Las Vegas Homes For Sale - WTF?

Las Vegas Homes For Sale- WTF? Buying a home in today's market is increasingly difficult, with near record-high home prices and skyrocketing interest rates making affordability a distant dream for many. The situation is particularly concerning in the Las Vegas real estate market, where the cost of Las Vegas homes for sale has skyrocketed in recent years. The median price of the nearly 6,000 Las Vegas homes for sale is now $476,000, down slightly from the peak of $482,000 this past summer. Data from real estate platforms like Zillow now shows a growing trend of price reductions on Las Vegas homes for sale, as sellers and builders grapple with diminishing demand. The once-hot market is cooling quickly, with buyers holding off more due to unaffordable mortgage rates and inflated prices. Even with recent price reductions, the sticker shock of Las Vegas homes for sale, regardless if they are new Las Vegas homes for sale or resale homes, remains daunting, prompting many to wonder WTF is happening to the housing market. Home buying demand continues to shrink while inventory continues to spike. The Las Vegas real estate market has seen a 65% increase in the total amount of Las Vegas homes for sale in just the last six months. Now many not be the time to buy, especially in Las Vegas with so many Las Vegas homes for sale that are overpriced and struggling to attract offers. Patience could be the key for those waiting for more favorable market conditions.

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

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[lasvegasliving]

Buying a home today is a challenging prospect, with near record-high prices and interest rates pushing affordability out of reach for many. In the Las Vegas real estate market, the situation is even more pronounced, as Las Vegas homes sale have soared to astronomical levels, leaving potential buyers hesitant. However, popular platforms like Zillow are now showing a noticeable increase in price reductions on Las Vegas homes sale, reflecting shrinking demand as fewer buyers can qualify for mortgages at these rates. This slowdown in demand is causing inventory to spike as sellers adjust expectations, but prices remain far from reasonable for the average buyer. Many are left wondering, WTF is going on with a market that seems increasingly disconnected from economic realities. 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. 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
TikTok: lasvegasluxuryhomes1

[hollygraham]

Is sad to see a professional in our business giving advice like this. You’re absolutely correct. She is thinking about herself and her business and not the buyer.

[charlesguzman]

She’s has a Penthouse in NYC payoff, her monthly maintenance payment is $10K. So everything she says is ‘Bulls**t’.

[thomasfranco]

In the past week there are many companies that are laying off a lot of their employees. Almost each week I hear one or two big companies are laying off. How are these people going to afford paying on their home and properties. It is just sad, especially on property taxes. Mine doubled in one year. So Ridiculous!
Thanks Jerry! You are the best. 👍✌

[dawnd]

I think she is self serving. Just love it when she uses fear and panic to get people to buy now. She is encouraging buyers to "catch a falling knife". ;)

Here in the Ohio Valley - WV, real estate is a mixed bag. There are 188 current listings (homes, condos, land) and most are still overpriced. There are more & more price reductions happening though. This is the lowest inventory I have seen since I moved back here less than 10 years ago.

[lockup]

Mahalo Jerry the Largest Home Builder D R Horton is waving the ReD FlAg sales are down and they are projecting a stall. Great video 🤙🏽🌴

[davidmajer]

That real estate expert reminded me of the saying, "When a clown goes to a castle, she does not become a queen, but the castle becomes a circus."

[gabrielcornejo]

Thank you for continual update analysis. As a former Presidential candidate, I spoke of impact of the growing wealth gap and the velocity of the dollar slowing down, leading to consumers inability to participate in markets everywhere.

The crux of the American dream is home ownership, and without increasing supply (not just new builds, but capping the number of properties any one person or entity can own at one time) we will see those looking to own a home become renters.

As people feel the financial squeeze in their lives everywhere else beyond rent/mortgage this will impact this sector.

Compound this problem with the job market being affected by AI and we can expect those with capital to reap the benefits of all the distressed home owners.

Vegas is the canary in the coal mine, so thank you again for the updates.

[glenn]

Not only are their more price cuts, but there are more home showings by realtors.

[stevemas]

Realtors are part of the problem, they are not amenable to submitting buyers offers to the seller that are closer to reality.

[patrickgraham]

I have never offered more than 20% appreciation for every 5 years a person owned the house. Have pissed off some sellers, but have also had some call backs when they realize that uninformed buyers are starting to learn some financial sense.
Stop paying outrageous markups and the sanity will return quickly.

[BoulderCityBlues]

Real estate normally falls this time of year ..Im seeing more and more homes coming in the market in the Las Vegas area with parts Henderson and Summerlin still having a home shortage but those are the best zip codes ..I was always told to shop real estate by school district because it’s better to have the worst house in a good school district than the nicest house in a bad district because that’s what creates value, and stay away from areas with a lot of apartments because those are full of transient people who don’t care about their building because it’s just a rental and that’s where you’re going to find a lot of crime and 3rd avoid HOA’s if you can, you shouldn’t spend all that money just to have someone tell you how you should live .

[dalehawkinson]

1 month to buy, kind of ridiculous. Very informative w/ your charts, great info!

[Sirquon]

I think your research is spot on! Thanks for your insights.

[timisaac]

Great vid, Great content. So great that you talk so fast!! thanks !!

[richardgadoury]

Jerry,
You may be able to answer a question. How many empty homes are there in the US: empty for sale, new for sale, under construction, foreclosures...thank you.

[samfromvalleycenter]

Great contents and food for thought. Please keep it coming.

[officespaceredstapler]

Great post as always Jerry. Bubbles everywhere. The big concern in my mind is the confluence of rising unemployment (plus the coming AI effect), very low savings, a vastly overpriced and aging stock market bull run likely to end, the bursting of the 40 year bond bubble about 2 years ago (setting the stage for increasing rates for many years to come) and likely rising consumer prices (food/energy). Add to this the technical indications (as you pointed out) of a likely recession starting a year or so down the road and all of these other factors will likely have a large negative influence on home prices in the coming 2-4 years. Also rarely noticed but of importance is the continued rise in the price of gold which went up 800/oz (2000 - near 2800) since Feb of this year and has broken to new all time highs. Very often gold will telegraph coming economic and financial dislocations several years before they materialize. Technically gold looks poised to run much higher in the next 2-3 years. The RE lady at the beginning of the video is likely sensing what is to come and is trying to protect her source of income at the expense of us common

[CoachKennyG]

Barbara Corcoran's video borders on professional malpractice (gross negligence). It's surprising she offered such ungrounded advice.

[edwardsteinmetz-glzl]

Barbara, price, price, price will bring us back.