Las Vegas Homes For Sale - Awful News!
HTML-код
- Опубликовано: 22 окт 2024
- Las Vegas Homes For Sale - Awful News! The total lack of affordability in the overall real estate market has reached alarming levels, particularly in popular cities like Las Vegas as evidenced by the low supply of Las Vegas homes for sale. Despite stagnant wages, home prices continue to skyrocket, driven by inflation, corporate greed and reckless consumer spending. The Las Vegas real estate market epitomizes this crisis, as there are currently less than 4,000 Las Vegas homes for sale. Prospective buyers are faced with exorbitant Las Vegas homes for sale prices as the median price now stands at just over $469,000. Popular real estate websites like Zillow showcase this trend, with home sellers consistently overpricing their properties. This has made it nearly impossible for the average person to afford a home. As a result, Las Vegas homes for sale remain out of reach for many, exacerbating the housing affordability crisis. The disconnect between wages and home prices, especially Las Vegas homes for sale, presents awful news for potential buyers, who find themselves in a market dictated by greed and speculation. With Las Vegas homes for sale continually priced beyond the reach of ordinary Americans, the dream of homeownership becomes increasingly elusive. The persistent overpricing of Las Vegas homes for sale on platforms like Zillow highlights the urgent need for reforms to address this affordability crisis. Rather than prospective buyers boycotting these outrageous prices, they continue to fuel this overpriced real estate market. In this current economic climate, caution becomes imperative, urging buyers to navigate the Las Vegas homes for sale market (and overall US real estate market) with a discerning eye. Exercising patience may prove to be a wise option if you're considering buying any of the Las Vegas homes for sale currently on the market as interest rates remain elevated and the job market continues to weaken.
🚨 Subscribe to this channel here: 👇👇👇👇👇👇👇
/ @lasvegasliving9237
If you are going to be living in Las Vegas Nevada then this is the channel for you! We tell you what it's like to move to Las Vegas and make videos about Las Vegas real estate every week. We work with clients from all over the U.S. that are relocating here and we ABSOLUTELY LOVE IT! Reach out to us day/night/weekends if you are moving here. We've got your back when moving to Las Vegas.
Jerry Abbott
NV License # S.0183274
Summit Properties
📲 Text: 702-550-9658
📲 Email: jerry@jerryabbottrealty.com
🚨 Subscribe to this channel here: 👇👇👇👇👇👇👇
/ @lasvegasliving9237
Learn more about Las Vegas, Nevada here:
✅ en.wikipedia.o...
✅ VisitLasVegas.com
✅ www.LasVegasNe...
✅ vegas.eater.com/
All media clips and articles are publicly available information unless otherwise noted.
DISCLAIMER: This video content is intended only for informational, educational and entertainment purposes. Neither Las Vegas Living or Jerry Abbott are registered financial advisors. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. Your use of Las Vegas Living's RUclips channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, RUclips, E-mail or SMS) for communications with Las Vegas Living does not establish a formal business relationship.
The total lack of affordability in the overall real estate market is glaring, especially in popular cities like Las Vegas. Wages remain stagnant while home prices continue to increase due to inflation and reckless consumer spending. This has resulted in Las Vegas homes for sale being priced far beyond the reach of average buyers. Popular real estate websites like Zillow reflect this trend, with home sellers consistently overpricing their properties. This is awful news for potential homeowners who find themselves unable to afford a place to live. The market for Las Vegas homes for sale remains dominated by inflated prices, highlighting the urgent need to address this growing affordability crisis. The disconnect between stagnant wages and skyrocketing home prices makes homeownership increasingly unattainable for many. 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
Buying is an earned investment not a right. Renting is the next best option which people need to get comfortable with i know as a realtor that doesn’t excite you but all business ebb and flows and doesn’t stay great forever. Which is why people shouldn’t live above their means unless they want to face the consequences.
@@WatchingClowns Completely agree with you. Homeownership is just not for everyone, especially in this over inflated economy. Much better to live within your means and not overextend yourself which unfortunately too many people do.
For those who want a stable economy and a strong real estate market, vote for Trump in November! Interest rates and mortgage rates are sky high because Democrats decided to print money we didn’t have, and then give it away! Now that Democrats high created inflation they think the only way to stop inflation is to destroy the economy!
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@ElijahOliver-t9u That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@VioletJessica- My advisor is VICTORIA CARMEN SANTAELLA;
You can look her up online
Nah I Can't say I can relate, VICTORIA CARMEN SANTAELLA charge is one-off and pretty reasonable when compared to what I benefit in returns.
Wow they are predicting Nevada homes will cost more than CA and NY??? Who’s been drinking some heavy stuff?? 🤣🤣
No kidding! Such absurd nonsense.
Part of the problem is companies like Zillow and Redfin overvaluing these homes in the "estimate," making these homeowners think these ridiculous prices are justifiable.
It all seems like one big dirty manipulated game, especially from these large real estate platforms.
It's called collusion, and Arizona is the first state to take an app to court over just that and if they win other states will jump on the bandwagon. It's been a scam from day one because how does all these houses just magically have the same prices with different square footage and in different cities.
Saw two ads today as well for "I'll buy your home." I'm sure you will, and destroy what's left of the city's culture and residential life in the process. Those ads should be banned as they are quite literally toxic to the city's future.
@@plektosgaming All of that is toxic and part of the unending greed associated with the real estate market.
