Las Vegas Homes For Sale - Scammed!
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6 ай бұрынLas Vegas Homes For Sale - Scammed! In the intricate dance of the economy and the US housing market, concerns are mounting over the reliability of information disseminated by both media and government entities. The focal point of this unease is magnified in the realm of real estate, with popular online platforms like Zillow and their pricing data contributing to a misleading narrative, particularly in the vibrant landscape of the Las Vegas real estate market. Las Vegas homes for sale, integral to this discourse, can become victims of misinformation when relying on platforms like Zillow. Buyers and sellers navigating the complexities of the real estate market in Las Vegas and the thousands of Las Vegas homes for sale may encounter disparities between Zillow's estimates and actual market realities, leaving them feeling scammed. Las Vegas homes for sale have become symbols of this financial quandary with significant pricing discrepancies being found more and more often. As Las Vegas homes for sale and other major cities persistent in commanding premium prices, the issue of affordability looms large, casting a shadow over the broader landscape of the US real estate market. The potential pitfalls of relying solely on the media, government and digital platforms underscore the need for a nuanced understanding of the market, ensuring that individuals are not unwittingly led astray by the misleading data that may impact their decisions regarding Las Vegas homes for sale and elsewhere.
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@lasvegasliving9237 6 ай бұрын
The dissemination of economic news by the media and government raises questions about its reliability, particularly in the intricate realm of the US housing market. Real estate platforms like Zillow contribute to the complexity, occasionally providing conflicting data that leaves individuals navigating the market feeling scammed. In the context of the Las Vegas real estate market, where dynamics are vibrant and ever-changing, reliance on platforms like Zillow for accurate information about Las Vegas homes for sale can lead to disparities between the perceived market conditions and the ground reality. As consumers grapple with decisions regarding Las Vegas homes for sale, the importance of discerning accurate information becomes paramount. The potential pitfalls of relying solely on digital platforms underscore the need for a nuanced understanding of the market, ensuring individuals can navigate the complexities of real estate transactions with clarity and confidence in Las Vegas and beyond. 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 Email: jerry@jerryabbottrealty.com Website: jerryabbottrealty.com
@WellnessOverFitness 6 ай бұрын
These are not inconsistencies, these are just how Zillow wants to create FOMO! Basically they make money off commission so when you list your house for $300k over the market value it makes more sense for them to bump it up to your listing prices so if anyone buys through zillow, they make more commission. This is just a fraud they are running! Unfortunately this is the late stage capitalism, there is 0 checks and regulations to stop them from this! The worst case scenario they will get a few hundreds in fines. Best case scenario they can make millions! So zillow redfin & all other websites are just scamming!
@marvelcomiks8078 6 ай бұрын
There are 3 things a Good Government will do. 1 - Increase taxes for every additional property owned by these big companies (incremental tax). 2 - Levy additional tax for every 2nd and 3rd property onwards purchased by at least 20%. 3 - Lower the DTI ratio to under 20%. The 1st will compel these big companies to throw out some of these properties which they are hoarding, the 2nd will make it difficult for new buyers to hoard more properties. The 3rd will reduce bankruptcies in the event the market dives. As to why the interest rates have not been raised recently by the Fed, its because some segments of the market often lags in their response to monetary policies. The Fed is trying to decipher the data. From the looks of it, I believe the recession has started, but there is just too much money floating around due to the decades long QE. The Government must think of ways to claw it back from the large conglomerates. Interest rate will likely be adjusted upwards in the next FOMC, and then something is going to break before June 2024.
@Uncutslots 6 ай бұрын
@@marvelcomiks8078 Good government is an oxymoron & more of it is coming. On the whole, Big companies will own more, get bigger, consolidate & squeeze out the little guy even further. Adding insult to injury, government sponsorship of residential real estate (Fannie Mae, Freddie Mac) will increasingly be supplemented by fractional ownership by government imo (already happening in California). And with exploding deficits, I wouldn’t be surprised to see Big brother taking similar bites out of distressed businesses (big & small)….viewed as a better voter/tax-friendly option (vs raising taxes, cutting benefits, etc.) to dampen their deficit explosion. In the meantime, the basic philosophy of diversification across multiple hard assets rings even more true for me, & making sure I hold some dry powder as the upcoming mess sorts its way out. There will be once in a lifetime opportunities on the other side of this economic heap….real estate (both residential & commercial for those who have $) & gold to name a couple (not a sponsor : )….JMHO.
