Las Vegas Homes For Sale - It's Over!
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- Опубліковано 28 чер 2024
- Las Vegas Homes For Sale - It's Over! The overpriced US real estate market, along with the substantial hidden costs of homeownership, presents a significant financial challenge for many. The situation is particularly dire in the Las Vegas real estate market and its limited supply of Las Vegas homes for sale. Data from home builders and popular real estate websites like Zillow reveal a troubling trend of price gouging to aspiring homeowners. Buyers are increasingly becoming aware of the inflated prices of Las Vegas homes for sale, which exacerbate the already high costs of owning a home. Despite the allure of Las Vegas, the reality is that the Las Vegas real estate market continues to show many overpriced properties, making it very difficult for average buyers to enter the market. There are currently less than 4,000 Las Vegas homes for sale which represents only about a 2 month supply of inventory. The median home price of the dwindling supply of Las Vegas homes for sale now stands at approximately $473,000, which represents just over a 7% increase year over year. The average homeowner now pays over $18,000 per year in homeowner costs. Las Vegas homes for sale are also included in these hidden expenses averaging nearly $17,000 per year. Reports show that even though Las Vegas homes for sale are listed at high prices, they often fail to reflect the true market value, leading to additional financial strain for new homeowners. This trend indicates that the bubble in the Las Vegas housing market is unsustainable. As hidden costs, high interest rates, stagnant wages and inflation pushes prices higher, it is clear that it's over for many people who dream of owning a home. The persistence of these inflated Las Vegas homes for sale prices highlights the need for more affordable housing solutions. The potential for economic turmoil is on the horizon and being patient for a housing correction is an option many are waiting on. If you are thinking of buying a home, especially any of the current Las Vegas homes for sale, making a lower offer or waiting things out is potentially a wise option.
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Summit Properties
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The overpriced US real estate market, coupled with substantial hidden costs of homeownership, poses a significant challenge for buyers. Data from home builders and popular real estate websites like Zillow reveal price gouging, particularly in the Las Vegas real estate market. Las Vegas homes for sale are consistently overpriced, making it difficult for average buyers to afford a home. Reports indicate that Las Vegas homes for sale are listed at inflated prices, which do not reflect their true market value. This trend underscores the financial strain on potential homeowners. As hidden costs and inflated prices persist, it's clear that for many, it's over - the dream of owning a home in this market is becoming increasingly unattainable, highlighting the need for more affordable housing solutions. 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
Even a crash won’t help people these prices are unaffordable. The Biden administration and Democrats destructive behavior. The average person has no business getting into more debt.
What he's ignoring in that video is that "boomers" had to survive 1971-81 when interest rates went from 2% to 20% while house prices rose 500% in that 10 year window.
@@sang3Eta Every generation has affordability issues.
I totally agree with you about social media... I got off Facebook in 2016 and to this day have never had one regret!
Yeah, social media has some benefits but it is mostly destructive to a lot of people.
I just bought in Henderson, moving here from the San Francisco Bay Area. I pinch myself every day, wishing I had made the move 4 years ago.
Many people feel that way but better late than never.
Love the channel because he drops nothing but facts. OVERPRICED HOMES, OVERTAXED PROPERTIES, GREEDY DELUSIONAL SELLERS.
Nevada property tax is not bad.
Why are homeowners "Greedy". We live in a capitalist society.
If you don't like America move to a communist country.
Try Cuba or Russia. You will love it there.
Should owners give you the house for free?
Should I pay for your mercedes benz you bought for no money down?
🤑🤑🥸☠️🤡🖕
@@thomaskim5008correct! NV property tax very low and no state income tax. Check for yourselves.
Thanks so much for the kind words and support Jimmy!🙏👍
@@thomaskim5008 It's not bad compared to many other states.
Lumber price is super cheap right now. Remembered when they blamed lumber for price of new build?
This is the best comment on this video and absolutely correct! Just check for yourselves the cost of a 2x4x8 stud on the HD website. Lumber is not expensive.
I remember that too. I guess it doesn't matter anymore as the price-gouging has just become the new normal.
I am not sure you guys do much woodworking but 3 years ago I could buy 3/4" 4 x 8 sheet of plywood for $46 at Lowes. That same sheet is $90 now. 2x4x8' studs are double the price of 3 years ago. So yeah it's expensive. Sure one stud may be cheap at $4.25 but it's still double the price. FJB. I do agree on price gouging 100% but everything in American is double the price thanks to Obama err I mean Biden.
@@ShadyD365 I don’t do woodworkkng or purchase much lumber but here in Southern California the 2x4x8 stud price today is $3.63 at both Lowes and Home Depot. What was the cost in 2019. 2022?
