Las Vegas Homes For Sale - This Is Bad!

Las Vegas Homes For Sale - This Is Bad! The current state of the real estate market presents a dire situation for many aspiring homeowners, particularly in sought-after cities like Las Vegas. Despite stagnant wages, the prices of Las Vegas homes for sale have skyrocketed, placing homeownership further out of reach for the majority. There are less than 4,000 Las Vegas homes for sale with the median home price now averaging almost $470,000. Compounding this issue is high inflation and interest rates that still average well over 7% for the average person looking to buy any of the Las Vegas homes for sale. Additionally, data from popular real estate websites like Zillow highlight massive overpricing from sellers, with the Las Vegas real estate market showing many overpriced homes. Las Vegas homes for sale are now listed at prices that are out of reach for many average Americans. This is bad for those hoping to achieve homeownership. Despite high demand, the supply of reasonably prices has been dwindling. Las Vegas homes for sale continue to be overpriced, reflecting the broader trend of an inflated housing market. Wages have not kept up with inflation and home price appreciation resulting in an unaffordable housing market with cities like Las Vegas and the low supply of Las Vegas homes for sale becoming less affordable for average people. The result is a market where Las Vegas homes for sale are available but not accessible, highlighting the dire need for economic reform to address this growing affordability crisis. As Las Vegas homes for sale continue to command a premium, the Las Vegas real estate market will likely remain very competitive until we see an economic downturn. The Las Vegas real estate market and the few thousand Las Vegas homes for sale have historically been hit hardest when we see weakening in the economy. The potential for a recession is highly likely, especially so as we get closer and into 2025. As a future homeowner, being patient is a potentially wise option if you're thinking of buying a home anytime soon, particularly any of the Las Vegas homes for sale.

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Jerry Abbott
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Summit Properties
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[lasvegasliving]

The lack of overall affordability in the US has ruined many lives due to hyperinflation and corporate greed, especially as people struggle to afford the average home price. Even in once affordable cities like Las Vegas, the situation is dire. Data from popular real estate websites like Zillow show that many homes in the Las Vegas housing market are significantly overpriced. This highlights a troubling trend: Las Vegas homes for sale are increasingly out of reach for average buyers. Wages have not kept pace with the skyrocketing costs, leading to widespread financial distress. The prevalence of overpriced homes in popular cities is a clear indicator that something must change. For those looking at Las Vegas homes for sale, this is bad news, emphasizing the urgent need for solutions to address housing affordability. 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.

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

[captjohnny]

In 1975, when I got married, I was making $30K a year...and the average person was making $20K a year...and we could buy everything!. Fast forward to today and everything is 10x more. So that means that the average person should be making $200K a year....not 100K...100K a year now is like 10K a year in 1975.

[pinkdunes]

I used to be in real estate and you are so 100% correct. Homes are way over priced.

[dmac]

i’ve owned a beautiful house in Vegas, bought it in 2005, lost all its value in 2010 then lost it in a divorce in 2016. I’m finally in a situation to buy now, but there is absolutely nothing i’d want here in Vegas for $500k with no yard and spending my retirement years in it.

[EconomicNinja]

Most people have no idea that an epic meltdown in real estate has already begun.

[willteasel]

Living in Colorado same house for 34 years so it’s paid off but with increased property values the property tax this year increased 48 percent while home owner Insurance increased 45 percent in one year. When you live in your home and are not a landlord and did not plan on moving, these types of increases are not welcome as paying taxes on unrealized profits should only apply to business entities like landlords.

[robertg]

Hey Jerry. I have a realtor friend here in Las Vegas, and he tells me just how good the market is doing here in Las Vegas. It’s all due to the shortage of inventory and the Californians moving here with all that cash. The homes here are not worth the money they are listing them for. Doesn’t anyone renovate their home? From the looks of it they do not. Total crappy interiors asking and getting top dollar. It’s sickening.

[sunso]

The real huge problem in America is the property tax and the mandated insurances (with mortgage). My county just raised my assessment by 36% phased in 3 years. The max 10% per year allowed by homestead (maryland). My insurance jumped by 20% this year, when i had never claimed.
Just WTh are we getting from these insane increases? The county waste my tax on "pride" and bike lanes! Jesus!

[lufiron]

Sad it is say, the light at the end of the tunnel is the sales potential for you on foreclosures.

[nadruik]

I went to the store today and saw that the land they were developing is throwing up houses very fast, although they look poorly built, then i saw the banner... American Homes 4 Rent. So when I got home I looked up on the county site, they have around 220 single family homes being built in 2 side by side communities here in the southwest. Our government is failing us.

[RaceMentally]

I just stayed in San Diego last night. Bars full, hotels full, Starbucks and In n Out has a long line and people doing things. Is it debt or is it money?

[williewill]

I do well in Nevada. I just can’t get myself to pay for an overpriced house. Knowing what the true value should be

[rcpbTube]

Recent job report: all growth was part time jobs. Record number of people working more than one job. Credit card delinquencies record. Car loan negative equity is over 20%. When this fed induced bubble pops it's going to get ugly.

[SailorDoc]

I think zillow just raises the home value to match the listed price. I've seen this with just about every listed houses. Just dont trust zillow's estimates.

[BoulderCityBlues]

I just seen a small home under 900 sq feet in Boulder City where is seems half the town in now for sale going for 501 a sq ft .. Are they kidding ? Boulder City only has one supermarket and the school ratings are going down as well …Maybe that’s why people are trying to sell while this market is rediculous..

[traceysaunders]

Thanks again.
Always insightful
Appreciate you sharing !

[paulgugger]

When Zillow raises the price to close to whatever the house is put up for sale for, they also raise the price estimate of the surrounding homes. I own a little rental house in my town that Zillow said was valued at $535k, the same house down the street went up for sale for $619k. Zillow raised the value of my rental to $620k. (immediately)

[scottperry]

We have been in a recession for years, the numbers do not show this because of massive government spending which distorts the reality of the economy. Our politicians are spending future money today to stay in power. Multiple generations will suffer under the debt incurred today and be forced to live in crippling poverty. Watch for a brain drain to occur when things really get bad, add to that the massive discrimination because of DEI, CRT and other identity political movements and the brain and skill drain will be catastrophic.

[titan]

Thank you for your content and your transparency.. I'm in Virginia and everything is outrageous !! median salary is $45, 000 and median house price is $400, 000 there isn't anything here I mean anything under $250, 000 if you want to live in doors.. the greed is staggering !!

[jcdebbs]

Just catching up on your vidoes. @15:10, that's also how most people here in Vegas drive. All they see is a green light.