Mr Redfin was on MSM earlier this week saying real estate has hit rock bottom. He’s laughable.
These examples are definitely not empirical, but when I was a kid growing up in Orange County CA in the 60s and 70s, there were single income families with kids where the dad worked in a grocery store buying homes in our (admittedly modest) neighborhood. Later on, as I was embarking on the path to my chosen career, I was being mentored by a TWA airline captain. As I recall, he was making around $80,000 per year in 1977, which adjusted for inflation, works out to over $400,000 per year in today's dollars. For his $80,000 salary, he was able to own a house in Newport Beach, drive a brand new Porsche 911 and own a couple of airplanes. I'm pretty sure that both of these scenarios would be impossible today, and it just goes to show how wages have not kept pace with the appreciation in home prices.
Home princes and all prices in general!
Great info proving how much the dollar has devalued compared to back then. We are living in unprecedented times with a total lack of affordability due to mass inflation.
I am a Delta 767ER Captain and grossed $709,268 last year and paid over $189,000 and several thousands of dollars for the Air Line Pilots Association; I am middle class now with this BS inflation! Politicians squandered money by sending it to Ukraine and other stupid programs but we still have homeless Vets on the streets. This country is doomed and can only be saved by Donald John Trump! Robert DeZero is not worthy to live in the USA!
@@lasvegasliving9237 What I think is important to note when we speak to the devaluation of the dollar, is that Our Government has in effect devalued THE AMERICAN WORKER. It's not just that "things have gotten harder" or "the amount of Individual Liberty has increasingly diminished over the years", but that Our Government places a valuation on us that is worth less and less every year.
I know that you stick to Vegas Realty and Economics and aren't an overtly Political channel, but I cant ignore the political decisions in money, or recognize the obvious trend the future holds for The American Worker (unless something changes catastrophically)
With the sweeping majority of Americans on the verge of distrust and dissatisfaction with the government, I believe REVOLUTON is nigh.
This is not a 'wage' problem, it is a money supply/fiscal policy problem. Keep raising wages, "printing" fiat currency, government spending, prices will keep going up. This Socialist mindset is like a cancer in this country because of people like you.
Ban corporation from buying homes!! Vote for the politicians that make that ban a law!!!
Unfortunately, the corporations own so many of the politicians that this kind of desperate legislation that needs to be in place will never get passed.
While I hear this often, it’s not the root cause. The current admin’s fiscal policies & their ways of destroying middle class are the main issues. They want wealthy elites overseeing the serfs; the middle class is in their way.
Corporate America is in the pockets of Biden & it’s all a big circle how they work together to advance their wealth policies.
@@lasvegasliving9237 vote them out. They don't care about the regular person...... 😡😡
@@mrodd1234 Hard to do that with so many incumbents wielding the power and name recognition.
Things will have to break unfortunately
Thank you for highlighting California in this video. It's getting laughably ridiculous out here.
California is a disaster in so many ways it's scary! Sadly, the mass migration out of California has contributed to skyrocketing home prices here in the Las Vegas area and elsewhere.
@@lasvegasliving9237 Wait till the earthquake hits...
@@metonicycle6294 I don't think so.
We greatly appreciate your transparency, keeping us informed and alert in the real state market. Thank you so much!!!!
My pleasure! Thanks so much for the support!🙏👍
Vegas just laid off about 8k employees with the TROP and Mirage closing.
MGM needs more people
That's troubling in itself!
That is sad but those workers (and other locals) are not the drivers of these inflated home prices here.
@@yueluo5885 Hospitality workers are getting priced out of the market more and more.
@@idid1866 It is sad to see that especially with such a lack of affordability nowadays.
Just by looking at that graph, I wish we were back 50 years ago. This country and future generations are screwed.
Sad but true.
I'm a lifelong Nevadan and I try to avoid talking crap about my state, but I cannot believe how many people want to move here. Sure the winters are nice, but most of the year is Hell here.
Some would agree with you, some would disagree. The summers are definitely hot but the rest of the year you really can't beat the weather compared to many other places.
One must ask, who can afford theses prices? When the market correction hits, those that purchased overpriced property will be trapped. Trapped in being underwater and stuck with a very high mortgage payment.
Agreed. Irrational exuberance once again.
Stuck with an ever increasing mortgage payment, as cost of insurance will likely only rise every year moving forward as climate related natural disasters occur more frequently. Plus property taxes will never drop significantly as costs they are used to pay for will continue to rise, even if property values drop due to a recession! And since interest rates are historically not high, I doubt we will ever see rates drop significantly, and should not either. So those who bought into the hope that they could soon refinance at a 3 or 4 % rate will (hopefully) be waiting forever for that to happen! That cheap money is partially what caused prices to sky rocket in the first place, so hopefully they won't lower rates much at all, as we need them to stay high to eventually force prices to drop back down closer to 2020 levels at the very least!
@@ConnieLeFan We'll see how it plays out.
I’m a little spoiled, but I think the current pricing in some areas is actually insulting. What you get for the money anymore is embarrassing. It’s like everywhere has become Cali.
Since Californians moving to everywhere😂
@@zbxck12345 Weird, right? Why would they leave sunny Cali?
Not me, I'm happy with the basics and doing okay with having less. Not stressed at all.
It really is embarrassing and depressing for a lot of people, especially in HCOL areas like California.
