Las Vegas Homes For Sale - New Scam!

So as if we don't already feel massively scammed by just about everything in this economy, there's a relatively new scam going on that's affecting millions of homeowners and aspiring homeowners. Check this out. Property taxes on the median single-family home have risen by more than 25 percent between 2019 and 2023. The average annual homeowners insurance rates in the U.S. increased from $1,984 in 2021 to $2,377 in 2023. One estimate from Insurify predicts average annual rates will rise to roughly $2,500 by the end of 2024. And let's just look at a few examples of what millions of homeowners are facing right now. All right, so I want to show you four separate examples on this screen here starting in the top left as to how this is really affecting homeowners. So the first one says my property taxes jumped from $1,700 to $4,800 in January 2023. Not sure how that's even remotely fair. The one underneath it says my homeowners insurance increased from $1,900 to $3,223 on a fixed income. The next one at the top right says my taxes increased over $4,000 to $13,000 and my home value went down. This is a shakedown. And the one underneath that says one of my houses the tax went up from $6,000 to $9,000. Crazy. And this is just the tip of the iceberg as to what I'm going to show you coming up. And make sure you watch all the way to the end because I'm going to give three specific pieces of advice that you're going to want to hear if you're thinking about buying a home. What's going on my YouTube friends? This is Jerry Abbott, your number one real estate resource here in beautiful Las Vegas. Hey guys, a couple of real quick things before we dive into the video. If this is your first time to the channel and you want to learn the cold hard facts about the US economy, the US real estate market, and specifically the Las Vegas real estate market, then make sure to subscribe to the channel down below. Number two, if you happen to like the content in today's video, make sure to press that thumbs up like button guys. That would really help the channel out. And number three, if you are thinking about relocating to beautiful Las Vegas, whether it's next month or next year, I've got your back. I'm a local real estate agent here. I've lived here for nearly 20 years. I know every inch of this city. When that time is right for you, definitely reach out to me. Just call, text, or email me anytime and I'll help you find that perfect dream home. Let's dive into the video. Now, as you saw at the beginning part of the video, buying and paying for a home in today's economy just feels like a heavier and heavier anchor that continues to weigh us down. And the scam on these kinds of expenses is perfectly summed up in this short video clip from another realtor that I want you to take a look at right now. Your neighbor got an astronomical amount for their house. What you don't realize is that when your tax bill comes, even though you haven't sold your home and you haven't realized the appreciation that Bobby and Susie the seller got when they moved out of 123 Banana Street, the value of your home at 125 Banana Street has gone up. And also your property taxes have gone up because Bobby and Susie's house that was $500,000 two years ago just sold for 800,000. And instead of the property taxes being $5,000, they're now $8,000. And yours as a neighborhood comp will go up as well. And these are just some of the newer hidden costs that are slowly financially ruining so many homeowners. But the bigger problem is that there are so many large mainstream media outlets that continue to write articles with headlines like this. So this first article headline is from fortune.com, where it says home prices almost never go down. The second one is from NBC news saying why buying a house is still financially beneficial, even with sky high prices and interest rates. And this last one is from Goldman Sachs saying us home prices are forecast to rise more than 4% next year. But you see the mainstream media outlets are part of the problem that continue to force people into homeownership when most people barely can afford a car. But thankfully, the real estate market is starting to downshift a little bit now, as you're about to see in the upcoming graphics. Alright, so let's first take a look at this webpage. You can see right at the top where it says top 10 markets with the most price cuts. And then underneath that in the sub headline, it says the 10 metros were the highest share of price reductions on listings in summer 2024. So these are the top 10 cities throughout the United States that have had the largest price reductions in their local real estate markets. So let's start over on the left side. Number 10 is Ogden, Utah. They've had a 33%, almost about a 34% price reduction across the board in that city. Number nine is Indianapolis, Indiana, also 34%. Number eight is Jacksonville, Florida at 34 and a half percent. And number seven is Phoenix, Arizona at 35.9%. Now going back to the left side, number six is Tampa, Florida, right at about 38%. Austin, Texas, about 38%. Huntsville, Alabama, just over 38%. And number three on the right side is Dallas, Texas at just about 39%. The number two on the list is Colorado Springs, Colorado at just over 40%. And number one on the list is Denver, Colorado at just about 43%. Now these are very large price reductions in these particular metro areas. Now other cities around the country may not have these kind of price reductions. But when you see this already happening in these top 10 cities, the handwriting is