Omg I worked for a Building Supply company and that’s all they talked about. My theory is it’s simply the rising cost of land. Land is very limited and scarce. Land is infinite in value. A 5 acre parcel with nothing on it would cost 500k in my area
I completely agree with your take on social media. I will never forget when a good friend told me about her sister's Facebook account. She said that you would think that she had the happiest and most glamorous life possible when actually her life was a complete mess. Her marriage was terrible and her kids were out of control. However, the photos of her vacation and sumptuous meals while on it gave the illusion that life couldn't be better. Thus, the name Fakebook.
So true! Social media is mostly all smoke and mirrors. While there are some benefits to it, it has mostly destroyed a lot of peoples lives. Thanks for sharing Dennis!👍
Right! All smoke and mirrors! Insecure ego addicted folks love social media which isn't even social
I just run in this channel and I finally heard a real state agent who truly has empathy to home buyers. Very good video!!
Thanks so much for the support Allison!🙏👍
Well done as usual. The average buyer these days has no idea what the upkeep costs are on a house. They too have increased considerably along with housing prices. As for the social media bit you're spot on. Like my Dad once told me "the best kind of car is a paid off car".
Thanks so much for the support and feedback Albert!🙏👍
your dad is correct. Monthly payment do not make you feel good even driving a nicer car.
@@smashrc123 Also agree.
True, I was driving a JL Rubicon before my divorce, jealous of the junk PAID for car next to me.
People in Vegas are living on credit cards and have high vehicle payments, something will give eventually.
@@cd3dnw True for the most part...all smoke and mirrors.
In my opinion there is nothing worth over 300,000 in Las Vegas and that includes Summerlin , nothing over 400,000 in the better parts Henderson or Boulder City . Saying you live in Las Vegas has become camp like some weird status symbol because of being the entertainment capital of the world . But that’s like saying you live in Hollywood California when in realty Hollywood is a complete dump. It’s risky to invest in a town built on the tourist industry , because in times of recession everything crashes especially real estate . So unless your retiring or can pay cash for a home and don’t care save your money till you can afford to put a sizable down payment so you start off with equity which is the main reason you invest in real estate..
EXACTLY!WELL SAID!
That is what I have been saying except too many Californians are too eager to buy homes in Vegas and forget the hot weather and that they are overpaying for the Vegas homes. Let see when the next recession hits Vegas. The recession is very overdue
@@thomaskim5008yup, there will be plenty of bag-holders from Cali just like last housing market boom/bust cycle
Agree, the house I’m renting is estimated at 700k and it has paper thin walls, and floors (my kids have proved that theory) lol
Know your homes worth physically. The crash is inevitable or were Venezuela 2.0
Unfortunately, perception is reality. Home prices have gone up to these levels simply because buyers are willing to pay these astronomical prices. Las Vegas has grown tremendously from previous years and that is unlikely to change anytime soon. In fact, with professional sports, low tax rates, best entertainment, relatively low cost of living, etc., it will not likely face the financial turmoil as seen from previous economic down cycles. Home prices should go through a correction but will very likely go up in the long term.
You are an asset to the common man thanks for your channel that keeps it honest! I’m waiting and have no regrets thanks to you!
Thanks so much for those kind words and support!🙏👍
People have to be insane to buy right now. These homes should be half the price. The sucker that bought that 2500 sqft home for $1 million is trying to find another sucker. Unfortunately, there are a lot of suckers out there.
Can't disagree with that. Sad.
but the prices will not be coming down. inflation proves that. prices. never. come. down. so what do we do?
@@maddog7999 That was sarcasm right? Homes lost 50% or more in 2009-2011. What can people do? Stop buying at these stupid prices. Sellers just put the price up to see how naive people may be. Then profit off that naïveté. RE agents aren’t helping either except Jerry and a few others. Get out of debt and take advantage of a decline.
@@ConstitutionCurt im not talking about after a crash. im talking about their real hard value
@@maddog7999 its a great investment long term. It’s a time vs money thing. Everything always equalizes (as long as government doesn’t get involved). It’s just common sense. Things get to expensive no one buys and prices drop. I think Illegal immigration is the wild card right now.
thank you mr.abbott.for another informative video.your truthfull an show no bias.nothing but the facts you report.looking forward to next weeks video.
Thanks so much for the kind words and continued support Jerry!🙏👍
I really appreciate your channel. You’re one of the few real estate agents who provides an honest take on what’s happening. Keep up the good work!
Thanks so much for the support Sabrina!🙏👍
You offer very valuable insights. Thank you!
Thanks so much!🙏👍
Awesome Channel, your are providing a Great Service. Not many Honest Guys Left Thank You for your integrity my brother
Thanks so much Mohamed! Much appreciated!🙏👍
So true Jerry! Thx for the honest truth...too much greed (or desperation) in the market at the moment...
