Housing affordability in the U.S., especially in the Las Vegas real estate market, is at its worst levels in history. Near-record home prices combined with 7% interest rates have made it nearly impossible for the average person to afford a home. Many potential buyers are forced to say goodbye to their hopes of homeownership. In markets like Las Vegas, sellers who initially overpriced their properties on popular real estate websites like Zillow are now lowering their asking prices. Diminishing demand and affordability issues have led to a noticeable increase in price reductions for Las Vegas homes for sale. This trend highlights the growing gap between what sellers expect and what buyers can realistically afford. 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 still significantly overpriced. 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 TikTok: lasvegasluxuryhomes1
For sure and very sad to see the direction this country continues to go as millions of people suffer. Hopefully it gets better soon. Thanks for the support Bill! Happy New Year!🎉👍
So...here we are with conjecture and possibly hyperbole. HOw do we know 90% of Americans have given up on buying a home? Is there a poll or some test on all the possible people who previously thought about buying a home but now they have officially "given up". Can we please keep comments to something somewhat related to verifiable facts. Let's not be stupid please. I consider myself intelligent, I'd prefer not to read stupidity, conjecture that is completely obvious.
@@lasvegasliving9237 Therefore purchasing a home is still possible and people are still buying. If you want to purchase in certain states such as Nevada,California or Florida you’re going to have difficult.
Yeah, I didn't go that road to show that most people cannot put down 20% which makes payments a lot higher, especially when you add in taxes, insurance, etc. Scary to see how much it costs to buy a home today!
@@TheGlobalNobles Thankfully Vegas has few major natural disasters to deal with as long as you stay out of the areas that are prone to flash floods. The San Andreas fault is almost 250 miles away. We have no hurricanes, no tornadoes, no snow (barring rare days every decade or so), and not much else to worry about aside from fire, wind, and the normal things all policies cover. We do get monsoons that blow through as well as sand storms, but unless you are in a mobile home, you largely ignore them as they are over in an hour or two.
Mr. Jerry, you are brave to call out the truth many Americans face regarding a home purchase. For a real estate expert, one who is realtor to speak the reality speaks to your honesty and character. Please keep sharing your knowledge as it is important work to do so.
The truth is truth, regardless whether you like it or not. The talking heads keep gaslighting everyone, why? Because the talking heads like Corcoran is heavily invested in the market and up to her arse In alligators. So if she blows all the smoke, the people that are incapable of independent thought follow these so called “experts”. Jerry is on the money as is the Reventure channel too, but in Florida.
What's the average loan amount still outstanding? You would have to have a really high mortgage payment to begin with if you can't keep a 3% rate. My rate is 6.875%.
@@BREEZYM6015 not me, but I’m seeing people are forced to sell if they already spent their equity or need to take equity because they can’t afford their payments. Anyone that bought mid 2022 probably doesn’t have equity.
Hey! We drove by that 5.1 million dollar house last year!!!! It was like Mars! It was 116 degrees with humidity!!! It was crazy out there! I thought who would like to live on this isolated planet! The heat was crushing!
Property taxes is the thing that will really kill the dream for many people Suburbs are built on the cheap and infrastructure maintenance is going to be a big hit
The problem with this mentality is that even though people are hoping for this, it will cause a lot of collateral damage if it does happen. There will be tremendous job losses in stock market losses so it's really a lose, lose situation for a lot of people if it comes to fruition.
@@Trump-rv4nz Many people keep thinking that we're going to see the same kind of crash that we had in 2008 and that simply will not happen. This is a very different real estate market and economy.
100% agree. That said, if you actually have 400 or 500K, it's much better to build a custom home rather than buy into ticky-tacky in a development. Las Vegas and Henderson have some amazing custom built homes in the older areas of town that are worth buying, but new ticky-tacky? Don't pay the bank interest and don't suffer with shoddy materials and unprofessional labor. One thing about a building loan is that while it is shorter term, it also is a simple interest loan and not a front-loaded mortgage. You get the initial loan for 12-24 months, then once it is done, you re-finance for the remainder, which typically is about 150K. Assuming you made payments and had about the samr 20% down to start. You end up paying a little more in payments. 3K or so by my math, for about 5 years (yes, 5 years!), but in the end save hundreds of thousands in interest and equity. Because in the end, selling a house you paid 800K in total on for 800K in 30 years is a zero profit game. Actually less, given the lack of liquidity in your portfolio over those 30 years. (insert lecture on velocity of money and investments here) Again, YMMV, and OF COURSE do your research and know your finances, but 7% is where it starts to be really not very sane to throw money at the bankers to just make them fatter.
Jerry, Your advice to potential home buyers is spot on regarding these ridiculous home prices on the market. However, if you have a client you are assisting with the sale of their home, what advice do you give them regarding the listing price? Do you find they are receptive to your advice? Also, how would you handle a client who insists on listing their home for sale at an an outrageous and over priced amount?
My advice is to not overprice the home. Better to get more potential buyers coming at you due to a reasonable price which could then potentially create a bidding war rather than not hearing the phone ring. Most sellers are receptive to this advice. I will simply turn a client away if they are unrealistic with their list price.
Born and breed Las Vegas. These homes and price are being dictated by foreign investors not so much American economists or powers. Middle class is now low class. millionaires are now the uppermiddle class. No house is affordable, people of Las Vegas aren't buying house its folks from out of state, when the out of state money stops then it will burst. No one i know that lived in Vegas for the past 10years has purchased a house in the past 2 years and wont. Thanks again
I like watching your channel Jerry. Can you please do a video on the corporate interests in single family homes? Is that what’s keeping us in a shortage of homed available?
I have created content specifically about that in previous videos, one from just a couple of weeks ago. Corporate and investor ownership has definitely contributed to the low supply of available homes.
I don't see that happening here in Las Vegas but that is truly scary what is happening in certain areas like Florida. It just goes to show you what a racket it is to own a home nowadays.
In my neck of the woods in the Bay Area houses are sitting on the market for months with no buyer because the sellers refuse to reduce prices. They need a reality check at this point
Even if the homes were 300K, 7% is more interest in the end than the value of the home. Until interest rates drop, the middle class simply can't play the game.
Compared to other US cities, Las Vegas RE market is pretty strong. Even though Oct. Nov. are the slowest months of the year, the median single home is only $2k less than all time high record set in Jun. 2022. Current inventory is still less than pre-pandamic. Affordability is not the key factor of home prices. Housing market is way more complicated.
Yes, Las Vegas has been very resilient during this cycle because Las Vegas is maturing as a city. It will likely take some type of economic downturn, which will cause a lot of collateral damage to see any kind of meaningful price reductions. However, that is still up in the air and may not happen at all. Time will tell.