@@zbxck12345 Very true!
We don’t have a revenue problem, we have a spending problem. We can’t keep spending 1T every 100days is not sustainable.
Completely true. America has a massive spending problem. That's why this country's debt and personal debt are now at record highs. At some point something is going to have to give.
I was looking to buy a house, last week( I know what I was thinking smh) actually did put 2 offers both houses same price $430k so my offer was full price $430k and I was asking 7k for closing cost both got rejected. Those 2 houses still on the market is ridiculous.
Even crazy putting 20% down my mortgage was gonna be $2,600-2800 😅 I’m glad both offers got rejected
Blessing in disguise. I would never fuel this absurd fire right now.
Friend just moved into The Aqua in downtown Henderson....I checked out some of the values of the surrounding properties since most of the houses around downtown Henderson are old, run down garbage. My jaw dropped when I saw how much Zillow is estimating them at.
Totally absurd, artificial inflation. Buyers should boycott all of this madness.
FOMO: that's what I see when I'm on the interstate and somebody blows past me at 20+ mph above the posted speed limit. Everybody's in a hurry without any regard for the law or others. I tend to think that those people are leveraged to the hilt and simply don't care.
Great point and so true! I really do believe the pandemic changed the human psyche and most people have just thrown caution to the wind. It's a very scary and unfortunate time that we're living in right now.
In Henderson, builders are building brand new homes in subdivisions and have signs, "For RENT".....what the heck?
Interesting. Corporations wanting exorbitant rent money. The madness never ends.
The GREEDY JEWISH MAFIA wants fresh money every month in rent without touching the principal. They are the biggest offenders in the development craziness. More, more, and MORE MOOOOOOONEY!
it sure helps to be DEBT Free! Im hunkering down this Year - No Credit Card - saving in HiYield Saving plus eating more at home vs Fast Food Resturants, and with no car - I dont have to worry about gas, insurance and repairs and sleeping peacefully - goal is to be in Vegas by next year 🎉
Good for you Jay!👏
Awesome video, great information. Those median household income prices have drove me out of this country. The job earnings/wages/interest rates, don’t support today’s market.
Thanks for the support!🙏👍
Great show today. Wanted to share my recent vacation road trip with wife here in miami. We took scenic drive up (10 hour drive) first to Ocala then Apopka then clearwater then Destin. Our eyes saw miles of new developments houses and Apartments in each area. On freeway though orlando same explosive building which all of it has not come online. The farce of no supply will get killed and agree no one should be buying right now as tsunami of price drops is just warming up.
Thanks for sharing that Joe. Great insight as the building seems endless and if the economy runs into trouble with high rates it will be a whole new ball game.
A 67 year friend of mine living in California decided that because: he has a good job with Hughes Research Labs, owns 2 homes outright with 1 being a rental and because he still must keep working just to pay his income taxes...bought a home with a 30 year mortgage in Florida. The insurance and property taxes in Florida are enough to make reasonable thinking people avoid buying there completely unthinkable. I can think of no good reason to go into long term debt at age 67 and buy any real estate just to avoid pay income taxes.
Sad and ridiculous all at the same time. Buying homes today are just complete anchors to peoples lives if they have to finance it on top of pay insurance and taxes in price gouging areas like Florida.
” no income tax states“
The absolute highest home insurance rates and higher than national average property taxes.
The worst locations to be a homeowner.
@@jabreck1934 Not the case in the Las Vegas area. Property taxes are very reasonable compared to many other areas.
By the way, North Las Vegas is total ghetto. Why would anyone buy a home in North Las Vegas?
The government is spending at record levels and there is no end in sight. Inflation will continue to skyrocket because politicians want to buy votes.
That's why you are seeing direct or indirect war or proxy war going by US try to get out of debts without paying for it or pass on to other countries through king dollar reserve
Then they will truly ruin the country and the dollar to the point of creating mass homelessness and other serious problems.
@@lasvegasliving9237 there is already mass homelessness in California where I live and it will spread to the rest of the country
You’ve got that right!
@@winnerwinnerchickendinner8809 There is no reserve currency. Never was and never will be. There are some currencies that people prefer because their governments did not completely inflate the value of the currency out of existence. BUT there is no reserve currency.
That 2030 prediction for Nevada is crazy! Let’s 🙏🏽 that doesn’t happen. Why are they still allowing corporations to purchase single fam homes smdh 😡. Great video!
It is completely crazy! I don't see average home prices reaching anywhere near that level in Nevada by that time. Thanks for the support!🙏👍
It’s never going to get that high. Nevada doesn’t have a high paying industry to support those kind of prices, and we’re not Hawaii that has some of the best weather, beaches, etc in the world.
@rathelmmc3194 Nevada doesn't need a high paying industry to support those prices. Many of the homes in Nevada are being swallowed up by investors who don't even live in them. It will be a renters paradise. People will be combining as roommates with total strangers to pay the mortgage of some wealthy land baron in a high castle somewhere.
@@donaldbiden9492 that doesn’t work though. If the price is high then to get a reasonable cap rate the rent has to be correspondingly high. People won’t pay it.
@@rathelmmc3194 people are paying it already. They're just living with two or three other people to do it.
God, i hate idiots that use the gasp or surprised look on their thumbnails. Its an immediate thumbs down.