My pleasure buddy! Thanks for the support!🙏👍⛳🎸
Selling residential real estate is easy when you know how. The main problem is that most realtors are financially illiterate marketers, not deal makers.
Ask the seller to let the buyer buy on seller financing, the realtor commission and closing costs are paid in full by the 10% down payment, and then sell the note to a 3rd party note buyer.
With a properly structured deal, the seller can realize a higher sale price, more net cash than a traditional sale, and the existing debt can be wrapped or may be paid off at the note sale.
The buyer that had trouble qualifying with a traditional bank loan can buy with a lower down payment and easier qualifying, because seller financing parameters are fully negotiable.
Okay, thanks for sharing.
No no no most realtors in North Carolina are crooks crooks crooks crooks and they pick up the sellers meaning the sellers are in board you know how much do diligence the lost with sellers lying on disclosures and the realtors eating them on to do minimum thousand dollar to diligence the crooks and I hope that they lose money
No no no most realtors in North Carolina are crooks crooks crooks crooks and they pick up the sellers meaning the sellers are in board you know how much do diligence the lost with sellers lying on disclosures and the realtors eating them on to do minimum thousand dollar to diligence the crooks and I hope that they lose money
Those new houses are not only criminally overpriced but also hideous. Why put the ugly garage in front?
Someone agree with you on that, other would not but most all would agree that everything is overpriced.
So they don't have to park their car on the street and can drive right inside the garage and put down the door. Safer.
The REAL reason is MONEY. If you haven't noticed, EVERYTHING boils down to money. If builders are going to offer you a garage (on the smallest patch of land they can get away with) it's gotta be in the front. No room up the side. Especially on all those 3 car garages Jerry always uses as a backdrop. 🤔🙄🤭BTW I agree. Hideous designs. No curb appeal what so ever!
@@faithsrvtrip8768 True but not some of the best designs as a result.
@@AngieInNC Correct. These newer designs are meant to save space. Some people like the designs but many do not.
Excellent info! Thank you!
My pleasure!🙏👍
Glad you kept advising folks to be patience on buying a home. Seeing homes dropping in price is good but not enough. Social media in today generation always brings the up to date news on what's happening around. I'm on it but not FOMO enough to convinced me.
Thanks for the kind words and support!🙏👍
Why do they call it "hidden costs" ? Those costs are very clear. If someone thinks theyre hidden that means they dont know what they're getting into when buying a house.
Many people simply don't realize these costs when buying a home.
Learned it in hard way. Paying 10k in property taxes, 3300 for home insurance, HOA 750, security, landscaping, etc...add up to 16000 for my 400k house in Texas :)
@@pramodnvm Many people in the same boat. Truly mind-boggling! Thanks for sharing that!👍
Hidden costs can change dramatically even if you know about them. My fire insurance went from 1500 to 2500 to 5800 in the last three years. That is a 386% price increase now I knew things were going up but not 386%. Yes I live in California but this is why people are leaving. You can blame it on inflation or the government but you still have to pay for it.
You must live up in mountains Right
LGI Homes does the ARM shenanigans in Commerce City, CO too.
Always about the bucks!💵
Thanks Jerry for your video Teresa from Florida ❤ Good info 👍
Thanks for the continued support Teresa!🙏👍♥
Thank you very much for your valuable information and HONESTY... That is something that I value in life... once again Thank you very much ! 🙏
My pleasure! Appreciate the support Jonathan!🙏👍
People who have bought homes in those new developments must feel great. Not only did they pay FOMO pandemic prices but a double effect with those new buyers getting lower loan rates. It’s beginning of the correction.
I find it truly amazing how people throw caution into the wind and will buy at any and all cost without thinking of the consequences. Most people have no idea how expensive it is to own and maintain home, especially at these levels. Many will get a wake up call down the line.
House across the street from where I live went down from last month 3.2 million to 2.9 million today..........great, still inflated by a million.
Lol...crazy times but at least moving in the right direction now for buyers.
WOW, it's unbelievable how the prices change. Thanks for keeping it real. Valuable information. 💯👍
Thanks! Much appreciated!🙏👍
Appreciate the update
My pleasure!🙏👍
Between the costs of IRS taxation $20K, property taxes $4.4K, medicare taxes $2.2K, SSI taxes on my business income $1.4K, UHC medical insurance $2.3K, car insurance $1.3K, home insurance $1.2K, business address location rent required for business license $.960K...I have to make $33,760 to pay obligations to keep a roof over my head. Food, clothing, car and maintenance and staycations are extra. I am single, 69 and no mortgage. How are married people with kids managing on their median income based on whatever survey you put your trust in?
