Las Vegas Homes For Sale - Dying!

Las Vegas Homes For Sale - Dying! Many homeowners are considered "house poor" because of shockingly high home prices, interest rates and relentless maintenance costs. This is especially true in popular cities like Las Vegas where the median income is nearly eight times lower than any of the thousands of median priced Las Vegas homes for sale. With now over 6,000 Las Vegas homes for sale, the market is changing slowly but steadily. While condos and townhomes are at record highs and the growing number of Las Vegas homes for sale are just shy of record high prices, many aspiring homeowners in Las Vegas and around the country are feeling strapped for cash, forcing them to spend most of their income on mortgage payments, with little left for other expenses. The median price of the surging supply of Las Vegas homes for sale stands at just over $479,000, just $2,000 shy of the record. Regardless if it's any of the new Las Vegas homes for sale or resale homes, demand is dropping, inventory is surging which is now leading to more price reductions and more Las Vegas homes for sale being sold far below the original asking price. According to data from popular real estate websites like Zillow, there are many Las Vegas homes for sale, and buyers are becoming more cautious. The overall real estate market, once highly competitive, is now dying down, with Las Vegas homes for sale increasingly selling for less than the original list price. With the potential for economic turmoil on the horizon, buying a home, especially any of the current Las Vegas homes for sale should be done so by making a lower than original asking price offer or to just exercise patience until home prices potentially fall further.

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Jerry Abbott
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Summit Properties
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[lasvegasliving]

Millions of homeowners today find themselves "house poor" due to skyrocketing home prices, high interest rates, and ongoing maintenance costs. These factors are preventing more potential buyers from qualifying for mortgages, leading to a drop in demand. Meanwhile, inventory continues to grow, with home price reductions becoming increasingly common. This trend is especially noticeable in cities like Las Vegas, where data from real estate sites like Zillow show many Las Vegas homes for sale priced well above affordable levels. The market, once booming, is now slowing, with Las Vegas homes for sale frequently selling for less than their original listing price. As the real estate market cools, it's clear that the once-unreachable market frenzy is now dying down. If you’re looking to buy a home, whether in Las Vegas or elsewhere, it is essential that you do not overbid on the price as many homes are significantly overpriced. Being patient or making a lowball offer is certainly an option for aspiring homeowners.
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
Website: jerryabbottrealty.com

[Renee-bb]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[Tryumph.]

an agent speaking against his own behalf? incredible. love it!

[BreezeOffroad]

Great video I completely agree with you. It’s amazing though how resilient people are to keep paying for these overinflated prices.

[MJ-gejz]

Take home pay of $8K per month! Wow... the most I made was $5K. It all boils down to inflows and outflows. I was house poor but I was single and had no outside interests, so it worked out for myself. I have since sold and downsized with the start of my retirement.

[jackcovington]

Sadly, Mr. Jerry, all of this you predicted. Our fellow Americans are facing great challenges. Thanks again for your great work you are doing for so many.

[nordicvolkan]

Thank you for talking about this. You will be my #1 realtor when I decide to make the move to Vegas.

[danielmartino]

It is outrageous. Las Vegas was overrun by corporate buyers. Buyers and renters are stuck. Foreclosures will increase substantially. Neighborhoods will deteriorate requiring more money. With climate change in the mix, cities and counties will raise property taxes. Wages can’t keep up with the cost of living. Sit tight everyone, we are in for a bumpy ride.

[JaredKaye-zb]

Spot on advice for homebuyers here in the Las Vegas Valley. Great work Jerry!

[danielmartino]

I might add that I live in SoCal. People are still buying homes but adding ADU for extra income. Most are converting their garage. They😢 spend upwards of 150 k to build a 400 sq ft living space to rent for $1200 a month. No experience as landlords in a state where rental litigation has exploded. In the meantime, owners have to rent a storage unit to store their own stuff . It’s insanity.

[morningsalute]

I always look forward to your weekly updates.

[chrism]

In 2011 I bought new construction home 4 bed 3 full bath in Northwest Vegas for $163k, today worth around $450k. I wouldn’t even be able to afford my own home at today’s prices.

[UncleDavesKitchen]

When you buy a house you're betting on a totally unforeseen future that your health will continue, that your ability to bring in an anticipated income for the next 20+ years and the stability of that area will be significant that moving will not be necessary. It's all a big gamble on the future you make right now pending on how well you've leveraged your life to this point that puts the odds in your favor to succeed in life.

[MarcHasaraMarcHasara]

One of the reasons for so many people being house poor is due to overburdening cost that come into play AFTER a 1st time home buyer enters the market. The driver for this I believe is that lenders have been pressured by the federal government to make people who (have absolutely no business buying a home) with only 3% to 4% down and $4K to $5K monthly house payments a thing. When people have 20% to 30% down with good credit being house poor is unlikely to happen. Foreclosure rates will be always far lower when buyers have equity.

[SpiderC-]

I smell 10 families living in a single house in the future. Wait, I think it's happening now!

[thomaslakutis]

I say continue to be patient, better deals ahead.

[Agatha.wayne]

This happened with the 2004 housing boom - home prices were greatly inflated, meaning people couldn't sell later because they owed more on the house than they could sell for. I know quite a few people who bought then, thinking they were making a good investment to sell later, but it's taken until the COVID housing boom for the prices to come back to those original amounts.

[dennisb]

There's no logical reason homes should cost this much. The free market isn't free.

[ProCoach]

One thing I'm surprised is not a bigger factor already is the overbearing summers that have absolutely got hotter and last longer than not many years ago. It's a fact. If the trend continues and it might not, I personally think many will wake up and move to more temperate climates. It's part of our decision to leave and I think the pot is stirring and motivating some to leave already. It's not out of the question that many in the warmest climates will need to migrate to sustain their lives.

[JBoya]

That first "luxury" home in Vegas was priced more like something in the SF Bay Area. It's amazing that people are trying to get that much for this home.

Also, appreciate your honesty that this may not be the right time to buy.