Well thanks for watching and commenting anyway Sergio.🤷♂️👍
Great info Jerry... something has got to give to pop this bubble... I would have thought the stagnant wages/increasing prices would have already put the pin in it, but the spiralling continues...
It really is stunning to see how much the overall economy has held up during this hyper inflated, post pandemic time period. The more it stays artificially afloat, the more damage could likely come.
@@lasvegasliving9237 I agree with you... I just hope my retirment monies aren't damage too badly when the dam breaks/bubble bursts! Keep up the good work.
@@HoldenMcG Thanks so much for the support!🙏👍
Man get the fed and gov out of the way. Let market crash so we can all get back to reality......
They will never let the real estate market crash again!!!!
That simply won't happen.🤷♂
@@adamnugent2137 You could be right.🤷♂
You need to split California between coastal and non coastal. In northern Califonia including the valley from Fresno north you can buy a home for under $300,000 with that same house being 2,000,000 on the coast. Back in the 90s people would sell their home in southern California and use the equity to pay cash for a nicer home in the north.
Good to know that information, thanks. California has changed dramatically over the last several years and the mass migration from there to places like Las Vegas have contributed massively to the skyrocketing home prices here.
How do foreclosures work? I noticed there are a lot in Las Vegas right now. How do we buy a home in foreclosure?
Buying a foreclosed home is challenging for some people based on competition and other red tape. Reach out to me direct anytime for more specific details.
Even though I do not live in NV I still watch your videos every week since you do cover a great amount of info around the US. Thanks.
Thanks so much Joseph!🙏👍
I believe a major issues for Las Vegas and the entire state of Nevada as a whole is due in some part to the fact that Nevada is the state with the highest percentage of federal land which 80.1%, or 56,262,610 acres of its total landmass is federally managed.
Very true and the reason why there is any real value to the land because of how much the govt releases for building.
@@lasvegasliving9237 This, thankfully is about to change and I don't feel sorry AT ALL for the speculators. How so? That new (second) airport being built south of the city combined with the high speed rail will see most of the area between Henderson and the border fill in with housing and businesses. So you will see subdivisions drop over the other side of the hills and head that way, soon. I predict that area between Jean and Primm will grow to 100K+ in the next decade. Possibly several times that. Then urban sprawl will eventually fill in to the border, and connect to Goodsprings as well.(if there is power and water (for said airport) and rail, a city always follows) It won't be Vegas, but just part of the larger metro area. So, yes, the #1 thing the government CAN do to fix this is to open up more land.
@@plektosgaming Interesting take. Thanks for sharing that as that could very well happen over time. Good input!👍
Good Morning Brother JERRY 👍🥇⭐️
Keep watching and support your channel 👍🥰🇺🇸
Thank you buddy! I appreciate the continued support!🙏👍
Freedom, that goes for 95% and it is TOTALLY THE OPOSITE, great info. Thanks
Thanks so much for the support!🙏👍
To live comfortably in California, you
Need about 170-200k a year with zero debt. With this you are able to invest in kids college and ira etc. stay away from god damn credit cards and high car notes. I drive an older reliable car and will til the wheels off. We need to stop purchasing so many luxury items we can’t afford. It’s not about having what you want, it’s about wanting what you have. You will truly be free if you follow these simple rules.
Thanks for your input. Well said.👍
Yes no debt bro live within your means that what California has taught me
@@johnnyruiz6917 Good job!👏
"Freedom", you got that right Jerry! All this chasing big dollar homes will cause a lot of stress in one's life and relationships. Thank you
Thanks for the support Charlie!🙏👍
Jerry l Love your channel thanks from Florida Teresa ❤
Thanks for the continued support Teresa!🙏👍♥
I have been following you for a while. Just subscribed. I appreciate your honesty about the market and I agree. As a homeowner in California that will retire soon and planning on moving I will give you a call.
Thanks so much for the support! Reach out anytime.🙏👍
Cracked the 6 figure earnings mark, and money feels super tight for me too living in Nevada.
Good yet bad all in one sentence. Sorry to hear that.
The reason for those projections is the amount of available space to build and the demand for homes.
If you look at the map there’s very little available space. We have barriers between mountains and can only build so much area. You add how much we’re continuing to grow and we could run into those problems. The prices could be that high and the salaries that low. If some of Hollywood moves here as expected along with more sports teams those are some large salaries being added to our pool.
Hopefully you own already
There is a HUGE amount of space in places like Las Vegas compared to other states/cities. The home lots are getting smaller, home build quality is much lower and demand is insatiable since the pandemic. Scary times for average people.
@@lasvegasliving9237 probably want to grab a map and see what is BLM land and what is actually available for building on. There is very little available to be built on.
@@InvestingWithAdamK I hear you but what a joke based on what REALLY could be used for building.
Hey Jerry, where did you get your start in real estate?
Seems like you are a transplant to Vegas.
Love the channel bc you are transparent.
Got my start in RE here in Las Vegas, originally from Boston. Thanks so much for the support!🙏👍
I agree with the projections of Vegas being the #2 most expensive market in the US. The reason is job growth, where Vegas is the #1 metro in the US. House prices follow the jobs. Also, California has priced out almost all millennial homebuyers. Since our population is only 2.3M, there simply is not enough housing supply for the millions of people looking to move out of CA. The only thing suppressing house prices now is new home construction. Once that dries up in a few years, I believe we will see extreme price appreciation in Vegas as inventory will be way lower than demand.
