Las Vegas homeowners offload homes to take advantage of red hot housing market
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- Опубликовано: 5 апр 2021
- The Las Vegas housing market continues to set record numbers month after month. In March, the median price of a single-family home hit $363,000, so many homeowners are taking advantage of the prices and selling while the market is hot.
People have no jobs and yet the housing prices keep rising....
For real. What happened to thousands who lost their Vegas restaurant and casino jobs.
New residents and high demand
@@AndyonBlast Sounds like you need a drink..
@@AndyonBlast You can spend the time educating people from your personal experience rather than attacking them.
@ sdsteve1000 what are you going to do when the IRS starts clamping down and taxing Crypto? It’s a huge unknown to invest. Real estate is much safer , but not many people can do like you did. Buy a bunch of houses cash without taking out a loan.
Thats why younger people can’t afford house cuz price dont make sense. Value should not go up more then 2% per year. Its a HOUse to live... when this become scam human monopoly? Who benifits from 1mil value house? No one
As a truck driver I go all over the country all the time for the last 10 years. And I always wonder what all these people will do in places like Arizona or Vegas of the water runs out.
Maybe I’m naive and don’t know how they get their water. But it sure seems like a horrible situation, no more water and 120 degree heat.
Glad you brought it up. The Great Lakes states and part of Canada formed an agreement not to allow diverting their water to the southwest. The upper northwest might seem to have and endless supply but it might not. Vegas relies on snow-pack from the Rockies. Hydro-politics has been a hobby of mine for over 10 years.
Some forecast models predict a dryer northwest and wetter southwest. Anything can happen.
We might be in big trouble if there's an unprecedented drought but it won't happen in a year or two. Google 'Pat Mulroy'.
Water is the new oil. It's traded as a commodity now.
What's the most abundant thing on this planet? You don't think we cant figure out how to desalinate sea water? There's no market for it right now thats why companies arent doing it. Same thing with the covid vaccine. Everybody was like "it takes 8 years to make a vaccine, they cant do it..". If there's demand it will be done trust me. It only took so long to make cold vaccines cus nobody gave a shyt about a cold before. Demand and supply. Simple.
@@whome1636 - they already desalinate in some parts of the world like Israel and Saudi Arabia and even Japan but it is just so expensive you have to spend so much energy to do it. Consumers that use desalinated water pay exorbitant amount of money.
@@whome1636 One problem is the huge amount of waste- salt.
After living 2 full summers there, I’m so happy I left Vegas before summer hits again. I wouldn’t buy a property there ay all.
big deal, now you just have to pay more for another home...duh
Was just thinking the same.....everyone will be upside down. What goes up WILL come down 😬😬😬
Wait a few years and buy when the market crashes again
Last crash was caused by the mortgages not the 🏠. We have record high of cash buyers this time it’s different. But I do see a correction coming in the near future.
After they stop building people who are dumb enough to buy will be upside down, wait for it wait for it ~ no water.....yeah it’s really going to get hot then.....
@@anthonymartinez4307 Unless they paid cash
Its Nevada 😂 , of course reality will crash back down
Supply is too short for crash and construction costs keep going up especially lumber. Home builders can’t keep up with demand.
low inventory cuz corporations are in the mix buying up bunch of property
That is the most concerning factor to me. Very concerning for the future generation. Wall street and corporations categorizing single family homes as an asset class, buying them up and turning them into rentals. I'm afraid the youth of today "will own nothing and be happy. "
This is a direct result of the stimulus packages, quantitative easing and excessive financialization of the US economy!
@@nitinmittal213 Yup. #ENDTHEFED. George Gammon is a hero. Hopefully he is successful in his quest to sue the federal reserve under the freedom of information act. The average American needs to know how the evil Jerome Powell is robbing us of our wealth and destroying the purchasing power of our dollar.
@@Hacker-rq9vo in Germany 5% of the population owns 50% of housing. The government now has rent control and has strict laws that favor tenants over landlords.
That same seller is going to be buying in a sellers market too. You might have equity in your home for you to sell. But when you buy in the same area? Doesn’t make a lot of sense unless you are from a 3 bedroom to a 4 bedroom. But even then, you’ll use all that equity to buy a high priced home. Not sure if that’s the best strategy.
I'm in the same boat. I've paid off my house and want to upgrade to a newer house but even if I get five times what I originally paid for it, I can't afford to buy the houses for sale in my area and also it's nice not having a mortgage payment.
Who says she going to buy in the same area? She didn’t say that! Many of these sellers are moving away from the area. I’ve been considering the same thing with my house. Sell now, buy again after the market crashes.
@@socalbenny4728 good for you plus higher taxes & insurance
I refinanced and am saving 700 a month. Property value has gone up a lot too.