Thank you for continuing to share your housing market insight with us. It has been incredibly helpful in understanding the current housing market dynamics. Your expertise and effort in compiling this information are greatly appreciated.
I rent in Summerlin for 2150 a month in a nice quiet neighborhood. The home is worth near 490,000 dollars. After 98,000 up front plus closing costs what's my mortgage payment? 2955!!! Renters are getting a bargain!! My numbers are slightly conservative in favor of the homebuyer. You have to be nuts to buy in this area when rents are such a great deal.
Therefore, it is the rates. Prices went up when the rates dropped. Now that the rates are back up again prices are generally static or only slightly going up. Generally speaking.
@@RicksCafeAmericana Partly as sellers do not want to give up the lower rate but it's really prices overall that have ruined it for so many aspiring buyers. It really is a combination of multiple things happening at the same time creating this mess.
I own my home in Southern California. I’ve lived in this home for 25 years. I smartly refinanced it when interest rates were at record lows in 2021. I have a fixed rate of 2.500%. This puts my payment at $1430 on a 750k home. I will never sell or move because anything I would buy would be double the payment I’m currently paying.
Great Video! I'm a 27 year licensed agent in So Cal and we are seeing similar things in our market. I think if there is a next wave of foreclosures it will be Lenders & Realtors that really suffer as there are just not enough transactions to keep everyone fed. Some of us have had to find alternative forms of income or sell our homes which is exactly what I have had to do. The country is in a tough spot and am hopeful the new administration will pull our economy out of the fire!
The new administration is not coming to save anybody. It's false hope that so many people continue to believe in. It's more important to find your own way to get ahead than to rely on an administration or anyone to help you out.
Happy New Year Jerry and thank you for helping people to understand what’s been going on. I follow the real estate not because I’m thinking of buying a house, but more so to get a sense of what’s the current trend with regard to costs. Our home is paid off but we borrowed against it to build a home in a much better location. Our current location is adjacent a road, and over the years traffic has become increasingly worse as homes are being constructed above us. We’ll move and sell our old home (still considered a good location), using the proceeds to pay off the loan. When that’s completed, we’ll have a new home with no mortgage. We’re one of the lucky ones who worked hard for years and years to be where we are today. We also helped our daughter and her family to build their house. Anyway, my heart goes out to those who can’t afford to purchase a home through no fault of their own. Hopefully things will change for the better, but greed is a really bad disease. Take care, and keep up the good work. 👍
Another great video Jerry! Unfortunately for many a seller, 2021 is still locked in their minds. That and those sellers that are of the mindset that, as Gordon Gekko once said, "greed... is good."
No kidding about stubborn sellers! A lot of them will be getting a reality check as inventory continues to grow and interest rates remain elevated. Happy New Year!🎉👍
5.1 million, Insanity, 29,000 a month payment, sellers are greedy. Way out of line, Buyer Beware, Previous condition of home versus improvements can add to the value, Definitely have a good agent,
How many people need these 4 to 5 bedroom homes that have 3 car garages, 4 bathrooms, a pool or a hot tub, etc? Look at the average home size in the mid 90s to the sizes today. Those larger homes will cost more, be taxed at a higher rate and cost more to insure. Then we wonder why total cost of home ownership is so high.
Happy New Year, Jerry. Housing affordability remains a big problem and I think it will persist through the next couple of years. I don’t see a huge drop in housing prices in near future. The supply is too low and there are too many people with money who can still afford a house enough to keep prices near the status quo. But I do expect incomes to rise over the next five years and housing prices to flatten. We could be in a 4 to 5 year era of problematic housing affordability. It’s not unprecedented in history. Hopefully interest rates can come back down to around 5% because I think that could help unlock the market.
Inventory is climbing a lot lately and with high interest rates it is fair to assume we could see a housing correction late into 2025. Time will tell but prices ultimately will go higher long term. Unfortunately, I don't see rates hitting 5% at all anytime soon nor do I see wages/income rising to meet the demands of such persistent inflation.
@@Noname-fw7uo Let me add some facts: 1. "US existing home sales are set to close at 4.04 million in 2024, marking the worst year since 1995. Sales are set to be even lower than during the 2008 Financial Crisis." 2. Over time, average home prices MUST be anchored by the average salary. So if the average American makes $60K a year, and banks allow 3x borrowing, the average house should cost $180K. Over time this trend is the mean.
Reminds me of auto dealers. Auto dealers mark up cars and trucks for 70-100k and they sit on the lot and rot. Greed drives the housing and auto industry. Both homes and auto industry will correct
The bond market sets interest rates not the Fed . The bond market speculates inflation coming because of insane government spending so the 10 year bonds are rising ..In order for the housing market to become normal again home prices need to drop by 25-30 % and become affordable despite high interest rates ..Nobody unless they have to should be buying anything right now. Even with a new administration nothing is going to change as talks of tariffs scares the market into thinking there is going to be a rise in inflation ..Home buyers should all be waiting it out if they can so they don’t end up upside down on their mortgage once the dust settles ..
You are absolutely correct. The Fed just sets the Fed Funds rate which is what banks charge each other for overnight deposits to meet their loan reserve requirements. The Fed has lowered the Fed funds rate by 100 basis points (1%) and mortgages rates are still where they were before the Fed started lowering rates.
What I was always taught and have learned is that if you start too high with your price people will not show an intrest anymore. When everyone has free access to what these houses are worth and they still overpay for them, they deserve to get in financial trouble. These people are greedy, and where greed is you will find stupid people.
I agree with you, but a lot of these greedy sellers have been able to find unfortunately reckless buyers to pay the price they want. The tide is slowly turning though.
Jerry, what most home buyers ignore when they want to purchase home is applying a “safety margin”. What I mean by that is for example, if one can afford a maximum monthly mortgage of say $3000 per month then lower that maximum to say $2500 or $2600 so in case rate rises then there is still some room to maneuver. Just a tip.
@@lasvegasliving9237 likewise Happy New Year to you and my wish is for property prices to drop significantly so our future generations can afford a slice of the American dream.
I could do that because I actually have a couple of clients not wanting to overpay and all of our under asking prices offers continue to get rejected. Many sellers simply refuse to budge on price. It's nasty and greedy out there!
Jerry, the current unrealistic housing (sale/asking) price have more to do with greedy realtors then anything else. Think about it, commission based sales contributes to driving up the sales price. I am in favor of a flat fee paid to the realtor for assisting in selling a property, rather then commission based.