I follow what you're saying, and it makes sense.
I donhave a genuine question though, and that is why...why do people want to live there? Just curious. I've been there a few times and it's not for everyone and certainly not for me. I'm just curious as to what the draw is.
I do see Las Vegas home prices going higher long term but not to those levels IMO, especially with such meager average income levels. Time will tell how it plays out.
What job growth in Vegas? The job market there sucks. It’s mainly gaming and casino jobs paying meager wages. There are not “millions” of people from California fleeing the state. Population actually went up last year. Who the heck wants to line in Las Vegas where the temps will hit the 100’s next week. 😂
Well said...I don't think people realize the great number of Californians (& others) who want to move out of state. Over the past ~12 months, the top 5 "worst" cities in the US for job growth were all in CA, & the top 2 "worst" cities for wage growth were also in CA. When you add in the number of downsizing baby boomers to the calculation, the supply of homes in the Vegas/Henderson area shrinks even more relative to demand. When considering factors such as job growth, increase in remote working, millennial impact, retiring baby boomers, Vegas affordability, Vegas entertainment/sports/dining options, I also expect pretty significant home value appreciation for years to come.
@@nickcalderone75It has a great quality of life. Endless opportunities for outdoor recreation and entertainment. It’s also sunny almost every day all year. Booming logistics industry bringing lots of jobs. Incredible restaurants to name a few reasona
If that's your back yard, it looks great! OT, I know you are a golfer so what is your favorite course? The next time I'm in Vegas I want to give it a go.Thanks!
Thanks! My favorite golf course is an hour north of Las Vegas called Wolf Creek (in a town called Mesquite). Truly amazing if you want to take the drive. More expensive favorite one is Wynn. Also Cascata is beautiful but also expensive. Bears Best is another good one 20 minutes west of the strip.
@@lasvegasliving9237 Man that course looks awesome! Rates aren’t that bad too. I will have to check it out!
@@dekaywill4572 Go for it. Great course!
When would be the best time to buy a home, then? I’m interested in buying one in the next year or two, but every time I drive around Vegas and see signs with Townhomes starting at 400K, I can’t help but laugh and roll my eyes.
It is very hard to time the market and get in when prices bottom out. Unfortunately, with inflation still firmly in place, I don't see any kind of downturn happening until we potentially hit a recessionary time period which could take until well into 2025. Home prices will likely remain high until more supply hits the market and less buyers qualify as rates stay elevated and the job market continues to weaken.
Another great video keep up the good work
Thanks so much Bob!🙏👍
The Texas and Florida home prices started dropping.
Yes, the tide is starting to turn in some areas.
I like the price point of the last home : $ 499,999.00 ….they forgot to add $0.99 cents ….utterly ridiculous price points . Aren’t the realtors accepting those listings embarrassed to list homes at such prices ?
All of it is just obscene compared to where it was a few years ago but many of these homes continue to sell due to the madness of buyers.🤷♂
I really enjoy the content and transparency. Keep the good work, thanks.
Thanks so much for those kind words and support!🙏👍
Thank you, Jerry. So worried for my daughters who are in their 30's.
Luckily, my son and his wife bought at the right time.
Good to hear about your son and his wife but sadly it seems to only be getting worse for future generations. Appreciate the support!🙏
Their home is in Volcano, Hi. I have seen the price increases in Hawaii already. Even Hilo, which was traditionally where the locals lived. Expensive now too. 😢
@@karenstasik2979 Expensive everywhere nowadays!
Meanwhile, in NorCal, homes priced in the $2 million range are going for way over asking in a matter of days. If everyone is actually bailing on CA, who is buying these homes--foreign investors?
That’s what most people that complain about California’s buying houses in their area fail to understand. You can buy an overpriced home 2x the size in Vegas for what it costs to rent in the Bay Area or outlying areas now. When you compare the same size city in Northern California you might see 100 - 150 homes for sale to over a 1,000 homes in the middle of the country, and price is 1/2 or less. Someone is buying up the area and holding/ forcing the retirees and young families out.
Possibly, or other well heeled people in CA or NY or investors. It's true madness.
@@westsidesjvalley Very true and also very scary. It's almost like we're living in an alternative universe ever since the pandemic.
@@westsidesjvalley
Wrong… prop 13 protects homeowners in California.
Property tax can only increase 2% a year… no one is getting forced out of their home,… unlike the rest of the country.
Houses cost half as much in areas that are getting completely destroyed?….gee… I wonder why?🤡👍
China
Of course they're going to say things like that.... All the sudden people think I can buy a house at any cost and double my money.... They're not going to tell you when it crashes though.... And it all sounded good until you're down 2 to 300,000 or more..... All the social media platforms just gave a launch pad for everything to be manipulated by tweets and stories from someone..... Before things were done with business fundamentals... Not opinions
Great input and very true George!
The cost of living is starting to take affect, people are looking to sell their homes before they lose them, we will see more and more price reductions as desperation begins to set in, it always starts slow then finishes fast, we are just getting started!!
Great point, I agree!
Wondering what you make of the fact that Nevada is basically the only state with fewer homes on the market today than a year ago? I can't make out why
The demand has been insatiable here with a large amount of corporate investment and many Californians moving here every month with limited inventory. Very frustrating for many normal people who have to compete with it for so long.