on the wall because a lot of other cities throughout the country are starting to experience these same kind of reductions. And they're only increasing as inventory across the country continues to rise. Now here in the Las Vegas real estate market where I happen to be located, you can see right next to me that we finally came down off those record high home prices that we hit last month in August. With the median home price hit a record $485,000 here in the Las Vegas market. And now it's dropped down to $475,000. And with more inventory hitting the market, and as we get closer to that slower selling season for real estate, I definitely think prices are going to continue down. And I want to show you some more examples of that already happening here in Las Vegas. Alright, so if you guys follow my channel, you know that I usually go to the popular real estate platform Zillow near the back half of each of my videos just to show you one of two things. Number one, either massive price reductions on homes here in the Las Vegas real estate market or homes that are massively overpriced in my opinion. And this week is going to be no different. I'm going to start a little bit above the average price point, which here in the local Las Vegas real estate market, the median home price is about $475,000. Then I'm going to get down close to the average price point and then show you another example of a home below the average price point. So let's take a look at this one. On the left side of the screen, you can see that this home is currently listed for $850,000. It's a three bedroom, three bath, 2800 square foot home. But more importantly, down below, I want to show you the original price point from where this home was originally priced at compared to the current price point now. All right, so focus your attention down at the bottom of the screen in the blue highlight, down on the bottom left side there, the date says 7-21-2023. So this is just a little over a year ago. This home was listed for sale for $1.15 million. They were not able to find a buyer. And over the last year or so, they've done a series of price reductions. You can see just above it, they went down to $1,020,000. Then above that, they went to $950,000. They held at $950,000. They went to $900,000. They went to $895,000. And then right there at the top, you could see that the current list price is $850,000. So this is what I keep talking about, guys. There are so many homes, especially here in the Las Vegas real estate market, that are massively overpriced. This home 14 months ago was $1.15 million. It's now down to $850,000. That's a $300,000 price reduction, and they still can't find a buyer. So whether you're looking to buy a home here in the Las Vegas real estate market or anywhere throughout the country, do your due diligence. Make sure you have a real estate agent that runs comps for you. Because again, a lot of homes are massively overpriced. These are not the true value points. And in my opinion, especially as we go through the rest of this year and into 2025, I think we're going to see more price reductions across the board. All right, so let's take a look at this second example of another Las Vegas home for sale. Now we're coming down closer to the average price home price right now is about $475,000. You can see on the left side of the screen, this home is currently listed at $595,000. It's a four bedroom, three bath, 2,300 square foot home. But again, I want to show you the recent price reduction on this particular home, just to show you again, a lot of overpricing that's happening here, even at close to average price point homes here in the Las Vegas real estate market. All right, so again, focus your attention down at the bottom left there, the date says 8-1-2024. So that's not even two months ago, where this home was originally listed for sale for $649,000. If we look just above it, the date there says 9-10-2024. So about six weeks later, this home was then adjusted down in terms of a price reduction to the current list price of $595,000. So in about six weeks, this home got reduced over $50,000 because again, the sellers were too aggressive on the original list price. They were not able to find a buyer. The market is changing now, especially here in the Las Vegas real estate market. And they're now down at $595,000 and they still don't have a buyer. So again, this just further proves my point that not just here in the Las Vegas real estate market, but throughout the country, if a home is not priced properly, it will not sell in this current market. There's a lot of sellers that are just completely delusional in terms of the price points that they're trying to get for their homes. And they're now getting a reality check, realizing that they can't get those price points. And they're going through not just minor price reductions, but some of them are going through major price reductions just to get them sold. And again, I anticipate more of these reductions to happen, especially as we go through the rest of this year and well into 2025. All right, so now let's take a look at this last example of another Las Vegas home for sale. Now I'm going down well below the median home price average here in Las Vegas, which stands at about $475,000. You could see on the left side of the screen, this home is currently listed at $380,000, which means this is about $100,000 below the average price point here in Las Vegas. But just above that price, you can see in that small red text, it says price cut $45,000 that just happened a couple of weeks ago. So it just goes to show you