‘The deals will be abundant’: Las Vegas real estate prices steadily decreasing
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- Опубликовано: 23 июн 2022
- For more than two years, prospective home buyers have been drowning in a competitive market. Now, real estate experts say things are finally cooling down which could help those looking to buy a home here in Las Vegas.
Prices dropping faster than Lake Mead.
A newer 1500 square foot house in LV in a good neighborhood is really only worth about $200k. Sorry bubble buyers. You lose. We tried to tell you all.
@@rons5319 When water is gone it's worth $0.00
Yup
@@rons5319 If you buy it as a rental, it’s gold for corporations. Banks will do some trickery again to boost values again. It just takes time.
Vegas and Phoenix running out of water.
No thanks.
Easy!!!
No water.
Not smart to buy an Vegas if they’re running out of water
That doesn't make sense just last week they were talking about how home prices are skyrocketing.
Water, or potential lack of it... people are leaving.
good all these homes are way over priced. keep waiting people its going to get worse.
Not to mention the fact that Lake Meade is going dry . If this happens Vegas could become a ghost town except for the very rich.
It would be a very bad situation if Lake Mead does dry out. But don't forget Utah, Arizona, and a large area of Southern California also feed on the same water source.
@@daybreaker1385 Yes just as bad for them, but personally i keep hoping to see California fall into the ocean. It is a beautiful state but if it fell would solve a lot of problems this country has.
Your comment is the MOST truthful one yet.
@@daybreaker1385 Yes California, Arizona and New Mexico depend on the water supply to grow crops. If they fail the cost of fruits and vegetables could become astronomical.
Stages of grief: denial, anger, bargaining, depression, acceptance.
Ya because they have no water their
Many markets are overpriced including Vegas.
Thanks Jerome Powell
SUPER DOUBLE BUBBLE overpriced! LV has a bad climate, no water, and lots of violent crime.
@@merovingian688 You don't have to be an economist to know house prices are in a triple bubble price zone.
Way over priced
@@rons5319 the living ash tray
Water is life!
If Lake Mead continues drying up at the current rate, there wont be any water or electricity for all those expensive homes. You wont be able to give them away!
You dumb they would build desalination plants dummy 🙄 😒
Vegas only as recently as 2017 got any power from the dam during distribution renegotiations. We get 33% of our energy from renewable resources and the majority of that is solar. The rest is from natural gas plants in the valley which have the capacity to produce over 100% of our needs.
Vegas doesn't need to worry about having enough water either. Downstream of the dam is where they will need to rethink their water needs. At Deadpool, where the water isn't high enough to send water past the dam, Vegas will still have enough water for years without adding any additional water. Even during these historic droughts there is still plenty of water that gets sent to Lake mead to more then make up for years of Vegas usage. With the third straw vegas will be fine for awhile. The lake levels are going down because of the demand downstream for the farming in the desert of California and Arizona. And no these farms aren't to feed people, they are mostly hay and alfalfa and they are mostly owned by foreign investors.
@@johnknightiii1351 what do you think the alfalfa is used for. It’s to feed the animals that we eat
@@catdaddy6723 if you’re a cow in Saudi Arabia.
Believe it or NO , people will still occupy the bones of this city rather than leave ,
Price will continue to drop for the next 3 years
Homes prices are still dangerously high. Too early to open the champagne bottle.
what a joke. who is going to buy a house, that is 12 months away from having no water, no electricity? The ride is over.
Las Vegas got the baddest news anchor in America
Prices haven’t went down yet. I’m seeing a little bit of a price reduction of maybe $10,000 on some homes but nothing else. We still have a long way to go before those prices get down to where they should be. But at least it’s finally happening! I’m glad that I waited two years
My husband's parents already deceased their house by $70k. It's been on the market 2-3 weeks already in Henderson
@@prncessbaby16 Yes, but what’s the price of the home??
@@truckingwithtobee right now it's currently at $600k, which isn't really affordable
@@prncessbaby16 so I just looked at all homes in Henderson. The only home that’s at 600,000 has not been reduced at all. And anything else that I saw in Henderson the most I saw it was a $35,000 decrease. So I doubt they dropped it from 660,000 all the way down to 600 because it would show in the listings. Why can’t people just tell the truth?
