Las Vegas On The Verge Of Collapse? (Housing Bubble 2024)
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- Опубліковано 6 вер 2024
- If we take a look at the last big real estate crash here in the United States, one thing that you will quickly notice is that it didn't affect every city the same way. In Las Vegas, home prices dropped the most. From December 2007 to December 2008, the average home in Las Vegas lost over 33% of its value in just one year. In today's video we examine the 2024, and how it compares to this treacherous time.
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There is no housing bubble
your 100 percent wrong--it will have nothing to do with supply,zero--it will be overall debt debt debt,,car loans,credit card debt,college debt,medical debt,food costs,etc thru the roof--the usa has lost about 10 trillion in overall cash flow in the last year--soon the velocity of money will go to zero,calling in ALL loans--sorry to be so coarse but your really not very smart--just blathering like a salesman that should not be listen to
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
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I moved from Tampa to Santa Clara a few months ago and I’m thinking of purchasing a single family home there, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? Looks like NVDA, TSM and AMD and AVGO are strong buys this week.
it’s a personal decision, but according to Forbes, housing activities will remain stagnant for the most part of the year, so maybe hold off a little.
well you could put a downpayment on a home and as well diversify as much as you can into Ai, energy and big pharm. stocks like Pfizer and JnJ, ASML, MLM and S&P 500 ETFs. I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I making a whooping $738k in Q4 last year
I’m an art collector, this is not very new to me but has a nuance to it. Can you assist me?
"Jessica Lee Horst" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment
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Face it Las Vegas is never gonna be cheap again so everybody wishing it's gonna drop 90%. They're complete idiots
So many _Fundamental_ differences between 2007 and now in Clark Country. Just this FACT alone says it all: In 2005 - 2007, out-of-state Investors represented slightly more than *Half of **_ALL_** single family transactions and two thirds of condominium purchases in Clark County*
Agree, it’s only gonna get more expensive
@@user-mf6kz3ld5r warner Brothers just announced a 8.5 billion billion dollar studio coming it's definitely gonna get a lot more expensive
Something not really covered here is the fact that Vegas has run out of room to build. Other than at the very North and SouthWest edges, there's just not much room left. There is some inbuilding going on, but those are smaller developments. I think a bigger issue is all of the mega apartment complexes under construction right now. They almost look like hotels, no walkways or open spaces, just big ugly boxes that hold 1,000 apartments or more. I've seen over 20 under construction right now. Although, this is good news for renters because of the competition to fill them.
Yes, here in Henderson, the apartments that jam people together are growing and growing, quite depressing. I experienced that life 40 years ago. It was awful. I enjoy a house in 55+ neighborhood, Tall Mesa Village, for 15 years. The only drawback is the HOA, i.e., Horrible Offensive Authority. When I move, no HOA will dictate to me, violating my property rights, under any circumstances, even if the house is free.
A lot of people think that there’s all this open land to build but they’re so wrong lol. Feds own most of the land in NV. They can go north of Kyle canyon either because it’s an Indian reservation.
Airbnb owners are about to get the rudest awakening
Maybe for those that went out and bought a bunch of properties to airbnb out. But the average airbnb owner is just renting out their second home for some extra money. They don't have their entire livelihood staked in airbnb. Their equity might tank, but in that case they just hold onto the property until it recovers its value
And Vegas is much stricter on air bnb than elsewhere. Less exposure here
GOOD!
$100,000 fine for one guy and he lost his appeal. His appeal said that he rented out the house long term and the tenant rented it as airbnb. The court didn’t buy it.
Not in Vegas
I used to think there would be a crash but the fact that Hollywood film industry and the A's baseball team are moving to vegas I can't see the prices coming down anytime soon.
