Las Vegas Homes For Sale - Crisis!

Las Vegas Homes For Sale - Crisis! In the current economic landscape, the total lack of affordability has reached crisis levels, particularly within the real estate market, exemplified by the situation in popular cities like Las Vegas. Las Vegas homes for sale are now synonymous with exorbitant prices and unreachable dreams for many aspiring homeowners. There are still under 4,000 Las Vegas homes for sale with the median price now skyrocketing up to $473,000. Despite these inflated prices, many Las Vegas homes for sale are now selling for less than their original list price. The situation with Las Vegas homes for sale is a prime example of this crisis. Buyers are struggling to keep up with high housing costs with mortgage payments now averaging nearly $3,000 per month. This has led to less buyers willing or able to buy many of the overpriced Las Vegas homes for sale. The reality of Las Vegas real estate right now is that Las Vegas homes for sale are caught in a cycle of overpricing and underperforming sales, further exacerbating this issue. The inflated values of Las Vegas homes for sale are not sustainable, and the market is showing signs of a potential correction of properties to sell below initial listing prices as indicated on popular real estate websites like Zillow. As interest rates remain elevated, consumer debt soaring and the job market now showing signs of cooling, all signs are pointing to an inevitable recession. The Las Vegas real estate market and the limited amount of Las Vegas homes for sale is likely going to change when the economy buckles. The Las Vegas housing market and the few thousand Las Vegas homes for sale have historically been hit the hardest in times of economic hardship. As a potential future homeowner, being patient is a potentially wise option if you're thinking of buying a home anytime soon, specifically any of the Las Vegas homes for sale.

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Jerry Abbott
NV License # S.0183274
Summit Properties
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[lasvegasliving]

The total lack of affordability in the overall real estate market is glaring, especially in popular cities like Las Vegas. Debt levels are at record and crisis levels while wages remain stagnant all while home prices continue to increase due to inflation and reckless consumer spending. This has resulted in Las Vegas homes for sale being priced far beyond the reach of average buyers. Popular real estate websites like Zillow reflect this trend, with home sellers consistently overpricing their properties and now many homes are now selling for less than their original price. Low inventory has made purchasing a home at a fair price very challenging for first time home buyers. The market for Las Vegas homes for sale remains dominated by inflated prices, highlighting the urgent need to address this growing affordability crisis. The disconnect between stagnant wages and skyrocketing home prices makes homeownership increasingly unattainable for many. 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. It is wise to be patient if possible and wait for home prices to recede, even if it takes most of 2024 for that to happen.
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.

Purchase shares in great masterpieces from artists like Pablo Picasso, Banksy, Andy Warhol, and more.

Jerry Abbott - REALTOR
Summit Properties
Call/Text: 702-550-9658
Website: jerryabbottrealty.com

[whiv]

The housing market in Las Vegas is really tough right now. It's surprising how high the prices have gotten.

[baotran]

I have 14 members of my family moving out of Vegas to Miami that 8 houses 🏡 within last year at the peak of real estate

[johngund]

I use to go to Vegas for years. Great cheap prices, food, entertainment. No more, resort fees, expensive rooms, food high, almost everything ex gas cause I'm from the hell hole CA. I value my life and will not subject it to abnormal heat for an extended time.

[edwardsteinmetz-glzl]

An example of compound inflation. At Walmart, bag salad in 2021 was $0.98 in 2024 it is now $2.18. The powers to be are not getting it when they say inflation is down.

[luvslogistics]

Thank u! And you’re right, and too many people voted this government in, and keep them there, falling to media’s lies.

[nadruik]

I’ve been on the same meal cycle for 3 years now from the same grocery store for my bulking/cutting cycle. I don’t sub cheaper alternatives like the cpi report but stick to the same menu on each cycle. In 2021 my weekly bill at this point in the cycle was $77. This week my bill was $142…you can’t really trust anything the government tells you

[HandmadeDawling]

I’m a reseller and shop only on $1.00 day. I’m thankful to have a car that is paid for. Car insurance is ridiculous!!

[apilot]

Appreciate your honesty about the current market, even though it may not help your bottom line as a realtor. You have REAL integrity. We need more realtors like yourself in the US.

[joec]

Great video Jerry. Not related to rent but I thought you might find this interesting. I received a homeowner’s insurance quote from Allstate Insurance last week for my 6500 sqft home in Daytona Beach Florida, I currently pay $3500 per year for homeowners however, Allstate felt that I might be happier with an almost $18000 policy. $18000 for WTF, Florida has gone totally nuts.

[HooliTV]

Hold the line ‼️. If we don't buy it will come down.

[gypsy]

I hope real-estate CRASHES back to 2008 prices. 😂

[DubChambers]

The rate at which inflation is increasing may be down, but the prices are still rising. Everything is more expensive and climbing.

[jerryjohnson]

thank you mr Abbott for your insights an knowledge about real estate as a whole.always look for forward to your Saturdays updates.looking forward on meeting you while on my trip to las vegas in september September.

[derickz]

Inventory has been decreasing not increasing. There was a small bump/add last year but it has started going down again. Myself and immediate family in Engineering firms, home builders, etc are all saying the same thing which is we have a 9-10 year housing shortage gap. They can’t build them fast enough. And although some resells are stuck on market, most are not. Corporations and out of staters are buying with cash (numbers dont hit mortgage apps). I should know, they just sold our rental home out from under us for the SECOND time in Henderson in two years. This is our third rental in just over two years and our rent has now more than doubled.

[victoriascholl]

We got so lucky to buy a home in 2021 at 3.5% - but now our homeowner's insurance is climbing up. 😒

[jimmyamico]

Hi Jerry,
This channel definitely delivers the The whole cold hard, facts… that’s for sure…thank you Jerry for all your hard work and dedication to helping people like myself that want to relocate…❤️

[BloodyBstrd]

Got a 60 day move out letter. We were at $1700 for a townhouse. Had to go bigger since there wasn’t anything really comparable in price and size. Now at $2900 for twice the size.

[rustybumperclassics]

Really like seeing the closings as opposed to the listing's. Gives you a complete story.

[BuzzCooks]

who is buying the homes in California that is allowing them all to move to Vegas?