Think the TV show Full House. 2-4+ working people under one roof, all working multiple jobs, all working together to watch each others kids, and so on. There's a reason apartment complexes in the Valley are overrun with people and none of them have enough parking spaces to accommodate everyone living in them, and almost every one of them is going downhill.
Landlords know this, and you can expect the rents to continue to rise accordingly. Single in Vegas? Forget it. I gave up.
It all depends on how each person or family lives. Most people are forced to live beyond their means at this point while others do a better job of trying to manage on a budget. Very challenging times for millions of people.
@@oldirtydawson That is becoming more and more common due to such rising costs. Sad to see as so many struggle in today's economy.
We’re NOT surviving…..Just one check away from total meltdown unfortunately
Best response I have ever heard.
Good info on Zillow!
Thank you! Much appreciated!🙏👍
Thank you for your videos and honesty!!!
My pleasure! Appreciate the support!🙏👍
i like the advice and good job !!
Thanks so much!🙏👍
I follow markets just as a hobby. I live in The Villages, Florida and I especially follow this market. The tool on Zillow that tells the value of the homes in the area you are looking at is what I look at for every house. You have to laugh at some of the valuations. Like the one you showed, you never want to buy the way over priced house. It will only come down. I also watch Las Vegas and Hilo Hawaii, because my kids live there.
Thanks so much for watching and commenting Karen. I have heard some pretty rough real estate stories going on right now in the Florida market as well. Appreciate the feedback!🙏👍
It's so hot in Las Vegas 108 and climbing 117 by next week!
Typical 117 end of July beginning of August.
so hellish!
@@tobyk5149 not even almost!
Yeah all this newcomers will experience that heat 😅
Very hot here now for sure. Reverse winter in June, July and August!
Thanks for sharing and keeping it real 💯 👌 👍 😊
My pleasure!🙏👍
You are so right about social media. I personally have got off of all social media. I saw it destroying marriages, children. Decided I didn't want to be a part of the problem. Found out I can do without it no problem. Thank ou for being a truth teller!
Thanks for the feedback and I agree with you that it does more harm than good. Appreciate the support.🙏👍
I can't imagine how much crap you get from your realtor acquaintances, but thank you for your honest transparency. Not sure if you have mentioned it before but with the automotive market crashing. Which is the second to largest investment someone would make that is a tell tale sign people are running out of money. Sellers will be forced to lower prices as there can't be that many idiots to keep buying at these ridiculous prices. As soon as there is some sanity in the LV market I'll be contacting you!!
I do take some grief but that's okay...I'd rather be transparent. Thanks for the support!🙏👍
Seek nothing outside your self. We are in trouble when we compare our lives with those who are living a different life than the majority. We worship $$$ too much.” Wall Street” greed is good.
Good comment, thanks Mike!👍
great analysis for LV market...i look to zillow, realtor, etc as sources ("guides") for information in the LV market but seems the Zestimate algorithm/listing prices are off on some of the homes you showed..that last home looks more at what homes should/could be listed at...good info on home builders and "special pricing"...watching LV market..possible relocation in 3-4 years...new sub here...Aloha
Thanks for watching and the support Dexter!🙏👍
I love your honesty, it is so rare.
Thanks so much! I really appreciate that Carol!🙏👍
I lived in Summerlin from 2001 to 2020 it was a great place to live. Homes were affordable much less traffic and friendly people. Once the word got out about the great quality of life tons of people relocated to Vegas and to surrounding areas . It’s no longer affordable and the crime is hitting all time records. At any given time who knows how many people are driving drunk high or on pills. I relocated to south Charlotte couldn’t be happier.
Yeah the good old days of Vegas are gone
Things have definitely changed in Las Vegas since 2020. The city feels almost unrecognizable. Glad you're happy in another location. Thanks for sharing.
I left in '20 also. Too much crime, people got very rude, I didn't feel safe anymore. Vegas used to have a great sense of community. People came together and always helped eachother. I miss the old Vegas, it was wonderful. Not now
@@valmeditation9790California's need to go back to the state they ruined
Appreciate you sharing this and your perspective.
Thanks for keeping a pulse on the LV market / Economy. Regarding Social Media? I occasionally take a look to get a gage of the dumpster fire levels. It looks like its getting worse.
Social media really is a dumpster fire! Sad to see so many people influenced by it which has only led to more unhappiness and poor financial decisions. Thanks for the support!🙏👍
I learned a lot from this video today. Thanks.
Glad I could help! Thanks for watching Joey!🙏👍
I live in Painted Desert NW Las Vegas. Guy in the corner listed his condo, same unit as mine. It didn’t sell. I was playing pickleball with an acquaintance, he re-listed it, 2nd agent. He didn’t seem thrilled about the listing. Turns out the owner is insisting to list it nearly 100k over comps of the same unit. IDC if the fixtures are gold plated, in this market your listing looses credibility going down this path.