I have lived in Vegas for 38 years I've been touring new homes and they're now telling me construction is 10 months out plus I think they're purposely slowing down to keep demand High
I’ve been an appraiser in LV for nearly 40 years - seen it all. Your analysis is good but there’s one potential event that could cause huge supply and a market decline - institutional investors/Wall Street funds deciding or being forced to liquidate. They’ve been buying LV homes in blocks of thousands for 13 years and are one reason rents are so high. Funds are cash buyers, and first time or middle income buyers can’t compete. If Washington wakes up and causes a liquidation, watch out.
The wall street cash buyers pay cash to the home sellers but wall street borrows the money on a short term and have to refinance every few years.
What are the chances Washington politicians will "wake up"? I won't hold my breath.
This is a very tired stock market, I wouldn't be surprised if the coming correction impacts the Las Vegas market more than people think. 2025 is going to be a rough year.
But the rent in Vegas is not high compare to anywhere in the country. Rent can't even cover any mortgage. U have no idea what u r talking about.
@@jinz9419LV cost of living is low and difficult to attract buyers that aren’t investors. Not a lot of high paying jobs outside of hospitality. Not to mention the gambling culture causes many people to make bad financial choices.
7:10 is exactly right. There was a glut of housing in the Great Recession making Vegas the ground zero of the real estate crash. Builders still have PTSD from the ‘08 crash and have since simply not built enough. Plus we are running out of land to build even if the home builders wanted to.
A well overdue adjustment
Just checked Zillow. No price collapse in Las Vegas. So WTF?
1 MORE YEAR, VEGAS WILL BE 75% OFF
@@Esperia-ef9xh I have been hearing about this massive collapse coming for 3 years from all the ECONOMIC EXPERTS. So far, they have all been wrong.
@@Esperia-ef9xh Not a chance, you're out of your mind.
@@Esperia-ef9xhyay just sold
@@Esperia-ef9xh you think maybe the crash will be in 2026 or sooner?
Lol, then 14% unemployment enters the chat due to literally the only time in history where cost of living expenses rose 45% in a 3-year period.
This is the one thing not a single analyst ever says. Unemployment is something no one has seen past norm in almost 18 years. It's 4.1% right now with historical nation avg of 6%. To put that into perspective, the difference between normal (6%) and crisis of 2009 (10%) is only 4%. So if it even goes back to NORMAL now (2% increase) that is going to be absolutely catastrophic at the national level since people are already struggling with record low unemployment, but Vegas was at 14% in 2009 to give even further perspective. The nation was in crisis at 10%, Vegas was at 14% and the norm was 6% so the difference between unemployment at national level versus Clark county is double crisis deviation.
Many areas of Las Vegas have a new rent control 5% annual increase limit. In other news the Federal government is running a trillion dollar deficit every 100 days and printing money by the barge load. This will squeeze out the mom-and-pop landlords and leave the mega-corporations that own politicians.
As someone who works in construction, I have a lot of trouble believing that the builders have been leaving money on the table by not building at a pace commensurate with demand. Usually they'll take whatever is on the table, and the table too. Something doesn't really add up.
It's called a bubble. It's not risky loans this time it's all built on record low unemployment. If it even goes back to normal, this is all over.
Vegas still has people moving here, especially from California … back in 2008, nobody was moving here. I don’t see anything crazy happening here this time around.
^This
Interesting perspective. I counter that life in California is still super expensive that - although things aren’t great in Las Vegas - it is still better than California. (I live in San Diego).
What I’m saying is that it’s a delayed effect and we will soon reach 2008 levels that you reference.
Wrong I moved here from California since 1996 and trust me all that was moving out here was Californians get your facts straight
@@williewill1237. Syntax dude.
Absolutely! The market may go down but not a major crash like last time.
Let us see what the economy looks like after the 2024 election.
If the economy takes a downward turn could that force home prices down regardless of inventory?
Of course it could due to massive, unprecedented unemployment levels that will THEN cause inventory to skyrocket. Vegas inventory will quadruple over the next 2 years. The housing market WILL crash everywhere because the bottom 90% of earners are the most overleveraged and indebted they've ever been in world history.
