Thanks for the update. I am not an expert on real estate. My opinion is that homes in the greater Las Vegas area have gotten too expensive. Most middle class or working-class families can no longer afford to buy a house here.
I completely hear you.. But I don't think that's actually the case (specific to here). Nationally the market is performing poorly. Texas is getting crushed with people moving AWAY and Florida is having similar problems. In comparison, we're doing well... But again, this is more of a national issue vs. Vegas specific.
Wonder if the slight increase in median price is purely (or mostly) due to the new commission rule? This is the first month where we'd see a potential impact.
@@Teolulz The idea of the rule is to no longer "force" sellers to pay buyers agents. Rather than baking it into the initial sales price I'd imagine sellers are listing a tad higher but being more generous with closing cost assistance on the back end.
Like the above / below comment said.. The "concept" was to LOWER prices by attempting to LOWER commissions. Hasn't quite been the case... With a slower market and less offers, if you want to sell your home, you're most likely going to have to pay an agent. Frankly, it makes MORE sense to pay the buyers agent handsomely so they KEEP the deal together. I've advised all my sellers NOT to counter the commission, but rather focus on the PRICE and NET number. You WANT the buyers agent happy in the deal so they do their very best to keep the deal together and their buyers engaged. If an agent is making 1/2 the commission they and their clients agreed to, then that agent is very likely to "not care" if the deal blows up, since they likely will make MORE money on the next deal. Good agents with BUSINESS just want a deal done and move onto the next deal. But most agents don't do much business. Therefore EACH and EVERY deal is what feeds them and their family and is vital. So for most agents, they'd risk losing the deal for the likely hope of a better return on the next deal. Obviously, this isn't how it's supposed to be. Prior to the change, we couldn't even really discuss the commission or negotiate more. But now that the veil has been removed, there's a slew of "unintended consequences".
@@Teolulzsellers are still paying a commission and will continue to do so forever in most circumstances. Only in a large bidding war for a home will a seller probably not have to pay the commission.
Many thanks for all of your efforts to put forth these informative videos. I am hopeful that part of the reason that the ultra luxury homes are lagging has to do with the outrageous profits some are trying to make off a sale. Buying a property for 1.5 million in 2022 and listing it for 2 million plus in 2024 seems to be a trend. I have seen many sell with an insane profit. Sad but true. Pure greed. But, at the same time, if people are willing to pay such outrageous prices, then they may have consequences down the road that they will need to own.
Well said... Ultimately it's "supply and demand". "Value" is inherently only what one person is willing to pay for a product. Some are unjustified like you mentioned. Others, were purchased brand new (then say added a pool) and were allowed to appreciate. Therefore $1.5M + pool for $150K + 2 year appreciation... Makes sense... But glad you enjoyed the video(s). Thanks again!
I don’t always agree with you but you actually try to be objective and work from data. Many realtors are just real estate cheerleaders that do not have their client’s interest at hand.
Thank you Mike.. And yes... Even I have to agree that you should never 100% agree with EVERYTHING a pundit says. We're wrong.. Just hopefully substantially more "right" vs. wrong. But you hit the nail on the head.. My opinions are based on DATA and personal experience. Rather than whats best for "marketing" and therefore my personal bank account. In the end, if you're genuine and accurate, clients appreciate and the money is simply a byproduct of performance. So thank you for taking the time to leave a thoughtful opinion.
Long-term/mortgage rates are tied to the 10 year T-bill. The ever-increasing government budget deficits/spending will reaccelerate bond issuance & the incoming series of short-term rate cuts by the Fed Reserve will collectively put "upward" pressure on long term/mortgage rates. Mortgage rates may have already hit a bottom at the time of the initial cut on 9/18. The above monetary policies will also give new life to already high inflation, which will likely lead to more QE as the Fed tries to push down higher long-term rates & temper an imploding economy. Stagflation is just getting started imo, which should make life pretty miserable for both sellers & buyers in 2025. Some time between now & Q1 of 2025 may be the time for both parties to make a deal. All imo...
Im as bearish as anyone on real estate but I’m surprised by how transaction price has held up. My impression of the situation is the only property that is moving is high quality but aggressively priced. Cookie cutter, developer neighborhoods BEWARE
I'm surprised as well. And yes, you have a point. The homes that ARE selling are selling for a reason. In the forthcoming months more homes will be sold simply at a discount which could easily bring that median down.
Absorption by price range is my favorite stat from you, pretty big difference from April/May for the $250k-$500k homes
So glad you appreciated that metric!
Love the thumbnail cover Bryan!
Ahhhh.. Thanks love!!!
Love the thumbnail 😀
Hahahaha... Glad you enjoyed!
Great video and content as always my friend
Ahhhh.. My man! Thanks for the support!
Thanks for the update. I am not an expert on real estate. My opinion is that homes in the greater Las Vegas area have gotten too expensive. Most middle class or working-class families can no longer afford to buy a house here.