@Variety1985 6 ай бұрын
Jerry ... even the CASINOS have become more GREEDY!! From TRIPLE ZERO ROULETTE, 6-TO-5 BLACKJACK, CRAPS FIELD DOUBLE 12, TIGHT SLOTS, less COMPS ... less people want to GAMBLE or even visit Las Vegas 😡
@lasvegasliving9237 6 ай бұрын
@@Variety1985 So true! Society seems to keep tightening the screws on everything!
@paullawrence1450 6 ай бұрын
Speaks volumes when this guy is an agent yet asking folks to hold off. I’m so happy to see honest people
@lasvegasliving9237 6 ай бұрын
Thanks so much for those kind words and support Paul!🙏👍
@agentdarkness7927 6 ай бұрын
Las Vegas will never be the place it once was for home buying. My wife and I moved here in 1999. We were 22 years old. We were able to buy our first home for 115k. Brand new KB home in Silverado Ranch. We had only been in town for 3 months and had a combined income of $19.00 an hour. That Vegas like the Rat Pack will never return.
@lasvegasliving9237 6 ай бұрын
Wow, good for you...and so true. I miss the old days of Las Vegas.
@Mc.flyyy11 6 ай бұрын
Man, I wish Vegas would go back to how it was. I miss living there but think I left at the right time back in 2019. I always dream of moving back, but just can't justify it anytime soon because of the flood of Californians that continue to ruin my city with absurd cash buying.
@405hp 6 ай бұрын
People continue to flood California from all over the world. Imagine how we feel.
@lasvegasliving9237 6 ай бұрын
@@405hp California is a disaster.
@BandanazX 6 ай бұрын
Boomers: Don't sell your house. Put it in a trust for your kids or grandkids. Don't make them debt slaves.
@lasvegasliving9237 6 ай бұрын
Good advice!👍
@jonathanjacques7250 6 ай бұрын
Smart
@lasvegasliving9237 6 ай бұрын
@@jonathanjacques7250 Agreed!
@suniskys78 6 ай бұрын
You are 💯! They need to put in legislation that prevents these big companies from purchasing single family homes! They want the younger generation to be renters! 😡
@jaderhuff81 6 ай бұрын
Yes please more government oversight
@Countcho 6 ай бұрын
@@jaderhuff81corporations are a creation of gov. You dont know what youre saying
@lasvegasliving9237 6 ай бұрын
Sad but true. Thanks for the support!🙏👍
@lasvegasliving9237 6 ай бұрын
@@jaderhuff81 Not in all areas but some are very much needed.
@ThePrime3193 6 ай бұрын
GOP in control now! You've to storm the Capital to get the attention of Congress!
@Soundsaboutright42 6 ай бұрын
When someone tells or shows you who they are, believe them the first time.
@lasvegasliving9237 6 ай бұрын
Good advice. Thanks for watching and commenting.
@kevlarsz1115 6 ай бұрын
Def manipulation by Zillow. Some lawyers need to do a class action lawsuit!
@lasvegasliving9237 6 ай бұрын
Very disconcerting to see such inaccuracies in their data.🤷♂
@talkingonline821 6 ай бұрын
Jerry, this was a grand slam home run video. Great work! The golden question now is how long can the scam continue? The digital platforms are keeping the numbers up and hiding inventory. If the rates dont go up, the US dollar gets damaged again and the 34 trillion dollar federal deficit grows higher and faster. Eventually this will come down hard.
@lasvegasliving9237 6 ай бұрын
The scam seems like it just continues because the rich and powerful are the puppet masters. Hopefully we see a reset and prices come down soon. I don't see this house of cards economy sustaining at this level without a correction or recession coming into the mix.
@Mc.flyyy11 6 ай бұрын
It'll continue as long as the general public keeps taking it
@georgemyers7980 6 ай бұрын
Totally appreciate your honesty bro... I will do whatever necessity possible outside of food before I go down that path
@lasvegasliving9237 6 ай бұрын
My pleasure! Thanks for the support George!🙏👍
@Loady420 6 ай бұрын
I’m glad you’re doing the homework. I knew Zillow was full of it. I will go as far to say they even put price on property with income of the owner or on mortgages somehow. It’s so dumb how they figure pricing here in western Washington.