@@enthused7591
I get your point and agree. I was being subtle with MFIN because he tends to flip flop on this issue easily.
I agree with you totqlly
@@Triangletox I've seen him flop a few times as well lol, but yeah the math is the math. Check out Florida's inventory levels. Already WAY higher than pre-covid and going straight up. I live in FL and sell used vehicles of all types including trailers, RVs and boats and those prices are plummeting 30-40%. Exactly what happened here in 2008.
Lmao! Yes, I lived thru the GFC myself and picked up some great deals. I’m seeing the same ancillary indicators as 2006-2007.
MHFIN seems to be too young to have seen the same indicators and that makes him more blind to the indicators.
I also think MHFIN is too young to understand that he needs to have a consistent point of view to prove or disprove.
He will get better with age and time
@@Triangletoxmaybe you can get off your high horse and share those indicators and enlighten him and the rest of us instead of trolling MFIN.
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
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As long as California remains unaffordable, and democrats keep our border open, the housing crisis and prices in Nevada will continue to climb. We have the lowest inventory in the nation and it’s not even close. The conditions are terrible for a building boom and developers can no longer get financing.
But, they’re building apartments all around the valley. Especially the west side on the outskirts of Summerlin. Demanding outrageous rents that balloon every time you renew the lease. They also demand high resort fees and other fees. Funny thing these extra fees are for common areas which they don’t let you use, like bars and even gyms. They’re only for show and the sales pitch. The pools in these complexes are only 3 feet deep. This time a year they get hot and unusable.
Ghost Inventory here in the tens of thousands since 2008. 😏 All manipulated inventory shortage.
Cool story bro.
Haven't seen a single for sale sign in my Vegas neighborhood in years - Sunrise Manor. There's a failed state just to the west of us.
That’s good, that’s maybe because it’s an established neighborhood where you live and thank god for that. You don’t want outsider newbs moving in every 5 seconds.
They're also isn't really huge innovation happening in Las Vegas. You either work in the entertainment industry or a job that's supports the people who live there. Whether it's restaurants, repairs of all kinds, working in a hospital. It's all centered around tourism when it comes down to it. A lot of those jobs have a soft barrier to entry which means almost anybody can work there. Because almost anybody can work there all those jobs are taken up. So high employment is because of people not leaving their jobs and no new jobs being available. You'll have to work two part-time jobs to maybe make full-time income. Let's not forget if you don't make at least middle-class income you're gonna live in one of those packed apartment communities or in a bad area.
The same is true for most people in low wage industries everywhere.
This information is real and true. People who don't want the truth of the housing market always try to contradict the truth of what is coming very soon!
What’s real is inflation and the money that’s been printed. You’ll be wrong in 5 years as well
@@rdee7406 Nope, the inflation is still here, but 90% of that "free" money has been absorbed by the top 3% of corporations and the government again. The proof is in the numbers, go look up consumer personal savings rates at all-time lows, and consumer high interest (credit card) debt at new all-time highs. It's all crashing in real time and used vehicle crashes always lead a housing crash. In Florida where housing inventory is exploding up to DOUBLE pre-covid inventory, used vehicle values have plummeted 30% in the last 8 months and are still falling. The only scenario where you'd be right is if the median income goes up 35% in the next 3 months, but it'll actually drop 7% because unemployment is now skyrocketing, and it's high earners losing their incomes, not minimum wage workers. Most people who bought a $190,000 home for $325,000 over the past 3 years have no money saved up and will lose their incomes entirely.
What's rsal and true is 99% of the time, these predictions are wrong.