I completely hear you.. But I don't think that's actually the case (specific to here). Nationally the market is performing poorly. Texas is getting crushed with people moving AWAY and Florida is having similar problems. In comparison, we're doing well... But again, this is more of a national issue vs. Vegas specific.
Vegas can still net a family a clean home, gone are the days that anybody could live (virtually) in any neighborhood they wanted to.
@@leboknows I understand, thanks for the reply.
Wonder if the slight increase in median price is purely (or mostly) due to the new commission rule? This is the first month where we'd see a potential impact.
shouldn't prices be 3% less because sellers no longer need to give 3% to the buyer agents?
@@Teolulz The idea of the rule is to no longer "force" sellers to pay buyers agents. Rather than baking it into the initial sales price I'd imagine sellers are listing a tad higher but being more generous with closing cost assistance on the back end.
Like the above / below comment said.. The "concept" was to LOWER prices by attempting to LOWER commissions. Hasn't quite been the case... With a slower market and less offers, if you want to sell your home, you're most likely going to have to pay an agent. Frankly, it makes MORE sense to pay the buyers agent handsomely so they KEEP the deal together. I've advised all my sellers NOT to counter the commission, but rather focus on the PRICE and NET number. You WANT the buyers agent happy in the deal so they do their very best to keep the deal together and their buyers engaged. If an agent is making 1/2 the commission they and their clients agreed to, then that agent is very likely to "not care" if the deal blows up, since they likely will make MORE money on the next deal. Good agents with BUSINESS just want a deal done and move onto the next deal. But most agents don't do much business. Therefore EACH and EVERY deal is what feeds them and their family and is vital. So for most agents, they'd risk losing the deal for the likely hope of a better return on the next deal.
Obviously, this isn't how it's supposed to be. Prior to the change, we couldn't even really discuss the commission or negotiate more. But now that the veil has been removed, there's a slew of "unintended consequences".
@@Teolulzsellers are still paying a commission and will continue to do so forever in most circumstances. Only in a large bidding war for a home will a seller probably not have to pay the commission.
I think the pullback in remote jobs is going to really hurt Las Vegas real estate.
Many thanks for all of your efforts to put forth these informative videos. I am hopeful that part of the reason that the ultra luxury homes are lagging has to do with the outrageous profits some are trying to make off a sale. Buying a property for 1.5 million in 2022 and listing it for 2 million plus in 2024 seems to be a trend. I have seen many sell with an insane profit. Sad but true. Pure greed. But, at the same time, if people are willing to pay such outrageous prices, then they may have consequences down the road that they will need to own.
Well said... Ultimately it's "supply and demand". "Value" is inherently only what one person is willing to pay for a product. Some are unjustified like you mentioned. Others, were purchased brand new (then say added a pool) and were allowed to appreciate. Therefore $1.5M + pool for $150K + 2 year appreciation... Makes sense...
But glad you enjoyed the video(s). Thanks again!
DUECES!
by the way im thinking eddie griffin when i say that.
Ahhh!!! Took me a second but... I'm picking up what you're laying down now! ;)
Stud ❤
;) Thanks "Sunshine" Now when are YOU gonna make some videos... 👀
I don’t always agree with you but you actually try to be objective and work from data. Many realtors are just real estate cheerleaders that do not have their client’s interest at hand.
Thank you Mike.. And yes... Even I have to agree that you should never 100% agree with EVERYTHING a pundit says. We're wrong.. Just hopefully substantially more "right" vs. wrong.
But you hit the nail on the head.. My opinions are based on DATA and personal experience. Rather than whats best for "marketing" and therefore my personal bank account. In the end, if you're genuine and accurate, clients appreciate and the money is simply a byproduct of performance.
So thank you for taking the time to leave a thoughtful opinion.
Long-term/mortgage rates are tied to the 10 year T-bill. The ever-increasing government budget deficits/spending will reaccelerate bond issuance & the incoming series of short-term rate cuts by the Fed Reserve will collectively put "upward" pressure on long term/mortgage rates. Mortgage rates may have already hit a bottom at the time of the initial cut on 9/18. The above monetary policies will also give new life to already high inflation, which will likely lead to more QE as the Fed tries to push down higher long-term rates & temper an imploding economy. Stagflation is just getting started imo, which should make life pretty miserable for both sellers & buyers in 2025. Some time between now & Q1 of 2025 may be the time for both parties to make a deal. All imo...
Hey, its a great opinion... And well.. Based on rates TODAY... 😬
Difficult to argue... Thanks for the feedback / comment!
Im as bearish as anyone on real estate but I’m surprised by how transaction price has held up. My impression of the situation is the only property that is moving is high quality but aggressively priced. Cookie cutter, developer neighborhoods BEWARE
I'm surprised as well. And yes, you have a point. The homes that ARE selling are selling for a reason. In the forthcoming months more homes will be sold simply at a discount which could easily bring that median down.
VRAU BANI MEJ.CHES 990.billion. /£/data/16/dec/2025