This all comes down to greed by everyone involved. We as consumers need to fight back by not buying any expensive items. Do not buy houses, new cars only buy what is absolutely necessary. Eventually houses and new cars will remain on the market and the only way they will sell is they significantly reduce prices.
If only people would listen to that advice! The problem is America has a massive spending problem, especially after the pandemic ended. Millions of people seem to have thrown caution to the wind and do not care about the kind of debt they are carrying. It has allowed these corporations to massively overinflate prices because of reckless spending by consumers. Hopefully this will change but I don't see it happening until we see an economic downturn which will cause a lot of collateral damage.
These investors are delirious
Absolutely!
Truth = Reality. Reality = Truth. Keep ´em real Jerry!
Thanks for the support!🙏👍
thank you jerry.i enjoy an look forward to your saturday morning real estate info.good luck an god bless.jerry from arizona
Thanks so much for the continued support Jerry!🙏👍
Hello, I am interested in knowing if you have any insights or knowledge of assumable mortgages....if so, we would like a video on it.
Unfortunately no, I do not have any insight on that part of the industry.
Wait, wait, wait, everybody just keeps saying wait but all signs point to a continued upward trend in housing prices for the forseeable future unfortunately.
The market will perpetually go higher so buy, bye! Esp after the "official" WWIII begins and the ongoing "died from unknown causes" accelerates.
Most people have a hard time seeing around corners. When things are going well, most people do not see any trouble on the horizon. Things will not continue to increase in price without eventually seeing some kind of economic downturn and a correction to the mean. Everything is cyclical.
If you find something that you can afford then buy now. You could keep waiting until prices come down but it's not looking like that's going to happen for years. I bought a townhome in Las Vegas in September of 2023 and am happy so far with my decision. My mortgage and HOA fees total just over $1,800 a month which isn't much more than I was paying in rent.
@@BREEZYM6015 You made a good choice that worked out well for you but unfortunately other people have different desires and financial situations that simply can accommodate homeownership in a comfortable manner.
Good information tnx
My pleasure! 👍
The second home you featured, 2313 Mistletoe Thrush, was last sold on 8/29/2020 for $430k, asking is up 51% over last sale in less than 4 years.
Yup, sadly the going rate of appreciation during the last 4 years. Astonishing but even worse are the buyers willing and able to pay these prices.
Look at the costs of building materials, labor, insurance, services, energy and land. Prices will not correct much. Builders either build tiny houses using cheapest materials on tiny lots or multi-million dollar mansions for the rich. There is not much supply in between. Unlike the 2008 subprime mortgage bubble, this resembles the hyper inflation period of the 1970's.
While I agree with you in part, I don't believe we will stay at supremely elevated prices throughout this economy without seeing some form of a correction first. We are headed for a potential recession and it will likely not end well for many people when it's all said and done.
It sounds insane but then if you untie the housing market from the US dollar, instead to price houses in terms of gold over the past 5 years, you can see that houses are inexpensive.
@@dividebyzero1124 Millions of people would beg to differ as the only standard of monetary measure is the US dollar.
Love your transparency!!!
Thanks so much for the support Jacquelin!🙏👍
I forgot the numbers, but builders aren't building affordable homes for sale, they're specifically for rentals in some areas. I wonder if they get any breaks for doing so?
Hard to know for sure but corporate greed is at its all-time highest level in this post pandemic era. They simply want us to be a renters nation and become subservient to said corporations.
All while everyone is losing their jobs left to right
No kidding! Things could get ugly after the election. Time will tell.
Ok. But rates were much higher in the 70’s.
I’d be trying to buy my home if didn’t own already
A lot of people keep mentioning that but what people fail to realize is that home prices were fraction of the cost back in the 1970s compared to today's prices. Virtually nobody who bought back then could afford those homes in today's dollars.
@@lasvegasliving9237 And the houses were a lot different as well. It’s apples and oranges and not a great comparison. Makes for good video conversation but my analysis is people missed the bargain of a lifetime. When the fed bought rates down I said to my wife in 50 years this will be in history books similar to the land that was given away in the homestead act. I saw it as a huge opportunity. I don’t see now as some over priced it has to go down scenario
@@InvestingWithAdamK It was a great deal for people that had the foresight to take advantage while they could. We'll see if there is a correction on the way but likely higher prices in the long run (like everything else in this world).
The housing market in Las Vegas is getting out of hand. It's tough to see how anyone can afford these skyrocketing prices.
It's already out of hand! Greater fool theory continues on as prices continue to skyrocket.
6:10 Jerry, can you elaborate on what this "correction" will be ? Thanks
He mentions after the election, so probably 2025, if it happens at all.
It will likely take well into 2025 as it will take time to see increased housing inventory as well as less buyers qualifying with higher rates and a weakening job market. We could see a potential correction but it is hard to know when and how much that will be.
@@gabbyhayes1568 Yes, likely well into 2025. It really depends on economic data, job market, interest rates, etc.
Is this good for anyone?
Isn't it usually a buyer's, OR a seller's market?
It's good for sellers but only if they don't have to finance into a new home. Otherwise, it's awful for buyers and sellers who have a low interest rate and will finance into a higher rate.
Preach it brother! Thanks for saying the truth.