What this channel fails to mention is that FL and TX home prices are falling with skyrocketing inventory. This will pressure Las Vegas
@@Cyrus992Florida and Texas have nothing to do with Nevada. Your comparison doesn’t hold water. They are over built and have high property taxes and insurance costs. Not the same as Vegas
Not going to happen, vegas is shifting to not only be a tourist town. Getting Hollywood 2.0 built here, silicon Valley 2.0 built here, brightline railroad, mlb, nba etc. With that comes jobs and people, people who need places to live!! Not just the tourist dollar anymore
your 100 percent wrong--it will have nothing to do with supply,zero--it will be overall debt debt debt,,car loans,credit card debt,college debt,medical debt,food costs,etc thru the roof--the usa has lost about 10 trillion in overall cash flow in the last year--soon the velocity of money will go to zero,calling in ALL loans--sorry to be so coarse but your really not very smart--just blathering like a salesman that should not be listen to
THIS CRASH WILL SPREAD
No manufactureing no agriculture how can people pay those huge prices on hospitality salarys?
People selling for big profits leaving CA. Huge down payment and low mortgage while working in tech from home.
California money forcing Vegas people to move out of state ! It’s all about greed ! California people sell homes big profits retire in Vegas buy a nice home for 550k sell in California for 900k have no mortgage bought long time ago . Then have 450k to retire cheap in Vegas ! Simple mathematics and the losers are Vegas workers growing up in Vegas working cheap jobs can’t afford rents or homes in Vegas ! Haves and have nots ! Even if Vegas people want to upgrade they can’t say they bought a home for 240k now a better home will cost 550k having a mortgage of ab300k @ 7 percent interest rate when they had a 3.9 interest payments and taxes to upgrade with hoa is out of reach !
If the younger people choose to stay in these overpriced cities that's on them. That are also part of the problem. If the working people abandoned Vegas and left the retirees and tech workers to maintain their own infrastructure and stock their own shelf's at the grocery store things might change. But that's never going to happen because people are stupid. And the stupid people work the hardest to benefit the elite. It's just how life works.@@jfreedom4290
A lot of it is probably retirees moving there
My guess is that Vegas will have low unemployment rates in coming years.
Lots of older people spending but not working means working age people can probably find a job
Recently purchased a house in Clark County around $30K under asking. I got super lucky because the seller was so motivated.
Probably because he's losing his job, like millions of others. He made out like a bandit and that house will be worth 60% less in 2 years.
@@enthused7591 not the reason. The owners passed away and the trust holders needed to sell it.
@@enthused7591 The owner had died and the trustees needed to offload it. I've been hearing this for the last two years lol. A 2008 level housing market crash is so unlikely. I think you'll be lucky to see a 20% crash, let alone 60%. I got the payment well within my budget, so I'll take the dub.
75% off in vegas soon
We are setting up for a major crash that are going to lock in a lot of real estate investors, and they will have no way to get out.
Real estate investors will become bag holders and will have to wait almost 2 decades to get back to balck
Very true. I cashed out of all my properties over the last year and a half. It will take longer to develop than the last crash because people won't want to let go of their low interest rates until they loose the house.
@AlphaJ369 boomers are about to start selling they make up only 20% of population and they own 53% of all real estate. Average that out each boomer owns 2.5 houses. They are about to sell and recoup those gains.
Not here they won’t. Building new homes is far too expensive a proposition and at sky high interest rates, there’s no climate for a building boom to take off
Hard to stomach buying at all time highs with 7 percent rates...for those buying now, its got to be hard sleeping at night. Its probably cheaper to rent and let down payment marinate at 4 to 5 percent in savings.
Vegas has low supply.
There are definitely places where home prices will be going down. Vegas probably isn’t one of them
I had a home in Sun City Anthem Henderson back then. I saw the economy drop off a cliff thanks to Obama and Pelosi. I lost everything in that time. The house I bought for 295K sold for 129K before the economy came back. It was a nightmare for so many people. The foreclosure rate was 76 percent in the Vegas market which Henderson is part of.
You pretty much said the complete opposite of your title and image. Lol
He did put a question mark on the title, so the video was him answering that question.
Prices in Vegas will likely crash 90% shortly. I cannot believe anyone was paying the recent bubble mania prices. I was nearly ruined in the last Vegas crash. I know this market all too well.
No evidence of that yet.
