Las Vegas Homes For Sale - Ruined!

So the housing market has basically been ruined and it's not by accident or bad luck but by greed and global wealth. Let me show you exactly what I mean. Wall Street's grip on housing markets sparks growing alarm. Foreign investors bought 56 billion dollars worth of U.S. homes. America's one percent could buy almost every home in the U.S. report says. And because of this demand you can see right next to me that many homeowners continue to overprice their homes which has led to this perfect storm of unaffordability for the average person. But things could be changing somewhat now because now we're finally starting to see headlines like this. Over one million homes for sale across U.S. as inventory piles up. Home builder unsold completed inventory sits at a 16-year high. Residential foreclosure activity is up 17 percent in a year. And even here in Las Vegas you can see right next to me that the median home price has now dropped off by ten thousand dollars. So is this the start of something big or is it a head fake? You're about to find out coming up. 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 U.S. economy the U.S. 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 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. So I want to dive right in and show you guys a very interesting U.S. map graphic chart to show you just how much the overall real estate market is changing. Let's take a look at that. All right so let's take a look at this U.S. map graphic that just came out which is actually very interesting. Take a look at the very top left where it says homebuyers hold the cards in most U.S. housing markets. So because the real estate market has changed a lot what you can see on the map are a lot of red dots. Those red dots now indicate a buyer's market in those particular cities around the country and the bluer dots which definitely are a lot less than the red dots on the map is still a seller's market. So let's take a look a little bit closer in. I'm going to zoom in on the map and show you a few areas here just to kind of give you an idea of how much more a buyer's market is now in these cities compared to the seller market. All right so now I zoomed in a little bit more on the map graphic here because I wanted to first show you guys the strongest seller's market in the country and then the strongest buyer's market in the country. Now again there's a lot more red dots on this map so there's a lot more buyer markets than there are seller markets but you can see right at the top middle of the screen there Newark, New Jersey is the strongest seller's market right now where there are still 52 percent more sellers than buyers. Now if we go all the way down to Florida here you can see right down there in that small box there Miami, Florida is the strongest buyer's market by far. You can see there's 160 percent more sellers than buyers. All right so let's take a look at a few other markets throughout the country. Now I zoomed in a little bit more towards the midwest and the western part of the country and again you can see a lot more red dots than blue dots and again those red dots are indicating a buyer's market. So let's just cherry pick a few cities here. You can see right underneath my picture that Houston, Texas is a big time buyer's market. There are 85 percent more sellers than buyers. Now if we scroll up here a little bit into Denver, Colorado right in the middle there you can see Denver, Colorado definitely a buyer's market as well. 61 percent more sellers than buyers. If we go over to my city right here on Las Vegas, Nevada definitely a buyer's market. Now 95 percent more sellers than buyers. If we go over here to San Diego, California a little bit lower but still a buyer's market. 20 percent more sellers than buyers and if we go all the way up here to the northwest in Portland, Oregon also a buyer's market with about 32 percent more sellers than buyers. So it's pretty obvious as to what's going on in the overall real estate market. There's a lot more inventory, there's a lot more sellers in the market than there are buyers but the big million dollar question that a lot of people are asking is when is this finally going to translate into lower prices? Now here's the problem. A lot of homeowners right now either have a very low interest rate or they own their homes outright. They have a lot of equity so they're not going to press the panic button and sell their home at a major discount. Now things are changing but we don't know whether or not we're going to go into any kind of a correction. It's all going to really depend on the economy and what happens in terms of supply and demand. Time will tell as to how that all plays out. And just to drill down a little bit more specifically here in the Las Vegas real estate market take a look at this graphic right next to me. These are the amount of homes that are listed for sale right now without an offer and you can see there's about 7,500 single family homes listed for sale right now. That's up about 37 percent from a year ago and there's about 2,600 condos and townhomes listed for sale without an offer. That's up 50 percent in a year and because of this increased and unsold inventory a lot of sellers now are starting to reduce prices. Now some are doing that more so than others but I want to show you a few eye-opening examples of that now coming up. Alright so now I'm on the popular real estate platform Zillow and I want to show you guys four separate examples here of Las Vegas homes for sale