Beyond the disgusting unjustified prices, be very careful when dealing with some financial brokers and realtors. Many will tell you this is a good time to buy before rates go up (or down) leading to either prohibitive rates or more market competition (if they go down) resulting in a bidding war. Pretty much anything to instill a sense of panic and get you to pull the trigger. Bottom line, do your HW as Jerry suggests. Look at the price history and neighborhood comps. The goal is not to be the house with the highest purchase price in the neighborhood unless you have money to burn, or like to be potentially upside down.
Good info and sadly true. The problem simply is the unending greed and the craziness of this FOMO buying behavior that has unfortunately contributed to all of these inflationary problems. I would never blindly bid on these homes or get involved in any of these absurd bidding wars at such overpriced levels. Thanks for the support!👍
Agree buyers need to ban together and hold out on the high prices so they drop. How can you have high prices and high interest rates not economically sound
I know, right? None of it makes sense anymore. People are taking on more debt than ever before just to continue their normal lifestyle. It's going to come back to haunt many people in the long run IMO.
What exactly does an HOA do that warrants a charge of $500 a month? I know mine is basically a racketeering operation. I get one tiny weed and within days I get a violation notice. Meanwhile others up the street have weeds everywhere. If you’re reading this, Summerlin South, yeah I’m talking about you.
As the saying goes.... "Your house isn't worth more, your currency is worth LESS!" Another great dose of realty reality with Jerry Abbott. For those that actually have to buy now, you better have somebody like this in your corner to help negotiate, instead of some dope that will tell you to come in at full or over ask price.