Better than buying bigger just to spend more.
What goes UP must come DOWN. I am waiting patiently for the next housing crash!
You'll be waiting for another 2 years max
@@hhinvest2819 That's perfect! Thanks for the time frame bud.
@@hhinvest2819 2 more years? Nice i got more time to save up and buy it in cash no mortgage payments 😃
@@JayR305TheChosenOne how is the saving going?
Heard this story before....2005-2007...🤔
California people finding LV prices affordable, it seems. This happens when people from other locations that are moving from a relatively higher price market to a lower price market, they have a tendancy to boil the market they are entering.
Cali prices aint going down.
@@whome1636 That is a separate dynamics. California is still a desirable location. We have also seen that in the US real estate prices can remain distorted for longer than most places because of the excess liquidity in the system. Real estate prices in US don't correct, they remain irrational for a long time and then they crash. This has a lot to do with how the financial system in the US is organized.
Those CA transplants buying in LV will lose their Cali $$$
@@reza2251 From what I hear, they are moving to LV, these are not pure investments! I think these people are better off in LV compared to California either way!
@@nitinmittal213 I love Vegas!
Because every time I get back to San Diego I get out of the car and kiss the ground! 😂 😝
What's baffling to me is, it's nice at night for much of the year. I'd be in the yard a lot.....if the house had one.
Exactly, NO BACKYARDS .
Cheap nice but remember your in a desert
Better than shoveling snow lol
No hurricanes, snow, floods and you live where ? Hahaha
you're
Been out here lately? I was scared when I 1st moved to the area but except for a few months a yr it's actually really nice in Henderson. 10% tax cut just to move here. Other than crazy drivers, high insurance and weird dmv stipulations it's nice
At least you can turn snow into water 😂 look at your local lake over there in Vegas. Really go take a look and see the old water lines. You guys are boned in a few decades.
363,000???
3 years ago it was $230k. Unbelievable
famous last words....'this time it's different'
doom and gloomers say “this time it’s different” and expect the market to crash and stay down forever. But in the long run it ALWAYS goes up.
almost all poor people have 1 thing in common. they're all skeptical about everything. doom and gloom views. they dont move. they think everybodys out to get them. what if what if.. before you know it, 20 years passed.
When Lake Mead hits bottom so will the housing prices..
i remember the crash of 2008 when noone ever heard of a down realty market the house i had went from 340 to 190.... I havent seen a lot of manufactureing there and if times get worse i expect a crash.
2008 was a once-in-a-lifetime event due to reckless bank lending and speculation.
@@adventuresinthebay8487 can you see the future and be 100% about it? anything could happen no one knows what could come next and make the market crash 30 or 40%
only to buy higher lol
Dumb setting price ABOVE value. You set it at market value then u let people give offers. EVERY time it will go above asking. Her home won’t sell fast.
I'm moveing out. I'm.saveing for land
I have my doublewide on 50 acres here in Alabama all paid for.
I want to buy land in Alaska
@@raphaelszok8561 - how is race relations in Alabama?
@@socalbenny4728 Some areas stiill have bad relations not as bad a Hollywood tries to portray it.
SMART
We’re on the precipice of economic hyperinflation & you want to play the real estate game?
The problem is , if you sell where do you go ?? Unless you are planning to move to another lower cost state you are pretty much screwed .
Some people selling high doubling their money then go renting a apartment for a few years waiting for the price to come down so they can afford their dream house most first buyers never end up buying the house they dream of 5 to 10 years they want to switch houses
@@JayR305TheChosenOne I understand but how can you be sure that prices will come down in the future ?? Is that guaranteed ??
@@moneymanfernando1594 it’s called investing, pretty much gambling
Problem is...EVERYONE has been going there for the last year ...YUCK!!! Hot and Lots of People 😬😬😬
The pro-move was buying and selling a year ago and investing the excess cash in the market.
This is good.
Like after 9/11...everybody is freaked out and wants to leave where they are...RESET!
Great time to sell!
It's all by design to pack casino workers in like sardines. Go to your job at the Moon Base Casino. Go home to your dormitory house with no yard.
There might be a lot of work from home people that have moved here. The valley is filling up faster than I thought.
Way to hot here in Vegas man and terrible air quality
This is following the pattern of 2007 right before the housing market crash
Except its 100% different
California bring their democratic amazing politics
"offload" ??
To all the "waiters", do yourself a favor. Pull up inflation chart(dollar value), housing price chart, and stock market chart. Then lookup what happens to debt, loans during inflation. You're welcome.
@In Your Empty Skull You’re welcome!