@lasvegasliving9237 6 ай бұрын
They definitely are not putting out income information of homeowners. It's unfortunate that their algorithm is showing so much inconsistency lately.
@ilikefriedriceg2263 6 ай бұрын
As a seattlite, i agree. These home values are insane and idk who determines the market value.
@lasvegasliving9237 6 ай бұрын
@@ilikefriedriceg2263 Prices are completely absurd! Seems especially so in Seattle. Sometimes Zillow gets it right, other times it does not.
@huntman9521 6 ай бұрын
Indeed Jerry, * Home Ins 🏡 = UP * HOA's. = UP * UTILITIES. = UP * PROP TAX. = 😢 * TRASH. = UP * SEWER. = UP Question: Did all of our paychecks recently receive a BUMP? 😢 FOOD.....As some Italians may say, "Forgetta about it!" CAR PRICES: Laughable...😂😂 Great information as usual, Jerry!!!🎉
@lasvegasliving9237 6 ай бұрын
Thanks for sharing that info! So true! Appreciate the support!🙏👍
@dpledoone 6 ай бұрын
This media lady is deluded, as if rates come down and they will soon, given an inverted yield curve (never a good sign) that is the canary in the coal mine, I expect house prices to start to collapse in a quarter or two. Great work and congratulations Jerry
@TheSuperdodgy 6 ай бұрын
Nope. If rates start to come down, people will start to snap them up. Pirices will rise. You need to understand not everyone is broke. 33% of home sales are with cash. There are a lot of people with a lot of money. The haves outnumber the have nots by 3 to 1.
@lasvegasliving9237 6 ай бұрын
The media and certain media personalities are very deluded and unfortunately put self-interest first much of the time. We'll see how things play out. Thanks for the support!🙏👍
@johngregreid1 6 ай бұрын
Jerry: Thank you for putting these videos together. I wonder if Barbara is selling her real estate.
@lasvegasliving9237 6 ай бұрын
My pleasure! Thanks for the support!🙏👍
@justus1222 6 ай бұрын
Both. Prop up price and bad algorithms
@lasvegasliving9237 6 ай бұрын
Good point...definitely a possibility.
@EmLeeD 6 ай бұрын
I was a realtor until I retired 6 years ago. It was talked about daily how Zillow prices were overinflated. What is happening now is crazy and I’m happy I’m out of the business
@lasvegasliving9237 6 ай бұрын
It's very unfortunate that Zillow's algorithm has been showing so much inconsistency in recent time.
@Joshua-82 6 ай бұрын
Thank you for going over the Southern California area, this helps subscribers like me get a good feel of the real estate market in my local area.
@lasvegasliving9237 6 ай бұрын
Glad you enjoyed the video. Thanks so much for the support!🙏👍
@user-sd5ow2lz9o 6 ай бұрын
Finally!!! Zillow increasing their estimates overnight to closely match seller's pie-in-the-sky delusional asking prices has been bugging me for years now! Thanks for devoting a good amount of time proving the "bug" in their algorhythim is much more a "feature" than a "bug"!!
@lasvegasliving9237 6 ай бұрын
My pleasure! I wish this wasn't the case but these discrepancies stand out like a sore thumb. Thanks for the support!🙏
@billger5710 6 ай бұрын
Is their customer actually the realtors who buy ads?
@kyleklmondwa9042 6 ай бұрын
Let me Guess...BLACKROCK bought out ZILLOW to pump up- the housing estimates of their properties? LMAO
@sithspawn29 6 ай бұрын
@@billger5710 I think you are close to the mark on this one. This is intentional and not an issue with the algorithm.
@lasvegasliving9237 6 ай бұрын
@@billger5710 That was and still a revenue stream for them.
@TheNetwork650 6 ай бұрын
Keep going Jerry!! Thanks for keeping us updated with the current market status
@lasvegasliving9237 6 ай бұрын
Will do! Thanks so much for the support!🙏👍
@mated5543 6 ай бұрын
How a realtor is willing to list a house with the price 50% or even 100% more than a estimated reasonable price unless this is a company activity and a realtor just play a roll in the whole scheme.
@lasvegasliving9237 6 ай бұрын
It's not the realtor just randomly pricing it or giving the home an estimate. It's based on current market conditions and Zillow is the biggest driver of this data.