I used to be a real estate agent in Florida and at least half of the sellers I spoke to wanted to list higher than the comps. Almost all of them said the same thing when I told them they wanted too much , they said there would be a buyer that fell in love with their exact house and would pay more for this "one of a kind house" .
Very common and very foolish on the seller's part. Many will learn a harsh lesson and not get anywhere near the number they desire, especially as the market changes.
@@bigb6046 Very common. It's only natural as many sellers want the most money while paying the lowest commission. Many will get a wake up call, especially as the market shifts.
Las Vegas... Over Builds, Over Prices... No-High paying jobs.... Peoples in CA moved there now regret .. Can't even sell their house due to high interest rates... CRASH IS COMING.
I doubt it they regret at all
Las Vegas may be overpriced but they certainly have not overbuilt based on the insatiable demand. The crash is not coming anytime soon.
@@RasiRobi Agreed for the most part.
@@lasvegasliving9237 real estate is 30x over valued than 2007.
@@Blinkyjedi Not sure where you got that number but that is not accurate.
I appreciate your honesty! I love golf and am interested in a possible move to Las Vegas.
Thanks so much! I've played just about every golf course in Las Vegas. Good tracks out here! Thanks for the support!🙏👍
Thanks so much for your integrity and diligence in putting together the information that you provide us. This next year will be an interesting one as many are finally coming to terms with the fact that their savings are depleted. Yet, the greed still continues with people trying to make hundreds of thousands of dollars on houses that in no way could be resold in a year for what people are paying today. The house that you initially showcased for $1,500,000 is a prime example. When I first looked at that house and saw the background of the pool, I thought, "No way that can't be Sun City", and it was!!! That is insane!~ It is crazy to me that the previous owner paid as much as they did for that place. It is, in my opinion, a mid range house, in a potentially scary neighborhood, (seniors everywhere with LIMITED security/No guarded entrance). Anyway, I was looking through some listings this evening in MacDonald Highlands and saw some outrageous examples of greed there as well. Unfortunately, there is plenty available in all neighborhoods in Vegas and Henderson.
Unfortunately, greed is off the charts when it comes to this current real estate market here in Las Vegas. Some of the prices are just completely outrageous at this point. Hopefully things will change soon. Thanks so much for the kind words and support!🙏👍
Mahalo you Da Man. Never realized on how long and how slow it takes for the death ☠️ of the housing market to occur. Record breaking duration of the yield curve. Any day now can be that ⬇️ward trend. 🙏🤙🏽🌴🍍SIDELINED
Unfortunately, the housing market is usually the most durable and last to fall. Everything is cyclical and we will likely see the RE downturn, even it takes a while. Mahalo bud!🙏👍🌴
Everything goes up except wages. If wages kept pace with cost increases, there would be no problem paying for things (homes, cars, food, etc).
No kidding! Very unfortunate times for millions of people.
Hi, I’m watching your channel here from France 🇫🇷 and I would thank you for your objectivity and being factual. I learn a lot from you on the real estate market in USA 🇺🇸 that for sur we can apply here. Merci 🤩
Wow! Merci! I appreciate the kind words and support!🙏👍🇫🇷
You're right about social media.
Yes, social media has some benefits but it's mostly destructive to many people.
3 bath usually is a 2.5 bath, misleading in my opinion
True is some instances.
For lent (catholic tradition), I always give up social media for 40+ days. This year it was 3 months or so. It never disappoints, I feel regenerated, sleep and rest better, and feel an overall sense of freedom. It's crazy. Everybody should try it at least once a year. I always regret coming back to it eventually though 😢.
Good for you. Many people should try doing the same thing but trying to stay off as long as possible.
I appreciate your informative and honest videos. Who knows when I'm retired one day I may seek your services if I decided to retire in Vegas, but paying those kind of prices for a house in the desert? Not happening. If prices ever come back to reality of location, I may look you up.
I appreciate the support!🙏👍
Hi Jerry,
I appreciate your transparency and keeping it real Jerry that’s what makes these videos in this channel so phenomenal. Thank you so much for your hard work. Looking forward to talking to you soon. Hopefully this will be a good election on November 5 and things will get back to normal soon. 🇺🇸❤️🤍💙
Thanks so much for the kind words and continued support Jimmy!🙏👍🇺🇸
I was in Las Vegas in ‘05 and I overheard one of the employees at the casino say,
“Las Vegas has 4,000 people move here every month.”
Then she followed it up by saying,
“They also have 4,000 people moving out every month.”
I don’t know how true that is but there you have it.