On average, every ten yrs there's a bust. We are 5 yrs overdue. Reason I feel that it'll happen soon is that in 08 the bust was from Mortgage companies financing anyone. Now it's refi's. Get people into a NEW 30 yr, grab that comish, and run. People think that because they save a couple hundred a month that they are safe. A yr or 2 after they are in the same boat again. Now they just have a new toy or two to compliment it. If you sell in a "sellers" market you better run to a "buyers" market. Where is that? Detroit? No thanks. I live in Vegas. Bought my house 1.5 yrs ago i @ 420k. Its now worth 485k.. How long will that last?
wait refi saving people hundreds a month, hows that gonna negatively effect them? makes no sense bud
GREED IS GOOD.
Thank you for posting this. Honest to God and I am NOT hating on Las Vegas in any way. But the consensus is a strong "Las Vegas is a miserable place to live." My family and I and countless friends and coworkers over the last almost 20 years have really looked into moving there. Everything and everybody who has experience there says "Not a safe city, stay away." If these home owners are able to make some money, God bless them.
The consensus from who?
Not true alot of safe area
Depends on where, henderson near lake las vegas is one of the safest areas in the state.
Summerlin is safe
you are thinking about Las Vegas in the casino area...not in the suburbs. you will be shocked that you don't really see homelessin the neighborhoods like California.
Is there another booming industry in Las Vegas other than casino and hospitality ?
No. Jobs are few and far between here or grossly below living wage.
@@4eversteena - that's why I think it's all speculative buying. most of the buyers are probably thinking of a quick buck in a few months. another housing bubble for sure.
@@socalbenny4728 Agreed. My family bought here in 2000 which was perfect timing.
Im looking at Boise and Vegas, the difference in jobs is astonishing! How the hell does everyone move to LV must all work tech jobs pretty much or construction.
Make sure you're job can pay you livable wages here because in the heat you will have to run you're AC and in the cold you will definitely need you're heater on out here lol they have wages as low as 7.50hr
Damn Californians...now they're gonna drive Vegas up!
All these transplants coming here. Alot will NOT like living here. The average person that moves here lasts less then 3 years. No beaches, little grass, lots of crime, schools are below average.....it's not for everyone.
Same deal in Reno, they're really overpaying to live somewhere so basic with sht weather 😂
Beaches are boring, I'm allergic to grass and I don't have kids, so out of the four things you mentioned, crime is the only one I care about.
@@sexygeek8996 Crime isn't EVERYWHERE here. Do your research when/if relocating. There are many beautiful, low crime areas in Vegas/Henderson
@@4eversteena I didn't say crime is everywhere. I said that it is the only issue that would matter out of the four that he mentioned.
@@sexygeek8996 Thats cool. And I was saying if u ever decide to move here just do your research so you know where the safe areas are 😊
LV prices gonna fall down faster than those awful Raiders 😂
110 degree weather and no jobs, yeah what a great place to over pay for a home lol
There are Lots of jobs. What are talking about?
@@Oksure420 bro... I’m a mechanical technician and I have 5 companies who want my services. At $30 plus dollars a hour.
There is lots of jobs, I'm an architect and I have had 10 offers @ 85k
if there’s no jobs then why people are moving there? to starve?
i said this before, Vegas is an indicator of the world’s pulse. Only a devastation that impacts the whole world will take down places like this, ie world war. At that point nowhere will be better. As long as people are alive, they will stress, they will do things to entertain themselves, they will want to get out of town. You think people just gonna stop drinking, having fun, going to events, gambling, splurge one day? Hell no. Put everything in perspective and think.
Whats the guy in the white button up's name? He is handsome 😍😍😍
LMAO YES, asking the real questions 🤣
Joe Moeller
That's me
Vegas is the fastest to rise and fastest to fall.
Any data to back it up? Or your ass is talking?
“Far more money has been lost by anticipating corrections, than lost in the corrections themselves.”
Who wants to live in the desert?
Who wants to shovel snow?
@@XxDiamond44xX not me
I live in Bay Area 70-80 year round
@@JAYY_JAYY Its nice there , Bay Area , but who can afford it ??
@@moneymanfernando1594 you can be homeless there. nice 70-80 year around.
@@moneymanfernando1594 That’s why it’s important to get an education and work hard and save .
Don’t spend money on frivolous things .
It may be a little harder here than other locations .
The diversity , different places to see things to do , The weather .
I walk my local lake year round for excercise.
I have family all over the country.
They complain about freezing winters to summers where they stay inside due to heat .
Waiting for a crash? Good luck might take awhile
one year
Lol
@@bbginc694 no
Not in our lifetime again.
Nothing a pool and ac can't fix?!!
Keep thinking that the market will plummet in the next ~5 or so years while we are witnessing the greatest redistribution of wealth via Crypto..young millionaires popping up left n right. Its just not gonna happen anytime soon.
Vegas is cheap housing