@john.johnb_online1438 6 ай бұрын
Absolutely It started in 1913 At Jekyll island
@lasvegasliving9237 6 ай бұрын
Thanks for watching.
@khonzi4266 6 ай бұрын
They're trying to artificially drive up prices. Someone I have the displeasure of knowing In Vegas is doing the exact same thing in my condo complex, overpricing a package of 6 condos in here. They've been on the market almost a year. He knows they won't sell at that price. Not his endgame.
@robertaturk 6 ай бұрын
What is his end game? To keep buying and force up the prices?
@lasvegasliving9237 6 ай бұрын
That's just delusional and will likely never sell in this current market.
@stevenkasower8705 6 ай бұрын
Jerry thank you for your continuing analyses of the real estate market, the US Economy and its relationship to the real estate market, and real estate tools we all use. I believe that Zillow is not scamming us intentionally. The algorithm is clearly based on market prices before the sale, NOT sale prices. This is the flaw in Zillow's algorithm and they need to change it. Why? We are all observing that the Zillow Emperor is truly naked. As long as the real estate market was relatively stable (even when increasing) we did not notice Zillow's flawed algorithm. Now that sellers have deluded themselves that their homes are worth far more than the market where supply equals demand. Thus, we see ridiculous pricing for homes across the US. This is why the Zillow algorithm is now clearly showing us its real value: ZERO!
@lasvegasliving9237 6 ай бұрын
It really is disconcerting to see how flawed their algorithm is as so many people rely on it so heavily. I will keep tracking it to see if anything changes. Thanks for the support Steve!🙏👍
@plektosgaming 6 ай бұрын
The algorithm adjusts the price sometimes on an hourly basis, and always inflates it to match the highest nearby average. Over time, this does cause the entire system to creep upwards. Use of identical algorithms in the rental market - and all of the corporate landlords use the same software - has resulted in rents going up an average of $400 in the last 18 months. Nothing changed EXCEPT for the software they are using. The economy is slowing down a lot and yet.. one apartment goes up $3 and then amazingly every other one in a mile radius also creeps upwards a tiny bit.. and it all feeds on itself as the AI is constantly testing the waters to see how high it can go before people stop entirely/overall profits stagnate. One tiny nudge at a time.
@iTriage 6 ай бұрын
I was telling my coworker last week we need a capital gains from single family homes tiered tax bracket. The more you own after 5 homes the more taxes you pay.
@lasvegasliving9237 6 ай бұрын
That would be a good option but unlikely to ever happen
@benflores8925 6 ай бұрын
Thank you for your explanation and more importantly, your honesty!! I want to buy a house in Vegas and you will be my real estate agent when the time is right!!
@lasvegasliving9237 6 ай бұрын
Sounds good!👍Appreciate the support Ben!🙏
@babycakescup-cakery8142 6 ай бұрын
So true about Zillow. A realtor in Florida with Keller Williams told us they know how to increase the zestimate on the house we were looking to sell and that’s why we should hire them 🤦🏼♀️ Saw this as a BIG 🚩
@lasvegasliving9237 6 ай бұрын
Wow, that's crazy to see someone in the business admit that to you.
@Yolo942 6 ай бұрын
You are 100 pct right I am in Australia and we have a similar situation here.
@lasvegasliving9237 6 ай бұрын
It seems to be a global problem. 🤷♂
@staceygantt1119 6 ай бұрын
I'm not moving to Las Vegas but always eager to be informed for family and friends who talk of moving to different States.
@lasvegasliving9237 6 ай бұрын
Thanks so much for watching and commenting Stacey!
@donharrill2795 6 ай бұрын
Sweet, you’re teaming up with the magic man! We so appreciate these videos. Much continued success to you sir!
@lasvegasliving9237 6 ай бұрын
Thanks so much for the support!🙏👍
@morganlowen5394 6 ай бұрын
Thank you for your transparency and honesty!
@lasvegasliving9237 6 ай бұрын
My pleasure! Thank you for the support!🙏👍
@loudawg4473 6 ай бұрын
Congrats on 50K subscribers! 👏 Keep up the great work!
