Las Vegas Homes For Sale - Too Late!

So over the last few years, I can't tell you how many people have asked me the same exact question. Jerry, is it too late to buy a home? Have I waited too long? Now that's a tough question to answer, and let me explain why. Take a look at this Las Vegas luxury home example right next to me. Now again, I know a lot of people, the vast majority, are certainly not shopping for a $10 million home, but that's really not the point. The point is the price history on this particular home. Take a look right next to me. In 2013, this home was sold for $6.5 million. Fast forward to last year in 2025, it has now gone through a $5 million price reduction and is still sitting on the market unsold. Now again, I know this is an extreme example, but when a lot of buyers think that they've been priced out of the market, it just goes to show you that buyers are gaining more leverage in today's market, whether it's an extreme example like this or an average price point home, because again, when a home is overpriced in this market, the market doesn't lie. And what you need to do is you need to look for particular properties that are going through this kind of pricing structure so that you can get the best possible deal, and that's exactly what I'm going to show you now coming up. What's going on, my YouTube friends? Jerry Abbott here, your go-to Las Vegas realtor. I break down what's really happening in the Las Vegas and U.S. housing market each week, so make sure you like the video and subscribe to the channel. And if you are thinking about relocating, buying, or selling here in the Las Vegas area, I've got your back. I'm a local real estate agent here. I've lived here for over 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, unfortunately, the overall housing market still has some major challenges because as you can see right next to me, U.S. home prices just hit a new record high driven largely by luxury sales. And nowhere is that more evident than right here in Las Vegas, where we essentially lead the country in increased prices on luxury homes. And not only that, institutional investors still continue to crowd out prospective homebuyers. So there's definitely some affordability challenges, not just across the country, but specifically in popular cities still like Las Vegas. But there are some changes now that we're starting to see, and I want to show you exactly what I mean. So the first most recent change that's happening right now in the Las Vegas market is that when homes are priced properly, they are still selling quickly. Take a look at this average home right next to me that just recently closed. Look at the very bottom. This home was put up for sale on 521, and in less than a week, it went contingent, and it ultimately sold for $1,000 above the original asking price. So that tells us something very important. When homes are priced right, the demand is still there, but that's only half the story. The other change is that when sellers ignore what's going on in the current market, and they're not priced properly, this is where we see homes sitting on the market unsold and going through significant pricing changes, which I want to show you now a few examples of. All right, so now I'm on the popular real estate website, Zillow. Now here's what I want to do. I want to show you guys three specific examples of Las Vegas homes for sale that are currently on the market right now and have been sitting on the market for long periods of time with significant price reductions, because this is the other side of the market where a lot of sellers continue to choose to ignore the realities of the market, and that is the following. If the home is not priced properly, it is going to sit on the market and sit for a long time even after price reductions. So in the first example that I just showed you briefly, that home was priced properly, and more often than not, a lot of sellers are properly pricing their homes and homes are still selling quickly, but there are still a tremendous amount of homes on the market for sale here in Las Vegas from sellers that are not being realistic, and I want to show you just a few of those examples now coming up, starting in the luxury category and then working down closer to the medium price point to show you how out of touch a lot of sellers still are, even with these price reductions, they are still overpriced. So let's take a look at this first example. On the lower left side of the screen, you can see the current list price is $1,775,000. Now you can see just above that in that small red text, they did a price cut of $50,000 just a couple of weeks ago. Now this is a four bedroom, five bath, almost 4,600 square foot home, but take a look at this. As I scroll down just a little bit here, take a look over there on the left side where it says in that yellow highlight 145 days on Zillow. So essentially this home has been on the market for five months unsold, but here's the thing. When we look at the full price history down below, not only has this home been significantly reduced in price, but this home has actually been on the market not for five months, but 16 months. Let's take a look at those details right now. All right, so take a look down at the bottom of the screen in that blue highlight. Down at the bottom left side of the highlight, the date says 4-28-2017. So a little bit more than nine years ago, this home was built brand new and sold for a base price of $785,000. Now, if you look at the date just above it in that left yellow highlight, the date says 3-19-2025. So about 16 months ago, well over a year ago, the sellers put this home on the market, if you can believe it, for $2,200,000. That's a 180% price increase in about