@moneymanfernando1594 I see rents falling in Vegas recently. Not a good sign for all those investors that bought up everything to rent out.
@@TruthRevolution1984 true! and the MOVE-IN SPECIALS are coming back!
No chance of a 90% drop of single family home.
@Cdub0619 There were condos in Vegas that dropped 90% in the last crash. I had one that fell around 75%. Not far fetched, it happened before.
i bought 5 homes in vegas back in 2014 from from the banks on money owe to the bank for about 25 cents on the dollar--paid cash---quick sale--this time we will be buying for about 10 cents on the dollar for money owed
I live in Houston born and raised and studied here I have been hearing this about Vegas the last 15 years yet every thing is still expensive and overpriced I have yet to see price drops in both markets all garbage
Prices aren't going anywhere, been hearing this bs for over 5 years now and housing and rent are still unaffordable
I live in Vegas, have lived here most of my life. I make very good money but I can’t afford to buy a house similar to what I can rent. Currently I rent a nice 4 bedroom up north around 2900 sq feet for $2700. To buy a similar house I would expect my payments to be over $4k a month. It’s just not affordable. The average family in Vegas pulls in $75k or less a year. The average family can not buy the average house for sale here.
If it's crash i'll be ready and be ok because my APR is 2.8% so i'm not leaving LV.
Nice!
Remember, Vegas is a valley. They can only build so much before they bump up against mountains. In some neighborhoods, they already have.
Could you do Reno nv please, houses are being built left and right
The Vegas bubble bursting if given historical norms will more than likely take place and just like before will follow after other states experience it first. I don't know why this happens but perhaps all of those customers who normally would have gone to Vegas for vacations no longer have any money so unemployment in Vegas explodes on the downside. Will have to see if it repeats.
Great video. I love living in Las Vegas, I just wish the houses were more affordable ! It's crazy expensive here. It also seems like the number of people migrating here has plummeted so I'm curious how the inventory and demand changes over the next year or two.
Spikes in gambling isn't saying much. Credit card debt is also higher than its ever been in history. Including savings, home equity loans, pulling from retirement people are running through last ditch efforts to spend money.
If you bought before things went crazy and have a low rate mortgage, why would you sell unless you have no choice?
My current mortgage is a 30 year at 1.75 APR.
My first mortgage back in 94 was 16.5% That was considered a good rate back then. I doubt it will go that high in the foreseeable future, nor that low again.
The problem with prices now isn’t just rates, the wages in the area don’t support the prices being asked for the majority of properties for sale.
Its no where near the 2008 crash. What is it down 5%
Low inventory = price stability or increase. There are not enough available homes to see a significant crash in Vegas. Further, a 50% crash would still have homes in many areas priced above where they were pre-pandemic.
Only thing that probably could cause a crash is a recession. If one does happen I reckon things will turn very quickly. If tourism slows and layoffs start a lot of people will leave this city. If that happens, say goodnight. If not should be sunny skies as usual.
I don’t believe for one minute these prices are sustainable. Can you imagine having a 3500k + mortgage for 30 years? People are in over their heads. Add in property taxes, insurance, utilities, food, car insurance and car payments.. I say one more year of this then it will be very apparent housing market is in trouble. It took like 5-6 years for the last crash to play out we’re in year 4, next year will be year 5..
I’m confused first I think I made a good decision to sell then you bait and switch me… talking out of both sides of your mouth mouth 👄 WTF?
It is no wonder why Governor Lombardo is requesting more Federal lands to be released. These bubbles wouldn’t have been as bad, if the land system differed.
Sold my house last week.. i hope it’s a great decision 🙏
Your assuming that most homes 🏠 in Vegas have a mortgage to pay, almost a quarter of homes where bought out cash
That's good for people living in the homes like people that move from California and pay cash. For investors or rentals it doesn't really matter if there is a mortgage or not, what matters is if the deals are making money. Investors become the fastest sellers in a downturn because they have no attachment to the property, if it no longer is producing they dump it.