@lasvegasliving9237 6 ай бұрын
Thanks so much! I appreciate the support!🙏👍
@robertr.9882 6 ай бұрын
An automated pricing algorithm should rarely, if ever, take into account the list price of a house or at the best give it a very low factor in the estimate. Doesn't seem to me like it would be too terribly hard to check comparables in the area that have recently sold, just like an actual appraisal would do. Making adjustments based on the differing features in the comps is probably impractical in an automatic algorithm, but it would certainly be better than making such wild adjustments based on list price.
@lasvegasliving9237 6 ай бұрын
Unfortunately, their algorithm doesn't seem to factor in all data points to get true value on all homes that they estimate. Sometimes the algorithm is accurate and other times it is wildly inaccurate.
@28richfield 6 ай бұрын
Thank you for your video. I am a Sal Associates in Atlantic City, NJ. It is very interesting.
@lasvegasliving9237 6 ай бұрын
Thanks for the support!👍
@jerryrn5571 6 ай бұрын
Wow, I’ve been watching a lot of utube content from Vegas realtors. You are the only one being transparent. 💯👍
@lasvegasliving9237 6 ай бұрын
Thanks so much for those kind words and support!🙏👍
@armandoyourpersonaljeweler7558 6 ай бұрын
I’m pretty much done with Las Vegas. We got our house at a good rate at a good time but where everything’s going here it’s time to sell and leave. In spring. We’re going to do a new construction one time loan, build our own house in a rural land and get a USDA one time construction loan at 4.1% interest.
@lasvegasliving9237 6 ай бұрын
Good for you. Many people are very frustrated with major (popular) cities home prices, taxes, etc.
@dachicagoan8185 6 ай бұрын
These people making me feel like selling all my stuff. Buying property far away in the mountains and live off grid
@lasvegasliving9237 6 ай бұрын
You wouldn't be alone in that decision.
@owenkwong3358 6 ай бұрын
Liked 👍 Thanks Congrats on over 50K
@lasvegasliving9237 6 ай бұрын
Thanks Owen! Much appreciated!🙏👍
@jimmyamico4713 6 ай бұрын
Hi Jerry, I have my house for sale and somebody shut off the Zillow estimate… How do I get that turned back on? Thank you for this video. It’s really open my eyes to a lot of what’s going on in the real estate market. Excellent analysis keep it up.❤
@CristinaDavalos1127 6 ай бұрын
Ask Zillow?
@lasvegasliving9237 6 ай бұрын
You may want to contact your agent to find out more information if possible. Thanks so much for the support Jimmy!🙏👍
@lasvegasliving9237 6 ай бұрын
@@CristinaDavalos1127 Not sure if that will work.
@suziluckhasarrived 6 ай бұрын
Congratulations on 50k subscribers! It’s because your channel is awesome! Thanks for the content!
@lasvegasliving9237 6 ай бұрын
Thanks so much for those kind words and support!🙏👍
@danielthompson2895 6 ай бұрын
THANK YOU for pointing out the inaccuracy of the Zillow estimate tool. I just looked at several listings in Texas and they no longer show access to the Zestimate tool.
@lasvegasliving9237 6 ай бұрын
Sometimes they get it right and other times they are very far off the mark. Thanks for the support!🙏👍
@lynnwong1907 6 ай бұрын
I'll definitely use you when it's time for me to purchase a house in the LV area. Love your videos!
@lasvegasliving9237 6 ай бұрын
Thanks so much for the support!🙏👍
@steve5289 6 ай бұрын
Jerry, Best show you have ever done. Scam is right.
@lasvegasliving9237 6 ай бұрын
Thanks so much for the kind words and support!🙏👍
@peacefreedom4930 6 ай бұрын
The FED has two tools for quantitative tightening that will lower inflation, removing money from the system and increasing interest rates. However it can take 6 to 18 months to see the overall impact of each action. Therefore they are driving blind hoping they won’t create a depression. If they continue to tighten until they see inflation get to 2% ( without pausing ) it’s guaranteed to cause a depression because once they stop their interventions we will still have at least 6 to 18 more months of impact. This is why they pause. They are attempting to get an idea of whether they’ve tightened enough to get the desired result without breaking the economy. Throughout history when quantitative easing or tightening has been done they end up overshooting. They want the market to revert back to the mean. But it usually overshoots because the easing or tightening was too extreme. You want them to tighten enough to see the results immediately. However what would that look like 18 months later? It would look like extreme economic collapse
@lasvegasliving9237 6 ай бұрын
Unfortunately, based on your assessment, that's analogous to death by a thousand paper cuts. The economy is already broken based on this gradual increase in rates. If we really did fall into a severe recession or depression the Fed would just start printing again to pull us out. It's a ridiculous cycle that severely hurts the lives of millions of people.
