Las Vegas Homes For Sale - New Scam!

Las Vegas Homes For Sale - New Scam! As the real estate market begins to slow down, especially in popular cities like the Las Vegas real estate market, hidden costs like property taxes and insurance rates are rising rapidly, making homeownership more expensive. The Las Vegas housing market has now eclipsed over 5,000 total Las Vegas homes for sale and the median home price has now dropped from a record $485,000 to $475,000. Even with price reductions and growing inventory, many popular markets like Las Vegas and the increasing amount of Las Vegas homes for sale are often overpriced and unaffordable. Some buyers even feel like they've fallen into a new scam, where home prices are lowered but other costs spike, making it hard to afford a home. Data from popular real estate websites like Zillow show that the majority of Las Vegas homes for sale are still selling for less than the original asking price due to widespread overpricing. Despite the growing number of Las Vegas homes for sale, affordability remains a significant issue, especially with higher hidden costs such as homeowner insurance and property taxes. As the market potentially corrects itself, the financial landscape for Las Vegas homes for sale continues to shift, leaving many wondering if true affordability will ever return. With interest rates recently being reduced, the potential for economic turmoil is on the horizon and being patient for a housing correction is an option many are waiting on. If you are thinking of buying a home, especially any of the current Las Vegas homes for sale, making a lower than asking price offer or waiting things out is an option to consider at this time.

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Jerry Abbott
NV License # S.0183274
Summit Properties
📲 Text: 702-550-9658

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[lasvegasliving]

Hidden costs like property taxes and insurance rates are rising rapidly, even as the real estate market begins to slow down and inventory grows. Price reductions are becoming more common, especially in markets like Las Vegas. Data from popular real estate websites like Zillow shows that Las Vegas homes for sale remain overpriced and unaffordable for many buyers. While the majority of Las Vegas homes for sale are now selling for less than their original asking price, these hidden costs make owning a home more difficult. Some buyers feel trapped in a new scam, where homes seem more affordable at first, but rising taxes and insurance rates make them just as unaffordable as before. This adds pressure to an already strained housing market. 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

[vinnieboombatzmd]

It's a massive realization for most people that even after you pay off your house and land, you never really own it. We just rent it from the government in perpetuity.

[tcby]

Hi Jerry, thanks for sharing. I've owned two homes now. One that became a foreclosure after losing my job back in 2009, and another that I just sold in March of 24. Timing is everything, but so is a reliable source of income. This last round in 2024, I was at the last 2 weeks of starting the foreclosure process with the bank. I lost my job back in Apr 2023, and was out of work for a year. I couldn't find anything (I mean work) because of how rural I was, and remote work was prevalent back when covid started. I stupidly thought that was sustainable. I luckily found a buyer after a week of listing the house for sale. The area was rural and part of central California. At this point, I just want a plot of land in the middle of nowhere where I can live peacefully, raise chickens, and just have a relaxing life.

[jfreedom]

First of all ? Who working in Vegas can afford or get approved on a average home in Las Vegas costing 475k !even at 350k who in Vegas can afford the cost of ownership? Mortgage, taxes, insurance maintenance and utilities! Vegas wages don’t pay 💰! When 80 percent of Americans can’t afford to buy a home or vehicles something is going to give, especially with the price of food . Simple the haves and have nots ! The rich get richer and the middle class is now the lower class living . Sad when in the last 30 days seen 5 vehicles get repoed right out of their driveway.

[Firehorse]

We have always appreciated your honesty and legitimate reports. Thank you.

[knoxfamily]

Where I live the assessor is under investigation for massive tax fraud over the hyperinflation of properties here in my county.

[MikeBDaniels-bvio]

Good info and advice, sir - like always. And I like how you document your reporting with real examples, real numbers. Thanks.

[mohamedh]

Jerry is the Only honest Realtor! keeping it Real. Thank You

[orthopraxis]

It took me a while to get the point across that these asking prices, "are not the true value point." And that that last sold (comp) price is the closest thing we have to a "true" price. My work here is done.

[lasvegasliving]

Thanks for sharing that information. Real estate will always be local and certain markets will have more demand than others. Many of the builders are offering strong incentives, which is why there is strong demand for new construction.

[karenstasik]

Here in The Villages, Florida I see a lot of new properties coming on the market at inflated prices still. Especially the higher priced homes. But if you look down Zillow listings, people are cutting the prices. As you said, I think sellers are getting a reality check on the current market. Interestingly, the new builds are flying off the market still. And the price is what they say it is. There is absolutely no negotiation here.

[zippythechimp]

House poor which means a house that ownes the owner

[legendaryangel]

Thank you for all your honesty big respect for your openness most realtors I know do not have these qualities

[cassandrafine]

Proposition 13 in CA saves us on this issue....

[topazsunbelt]

Thank you, Jerry! For reporting the insanity going on in the real estate market! Keep it coming!

[mariatheresa]

Thanks Jerry Abbot for the knowledge about the craziness of housing market… Keep up the good work ❤

[RebelMontana]

It's been months and the only home in my neighborhood is still up for sale with a reduction. Bordenaro said to hold off even the interest rates are going down.

[sethtime]

Week after week...your overall economic analysis is spot on.

[stella-gxne]

Look at the prices at Lake Las Vegas. Crammed in for 5-6 million the even more crammed in for 3-400, 000 Yikes!

[dlasti]

The homes you previewed still will make a profit, even if they were sold today. People need to look at the original listing price and the percentage increase. That last house at 380k showed a 325% increase, originally. Original price was 100k. That was ridiculous. LV is getting nutz.