starting in the entry luxury category and then working down closer to the medium price point just to show you some different examples at different price points of how much homes are now being reduced by specific sellers who in my opinion have massively overpriced their homes to begin with. So let's start with this first luxury home you can see on the lower left side of the screen this home is currently listed for $1,345,000. It's a four bedroom four bath almost 3,700 square foot home but down below I want to show you the original list price of this home compared to this current list price. Alright so take a look down at the bottom of the screen in that blue highlight down at the bottom left of the highlight the date says 7-1-2019 so we're going back a little bit more than six years ago when this home was sold for just $849,000. Now if we look just above it in that date on that left yellow highlight the date says 5-6-2025 so just a few months ago this home was originally listed for sale six years after it was purchased for just $849,000 for two million dollars which is completely ludicrous no home in six years goes up well over 100% in true appreciation. Now again the home was massively overpriced and as I scroll up here you can see big price reductions the first one right there 1.7 million dollars that you can see in that yellow highlight again they couldn't find a buyer there then they dropped it down to about 1.5 million and then you can see right there in the middle of the screen in the yellow highlight it is now currently listed for sale at $1,345,000. So this is a perfect example of a seller that was completely delusional in their original list price thinking that we're still in the peak of the real estate market when that is not even remotely the case anymore. This home has now gone through almost a $700,000 price reduction and they still can't find a buyer because it is still likely overpriced. Now if you're a buyer again I know a lot of people can't afford a seven-figure home but whether you're buying a luxury home or an average price point home if you're in the market to buy home whether it's in Las Vegas or anywhere in the country being patient right now especially coming into the slower season is the first prudent move in my opinion and the second one is to negotiate hard with these sellers because a lot of these sellers now are realizing that they can't get those peak prices anymore and they're willing to negotiate and reduce prices if they really want their home to sell. Alright so now let's take a look at this second example of another Las Vegas home for sale now we're definitely coming down more in price you can see on the lower left side of the screen this home is currently listed for sale for $850,000 but in that small red text just above it they did a price cut last month of about $38,000 but again that's not the full price reduction as you're about to see down below. Alright so again take a look down at the bottom of the screen in that blue highlight the date on the bottom left there says 10-25-2021 so just about four years ago this home was sold for just $510,000 but if you look just above it in that date on the left side the date says 7-17-2025 so just about four years later they listed this home for sale you can see for $938,000 which is a massive increase almost 85% up way too high of a price point and again as I scroll up here you can see these price changes here and as I keep scrolling right up to the top right in the middle there in that yellow highlight they've now reduced it down to just about $850,000. So two takeaways here number one this home was definitely overpriced by the seller when they originally listed it they've now reduced it $90,000 they still haven't found a buyer but the other main takeaway is this the seller is still going to likely do very well when they eventually sell it because even if they reduce the price down to $800,000 or even $750,000 they bought it for $510,000 because they bought it before prices went vertical during that huge pandemic run-up so again the seller is still likely going to do well but they're never going to get that maximum number now because the market has changed. Alright so now let's take a look at this example of another Las Vegas home for sale coming down now a little bit lower in price again you can see on the left side of the screen this home is currently listed for $650,000 but again right above that in that small red text they just did a $50,000 price cut just a couple of weeks ago but again that's not the full price reduction this is a four bedroom three bath 2,859 square foot home but again down below I want to show you that original price point compared to this reduced price. Alright so again take a look down at the bottom of the screen in the blue highlight down the bottom left there the date says 4-30-2025 so we're going back about six months ago when this home was originally listed for sale for $775,000 again very much over price and as I scroll up here you can see all of these price changes until you see right there in the middle of the screen price change $650,000 so let's just stop and think about this for a second this seller tried selling the home six months ago for $775,000 now we fast forward to the present day six months later the home has been reduced down to $650,000 that's a $125,000 price reduction because again the seller was far too aggressive on that original list price and if you were patient and you didn't buy back then and you were buying back now look at the kind of deal you could get on the