Not true today. We have at least that amount of net inflow moving here each month.
LV was growing 3.7% each year at that time, which is even greater than the 2.1% it is now. So you overheard an idiot who didn't know what she was talking about.
Vegas expect 3,000,000 incoming.
@@DidntDoo Not anytime soon.
DIY as much as you can. UA-cam has saved me thousands!!
Agreed! You can learn just about anything on UA-cam!
Social media has actually enlightened me personally. Especially went it comes to scams.
That's good! There is some positivity to social media.
Big concern about insurance declining applications for new or renewed homeowners insurance. OR & CA have a new state-issued insurance yet in Oregon the max coverage is around $180,000 with that almost forced plan for those who live in a designated [Forest] area. Forest overlay zones will soon equate to no coverage available.
Wow, interesting. Thanks for sharing that.
Basically 50% of the population refinaced at 3% or less and has an insanely low paymet to income and are l8ving their best lives. With thousands of extra dollars each month for travel and entertainment. The other 50% are chasing their tail each month being destroyed by housing costs.
I respectfully disagree that people with low payments have thousands of extra dollars and living their best lives. Not a chance with all of the other inflated costs. Some yes, but not the majority.
Someone needs to make minimum 180k a year to afford any home
Pretty much to COMFORTABLY afford a normal home, certain not any (expensive) home, which requires far more income.
I’m seeing a lot of that happening now as well. I do think the tide will turn, albeit slowly with the real estate market.
We are closing on a house in Smoke Ranch. It was built in 1988 and were asking 347,000 and told us they had an offer already so we basically had to bid against ourselves. We offered 350,000 and surprise surprise, we got it. Luckily after having home inspection, we got them to chip in 15,000 towards closing costs and US Bank to wave 1000.00 fee. We got 6.25%. Trying to buy down a few more points but they say we close around Jult 8th. House needs all the carpet ripped out,new appliances,new fixtures,fresh paint so we estimate another $25,000 we need to spend before we move in. Lucky for us we sold our old home last year and have money in bank but if not that we'd never afford a new home. Sad
It really is sad. The cost to buy, fix and maintain a home is more expensive than ever.
I live in Southern California and have a home with an ocean view. My cost of housing is really low. I just bought a tent and live rent free on the beach in Santa Monica. It's awesome!~ thank you Gov Newsom and please everyone- vote for Biden Harris 24. And when I need something to eat, I just head over to the nearest Walgreens and steal up to $950 and they let me walk out of the store with everything- no charge! I love my life. Democrats Rule!
Lol… Good comment!
for the win
@@donh3590 Yes.
yeah, so vote for an orange turd and all your problems will disappear!
Who can afford these homes?
We ask the same thing here in Orange County, CA where I grew up. The market is 2x inflated right now and horrible interest rates, yet we see single families moving into 1.5 million dollar homes at 7%+. Seemingly everyone is making $300k/yr++ ? I don't understand it.
Buyers are usually from out-of-state that already own a home and can pay cash or have a lot of equity. Also, foreign investors and corporations have bought many homes.
@@drewmorg. Much of that is from people earning higher incomes, previous home equity or family wealth. Pretty common in places like California but certainly not the norm in most other areas of the country.
The same people skipping meals because they don't have any money and buying pre-pissed in jeans for $800. Teachers!
Me.
Social media fomo was the initiator but low interest rates and easy access to capital were the catalysts. Irresponsible fed policy is what led to the environment of 2% mortgages and 2-3x house price increases. Unfortunately these prices are here to stay due to insufficient housing supply. They cannot build house fast enough to meet the massive shortage. That’s especially true here in Vegas where prices are up 8% YOY and only continuing to rise.
Very true and good feedback but I do believe we will see a typical cyclical correction at some point after the election. Nothing goes up in a straight line forever. Time will tell. Thanks again!🙏👍
There is not a housing shortage, that is merely a political talking point. There is a problem with unmitigated migration of tens of millions of people illegally entering the country with no financial means to care for themselves. These people are being dumped into cities across the country forcing cities to figure out how to house these people, and that is the beginning of the end of why young Americans cannot afford housing. It is a planned destruction of the country. If you buy into the federal talking points you will always be behind the curve of what is really happening to our country.
Las Vegas is so harsh to live in. Did it from 1993-2001. Some people can get used to it,...My daughter couldn't handle it, moved back to Orange County, CA and got lucky enough to buy a house and so blessed to have almost have paid it off, another few years..thank GOD. Can't wait. I wish EVERYONE WELL and sincerely hope so badly for people nowadays to be able to purchase their own place and call it home.
Las Vegas is definitely not for everyone. Glad things worked out well for your daughter in California.🙏
I came here to learn what's over.