eight years that the sellers have owned this home. Now, obviously, the sellers put upgrades into the home. They put in a pool. They did some other upgrades inside the home, and it looks very nice. But here's the thing. The homes in this particular community are nowhere near $2.2 million, and the sellers have now gotten a very big wake-up call realizing that they were very much overpriced. And as I scroll up here, you can see all of these price reductions through the last year or so until we get to the middle of the screen right there in that yellow highlight where it says price change $1,775,000. So this is a perfect example of what I'm talking about regarding the other side of the Las Vegas real estate market. You've got a lot of sellers out there that are properly pricing their homes, and the homes are selling and selling rather quickly. Then you've got a tremendous amount of sellers like this on the other side that unfortunately are just living kind of in fantasy land because a home that was bought nine years ago like this one for $785,000 and then try to sell it not even about eight years later for $2.2 million, realizing that none of the homes are even remotely that value in this particular community. And after reducing the home now over $400,000, they still can't find a buyer because the home is still overpriced. And the reason why we know this is because the home would have already sold by now if it was properly priced. So if you're a buyer, regardless if you're a luxury buyer or an average price point buyer, you've got to look at the full price history and really determine whether or not doing your own due diligence, if this home is really priced at a true value price point. And again, some are, and a lot of them are not. You've got to do your due diligence and you've got to have an agent that can really dig into the details to help you because you never want to overbid on homes, especially when there's more inventory on the market. And a lot of sellers know that they're overpricing their homes, hoping to find a naive buyer. And now a lot of them are facing the reality that the market has changed. So make sure you do your due diligence and you act patiently and you do not bid on the original list price from a lot of these sellers. When you know, looking at the full price history, that these homes are very much overpriced in many instances. All right. So now let's take a look at this second example of another Las Vegas home for sale. Now on the lower left side of the screen, you can see that we're definitely coming down now quite a bit in price. The current list price for this particular home is $730,000, but right above that in that small red text, it says price cut $40,000 that happened just about almost two weeks ago, but that is not the full price reduction as you're about to see. Now this is a four bedroom, two bath, 2100 square foot home. And again, as I scroll down here, just a little bit, take a look over on the left side there in that yellow highlight where it says 72 days on Zillow. Again, also not accurate as you're about to see now in the full pricing history down below. All right. So take a look again, down at the bottom of the screen in that blue highlight down at the bottom left side of the highlight, the date says 12-28-2012. So we're going back almost 14 years ago. And in 2012, that was pretty much the very bottom end of the crash that happened, not only across the country, but especially here in Las Vegas. And you can see that the sellers of this home bought the home back then for an incredibly low price of just $265,000. Now, if you look at the date, just above it in the left yellow highlight, the date says 3-6-2026. So about 14 years later, the sellers put this home on the market for $850,000. That's a very big number for this particular community. And again, it was overpriced because as I scroll up here, you can see all of these price reductions and it keeps on going until I get right into the middle of the screen there where it says in that yellow highlight, price change $730,000. So there's two important takeaways here on this particular home example. First is the pricing reduction and second is the time on the market. So again, it showed at the beginning, at the top of the Zillow listing that they recently did a $40,000 price reduction, but this home actually started out at the beginning of March at $850,000. And now it's down to $730,000. That's a $120,000 price reduction, not a $40,000 price reduction. Zillow is only showing the most recent price reduction. And the other thing is time on the market. It says on Zillow that this home has been on the market for 72 days, but it's not. It's been on the market for over a hundred days. And the reason why I know this is take a look down at the bottom of the screen, that yellow highlight where it says listing removed. So they removed the listing on May 8th, but take a look right above where it says listed for sale. They listed it for sale on the same day. So what happens with a lot of agents and sellers are they take the home off the market. If they know they can't find buyers and then they quickly relist the home because it becomes a fresh listing and it gets in front of a new set of eyeballs. So it's kind of a little bit of a trick to get the home off the market, then back on the market. But this home has essentially been on the market since the beginning of March. So it's not been on the market really traditionally for the number that Zillow is saying for 72 days, it's well over a hundred days. And again, it goes back to the same thing. When a home is on the market for over a hundred days and a home like this has been reduced in price $120,000 and they still can't find a buyer. It's because the home is