@@frankrizzo9291 all I’m saying is that every city is going to look different the next low won’t be as low as the last and in my opinion it will happen at different times, UA-camrs seem to keep feeding or projecting there viewers of fear and there track records don’t follow what they say either
*were
not seeing this happen, builders are clearing inventory fast, californians with higher household incomes are buying these homes...
Why is the plane flying backwards @9:15
When already over inflated prices falling to what they should be is similar to a retail item marked up by 30% but is on sale for 10% off!
We have been in a recession for over 3 years now!
still dont see it in Summerlin... but please go on.
I'm in Summerlin West - pretty much the lowest inventory on the chart he showed !
What about Laughlin? What’s it like there?
Vegas (much like Miami) are not nearly as influenced by inventory, as they are by leisure/tourism. And these two cities are going to get wrecked as soon as the unemployment rate goes up. And I say this as someone who lived in Miami for almost 30 years. And I saw first hand the expansion, then contraction and then expansion again of the real estate market, before, during and after the GFC.
Miami unlike Las Vegas was able to build plenty of high rises after the GFC.
@@Cyrus992 They had already started building lots of those high rises before (and even during) the GFC. And tons of those units remained empty for quite a long time.
But that's besides the point.
The point is that both of these cities depend HEAVILY on tourism and leisure. And when the unemployment rate goes up, the housing market in both cities is going to get wrecked. As all of those locals are going to start losing their homes.
@@joelastre4864 Awesome points. What this channel also fails to mention is that growth in Las Vegas can drastically change overnight.
If Feds massive release or even get out of the land ownership across the state, so much room will be available. In addition the construction game changer soon will be 3D printers and manufactured units. This will easily allow more supply.
There is no need for scarcity in the Las Vegas area when it’s not geographically limited.
@@Cyrus992 Everything you said was spot on. All of this 'scarcity' is manufactured.
They can lift all sorts of restrictions at the snap of a finger. Especially regarding federal land ownership.
Almost all the "crisis" that we see in America are manufactured. And this 'housing shortage crisis' is no different.
@@joelastre4864 Right but it is not so easy to completely get rid of scarcity in the CA coast and Hawaii. The country still has plenty of land and only a tiny fraction of it is built
You're right. Don't move to Vegas. Please go away
I think Nevada needs to build a new city from scratch. We have so much damn empty land in this state yet the lowest inventory in the ENTIRE country. I'm sure USG would be happy to sell some of that 85% land ownership to its citizens so they could build affordable homes for honest hardworking citizens.
water
@@lolatu8255 there’s plenty of water to be had and recycled in Nevada.
Vegas has no JOBS people! Or the JOBS won’t pay a mortgage 😢
Driving South on 215 it is very easy to spot a mansion being built on the top a very high mountain on the South East side. Driving West on Lake Mead it is very easy to spot signs of clearing lands on slopes of the West mountains. It is a completely devastation/destruction of natural habitats just for the sake of accommodating newcomer “s’s”. GREED AT THE HIGHEST LEVEL, and am rooting for a big time crash just for the sake of stopping this insanity.
Thanks for this.
Can you please do a similar breakdown for Dallas and Phoenix?
Texas coming next week
Just look at Zillow inventory levels for these areas and work it out yourself.
@@MHFINphoenix as well…
If you watch this video, he is saying there will be no crash in Las Vegas. Low inventory and also hedge funds, corporations and private equity funds are buying up a lot of the homes in the greater Las Vegas area. Therefore, I don`t see any crash happening.
That's not accurate. Large corporations did purchase single-family homes in Las Vegas before 2022. However, their buying activity has significantly decreased since then.
so what happens when you buy alot of homes to sell or rent and no one can buy or rent them?
@@Krishmethma OK, but aren`t they holding on to those homes and renting them out? As long as they don`t sell them there will be low inventory.
@@marc-ow7jx I don`t know.