@@truckingwithtobee 429
I can't believe Las Vegas Nevada Real Estate Homes are going down!!!!!!!!!!!!!!!!!
HOORAY!!!!!!!!!
HOORAY!!!!!!!!!
HOORAY!!!!!!!!!
lol. sale volumes may be down slightly but prices are not going down anytime soon. .. too much cash out there and not enough inventory. Those that brought at a lower interest rate are not goin anywhere. Why would they at 6% when they are a better deal? Wall street buying up big ... looks like inventory is just going to get worse. supply/ demand
And yet those who can only afford an FHA are sol
Not so great for people trying to sell their houses, is it....
They will have to LOWER the price.
@@rons5319 Is that how capitalism works? Too much supply, not enough demand, prices go down? Thanks, Captain Obvious. I'm sure the people who paid premium prices for their homes are going to love not getting their money back when they sell their homes.
Should definitely be interesting to see what happens to all those airbnb homes once they realize that After 1/3 of California's moving here we need more water rights and our governor won't release any of It . Still wants to make money off of the farmers and out of California even though they're moving here and, our lake is disappearing. Which means shortly after that we will not have enough electricity either what will this town do then? Mark my words we are hitting the perfect storm. Between food shortages. All the price heights. when housing market falls out this time it's going to be devastating for this town. So sad as we started looking like we were really going to thrive finally.
Did you get rid of your lawn yet, are you taking shorter showers, and when you was dishes are you turning off the water between dishes, and making sure you fill your washer before you wash your next load.. stop blaming everyone- and check yourselves-bunch of whiners.. all i see if green lawns all over henderson, green valley and summerlin. Southern Nevada Water Authority gives you money to rip out your lawns. People can barely recycle properly BECAUSE IT TOOOO HAAARDD.. 😫😫😫
What about the water lines being built from Utah to refill Lake Meade ? And who is going to pay for it ? I suspect it will be the local homeowners in increased water and electric bills. I would have loved to move back to Vegas but i saw this as a problem 10 years ago, so i moved to Florida.
@@DistractedDaisy I have never had a lawn only desert landscape
@@DistractedDaisy Low flow dishwasher No lawn solar panels everything I can do to try to help the environment but why is it we're still running out I'll tell you why our governor signed over the majority of our water rights to California to California and now that we have half the people coming here we need some of the water rides back He is not interested in listening to that so no matter what we do here as long as hes in office we are screwed.
@@rondodson5736 Oh the governor definitely plans on having us pay for it With intertaxes for warehouses and so forth they have put several bills ahead to make sure that they can't pay for stuff like that they're even trying to hit small things like are shipping from Amazon Susie Lee that's her big thing They can't get enough police to protect us with the crime rate going up here After more than half of them left when Sicily disarmed them at this arm to them during the peaceful riots last year in the summer when the police officer got shot in the head then gave them their guns back the following day. Funny how he wanted to blame the sheriff or something he chose to do can't have the voters knowing that can he.There are a lot of reasons why Vegas is not the place you're really gonna want to be if you have the opportunity sell your house and run for the hills as quickly as you can. Me I'm kind of stuck my son doesn't turn 18 until 3 more years and I've got split custody so good luck to all of you.
People are also selling because of lake mead
It's not a deal if the interest rate is doubled. Not everyone has cash.
AirBnB need to be abolish . It's destroying first time home buyer
I'm a realtor of 20 years. This is a horrible time to buy. There are some price reductions but it's not enough and the rates are higher than they've been. If you are a seller it's best to sell now. If you're a buyer it's best to wait after the markets cool. Despite the Fed saying they will keep increasing rates, I believe they will backtrack as they have printed currency into oblivion and government will have a hard time serving the debt.
Finally an honest realtor.....fear brought it up and will bring it down
The rent has also dropped noticeablely. I'm here for it.
Dropping fast because the interest rates are high and no one wants to buy.