still overpriced. The market doesn't lie. I continuously say this every week because a lot of sellers again are reaching for the stars, trying to get a big number. And this example shows that the sellers now probably disappointed that they can't get anywhere near that original list price because it was very much overpriced to begin with. So again, as a buyer, you got to look at the full price history, look at the comparable sales data to what homes are actually selling for, not what they're listed for before you bid on any type of home. All right. So now let's take a look at this third and final example of another current Las Vegas home for sale. Now you can see on the lower left side of the screen, we are coming way down in price. The current list price for this particular home is $460,000. That's $30,000 below the current median record home price that we just hit here in Las Vegas. Now, just above that, you can see in that small red text, it says price cut $15,000. That happened just a couple of weeks ago. But again, as you're about to see down below in the full price history, that is not even close to the full price reduction so far on this particular home example. Now this is a four bedroom, three bath, almost 2,500 square foot home. But let's look at that full price history to show you what the original list price was compared to this current list price. All right. So one more time, take a look down at the bottom of the screen in that blue highlight. Down at the bottom left side of the highlight, the date says 11-18-2016. So we're going back almost 10 years ago when this home was sold for just $320,000. Now again, if you look at the date just above it in that left yellow highlight, the date says 5-15-2026. So almost 10 years later, this homeowner put the home on the market for $550,000. Again, too high of an original price point. And as I scroll up here, you're going to see a lot of price reductions here as we keep scrolling up until we get right to the middle of the screen in that yellow highlight where it says price change $460,000. Now this home is not even really considered an expensive home here in Las Vegas. And yet about 70 days ago, the seller listed this home for sale at $550,000 and has now aggressively reduced it $90,000 down to $460,000 and they still can't find a buyer because it really boils down to three things. The location, the condition of the home, and of course, proper pricing. These sellers unfortunately are languishing with their homes on the market because it's one of those factors, whether it's a location issue, a condition issue, or a pricing issue. Again, a few years ago, buyers did not have this kind of leverage because homes like this would sell in just about a day or two. And now you see homes sitting on the market for weeks or months, because again, it's either a location issue, a condition issue, or most likely a pricing issue. So again, if you're a buyer, this is why looking at price history and comparable sales is very important in this market. And buyers can be patient because there's a lot of homes now on the market that would have been snapped up a few years ago very quickly. And now buyers have more leverage, even though prices are still high, you still can negotiate with a lot of these sellers, especially examples like this. So the real big takeaway from all of these examples is that the market is starting to separate. Homes that are priced correctly are still selling. Homes that aren't are sitting on the market sometimes for months, even after multiple price reductions. So while location and conditions certainly matter, proper pricing matters more than ever in this current market. 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 Alex. Now I'm going to put his comment up on full screen, read it to you guys, and then come back on the other side and give you my thoughts. So Alex wrote, I was Jimmy back in 1984 when I was looking at new housing developments in Aliso Viejo, California, when the median price was $135,000. Back then I thought for a three bedroom home that was 1,400 square feet, that was too expensive. Well, today those same homes have all sold for an average of $1,350,000. Yes, we had a housing crash during that time and home prices fell about 27%, but investors and cash buyers scooped up all those homes before any first time home buyers could make any bids. Today, those buyers are sitting on a million dollars in assets. So that's a very interesting comment, and it just shows you over a long period of time how much home prices have appreciated, especially in California. Now 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 if you have any stories like that where you particularly live with people that had bought a long time ago, maybe they sold a long time ago, maybe they held onto the property, and how much appreciation some of these homes have gotten to. I'd love to hear one of your examples in your particular neck of the woods. And 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 the big question is this, is it too late? Well, I don't think there's one answer for everyone because everyone's financial situation is different and every home is different. But one thing that hasn't changed is this, if the numbers don't make sense, don't buy the home. That's why you need to do your homework, study the pricing history, and check comparable sales because the one thing you don't want to do is fall in love with a home if it's priced above its true value point, because there's always another opportunity. Now, if you are thinking about buying a home, especially here in the Las Vegas market, I've got your back. I'm a local real estate agent here. I've lived here for over 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.