@peacefreedom4930 6 ай бұрын
@@lasvegasliving9237 But it’s how the economy works. They are the only tools they have. We are supposed to live in a capitalist society where the market is left to self correction. Instead the FED is constantly manipulating the market. They are either quantitative easing or quantitative tightening. All that stimulus was quantitative easing/lower interest rates and increase the money supply. Now we are in quantitative tightening/ increase interest rates and pull money out of the system. You want results now. I’m just telling you why that’s not possible without creating worse damage later. We are literally in an everything bubble. Americans have never experienced the type of collapse that’s possible. We have the world reserve currency. It allows us to export our inflationary pain. You really don’t want to see us as a third world country after a currency collapse. This is nothing compared to the alternative.
@markbass7145 6 ай бұрын
Very informative, thank you very much! If you do one of these again can you show a home from rural Kentucky because everyone says it's one of the cheapest places to buy real estate.
@lasvegasliving9237 6 ай бұрын
Possibly. Thanks for watching and commenting Mark!🙏👍
@MrBadGov 6 ай бұрын
Comps drive things like zestimates. The rig in the system is that a corporation can sell another property in the neighborhood to itself or another Corp with similar interest (same thing) and raise all the prices in that neighborhood.
@lasvegasliving9237 6 ай бұрын
Interesting point. Corporations should never have been allowed to buy into the residential market the way have done in the last couple of years.
@johnpoulos9199 6 ай бұрын
Love your honesty! Thank you!
@lasvegasliving9237 6 ай бұрын
Thanks so much for the support!🙏👍
@michaelsmooth1 6 ай бұрын
Unfortunately, we need a market crash and recession and unemployment for prices to come down. Houses are unaffordable at these prices. Buying now will make the average person house poor.
@lasvegasliving9237 6 ай бұрын
Agreed! Thanks for sharing your thoughts Michael!👍
@2TROLL1 6 ай бұрын
I hope somebody sues Zillow and forces discovery to show the comps it is using for the appraisals', because that's what their masquerading as estimates.
@lasvegasliving9237 6 ай бұрын
They likely would not be liable because they are really just "estimates" and not true value that you would get from an agent/appraiser.
@georgehart8179 6 ай бұрын
A major problem in this country are all the equity companies. A couple of these companies were talked about on this video. Those companies owning 100,000 houses. These particular companies are jacking up prices by limiting competition. Many equity companies are buying up companies which they strip to bare minimum and then gut what is left. Of course, we still have major drug companies, big oil (conspiring to set prices), and now, large private hospitals which do not have emergency rooms but only accept insured patients for very profitable procedures. Meanwhile politicians are getting themselves plenty of graft in these processes. America land of the free and home of the brave.
@lasvegasliving9237 6 ай бұрын
Sad to see this happening. Too bad legislation to prevent this from continuing is unlikely to ever happen.
@Uncutslots 6 ай бұрын
@@lasvegasliving9237 Agree…county/state officials see only $ from commerce-related tax revenues, & the more/faster this happens the better. Ultimately, they don’t care who the $ is coming from…just need the tap running. Hence, the corporate grab will continue to expand, especially when even greater unrestricted opportunities present themselves in the near term imo. Add in the locked-in effect, a relatively limited supply & the many hard asset-seeking/cash-rich opportunists lurking on the sidelines, the downward pressure on home prices will be countered to some degree…JMHO. I’m definitely keeping some dry powder as conditions start to change. Appreciate your honesty Jerry.
@vitalsigns6403 6 ай бұрын
Great to see you come around on the home price situation. The comp prices are staying very firm due to all the many key reasons you stated. This is exactly what I have been saying all along. I am a buyer and want prices to come down. But Due to investors and state and federal government intervention, plus an anemic weak FED…..home prices will remain “higher for longer”
@lasvegasliving9237 6 ай бұрын
Thanks for the input and support!🙏👍
@JohnnyJolter69 6 ай бұрын
Great video Jerry!! Bless you for continuing to pump the truth to every day folks
@lasvegasliving9237 6 ай бұрын
My pleasure! Thanks so much for the support Johnny!🙏👍
@Elliottglide67 6 ай бұрын
Thanks for a great point of view about buying homes!