Y'all are about out of water! Give it 3 more months and watch the mass exits of ppl. If anyone can sell or get out of their leases now would be the time, it's about to get really bad out west.
Apartment rent still increasing
Buy at 7 percent rate lol 😆
I'm thinking more like 1:13
Don't Buy - Let Hit Bottom.
Gentrification investors are buying out properties on water Street in Henderson Nevada
What goes up must come down
Her source is a realtor she spoke to. Jesus.
may be able to get a deal on a house. but the interest rates on that loan are going to be a nightmare
Cooling, not if you try to build one.
Thanks Joe!!
NO WATER ..... SORRY !
It does not effect our apartment prices at all.
Buy your dream home somewhere else. Because In 10 years lake mead will be all dried up. Largest man-made lake in North America will soon be a pond.
I would never buy now. I'd wait until the market goes back to real value. Those who bought in the last 2 years or buy now at the top will lose hundreds of thousands of dollars.
potentially , ,
False.
Now that we are out of water lmao
30% hair cut!
60% in double bubble areas.
They are running out of water that’s why
Lol ya think it might have something to do w these gouging interest rates...look you could raise interest rates to cc levels and make housing completely unaffordable...look imagine 200k w 5% interest well thats 10k a year if you made it 20% and paid 150k that's 30k a year in interest so youd be paying FAR MORE FOR THE HOME...just not in the form of price. Anyone w cc debt knows how hard it is to pay off those balances bc you're struggling just to pay the interest along w all your other now inflated bills. Yea this might create lots of "deals" for rich investors to get even richer but nothing for the poor or middle classes.
Markets dropping fastest then Steve Sisolak’s approved rate . Well maybe not .
The housing market is cooling but it still won't hit Vegas or Phoenix nearly as hard as it did in 2008.
Yes yes it is. And worse this time because the bubble is twice as big this time.
@@rons5319 selfishly I hope so, I’m 18 but I’m building up credit and stacking my bread so when the market finally does I can buy a home to house hack
Yes it will! Watch
What's your reasoning for this statement?
@@KP99 Less interest only loans. Less ARMs. Less liar loans. Less people borrowing against their houses to buy expensive trucks, boats and exotic vacations. In 2008 10M ARMs reset, in 2022 there are only 1.5M resetting. Low inventory and 70,000+ ppl moving to Phx year in and year out.
Is that a nice way of saying we’re going to tank in a year ?.
You were not trying to lead the price for the neighborhood because why anyone want to overpay for a house in a neighborhood. You were trying to squeeze more commission out of people. I hope you guys saved with all that bragging, gloating, etc.. I personally think the fed saw something else in the real estate numbers and they had to slow it down. From the panic buyers, to the “investors, to the corporations(domestic and foreign)buying houses just to rent them out.
Are there a lot of corporate buyers in Vegas who are now renting the homes out, making it hard for first time home buyers to find affordable inventory to buy? Here in Phoenix it's a big problem, I haven't heard about it much in Vegas though, so just wondering.
When they actually thought people were going to buy high prices
They bought at high price for the last year and half.
Photographing the wanted persons upon their arrival
I'm liken' this.
2022-2023 no good year s to buy .... Are market getting worse.
Prices are down a bit but you’ll be payer more per month with these high interest rates. Still really hard to get a home for the average buyer sadly.
Correction: After two years of Wall Street and international investors buying up the market they have now left the market.
Higher interest rates always cool down real estate. I'm convinced prices will remain high even with the rising interest rates. You can't live in your stock market investments.
You are correct. We might see a small dip now in the kid to high range but there isn't enough supply at the low end and that will keep things propped up here. Once prices stabilize from the small dip they will increase again. Some people are just holding off waiting for the sky to fall but there is no sign of that happening. Once people realize the inventory will get swooped up. Vegas is still far more affordable then many places with plenty to offer. People are moving here from other places while being able to work remotely or just transition from a higher cost area where they can get more house for their money. Non of these things are changing yet and there is no bubble currently that I can see. I only see people pointing to metrics but no cause of a bubble. Interest rates arent high enough to cause a bubble and they are still at historical low levels.