Like the other commenter just said here in this thread, market forces dictate price. Real estate agents are not the ones creating the market. They have no interest in overpricing homes if they know they're not going to sell and ultimately not make any commission.
As an agent we List Homes at prices that will sell.. It is never a good idea to list High… and gamble on Buyers buying on such a high number . Buyers are well informed , have tons of data at their fingertips and are very intelligent. They dictate what they are willing to pay based on their life situation and their knowledge of the data. It never benefits a Realtor to price something above market… especially in the current environment we are in.
I don't follow the rental market too deeply here but prices are still quite high even though they are building apartment complexes constantly around the valley.
I argue that 20 years of these low interest rates coupled with quantitative easing were the very cause of the problem. Bank loans are going to dry up too, as they are risk averse now after the 2008 crash.
What a lot of people don’t understand is that the Fed doesn’t set mortgage interest rates, they are set by the bond market , the bond market speculates inflation . The 10 year bonds are rising because the market doesn’t believe the Fed and expects inflation to rise because of insane government spending . Anyone waiting for 3% interest rates to come back is dreaming . What needs to happen are home prices need to drop by about 25-30 % to where they should be and you will see a lot of homes being sold again despite high interest rates . Nobody should be buying anything right now unless they have to because they are going to be upside down on their mortgage once the market corrects itself .
We have a bifurcated market. Most people are broke. A few people have magic money making a few expensive sales, propping up comp values. All the money spent on wars must go somewhere.
And this is why I can’t sell my house nor relocate. I locked down a 2.625% rate in 2021, so I’d pay much more for much less if I bought again. Guess I’m stuck here until I retire 😆
That's one of the reasons why there's such a log jam in the real estate market but many people like yourself should also be very happy that you're not paying 7% or 8% right now.
Good morning Jerry. My mortgage is at 2.5% and currently takes 18% of my take-home paycheck. I do want a new home but I don't think I would be comfortable with having significantly less money every month
And this is one of the big the reasons we have low supply. The rate lock is real. Low supply = higher prices. Not Neil’s fault but he is the example of the current market.
Everyone should just wait a month until interest rates, food, gas, insurance and property taxes will be almost zero. Then everyone will be able to afford whatever they want.
Jerry . You can always find a few stupid sellers. I was in RE 30 YEARS IN VEGAS. Please dont cherry pick the worst examples. I know a home staging company just staged a 3.5 million dollar home that sold in December which is the slowest month of the year that sold in less than 30 days. Yes the market is broken but a crash is not likely unless we have another black swan event. The crazy laws passed every year in California will continue to push people to vegas with a lot of money. The construction going on mow in Vegas is robust. This market does defy logic but even a 10 to 15% drop still puts home prices 25% above 2019. Still alot of people holding on to sub 4% mortgages that balance fewer buyers.
First off, I have never said we are going to see a real estate crash. Second, I don't have to dig to deep or "cherry pick" data when there is a lot of it out there. Of course many of these homes are selling and rather quickly still at all price points but that doesn't mean buyers are smart. It's absurd IMO that buyers continue to recklessly buy like this and unfortunately, as you said, a lot of it comes from Californians. Long term, real estate prices will only go up (everywhere) but buying and maintaining it is getting outrageously expensive.
A buyer can prepay principal to effectively achieve any interest rate they like, and no one stays in a home for 30 years. These reports here are skewed and small-minded thinking. Daughter just bought a beautiful home and is living the American dream.
i'm a veteran on disability. I could only get approved for $208k and I have excellent credit. Guess I'll just continue to live with family indefinitely lol.
A former model home, with a pool in Lake Las Vegas priced under every house in Lake Las Vegas including even brand new homes with dirt back yards, is still sitting unsold going on about 7 months I think and counting....
It must be something wrong with the house or it's in a gated 55 plus community. Asked me how I know. We just purchased our new home in Lake Las Vegas and moved in the day after thanks giving 2024.
@j.l.salayao8055 No, neither of those things are true. Not in a 55+ and nothing wrong with the former model home. Ask me how I know. I've lived here for years. Welcome to the neighborhood.
Please do a video explaining why this market is different from the 2008 crash. There’s a lot of misinformation floating around. It might also be a great opportunity to discuss why a major economic downturn would make homeownership more challenging, not easier, contrary to what some people believe.
Interest rates at this level are normal. we have just gotten used to very abnormal.. It's like the guy who took steroids for 20 years and complains he can't lift 400 lbs anymore. The real problems right now? 1) home prices are way too high. 2) inflation 3) insurance 4) taxes. (in one word costs) My neighor was priced over $40k for a $3,000 square foot roof. Who has $40 grand lying around for a roof? There has to be a correction if not an outright crash. I wouldn't buy anything right now.
Home prices are definitely more of the problem than interest rates at this point. I hate to say it but we're not going to get the crash that people are hoping for to think that we're going back to pre-pandemic pricing. It's just not going to happen.
@@lasvegasliving9237 Supply side economics always wins in the end. We'll see. I'm certainly not praying for a crash. A correction followed by stability would be nice. I think you're underestimating the effect that forclosures and tax sales are going to have if infation isn't curbed.
Kind of the same info you give each week, the three examples, with price reductions but still outrageously expensive. Good info sure to illustrate the affordability problem. I’m kind of doubtful about a crash in the real estate market, same with the stock market. I don’t know about a repeat of 2008. The ten-year bond is moving toward five percent again.Inflation is not going away, no matter government lies about the numbers. I can see more a Venezuelan situation, a ‘crash up’ if you will, that is ever higher numbers, but ever less value, less purchasing power. Of course I’ve noticed this over the years. My parents bought the house I grew up in, $14,800 in November 1949. Today Zillow lists ‘our’ home’s value at $505,000, 😳, lol. Real story: the $505,000 is NO LONGER $505,000. That house is old, the neighborhood has gone to hell. Truth: in constant (that is inflation adjusted) dollars, the real value is not even the $14,800 from 1949. Just maybe that $5 million place you showed us in MacDonald Ranch will be $25 million in 10 years, 😳. You seem to have a good handle on this real estate mess. I appreciate your videos, the info.
I don't see a real estate crash happening anytime soon either with buying still out of control and inflation going higher. These are just very different, unprecedented times where affordability for just about everything has gone out the window compared to just a few years ago.
i have some friends that moved to vegas early on in 2021, and were able to buy decently cheap at the time. now they literally make posts about how everyone moving into vegas is making it too expensive. the cognitive dissonance and "i got mine F everybody else" attitude is really strong.