@@moneymanfernando1594 Based on numerous leading economic indicators, it is evident that unemployment is poised to rise nationwide over the next 12 months. Individuals in the hospitality and construction industries, particularly in Las Vegas, are expected to be severely impacted. As a result, inventory levels are anticipated to increase in the coming months.
Nobody's paying their rent right now because no one can afford it. How do I know because they haven't evi cted me yet😂
Sellers are also lowering their prices too 😂
Do Arizona next please.
very good video., especially data supported. Imagine when the FED starts to drop rates, will be a further prop to hold up housing values.
Screw vegas...just move to pahrump or mesquite
People have been saying it's going to crash for the last 3 years and it's only getting stronger. People don't care if they pay over 60% of their income on a mortgage. And if these people for whatever reason slow down on demand the investor segment will pick up any slack. Housing always goes up and that will never change. Even 10 years from now when the average mortgage payment is higher than the average income people will find a way to prop it up.
That isn't true at all. Once the mathematics take hold real estate grinds to a halt, just like is happening right now. Slowest sales numbers in over 30 years. Guess you are either too young or don't remember 2008, real estate went down big time and took 15 years to recover.
@@frankrizzo9291 if the market wasn't so manipulated it never would have gotten so high to begin with. That's how I know it's not going to crash. You see all these big investment firms buying up homes, these same people own wall Street and Washington. You really think they are going to allow their assets to drop in value, I don't think so.
Can foreclosed massage parlors be converted into home offices?
I guess if you live there.
What about water supply level for Vegas ? I heard this is not sustainable for population growth due to dry heat. Water bill can be skyhigh
Nobody cares about water in Las Vegas. Developers and politicians do not care if they run out of water. It is all growth, growth and more growth.
It’s a common misconception. Vegas has a lot of unused Colorado river allocation because water conservation has been so effective in Clark County
Out of all the cities that rely on the Colorado river for water in the lower basin, Vegas is the most water secure city of all. Las Vegas draws 90% of its water from Lake Mead. The reservoir created by the Hoover Dam. Other cities like San Diego, Los Angeles, Phoenix draw water from the river after the Lake. So if Lake Mead reaches critically low levels and can no longer let water downstream, those cities will suffer while Vegas can still pull water from the low levels of the lake. Vegas is where you want to be if this drought o ly continues
They said that about water 30 or more years ago!
If I bought my house at $300k and lost $100k, how much would it be worth?
How doomed is the past rolls of dice?
To hot to live there anyways.
*too
LET’S BE CLEAR: Unlike the auto industry bailout, the banking industry bailout contained NO RESTRICTIONS on how the bailout money was spent - so it was spent on BONUSES for banking executives, STOCK BUYBACKS, and BUYING UP COMPETITORS. Almost NONE of that money was spent to solve the problem of bad mortgages which the banks had encouraged mortgage companies to sell to sub prime customers, and then bundled up into bad investment schemes and sold to unwitting teachers’ and government employees’ unions as “investments”. And LET’S BE PERFECTLY CLEAR WHY THAT BAILOUT MONEY WAS MISSPENT: REPUBLICANS refused to vote for the bailout and would have let the banks fail rather than ALLOW Democrats to add any restrictions to the spending of that money.
Covid19 was the last recession.
Great, left before the 2008 crash. Looking forward to returning to the Strip:)
Vegas will not drop. Interest dropping makes them even more expensive. This market is all about availability…there aren’t enough homes in Vegas for the mirgrarion, mostly from California. Also, with limited land and land prices….the supply cannot keep up and is only making it harder to obtain a home in Vegas. Almost all other markets are a different story!
Migration has slowed heavily. Downward pressure in the Sunbelt will bring down Las Vegas. Foreclosures are rising.
@@Cyrus992 migration has NOT slowed in Vegas and the shortage of housing is only getting worse. New home sales is off the hook and resale homes don’t last and are slim pickings still.
@smswapp I can show you data on incoming migration.