Hopefully you found it helpful.
I like your channel. I do not go by or try to keep up with the Joneses it just isn't worth ir
Smart! Thanks so much for the support Thomas!🙏👍
8:47 keeping your monthly payment low is key- you are paying off the mortgage at a fixed 4.9% using dollars that are depreciating at 6%, compounded
That's why so many builders are offering the buy down rate but still doesn't excuse the massive overpricing of the homes.
Thank you for being truth teller.🇺🇸🎉
My pleasure! Thanks for the support!🙏👍
I'm going to have to do a little research and find out who was president in 2019 to find out why everything was so good.
This will certainly be an interesting election year.🤷♂
TRUMP 2024 or bust! This is the most important election we the people will ever have!
@@JohnR767400 It will certainly be an interesting election!
Who the hell pays over $1,000 per month to maintain a home. That is insane! I’ve had mine for 30 years and it’s only cost me around $250 per month for everything, including a new kitchen and bathrooms.
Depends on where you live, the cost and size of home, etc. Scary to see such costs!
@@lasvegasliving9237 I was assuming the reported info was average home.
@@randybuyers The national average is $18K inclusive of taxes and insurances.
@@lasvegasliving9237 That is just so alarming to me. I had no idea how much I save doing minor repairs on my own. Pressure washing, painting, caulking, light switches, yard work, etc..
@@randybuyers Smart to do it yourself (if possible). Most do not and pay for those things which adds up to a lot each year.
Love your vlogg
Thanks so much!🙏👍
We are looking for a new home. There is no way I’m going to pay these over inflated imaginary prices. All the smart buyers are sitting still.
Some are sitting on the sidelines while others are still buying. I believe a correction is on the horizon. We’ll see how it plays out.
Northrop Grumman just laid off 8k employees. That’s a lot of white collar workers. This is how the market in real estate corrects itself. Unemployment goes up prices go down.
Yup. Slowly but steadily.
Florida should not only be dark blue it should be black. If you include insurance costs and HOA fees and HOA special assessments Florida has to be the worst state in the country for home ownership costs. Condo owners are getting special assessments for over $100,000 from their HOAs.
I have heard the Florida horror stories. It's crazy what's going on down there now and that is being reflected in their real estate market. Big changes. Scary there.
Red Florida is wealthy because it isn't Blue.
Blue cities are sewer drains, including San Diego, compared to Red cities.
Why would wealthy people want to live in high taxed Blue cities?
Blue leaders make it easy for wealthy people to leave.
They’re starting that here in Houston also! It’s horrible.
Builders tuck in those “savings” through the in-house lender by citing you get builder credit and they charge that in your interest on the backend.
A lot of smoke and mirrors by the builders.
Hello Jerry !!! :)- The pandemic killed the market by allowing people to work remotely and ditch California which forced uninformed individuals to escape to Arizona and Nevada. Unfortunately this bell cannot be un-rung. People who left California can not go back and they are now trapped. Maybe MORE research and a lot less FOMO!!! :)- Great video and Kudos to YOU!! :)-
Thanks for your input and the support!🙏👍
So @$800,000 what's the home builder's profit???
40-60%?
Hard to know for sure but many builders will say their margins are thin which is total BS.
And then they use bad builders that can't even match up molding.
@@Symonize True in many instances. Sad.
the simple answer to this is, house are more expensive because there are more buyers than sellers, when there are more sellers than buyers, the prices will come down... most americans are deluded into the belief that they should own an extravagant 2-story, 2 full baths, 2 car garage, home... all variations on that delusion apply...
yup no lack of delusion in our society during asset bubbles just like the rampant delusion I witnessed 2004-2007 in LV and SoCal.
Agreed and many are or will pay the price for buying into this current market at such high costs and rates.
Is there a such thing as candlestick charts for real estate? Thank you for the great channel keep it up…
I'm not sure about that but thanks for the support!🙏👍
All you said was prices make no sense, you never give a reason.
I never give a reason? Do you watch my videos? I give the same similar reasons in almost every video. Corporate greed, inflation and FOMO buying.
12:35 maybe Zillow IS the seller
Makes you wonder!🤷♂
Are you sure some of the jumps in price you highlight aren’t due to the previous recent buyer doing a major renovation?
Many of these homes have been renovated but the problem is that investors are expecting a massive ROI from their renovations. The new pricing numbers after their renovations are completely absurd. Even more disconcerting is the fact that buyers are actually willing to pay those prices.
If I'm coming to Las Vegas, I'll definitely call you. I'm looking for trucking job between Los Angeles and Vegas.
Sounds good. Appreciate the support!🙏👍
I agree with you that prices will be a lot lower in 2025. In my area it is happening now but they are still high. I get a listing from my realtor and every day I see price reduction on most listing.