That’s what I did and I’m not happy with my location in vegas. It’s a little scary feeling like I could be stuck here unless I pay more on the principle and rent it out. Who knows if rates will drop so I’m just making the most of it. At least it’s nice house
@@chrisbennett1864 When I bought my house 25 years ago, there was nothing there... cornfields all around and located in a court. Peace and quiet was all i wanted. Today, houses are all over... no more cornfields. My house is now worth 1.2 million and the value means nothing to me, because when I bought it, I knew it was where I would stay for the rest of my life. Also, I would be financially punished if I leave and sell my place to jump into today's over valued houses. I hope price do come down significantly for young people to have families to pay my social security benefits 😆
Housing affordability in the U.S., especially in the Las Vegas real estate market, is at its worst levels in history. Near-record home prices combined with 7% interest rates have made it nearly impossible for the average person to afford a home. Many potential buyers are forced to say goodbye to their hopes of homeownership. In markets like Las Vegas, sellers who initially overpriced their properties on popular real estate websites like Zillow are now lowering their asking prices. Diminishing demand and affordability issues have led to a noticeable increase in price reductions for Las Vegas homes for sale. This trend highlights the growing gap between what sellers expect and what buyers can realistically afford. 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 still significantly overpriced.
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
TikTok: lasvegasluxuryhomes1
90% of Americans have given up hope on buying a home. The cost per Month is unreasonable.
Have a great new year and keep up your great videos. 👍
For sure and very sad to see the direction this country continues to go as millions of people suffer. Hopefully it gets better soon. Thanks for the support Bill! Happy New Year!🎉👍
It depends on where you live. I live in Western New York. Most everything here sells rather quickly. Of course you have to not mind snowy winters.
@@elviscobb5922 Still very low inventory in certain states and NY is one of them.
So...here we are with conjecture and possibly hyperbole. HOw do we know 90% of Americans have given up on buying a home? Is there a poll or some test on all the possible people who previously thought about buying a home but now they have officially "given up". Can we please keep comments to something somewhat related to verifiable facts. Let's not be stupid please. I consider myself intelligent, I'd prefer not to read stupidity, conjecture that is completely obvious.
@@lasvegasliving9237 Therefore purchasing a home is still possible and people are still buying. If you want to purchase in certain states such as Nevada,California or Florida you’re going to have difficult.
An $84k down payment??? There's the first problem. And those numbers do not include insurance, property tax, maintenance, etc...
Yeah, I didn't go that road to show that most people cannot put down 20% which makes payments a lot higher, especially when you add in taxes, insurance, etc. Scary to see how much it costs to buy a home today!
And don’t forget to add when insurance prices double or even get canceled like what’s going on in California right now…
@@TheGlobalNobles Thankfully Vegas has few major natural disasters to deal with as long as you stay out of the areas that are prone to flash floods. The San Andreas fault is almost 250 miles away. We have no hurricanes, no tornadoes, no snow (barring rare days every decade or so), and not much else to worry about aside from fire, wind, and the normal things all policies cover. We do get monsoons that blow through as well as sand storms, but unless you are in a mobile home, you largely ignore them as they are over in an hour or two.
@@TheGlobalNobles And in Florida!
I only put about $10k down plus I got $15,000 from a government program towards the down payment.
Mr. Jerry, you are brave to call out the truth many Americans face regarding a home purchase. For a real estate expert, one who is realtor to speak the reality speaks to your honesty and character. Please keep sharing your knowledge as it is important work to do so.
Will do and thank you for the kind words and continued support Jack! Happy New Year!🎉👍
The truth is truth, regardless whether you like it or not. The talking heads keep gaslighting everyone, why? Because the talking heads like Corcoran is heavily invested in the market and up to her arse In alligators. So if she blows all the smoke, the people that are incapable of independent thought follow these so called “experts”. Jerry is on the money as is the Reventure channel too, but in Florida.
Jerry will sell you a house if you have a down payment... even if it's not in your best interest. He's in the game
Spot on
I’m seeing many people with under 3% interest rates NEED to sell because their property taxes, HOAs, and insurance is making it unaffordable.
That's when you know things are completely screwed up!
What's the average loan amount still outstanding? You would have to have a really high mortgage payment to begin with if you can't keep a 3% rate. My rate is 6.875%.
@@BREEZYM6015 not me, but I’m seeing people are forced to sell if they already spent their equity or need to take equity because they can’t afford their payments. Anyone that bought mid 2022 probably doesn’t have equity.
The new American dream is to move out of America
@@ConstitutionCurtyou're cappin. Who's selling their 3% house? People in Florida? Nobody in Vegas is doing that
Happy New Years Jerry.. Ur A Great Person and thankyou for helping us all out with your honest Knowledges !!!
Thanks for those kind words and support Douglas! Happy New Year!🎉👍
Happy New Year! This is one of my most favorite channels on TH-cam. Thank you.
Thanks so much Frank! Happy New Year!🎉👍
Hey! We drove by that 5.1 million dollar house last year!!!! It was like Mars! It was 116 degrees with humidity!!! It was crazy out there! I thought who would like to live on this isolated planet!
The heat was crushing!
The heat in Henderson during the summers is brutal as that is the hottest spot in the Las Vegas valley.
Property taxes is the thing that will really kill the dream for many people
Suburbs are built on the cheap and infrastructure maintenance is going to be a big hit
So true. It is getting out of control!
Is the mortgage rate the primary issue? Isn't the overinflated outrageously ridiculous residential real estate market pricing the real issue?
It's the prices much more so than the mortgage rate.
@@adeeperlook5866 Add in the cost of the ever increasing taxes and insurance...
For me it's the interest rate.
@@billredding2000 Understandable
Jerry looks absolutely fabulous! That pretty pink shirt works well for him. He's the total package.
Lol...thanks for all the compliments this year Michael! Happy New Year!🎉👍
Zillow ZEstimate is usually not accurate.
Their algorithm has gotten better, but is definitely not 100% accurate.
@censoredeveryday3320 Because, the a in zillow stands for accuracy, lol.
@@ericmcabee5823 Lol, not nearly the way it should be.🤷♂
I'm in Vegas and I think this Bubble will Pop bigtime! And I hope so. It's far too much for this area. At least Apt prices are dropping.
Like 2008 😅
The problem with this mentality is that even though people are hoping for this, it will cause a lot of collateral damage if it does happen. There will be tremendous job losses in stock market losses so it's really a lose, lose situation for a lot of people if it comes to fruition.
@@Trump-rv4nz Many people keep thinking that we're going to see the same kind of crash that we had in 2008 and that simply will not happen. This is a very different real estate market and economy.
@@lasvegasliving9237 understood and glad about that because a lot of people would be hurt financially including myself
They have said that for 2 years now. You may be right, although nobody knows when & if it will happen.