Why aren’t the prices rising way faster like it used to?
This is an excellent analysis.
You sad a price drop of 50% to 60% but i thought a crash was 20% in one year
ah but if you didnt sell in 2012 you be just fine today.
it is pronounced "ree-venture"
Just sold my house I hope it was a good decision
Bubble, bubble, trouble
I’m waiting …, recession
Inventory will come from people that won't pay/afford their mortgage because they see no end/inflation and spending roughly $2,600-3k a month on a 30 year is hard pill to swallow especially when only $1k of that goes towards principal for the first 15 years of the loan that's only half way through the other is MIP and home insurance is on the rise not to mention it's getting hotter here earlier so it's not unusual for it hit 105° by May and lasts through end of Oct almost six months of harsh heat add another $300-400 electric bill a month for a typical 1300-2000 sqft home all of the sudden the cost of living in a house is $3.5k-$4k a month with 6-7% on a thirty year, you'd bought your house twice almost 1 mill. this for avg home sold $400k+ so yeah I'll say 20% of the people won't be able to afford the homes they live in will walk away add another 15% from new developments and another 15-20% wanting to sell to move or retire elsewhere that's about 50% inventory gained, be patient it's about to be a buyers market again. When there's supply that's when they compete for sales/prices they will drop significantly, expect short sales, expect more foreclosures, expect development homes made for rentals but the rent prices went down so they don't want to lose out and forced to be sales now, expect new boomers to want to leave because Vegas is overcrowded or not what they want anymore all these become opportunities for buyers and Cal residents are fleeing for Phx and Col and TX not just here and most of them can't stand the heat, so they'll go to ID and Austin/Dallas TX and Col.
More investor propaganda, won't be long investing in housing will be limited
I left the Bay Area for all the right reasons .. high cost of living, high taxes, overly woke policies ... and I came here on a whim... well, a year and half later I'm hating it.. a) it's small, you bump into the same people all the time .. b) it's a stucco jungle, ugly, no architectural appeal, cookie cutter homes, strip malls, etc.. it's full of stucco strip malls, dental offices and vape shops at every one.. c) meat heads in Dodge Chargers with flat brim hats everywhere... d) if they're not a sports fan, forget about it... that's the religion here. e) the dating scene sucks.. any decent looking woman is taken, the majority of the single ones are overly plastic, fake eye lashes, eyebrows, and body parts everywhere... Only good thing I can say is it's dirt cheap and at least where I am, is close to the Red Rock mountains .. (Btw, I'm in a prime location in Summerlin in a 1M condo, so it's not where I picked to live).
How to reach out to you if we want to collaborate 😊
Lol people still keep buying at these prices and rates. No one wants to sell because they are locked in at good interest rates.
Almost nobody is buying at these prices. Sales volume is at like 30 year lows. True that nobody wants to sell with good rates.
too little supply, too much demand, and constant increase in population far greater than housing supply. there's a reason smart investors keep buying here in Vegas while UA-cam doomers miss massive appreciation. i love content promoting Vegas as being in a bubble. way less competition for me.
Screw Vegas come see how screwed up Reno is. You can not get a house under $ 450,000.00 to $ 500,000.00
Crash bros keeps saying this every year and if it ever happens they gonna say “I told you so”. But what about all the other years you guys claimed it was gonna crash? Bunch of clowns 😂
People realizing that moving to Nevada or Arizona is really not cost-effective.
Sigh. The housing market isnt going to "crash" it will price correct, but will return to slightly above pre pandemic levels. 2008 only happened because Republicans insisted on removing the 1929 law that prevents *100 year crashes in year 98. Just like they removed the CDC when we have a major pandemic every 100-ish years. the last one was Spanish few in 1919, so who would think a 100 year pandemic would hit exactly 100 years later? oh the CDC, which was boosted by Obama and then had funding removed by trump. Sigh. Anyways, housing, tech, Medical, arent going to crash unless entire job market crash
Omg what a lie
Crash?