Nothing to do in Vegas, except get high, gamble away your hard earned money, and waste money on loose women.
and....?.... sounds like a good place to retire, but, you better bring 7 figures....
That is pretty much like everywhere.
yep been that way for decades in Lost Wages
Same old absurd comment.🤦🏻♂
@@j.d.m.3287 Everyone needs 7 figures to retire nowadays, regardless of location.
People who buy at these prices are nuts 🤡... Fomo..... Or the Cali cash buyers with hefty down payment from selling their Cali home....
Foreigners using counterfit money printed in Chyner
Most of the buyers are from out of state, many are from California who can easily buy at these prices here in Las Vegas.
its just sad that for the past 10 years there been no Cut backs on real estate . And if you don't buy you could be left behind. the Truth is not one thing is in control of prices. All we do know is the population is growing and people are working. If wages catch up to the market then prices are going up. If everyone get another house buying stimulus prices are going up. The best Time to buy was 10 years ago. Anyone under 15 you might as well just wait for your inheritance because an average job wont cover a mortgage.
The best time to always buy real estate was 10 years ago. Most people cannot afford it now and even less likely for future generations.
I've been in the "comparison kills contentment" camp for years.
Many people feel that way. Sad times for millions of people who have little peace of mind.
Bidenomics in action!
Not working well for millions of people.🤷♂
Trump was president until 2021. Home prices and inflation started going bonkers in 2020. Who was in office in 2020? Hint, it wasn't Biden.
@@ericd1084 Regardless of who is the POTUS, we are in a lot of trouble and those consequences will eventually show up in a big way down the line.
Jerry if you watched Joey Biden on debate stage it's no wonder everything is the way that it is. Whoever is running things; is flushing us down the drain.
It was certainly not a good showing on his part and it has certainly changed the election outlook. However, he is not solely to blame for all of the problems within this current economy.
FJB
The King has no clothes.
@@dividebyzero1124 Okay.
The long-time owners of commercial real estate have usually fully paid off the debt, so there's no issue with existing debt.
They are very receptive to seller financing that provides steady income for decades, and selling on an installment sale defers capital gains tax.
The seller financing terms are fully negotiable, unlike new debt financing from a bank.
Okay, thanks again for the feedback.
I love how the builder gets blamed for the price of houses. The REALTOR! Sets the price of market. Sells them as fast as they can, then complains to/about the builders not lowering the price because folks cant afford them when they (realtors) drove the prices up.
Realtors do not set the price for builders. Market dynamics do that and realtors react to that along with sellers that want absurd prices for their homes.
I cant with your clickbait thumbnails anymore - 1 sub
He’s either figured it out or he’s taken a course on SEO and marketing. Fear porn thumbnails ie “The Sky Is Falling” works on people. Look how many fell for the vaccine.
well, bye
@@professorhoratiohufnagel1341worked on you professor
C'mon, you love them! 😎Hang in there bud!
@@professorhoratiohufnagel1341 Just spitting the cold hard truth that most people won't speak of that resonates with a lot of people.
Prices go up sometimes down, overall real estate is always a great investment, buy a duplex!
Wrong, as someone who bought real estate in AZ in 2008 and 2009 the prices had dropped 50-60% and many of the houses sold were short sales. Imagine if you bought real estate in 2005-2007 and just had to walk away from your property, it was awful.
@@randallbambrough3186FACTS! thanks for the dose of reality
go ahead and buy now. Just go all in and embrace the FOMO!
True for the most part but now becoming very cost prohibitive for the average person.
@@randallbambrough3186 Agreed but that was an anomaly and had those people held long term they would have all made money on those properties. Real estate is always about the long term.
More nice work Jerry . In the second house example is it possible to find out who the they is that buy these homes then put it back up 2 months later for $200k more? Is it private part, corporate, or Wall Street.
Not sure regarding that second home but it's all just absurd and I'd never advise any client to buy into this insanity. Thanks for the support!🙏👍
You can look at the examples you showed and see that the rent estimate is even more insane. It looks like they are just using a percentage calculation based on the zestimate. There is no way that the second home will get $3946 rent a month. You can't even get $2400 a month for similar homes in the area.
Agreed. The prices are just absurd.
I bought a new build a few months ago because of the buy down to 4.3% fixed. They also dropped the price 20k at that time, but still a little over priced. They dropped the asking about 10k lower than what I paid now, but the rate deals are only going as low as 4.99%. Overall this is 50k less than 6 months ago, with atleast 20k extra towards closing for the buy down
Thanks for sharing that info. Good to see it was somewhat of a better deal for you this year.
In Vegas area?
@@mike-uw6wt Henderson, but the builder has homes all over the valley.