100% agree. That said, if you actually have 400 or 500K, it's much better to build a custom home rather than buy into ticky-tacky in a development. Las Vegas and Henderson have some amazing custom built homes in the older areas of town that are worth buying, but new ticky-tacky? Don't pay the bank interest and don't suffer with shoddy materials and unprofessional labor. One thing about a building loan is that while it is shorter term, it also is a simple interest loan and not a front-loaded mortgage. You get the initial loan for 12-24 months, then once it is done, you re-finance for the remainder, which typically is about 150K. Assuming you made payments and had about the samr 20% down to start. You end up paying a little more in payments. 3K or so by my math, for about 5 years (yes, 5 years!), but in the end save hundreds of thousands in interest and equity. Because in the end, selling a house you paid 800K in total on for 800K in 30 years is a zero profit game. Actually less, given the lack of liquidity in your portfolio over those 30 years. (insert lecture on velocity of money and investments here)
Again, YMMV, and OF COURSE do your research and know your finances, but 7% is where it starts to be really not very sane to throw money at the bankers to just make them fatter.
Thanks for sharing your thoughts and insight! Good stuff! Happy New Year!🎉👍
Jerry, Your advice to potential home buyers is spot on regarding these ridiculous home prices on the market. However, if you have a client you are assisting with the sale of their home, what advice do you give them regarding the listing price? Do you find they are receptive to your advice? Also, how would you handle a client who insists on listing their home for sale at an an outrageous and over priced amount?
My advice is to not overprice the home. Better to get more potential buyers coming at you due to a reasonable price which could then potentially create a bidding war rather than not hearing the phone ring. Most sellers are receptive to this advice. I will simply turn a client away if they are unrealistic with their list price.
Born and breed Las Vegas. These homes and price are being dictated by foreign investors not so much American economists or powers. Middle class is now low class. millionaires are now the uppermiddle class. No house is affordable, people of Las Vegas aren't buying house its folks from out of state, when the out of state money stops then it will burst. No one i know that lived in Vegas for the past 10years has purchased a house in the past 2 years and wont. Thanks again
Good insight and true for the most part. We'll see how it plays out.
Very interesting comments.
@@ClubhouseRide Yes indeed.
I like watching your channel Jerry. Can you please do a video on the corporate interests in single family homes? Is that what’s keeping us in a shortage of homed available?
I have created content specifically about that in previous videos, one from just a couple of weeks ago. Corporate and investor ownership has definitely contributed to the low supply of available homes.
In many areas of Florida, taxes and insurance COST MORE THAN the principal and interest! Will that anomaly eventually occur in Las Vegas, Jerry?
I don't see that happening here in Las Vegas but that is truly scary what is happening in certain areas like Florida. It just goes to show you what a racket it is to own a home nowadays.
Happy New Year and thank you for providing entertaining and informative content.
Thank you David! Happy New Year!🎉👍
Where was the thumbnail picture taken?
In my neck of the woods in the Bay Area houses are sitting on the market for months with no buyer because the sellers refuse to reduce prices. They need a reality check at this point
Yes, this is happening in many areas, including Las Vegas as well. The level of greed and stubbornness are at unprecedented levels.
Even if the homes were 300K, 7% is more interest in the end than the value of the home. Until interest rates drop, the middle class simply can't play the game.
In the Bay Area, the seller knows there will eventually be a buyer who will pay what the seller is asking.
@@plektosgaming Very true. Very bifurcated market. The middle class is now the lower class sadly.
Market sets the price. Bay Area is chalk full of households that make $300k plus a year.
Love it jerry, excellent work man. You know your stuff
Thanks Sean! Happy New Year!🎉👍
Compared to other US cities, Las Vegas RE market is pretty strong. Even though Oct. Nov. are the slowest months of the year, the median single home is only $2k less than all time high record set in Jun. 2022. Current inventory is still less than pre-pandamic.
Affordability is not the key factor of home prices. Housing market is way more complicated.
Yes, Las Vegas has been very resilient during this cycle because Las Vegas is maturing as a city. It will likely take some type of economic downturn, which will cause a lot of collateral damage to see any kind of meaningful price reductions. However, that is still up in the air and may not happen at all. Time will tell.
Thank you for continuing to share your housing market insight with us. It has been incredibly helpful in understanding the current housing market dynamics. Your expertise and effort in compiling this information are greatly appreciated.
Thanks so much for the kind words and support Jesse! Happy New Year!🎉👍
Great educational video keep them coming!
Will do and thanks Steve! Happy New Year!🎉👍
Appreciate your video.. Happy New Year
Thanks so much! Happy New Year!🎉
Spent a week at an Airbnb in Summerlin. Very nice area
Yes, very desirable area based on historical sales and overall interest.
How much did it cost you?
Jerry, Happy New Year to you and yours. Thank you for the knowledge you share with us each week and keep it coming 💎🙏😎
Thank you Dane! Appreciate the continued support! Happy New Year!🎉
Do you refuse listings if the seller insists on a ridiculous asking price?
I absolutely would because I am not desperate for business.
Good question.
@@lasvegasliving9237 I like your answer and wish more realtors would do this as I mentioned in last week's video.
@@Boots_And_Slicks14 I would if the seller is delusional and can't be reasoned with.
@@Boots_And_Slicks14 Thanks. I simply refuse to cater to people who lacking basic reasoning. Some sellers are tougher to deal with than others.
I rent in Summerlin for 2150 a month in a nice quiet neighborhood. The home is worth near 490,000 dollars. After 98,000 up front plus closing costs what's my mortgage payment? 2955!!! Renters are getting a bargain!! My numbers are slightly conservative in favor of the homebuyer. You have to be nuts to buy in this area when rents are such a great deal.
Scary to think how much cheaper it is right now to rent them to own a home. Thanks for sharing that information.👍
Keep up the good work Jerry.... Wishing you and your family a Happy, Healthy, and Prosperous New Year!
Thanks so much Holden! Happy New Year!🎉👍
all good points Jerry thanks for the info.
My pleasure! Thanks for the support Mike!
It's not the RATES guys. It's the unrealistic prices
100%!!
Therefore, it is the rates. Prices went up when the rates dropped. Now that the rates are back up again prices are generally static or only slightly going up. Generally speaking.
@@RicksCafeAmericana Partly as sellers do not want to give up the lower rate but it's really prices overall that have ruined it for so many aspiring buyers. It really is a combination of multiple things happening at the same time creating this mess.
I own my home in Southern California. I’ve lived in this home for 25 years. I smartly refinanced it when interest rates were at record lows in 2021. I have a fixed rate of 2.500%. This puts my payment at $1430 on a 750k home. I will never sell or move because anything I would buy would be double the payment I’m currently paying.