Thank you for the support Sam!🙏👍
@@lasvegasliving9237 realtor in Washington State and homes that are priced at what they are anticipating the market increase are sitting the ones priced right go fast and over ask. Feel like it slowed a bit over memorial weekend and leading up to jun 12th
According to some Economy specialists said the coming recession going to be worst than 2008. I bought a house in LV in 2009 with 3 Beds/ 2.5 baths /2,100 living area/6,100 sqf yard, year built 2006. I paid 160k, original price was 430k, about 70% drop. Do you still believe it will happen again 2024 or 2025? Never said Never???
A lot of people are comparing this over inflated housing market to the 2008 crash. However, I do not see a repeat of 2008 coming as this is a very different economy and housing market. However, with that said, I do see a correction coming, potentially later into 2025 after the election. Nobody knows when that downturn will happen, but all signs are pointing to one after years of unprecedented appreciation.
Jerry I love your channel ❤
But you are not really saying your personal opinion about the real estate market crash we know everything is so expensive and not realistic Texas / Florida / already in real estate market crash over priced houses are going down how about vegas ?? Maybe after election?? What do you think??
I definitely give my opinion on the overall real estate market, especially the Las Vegas real estate market in each video. I have said for a long time now but the overall real estate market and Las Vegas housing market is very overpriced and we certainly are due for a correction at this point. However, within inflation still being very high and the economy still chugging along, I don't see a recession or economic downturn happening until after the election and potentially well into 2025. Thanks for the support!🙏👍
@@lasvegasliving9237 thank you 🙏 for reply I appreciate it and loved it ❤️❤️❤️
@@spearmintrhinospearmintrhi6238 My pleasure!🙏👍
Meanwhile starting this month, my monthly mortgage dropped by $250 from escrow assessment. 🎉🎉
Great to hear! First time in a while that I've heard someone talk about some kind of financial relief.
Mahalo Jerry 🤙🏽🌴👍🏽🍍🍍🇺🇸
Mahalo buddy!👍🙏🏼🏝️
I once tripled my money on a lot in Malibu in less than a year. It can happen.
Different time and different world over there compared to today.
40% correction coming. Especially for last Vegas.
40% would mean a serious crash, not a correction. I do not see that happening at all in this current economic climate.
Right, that’s crash territory. Either way, my advice is to side line your money and keep it ready to deploy once the big drop comes.
@@5dc61 We should see a recessionary time period on the horizon based on the historical patterns of the yield curve.
I also think it's heading for a depression. We are heading right into a period of stagflation this fall, everyone is broke/in debt, and wages are flat as the tires on a 30 year old barn find. Our economy is run mostly on consumer spending and the reality is that that's about to hit a brick wall.
@@plektosgaming You could be right but I don't see the severity of a depression. Time will tell.
This market has to correct itself... This is insane.
So true! Let's see how it plays out.
I don't care what anyone says, but there WILL be a correction that occurs (after the election) and it will be bigger than most think. I have no idea why anyone would buy right now as your new purchase WILL NOT appreciate, but will lose money over the course of the next 4 years.
Comps are basically useless, especially around me. Either the houses all around haven't been sold in the past 20+ years or they just cherry pick a few houses that were overpaid on in 2022. Most houses around me were all bought for like $100-120k 20 years ago, and people overpaid for a couple of houses during the pandemic, so greedy realtors then tell new sellers there house is worth double what you paid on it 5 yrs ago and you can sell your $300k house for $660k. SMDFH. I then blame other people for actually paying that amount. They are as much to blame for this as the government is.
I agree. I think there is going to be a correction after the election once the economy hits rough water. Nobody knows when that time will come but we are certainly overdue to correct after the last several years of unprecedented appreciation.
Lately all you post is how expensive everything is and house prices keep going up we already know all that
Please tell us something we don’t know what’s your opinion about the housing market after election and 2025
Nobody has a crystal ball and can predict when, if or how much of a housing correction will come. However, after the last several years of unprecedented appreciation, I believe we are due for a correction. But again, it is very hard to know when that time will commence.
HEY REALTOR, STOP INVITING PEOPLE TO MOVE TO VEGAS AS WE ALREADY OVERCROWDED!!!!
Lol..not inviting, just helping those that already are at some point soon.
It’s beginning to feel a lot like 2008. People are buying high and then they are upside down.
Not the same as 2008 but quite bad in a different way.
Shout out to Christian. I was told this. Wait 5 years before you start spending a raise. If you're making 80k and go to 100k, maintain that 80k lifestyle as much as possible. 80% of the raise to pay down debt and the other 20% for savings. If no debt, then stash it the same way. You'll probably be at +125k, but your 80k lifestyle will probably be a lot less cost dependent and more cash flow positive so you have more options when opportunities arise. The money is a tool that gives you options. The more cash on hand, the more options.
Very good insight and true. Much appreciated!👍
Bubblicious
Definitely feels that way.
So, the car market is still trying to keep up with the housing market? It ain't working and some dealers with over-flowing lots, still won't budge.
Eventually they will capitulate because they have no choice. There will likely be a massive wake up call in these industries when economic and market sentiment shifts.
@@lasvegasliving9237 There may be a short window when the prices drop to a reasonable level and people like me that have been waying and waiting 'swoop in'.
I wonder IF, any of these industries will crank the prices back up to an in-between level?
Take care.
Unless your rich, it would be very difficult to get ahead. I made 65k salary last year as a truck driver and I do felt like its not enough to survive. few years ago, I was living comfortably with my salary, now its worth less.