home now comparatively because again a lot of these sellers are overpricing in a very big way and they're sitting on the market and they're going through these kinds of price reductions so if you're in the market to buy a home whether it's here in Las Vegas or anywhere in the country being patient and negotiating with these sellers is your best course of action if you want to find the best possible deal all right so now let's take a look at this fourth and final example of another Las Vegas home for sale now we're coming way down in price now the median price point in Las Vegas for a home is $470,000 currently so you can see on the lower left side of the screen this home is currently listed for $360,000 that's $110,000 below the median price point because I wanted to show you guys a lot of different price points in these examples to show you a lot of different price reductions going on here in Las Vegas now just above the price there you can see in that small red text they just did a price cut of $20,000 last month this is a three bedroom three bath 1300 square foot home but again down below I want to show you the original price point compared to this reduced price to show you the full price reduction all right so one more time take a look at the bottom of the screen in the blue highlight down at the bottom left side the date there says 228 1995 so we're going back 30 years ago because this original homeowner bought the home at that time frame when homes were dirt cheap in Las Vegas for just $104,000 and 30 years later they finally put it on the market you could see just above it for $420,000 now they couldn't find a buyer because again it was overpriced in this market and they've reduced it down as you can see me scrolling up here a little bit right there in the middle of the screen where it says price change it's now currently listed at $360,000 so again a couple of takeaways here number one this home has now been reduced in the course of about five months that it's been on the market about $60,000 and they still can't find a buyer now this is not an expensive home obviously here in the Las Vegas market but again if it's not priced right the home is going to sit on the market and it's likely going to go through price reductions but the other main takeaway is this is a long-term homeowner they put a lot of time and I'm sure a lot of money into this home they're probably not going to make a lot even though the home is definitely higher than it was when they bought it 30 years ago but it just goes to show you if the home is still not priced properly at any price point in this market it is likely going to sit on the market or the seller is eventually going to have to acquiesce lower the price if they want the home to sell so you probably noticed that each of those listings had something in common many of these sellers unfortunately are still pricing for yesterday's market acting as if buyers are going to line up with blank checks the truth of the matter is those days are gone and unless these sellers are willing to adjust their prices they are going to sit on the sidelines with their homes lingering unsold now before I close out today's video I just want to give a shout out to my favorite comment from last week's video and that goes to x marine now I'm going to put their comments up here on full screen read it to you guys and then come back on the other side and give you my thoughts so they wrote housing market mirrors auto market ridiculous prices very few buyers but prices remain stubbornly high this is an inflationary crisis for the middle class but there is no end in sight in fact it is likely that prices will go up further so I want to hear from you I want you to drop me a comment down below I read to respond to all of my comments I want to know whether or not you agree with that person where they think that this inflationary crisis is only going to get worse and prices are going to go higher or do you think the economy is going to finally hit a brick wall and we're going to have some kind of a recession and a reversion to the mean and price is not just for homes but for everything are going to go down I want to know why you think that in my favorite comment from this week's video I'm going to give a direct on screen shout out to in next week's video so just to wrap up I know a lot of people want to hear that a big crash is coming and I get it it would make things feel fair again but the truth of the matter is is that global wealth demand greed and inflation have completely ruined the idea of affordable housing now for the average person and we don't even know what normal feels like anymore because of how haywire prices have gone just in the last few years now I'm not here to tell you whether or not home prices are going to soar or going to crash I'm just telling you that the market is evolving and the market has definitely gotten more expensive now if you're thinking about buying a home I know some people are waiting on the sidelines waiting for those lower prices waiting for lower interest rates and some people are still buying right now regardless if it's here in Las Vegas or anywhere in the country if you are thinking about buying a home you definitely want to negotiate hard with these sellers because as you saw in those previous examples a lot of sellers now are reducing prices because they know the market is changing now if you are thinking about buying a home 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 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 in the next video