Great job Keith! Smart! Happy New Year!🎉👍
Why do you still have a mortgage? It should have been paid off years ago. Dave Ramsey.
@@MrMustangrick Everyone's finances are different.
Thanks for the content 🙏 Have a happy new year
My pleasure! Happy New Year!🎉👍
My loan amount was $203,500. Even though I have a 6.875% rate, my mortgage is $1,650.
Not bad.
Great Video! I'm a 27 year licensed agent in So Cal and we are seeing similar things in our market. I think if there is a next wave of foreclosures it will be Lenders & Realtors that really suffer as there are just not enough transactions to keep everyone fed. Some of us have had to find alternative forms of income or sell our homes which is exactly what I have had to do. The country is in a tough spot and am hopeful the new administration will pull our economy out of the fire!
The new administration is not coming to save anybody. It's false hope that so many people continue to believe in. It's more important to find your own way to get ahead than to rely on an administration or anyone to help you out.
Happy New Year Jerry and thank you for helping people to understand what’s been going on. I follow the real estate not because I’m thinking of buying a house, but more so to get a sense of what’s the current trend with regard to costs. Our home is paid off but we borrowed against it to build a home in a much better location. Our current location is adjacent a road, and over the years traffic has become increasingly worse as homes are being constructed above us. We’ll move and sell our old home (still considered a good location), using the proceeds to pay off the loan. When that’s completed, we’ll have a new home with no mortgage. We’re one of the lucky ones who worked hard for years and years to be where we are today. We also helped our daughter and her family to build their house. Anyway, my heart goes out to those who can’t afford to purchase a home through no fault of their own. Hopefully things will change for the better, but greed is a really bad disease. Take care, and keep up the good work. 👍
Good for you Darryl! Thanks for the support and Happy New Year!🎉👍
Another great video Jerry! Unfortunately for many a seller, 2021 is still locked in their minds. That and those sellers that are of the mindset that, as Gordon Gekko once said, "greed... is good."
No kidding about stubborn sellers! A lot of them will be getting a reality check as inventory continues to grow and interest rates remain elevated. Happy New Year!🎉👍
Jerry is my Guy when/where moving to Vegas, Love it ❤❤❤
Thank you for the support! Happy New Year!🎉👍
5.1 million, Insanity, 29,000 a month payment, sellers are greedy. Way out of line, Buyer Beware, Previous condition of home versus improvements can add to the value, Definitely have a good agent,
Insane levels of greed everywhere!!🤦🏻♂
@ you do a great job at showing how the market works in Vegas. We are not like any other housing markets in the United States,
How many people need these 4 to 5 bedroom homes that have 3 car garages, 4 bathrooms, a pool or a hot tub, etc? Look at the average home size in the mid 90s to the sizes today. Those larger homes will cost more, be taxed at a higher rate and cost more to insure. Then we wonder why total cost of home ownership is so high.
Greed is part of the human condition. Everybody always wants more over time.
In san Francisco, I'm retired and walk every day all the houses i see get sold in a month
Provide more details if you can.
The aerial view of comps in the area is an excellent way to demonstrate the delusion which s
Sellers . Great work Jerry
Thanks Sean! A lot of delusional sellers out there!
@@seannotaro473 Appreciate it!🙏👍
Happy New Year, Jerry. Housing affordability remains a big problem and I think it will persist through the next couple of years. I don’t see a huge drop in housing prices in near future. The supply is too low and there are too many people with money who can still afford a house enough to keep prices near the status quo. But I do expect incomes to rise over the next five years and housing prices to flatten. We could be in a 4 to 5 year era of problematic housing affordability. It’s not unprecedented in history.
Hopefully interest rates can come back down to around 5% because I think that could help unlock the market.
Inventory is climbing a lot lately and with high interest rates it is fair to assume we could see a housing correction late into 2025. Time will tell but prices ultimately will go higher long term. Unfortunately, I don't see rates hitting 5% at all anytime soon nor do I see wages/income rising to meet the demands of such persistent inflation.
Prices MUST come down a lot. But who knows when that will be.
They won't come down the way so many people are for in this high inflation economy.
Why MUST prices come down? If inventory remains low and demand is strong then prices WONT come down.
@@Noname-fw7uo Inventory is spiking in most parts of the country. Lower prices are likely to follow if this continues.
@@Noname-fw7uo Let me add some facts: 1. "US existing home sales are set to close at 4.04 million in 2024, marking the worst year since 1995. Sales are set to be even lower than during the 2008 Financial Crisis." 2. Over time, average home prices MUST be anchored by the average salary. So if the average American makes $60K a year, and banks allow 3x borrowing, the average house should cost $180K. Over time this trend is the mean.
Reminds me of auto dealers. Auto dealers mark up cars and trucks for 70-100k and they sit on the lot and rot. Greed drives the housing and auto industry. Both homes and auto industry will correct
I hope so! So sickening!
Love your videos, Jerry
Thanks David! Happy New Year!🎉👍
Happy New Year Jerry!
Happy New Year!🎉👍
Thanks Jerry
My pleasure Chad! Happy New Year!🎉👍
The bond market sets interest rates not the Fed . The bond market speculates inflation coming because of insane government spending so the 10 year bonds are rising ..In order for the housing market to become normal again home prices need to drop by 25-30 % and become affordable despite high interest rates ..Nobody unless they have to should be buying anything right now. Even with a new administration nothing is going to change as talks of tariffs scares the market into thinking there is going to be a rise in inflation ..Home buyers should all be waiting it out if they can so they don’t end up upside down on their mortgage once the dust settles ..
Great insight and I agree with you for the most part.
@@lasvegasliving9237 Have a happy and prosperous New Year
You are absolutely correct. The Fed just sets the Fed Funds rate which is what banks charge each other for overnight deposits to meet their loan reserve requirements. The Fed has lowered the Fed funds rate by 100 basis points (1%) and mortgages rates are still where they were before the Fed started lowering rates.
@@BoulderCityBlues You too! 🎉👍
Happy New Years Jerry
Happy New Year Adam!🎉👍
@ Thank you
What I was always taught and have learned is that if you start too high with your price people will not show an
intrest anymore. When everyone has free access to what these houses are worth and they still overpay for them,
they deserve to get in financial trouble. These people are greedy, and where greed is you will find stupid people.
I agree with you, but a lot of these greedy sellers have been able to find unfortunately reckless buyers to pay the price they want. The tide is slowly turning though.
Reminds me of a time in the past🙈
@@Anomize23 Yes!
Great videos, Jerry. Just go easy on the caffeine, will you?LOL
Lol...will do!