even on a home like this, if it's not priced properly, these are going through big price reductions. This is a three bedroom, two bath, 1200 square foot home. But let's take a look at some of the pricing details below. All right, so one more time, focus your attention down at the bottom of the screen in the blue highlight down on the bottom left there, the date says 9-5-2024. So this is really just a couple of weeks ago where this home was originally listed for sale for $425,000. And then literally five days later, you can see the date just above it on 9-10, the price is now here currently listed at $380,000. So this is a $45,000 price reduction that happened in five days. So what happened basically was the seller was trying to get a big number. They knew they couldn't get it. They didn't want the home to get stale and sit on the market as a stale listing. So they reduced it massively $45,000 now below that original price point at $380,000. So again, I can show you guys dozens and dozens of Las Vegas homes for sale here on Zillow and other popular real estate platforms. And I'm sure if I went to other cities across the on these platforms, we are going to see one of two things, massive overpricing or massive price reductions as the market changes. And we get to the slower selling season in the real estate cycle throughout the country. When we get to the fall and winter, like we are right now, especially with the presidential election coming up here in the Las Vegas real estate market. And again, I'm sure in other markets across the country, I would sit on the sidelines right now and wait for further price reductions because we're already starting to see it across the board on all different price points. And I think this is just going to continue, especially as we get well into 2025. So even though we're starting to see the overall real estate market slowly downshift, I would still advise against buying a home right now, because I think there's more of a correction coming, especially as we go through the rest of this year and well into 2025. Now, if you are thinking about buying a home, especially anytime soon, I have three pieces of advice for you. Number one, make sure you can comfortably afford that monthly mortgage payment. Number two, hold onto the property for at least a seven to 10 year window, just so that you can ride out a typical real estate cycle. And number three, make sure you have a six month emergency fund. But before we end today's video, I just want to give a shout out to my favorite comment from last week's video, and that goes to Sam. Now I'm going to put Sam's comments up here on full screen and read it to you guys. And then I'm going to come back on the other side and comment on it. So Sam commented, my friend's home in Goodyear, Arizona, Pebble Creek area, they bought in 08-2013 for $430,000 and put another $60,000 into the backyard. Sold it on 05-2023 for $865,000 to an investor who immediately listed it for $912,000 and dropped the price to $830,000 on 06-2024 and just took it off the market. Timing is everything. So that just goes to show you that timing is everything, especially in the real estate market, because this person's friend obviously sold at the peak of the market. And then this investor stepped in and thought they could sell it at an even higher price. And then he got a very big wake-up call because now not only could he not sell the home at the price he wanted, but he took it off the market. And this just goes to show that this is happening, not just here in the Las Vegas real estate market, but in many local markets across the country. I want to hear from you guys. I want you to drop me a comment down below. I read and respond to all of my comments. I want to know what's going on in your neck of the woods in your local real estate market as to whether or not you're seeing big price reductions or if you're still seeing outrageous prices. And my favorite comment from this week's video, I'm going to have a direct on-screen shout out to in next week's video. So I hope you guys enjoyed today's video. I also hope you appreciate my transparency. You know that I'm always going to keep it 100% real on this channel regarding the economy and the real estate market. So let me give you guys a cold hard reality check that many of you might not want to hear. Over the long haul, home prices are likely going higher, a lot higher. The problem is people are trying to buy in now because they think ultimately in the long run, they're never going to be able to afford a home. But in the reality of today, people can't even afford home prices today in a comfortable manner. And a lot of people are what we call house poor, means they own a home, but they are struggling massively every month to be able to maintain that home. So again, if you're looking at buying a home, again, I know everybody's circumstances are different. I would wait on the sidelines. I would wait for interest rates to come down a little bit more and definitely wait for home prices to come down a little bit more before buying. Now, if you're thinking about buying a home and you can wait things out, again, I think that's the best option. If you're looking at buying a home, especially now, and especially here in the Las Vegas real estate market, I've got your back. I'm a local real estate agent here. I've lived here for nearly 20 years. I know every inch of this city. When that time is right for you, definitely reach out to me. Just call, text, or email me anytime, and I'll help you find that perfect dream home. I'll see you guys in the next video.