Very true and quite sad. Thanks for watching and sharing your info buddy.🙏
The ONLY realtor can speak the truth !!!!!!!!
Thanks so much for the support!👍🙏
We're about to enter a severe recession/depression. Housing is going to take a big ride down.
We'll see, may take some time for a correction to commence but I don't see a depression on the horizon.
Nothing will make you feel like you have more money than cutting your spending. Eliminate non-essential items and spending and you'll notice an increase in available funds. A pay increase or promotion helps but you can give yourself a pay increase by cutting costs which is going to be way more noticeable.
Very true but many people have such a hard time cutting down on spending.
I have been in the stock market for 24 years now. I diversified my portfolio and so far it has been growing. I was going to take out the whole amount back in December of 2023, but now I am glad I didn't it has been going up ever since. I do not spend money like crazy, I always keep an emergency fund. I just started having problems with my car this morning and waiting for the Mechanic to call me back. I am glad that I have extra income to save. I had my car since 2011 and love it. It is a 2006 Lexus LS 430 with over 150,000 miles on it. No Payments since 2016.
Jerry, you are the best when knowing and giving us info. on the Real Estate Market. I would give you a thumbs up a thousand times over. May God Bless You!!
You made some good moves Thomas. Hope the car keeps on chugging along for you. Thanks so much for the continued support!🙏👍
Smh. Honestly it's not that they are going up inn value is that three dollar is worth 65 cents at best right now
Correct. The devaluing of the dollar is getting worse and worse, almost as bad as peoples decision making.
The 1 color chart is super clear and effective.
Thanks!👍
Pretty soon you will have to earn 150k to afford the property taxes! FJB
Real estate and everything included in it is completely out of hand.
I didn't buy the average priced home in Las Vegas. I bought a townhome instead.
Good for you, better to do what fits into your budget than overextend like many people do.
Make more money! No money? No house! You know house will going up!
True but easier said than done for the vast majority of people.
Nothing is moving in California now…we sold last year in one day and rolled the profit into a bigger home we thought we could refinance by now 😂
I think it really depends on where you live in California. Some areas are always going to be hotter than other areas based on location.
Slowly over time the United States is no longer a propsperous opportunity for the average person. Everyone living here will eventually need to be above average to exceptional to afford a comfortable life in this country. People need to get creative and make as much $$$ as possible / advanced degree in something applicable and needed/ successful business/ investments etc...
Very true and very sad. People MUST get creative and find ways to earn more money otherwise they will get left in the dust.
Seems to me those initial high asking prices are in the hopes a California cash buyer who maybe doesn't really care about the price buys the home. Reno, once the states largest city, is now the 4th largest city behind Las Vegas, North Las Vegas and Henderson. It's worrisome for us here in Northern Nevada as the state is becoming politically bottom heavy with the heavy influx of Californian's to Vegas reshaping, and not for the good, Nevadas political future. IOW, being Californicated. Not good. It's no secret Californians have driven up the real estate market. Great for a local who already owns a home. Not so good for a local buyer. Good video.
Completely agree with you. The "California invasion" to Nevada has created a lot of problems that never existed. All of the blame goes to the pandemic and the massive changes in living/lifestyle, work, costs, etc.
Inflation Acceleration Act working perfectly!
Perfectly!🤦🏻♂
Short term rentals are another problem that are adding unnecessary pressure on residential market.
No question about it.
Don't believe Zillow price or rent estimates; they are worthless and have nothing to do with reality.
Just explain to the owner how Zillow has actually lost hundreds of millions $$ by believing their own price estimates as an i-Buyer.
The estimates are not worthless but it feels more and more manipulated and has to be taken with a grain of salt in many instances.
I got one word for you. Inflation. If you buy a house for, let's say 500k in 2022. And Then want to sell it in 2024. They put 150k in upgrades since new homes are blank canvases that need everything, so they put in a pool landscape, paint, cabinet pulls, fireplace, the whole nine to complete the house. Now two years later, if they want to BUY a home, with a pool, landscaping, fireplace in a similar neighborhood and zip code, their buying power had lost so much that in order to find a similarly situated home they have to spend at least 675k and on top of the price, the interest rate is also much higher. So what is a seller to do? The only way it makes any sense to sell would be to make a SUBSTANTIAL PROFIT just in order to buy the same freaking house, with the same amenities and then still pay more for the mortgage? No, you'd have to buy down the mortgage to even get at the same payment. So how the heck is one supposed to sell and then become a buyer without selling at A SUBSTANTIAL PROFIT? They CAN'T! the numbers don't pencil out any way you slice it. Even if they DOWNSIZE, they STILL have to put down over 50% to get the payment down, and the payment might still be the exact same as the home they just sold. That's why there's a 26% shortage in homes for sale here in NV. Unless you can make enough profit to but back into the market at these ridiculous interest rates then there's no incentive to sell at all. Therein lies the rub. 😢
Very well said and very true. I do think we are going to see increased inventory once the economy hits rough water while rates stay elevated and the job market continues to weaken. Time will tell.
@lasvegasliving9237 That's what we shall have to wait and see. It's not just like 2008 but with the commercial RE collapsing, banks going under, I mean somethings gotta give. you'd think... the question is only when?
@@TheeLynnChase Something definitely has to give soon. Time will tell how it all plays out.