I had to switch to something else after I quit drinking. 😂
How bout next week we do closed sales in Sumerlin on golf courses?
There's no way to drill down that deeply and get that kind of full information nor does it have mass appeal for those watching my content.
hi do a video of you offering low prices for a home even better when a seller takes the offer.
I just did that in a video a couple of weeks ago with a client I helped purchase a home for below the original list price.
Oregon tech area. 270k 21ksft. 2015, 2.4 interest refy.
Not sure what you are referencing.
You think the housing in Las Vegas is crazy? The car insurance prices and registration have just surpassed the housing market craziness.
I know!
Jerry, what most home buyers ignore when they want to purchase home is applying a “safety margin”. What I mean by that is for example, if one can afford a maximum monthly mortgage of say $3000 per month then lower that maximum to say $2500 or $2600 so in case rate rises then there is still some room to maneuver. Just a tip.
Good advice Valentino! Happy New Year!🎉👍
@@lasvegasliving9237 likewise Happy New Year to you and my wish is for property prices to drop significantly so our future generations can afford a slice of the American dream.
Would be interesting in your examples you show of overpriced homes if you would recommend a price/bid to your client of the examples you show !!
I could do that because I actually have a couple of clients not wanting to overpay and all of our under asking prices offers continue to get rejected. Many sellers simply refuse to budge on price. It's nasty and greedy out there!
05:33 would be very interesting to see a market for fractional home ownership (like a srock market for houses)
Most people would not likely be interested in that.
There are ETFs that include those types of assets
@@bbustin1747 True.
Happy New Year Jerry looking fwd to a brighter 2025!
Happy New Year!🎉👍
06:11 this seller obviously doesn't need the money. Maybe they don't have another place to park that equity?
Probably...just absurd pricing!
Jerry, the current unrealistic housing (sale/asking) price have more to do with greedy realtors then anything else. Think about it, commission based sales contributes to driving up the sales price. I am in favor of a flat fee paid to the realtor for assisting in selling a property, rather then commission based.
Market forces dictate price.
Like the other commenter just said here in this thread, market forces dictate price. Real estate agents are not the ones creating the market. They have no interest in overpricing homes if they know they're not going to sell and ultimately not make any commission.
@2rich2Mr Correct.
As an agent we List Homes at prices that will sell.. It is never a good idea to list High… and gamble on Buyers buying on such a high number . Buyers are well informed , have tons of data at their fingertips and are very intelligent. They dictate what they are willing to pay based on their life situation and their knowledge of the data. It never benefits a Realtor to price something above market… especially in the current environment we are in.
@@alexb.5047 100% correct.
How tight is the rental market there?
I don't follow the rental market too deeply here but prices are still quite high even though they are building apartment complexes constantly around the valley.
The APR mean is 7.5 - 8%
The number that’s wrong is the purchase price.
The 3% interest rate is an indicator of a troubled economy.
For sure. Very troubling to see these kinds of costs just to buy an average home today.
I argue that 20 years of these low interest rates coupled with quantitative easing were the very cause of the problem. Bank loans are going to dry up too, as they are risk averse now after the 2008 crash.
@@Pip23 No doubt about it.
Jerry Jerry Jerry 🎉🎉🎉
What a lot of people don’t understand is that the Fed doesn’t set mortgage interest rates, they are set by the bond market , the bond market speculates inflation . The 10 year bonds are rising because the market doesn’t believe the Fed and expects inflation to rise because of insane government spending . Anyone waiting for 3% interest rates to come back is dreaming . What needs to happen are home prices need to drop by about 25-30 % to where they should be and you will see a lot of homes being sold again despite high interest rates . Nobody should be buying anything right now unless they have to because they are going to be upside down on their mortgage once the market corrects itself .
Happy New Year!🎉👍
Yes??
Mahalo Jerry. Happy New Year hoping for better pricing in Las Vegas in 2025 will see. 🤙🏽🌴🍍🌺🇺🇸2025🎊🎊🎉🎉🎉🥳🥳
Mahalo and Happy New Year buddy!🎉🤙🌴
It's not the RATES ITS the greedy prices
For sure!
We have a bifurcated market. Most people are broke. A few people have magic money making a few expensive sales, propping up comp values. All the money spent on wars must go somewhere.
Definitely a bifurcated market!
Happy New Year!!
Happy New Year!🎉👍
The bigger they are, the harder they fall.
True a lot of the time.
And this is why I can’t sell my house nor relocate. I locked down a 2.625% rate in 2021, so I’d pay much more for much less if I bought again. Guess I’m stuck here until I retire 😆
That's one of the reasons why there's such a log jam in the real estate market but many people like yourself should also be very happy that you're not paying 7% or 8% right now.
Good morning Jerry. My mortgage is at 2.5% and currently takes 18% of my take-home paycheck. I do want a new home but I don't think I would be comfortable with having significantly less money every month
Good for you Neil! That's great, I would sit tight rather than overextend yourself.
Jerry what % of America is in this position , including myself?
@@whosbehindthedoor8788 According to the major news outlets.. 90%.
@@whosbehindthedoor8788 Hard to know for sure but roughly 60% of borrowers are at 4% or lower rates.
And this is one of the big the reasons we have low supply. The rate lock is real. Low supply = higher prices.
Not Neil’s fault but he is the example of the current market.
Everyone should just wait a month until interest rates, food, gas, insurance and property taxes will be almost zero. Then everyone will be able to afford whatever they want.
I have no idea why you would think that would ever be the case, especially in one month. This will never happen.🤦🏻♂
How about examples of homes that are not multi million dollar price tags?
There are plenty of homes like that as well
Real estate in the Bay still going strong
Real estate will always be hyper local, especially in land locked places like the Bay Area.
Existing homes in the foothills are still appreciating, and there are new developments everywhere.
Jerry . You can always find a few stupid sellers. I was in RE 30 YEARS IN VEGAS. Please dont cherry pick the worst examples. I know a home staging company just staged a 3.5 million dollar home that sold in December which is the slowest month of the year that sold in less than 30 days. Yes the market is broken but a crash is not likely unless we have another black swan event. The crazy laws passed every year in California will continue to push people to vegas with a lot of money. The construction going on mow in Vegas is robust. This market does defy logic but even a 10 to 15% drop still puts home prices 25% above 2019.
Still alot of people holding on to sub 4% mortgages that balance fewer buyers.
First off, I have never said we are going to see a real estate crash. Second, I don't have to dig to deep or "cherry pick" data when there is a lot of it out there. Of course many of these homes are selling and rather quickly still at all price points but that doesn't mean buyers are smart. It's absurd IMO that buyers continue to recklessly buy like this and unfortunately, as you said, a lot of it comes from Californians. Long term, real estate prices will only go up (everywhere) but buying and maintaining it is getting outrageously expensive.