Have you seen how much inventory there is now compared to a month and a half ago we only had about 15 days inventory now we have over 50 days in just a month wait a couple more prices going to tank so hard out here lmao
@@johnknightiii1351 There is a current debt crisis and due to the historically low interest rates that allowed investors to buy mortgage bonds at an absorbent rate, they bought and flip homes, causing an inflating market. There is some areas in states where they own over 10-15% current inventory on the market. That is huge. With these high interest rates, the buyers market has cooled off dramatically and will only get worse. This means those flips are now staying on the market longer, and eventually will lead to massive liquidations that the investors will unload onto the market. Plus new home builds were at an all time highs during the last few years which will saturate the market on top of everything else. I can see in a year this market will be very different. No one is not seeing at least a 20% decline in home prices in the next year or so. Many credible economist believe this could be a major rescission fueled by a debt crisis and damn near hyper inflation.. Now of course the real estate market crash only hit the markets that have had the most growth of course.
@@SouthernCodester91 housing inventory levels in Vegas are still at historic lows and almost the same as compared to this time last year and still substantially lower then last year's peak in October. There are also many economists like Betsey Stevenson who don't see this sharp decline coming that you are talking about. The reason you are seeing so much in favor of your predictions is that fear sells well. People love to jump onto the fearmongering train as well. Look at all the uninformed people who think that vegas won't have water or power. I'm not saying a dip isn't possible, I'm just saying I'm not seeing the metrics people are using to cause a panic actually correlate to the dip.
Investors have loads of money and use the interest for right offs.. but at least prices will come down, so people can buy a home of their own, 7% is what it was right before 2008- so its not insanely awful..
Bubbles about bust i knew it 😂🤣🤡
send operations news in police station this location We have three criminals Coming from outside the state standard the 10 camera
The Great Recession is coming guys nobody believed me a year ago when I said it now it’s coming to life!!
Cooled down because no one can afforded the interest rates. Stagnation. Thanks Joe You Did That!
The market did that. Go back to school Bob...
Economics 101 Einstein-Robert.
The fiscal conservative Trump who signed off on the biggest bailout in American history played no part?
Trump loves the uneducated. Biden controls monetary policy too?
@@EXREPUBLICAN He is not entirely wrong. Inflation was caused due to overspending, IE stimulus which was done by both administrations however Biden's spending bill and raged war against domestic fracking, which has caused an energy crisis. As soon as Biden took office oil/fuel prices went up over 30% due to the futures that are built into the price, IE no confidence in long term fracking. Biden canceled new permits for fracking, canceled the keystone XL pipeline for export this all in turn led to increase in goods because of fuel cost increase. This played into inflation globally leading to our current markets. Now that inflation is runaway at this point, the feds are crashing the economy with frequent and aggressive interest rate hikes to calm inflation however at this point it will take a major market crash with zero chance of a soft landing.
Because LV is running out of water and no one wants to move there.
Definitely not at these prices
QT at work.
Free money = inflation.
@@rons5319 Oh it isn’t free. Imagine being in the Federal Reserve’s position. Create money from nothing with near 0 interest rates. Then, jack up the rate to whatever you want because you control monetary policy.
@@rons5319 Inflation is a tax. The fix? Another tax which is higher interest rates. I’m in the wrong business.
Might wanna check the cities water source availability before purchasing. Less than a few years left until it gets biblical......
Educate yourselves to do something besides say "may I help you".
Despite the economic downturn,I'm so happy☺️. I have been earning $ 60,000 returns from my $7,000 investment every 13days.
This must be an investment with Mrs Christine Norine Martin
Wow I'm just shocked you mentioned expert Mrs Christine thought I'm the only one trading with her
Crook! You post this bull on many videos pertaining to economics.
@@stevebowling1004 She helped me recover what I lost trying to trade myself
@Nicole Gomez I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs Christine I think she is the best broker I ever seen
Nice. I have been waiting. Need to set up a few trap houses and houses to flip