A buyer can prepay principal to effectively achieve any interest rate they like, and no one stays in a home for 30 years. These reports here are skewed and small-minded thinking. Daughter just bought a beautiful home and is living the American dream.
That's a very myopic viewpoint because there are very few people that could ever pre-pay principal in today's world for the average person.
Forget about the interest rate it means nothing. Compared to the ridiculous unreal prices
Correct
i'm a veteran on disability. I could only get approved for $208k and I have excellent credit. Guess I'll just continue to live with family indefinitely lol.
Do what is comfortable rather overextend yourself.
A former model home, with a pool in Lake Las Vegas priced under every house in Lake Las Vegas including even brand new homes with dirt back yards, is still sitting unsold going on about 7 months I think and counting....
Interesting. Hopefully you can provide the address.
What's the address?
It must be something wrong with the house or it's in a gated 55 plus community. Asked me how I know. We just purchased our new home in Lake Las Vegas and moved in the day after thanks giving 2024.
@j.l.salayao8055 No, neither of those things are true. Not in a 55+ and nothing wrong with the former model home. Ask me how I know. I've lived here for years. Welcome to the neighborhood.
PS. I hope you didn't buy in a 55+ community.
Please do a video explaining why this market is different from the 2008 crash. There’s a lot of misinformation floating around. It might also be a great opportunity to discuss why a major economic downturn would make homeownership more challenging, not easier, contrary to what some people believe.
It's hard to do an entire video like that because 2008 was an anomaly from an unregulated mortgage industry debacle.
Jerry, do you have a broker’s license?
No
@ Which broker do you work for? I am interested in getting a realtor license.
Is money laundering a factor in the Las Vegas market?
There is no way to know that information but not likely for the vast majority of the Las Vegas market.
It is no longer a 2 million home let alone a 5 million home.
That home will likely sell in the 4s.
Interest rates at this level are normal. we have just gotten used to very abnormal.. It's like the guy who took steroids for 20 years and complains he can't lift 400 lbs anymore. The real problems right now? 1) home prices are way too high. 2) inflation 3) insurance 4) taxes. (in one word costs) My neighor was priced over $40k for a $3,000 square foot roof. Who has $40 grand lying around for a roof? There has to be a correction if not an outright crash. I wouldn't buy anything right now.
Home prices are definitely more of the problem than interest rates at this point. I hate to say it but we're not going to get the crash that people are hoping for to think that we're going back to pre-pandemic pricing. It's just not going to happen.
@@lasvegasliving9237 Supply side economics always wins in the end. We'll see. I'm certainly not praying for a crash. A correction followed by stability would be nice. I think you're underestimating the effect that forclosures and tax sales are going to have if infation isn't curbed.
@@Pip23 We'll see how it plays out.
C ya Vegas
🤷♂✌
Bye old neighbor. "What happens in Vegas stays in Vegas". I'll keep my mouth shut for all your dirty secrets...lol.
12:07 very likely
Agreed and will likely only get harder for average home buyers to enter the market.
Good rxamples to shiw whats happening
Thank you!
MAKE MORE THAN YOU SPEND AND INVEST THE REST INTO TAX ADVANTAGE RETIREMENT ACCOUNTS. AT LEAST 25%
Easier said than done.
👍👍👍👍
Thanks Darryl👍
04:33 Sunbelt real estate marketa overbought.
For sure!
Greed will destroy us all
Feels that way!🤷♂
2008 & 2025 doesn't quite rhyme yet but the band sounds familiar
A lot of people think that way but this is not the same type of real estate market as it was in 2008.
@@lasvegasliving9237Other than Fannie Mae, inflation & interest rates; what type of real estate market do you think we are in now compared to 2008?
Kind of the same info you give each week, the three examples, with price reductions but still outrageously expensive. Good info sure to illustrate the affordability problem. I’m kind of doubtful about a crash in the real estate market, same with the stock market. I don’t know about a repeat of 2008. The ten-year bond is moving toward five percent again.Inflation is not going away, no matter government lies about the numbers. I can see more a Venezuelan situation, a ‘crash up’ if you will, that is ever higher numbers, but ever less value, less purchasing power. Of course I’ve noticed this over the years. My parents bought the house I grew up in, $14,800 in November 1949. Today Zillow lists ‘our’ home’s value at $505,000, 😳, lol. Real story: the $505,000 is NO LONGER $505,000. That house is old, the neighborhood has gone to hell. Truth: in constant (that is inflation adjusted) dollars, the real value is not even the $14,800 from 1949. Just maybe that $5 million place you showed us in MacDonald Ranch will be $25 million in 10 years, 😳. You seem to have a good handle on this real estate mess. I appreciate your videos, the info.
I don't see a real estate crash happening anytime soon either with buying still out of control and inflation going higher. These are just very different, unprecedented times where affordability for just about everything has gone out the window compared to just a few years ago.
i have some friends that moved to vegas early on in 2021, and were able to buy decently cheap at the time. now they literally make posts about how everyone moving into vegas is making it too expensive. the cognitive dissonance and "i got mine F everybody else" attitude is really strong.
For sure!
I want to sell my house. I have a 2.8 interest rate. Can I sell my house and include my rate? Can someone buy my rate?
😴💤💤💤💤 just repeating the same thing over and over
Thanks for watching anyway! Happy New Year!🎉👍
Save more money before you buy... I would save at least 50% of the money before I would buy.
Smart advice but easier said than done in today's world.
@lasvegasliving9237 Humans have the capacity to overcome any challenge created by themselves or by other men.
That’s what I did and I’m not happy with my location in vegas. It’s a little scary feeling like I could be stuck here unless I pay more on the principle and rent it out. Who knows if rates will drop so I’m just making the most of it. At least it’s nice house
@@chrisbennett1864 When I bought my house 25 years ago, there was nothing there... cornfields all around and located in a court. Peace and quiet was all i wanted.
Today, houses are all over... no more cornfields. My house is now worth 1.2 million and the value means nothing to me, because when I bought it, I knew it was where I would stay for the rest of my life. Also, I would be financially punished if I leave and sell my place to jump into today's over valued houses. I hope price do come down significantly for young people to have families to pay my social security benefits 😆
@@chrisbennett1864 Good for you and I do think we will see lower rates but it may take a bit to materialize.
The banks need to require 30% down if the home is over $550,000. This will help send home prices down and less of a default rate.
That would be smart but they will never do it because their business will dry up.