@lasvegasliving9237 6 ай бұрын
My pleasure! Thanks so much for the support!🙏👍
@brucering1190 6 ай бұрын
thanks jerry! another great video, i really appreciate your insights!
@lasvegasliving9237 6 ай бұрын
My pleasure! Thanks for the support Bruce!🙏👍
@greenparkokada 6 ай бұрын
I also commented here regarding Zillow price manipulation. Thank you for this in-depth analysis!!
@lasvegasliving9237 6 ай бұрын
Thanks so much! I appreciate the support!🙏👍
@sopiduckie 6 ай бұрын
Hi Jerry! I’m a realtor in San Francisco. Thank you for putting together all of these videos and for being honest and straightforward about what’s happening in the Las Vegas real estate market. I enjoy watching your videos and it’s nice to see another realtor that is truthful about what is happening in the current real estate market. To answer your question, I think that Zillow estimates are wrong a lot of times because of their algorithm. They can’t tell if a home is a fixer or if it’s a home that was completely remodeled. So they combine everything together. Also, in SF, the neighborhood right next door could actually cost much less per square foot and Zillow ends up using that as a comparable with a nicer neighborhood close by. I just tell my clients to not believe the Zillow estimates. Especially when the Zillow CEO sold their house for 40% less than what Zillow had estimated. The most accurate estimate of a home is really what the sold comparables are on the MLS. Then we have to factor in current interest rates and make any adjustments.
@lasvegasliving9237 6 ай бұрын
Thanks for sharing that information. Zillow estimates are just that, estimates. No computer algorithm can accurately assess true market value without comps, appraisals, etc. Sometimes they get it right while others times they are very far off the mark. Appreciate the support!🙏👍
@johnrubino7604 6 ай бұрын
When buying real estate always look at the buying price history of the house. Then look at the taxes owed each year on the house. Assumptions can be made once these facts are entertained. One other point I look at the past 25 transactions for homes in the neighborhood close to the property I may be interested in buying. You can see the price trend of the neighborhood and what homes are outliers to that trend and why a particular home may have a different price. Never buy property if you do not know the price history. Zillow is a joke, they look for unsuspecting real estate neophytes to take advantage of. Don't be a sucker.
@lasvegasliving9237 6 ай бұрын
Well said! Thanks so much for sharing that information. I agree with most of your assessment.
@123pb 6 ай бұрын
The market always corrects itself.
@lasvegasliving9237 6 ай бұрын
True but this time it is taking much longer as we still feel the effects of the pandemic.
@exmarine268 6 ай бұрын
Gaslighting indeed! Why do people never lose trust in inveterate liars? Liars are not trustworthy. Hello people! Is this thing on?
@lasvegasliving9237 6 ай бұрын
Lol..so true!
@gogglespaesano1619 6 ай бұрын
Well done!! The economy is going to crash far worse than 2007!
@lasvegasliving9237 6 ай бұрын
Time will tell. Let's see how it plays out.
@Mc.flyyy11 6 ай бұрын
No it won't. Sorry, but it wont
@betitos11 6 ай бұрын
Ive seen Zillow doing this with the zestimates for several years now. I remember i mentioned this to you a few months ago and you said it was rare. Now it seems you been noticing it more. 👍🏻
@lasvegasliving9237 6 ай бұрын
Absolutely seeing this a LOT more. They still do get many homes right regarding current market value but they are also wildly inaccurate at times as well.
@MasterMayhem78 6 ай бұрын
When my cost of living has risen over 20%, I laugh at the 2-4% rise they keep trying to feed us.
@lasvegasliving9237 6 ай бұрын
All media propaganda. Complete nonsense.
@dannys-beverage-world 6 ай бұрын
Here's the truth Jerry.. How can pal.. How can they say they're gonna get 2% Target inflation... When food is not included in that estimate they do not include food inflation. No one is really screaming about the cost of a new car. Cars are expensive they have always been expensive for a new car maybe now a little bit more but food is the problem people are starving and the government doesn't care. In fact Las Vegas went from Stakes to hot dogs on the strip.. That general public in Las Vegas and the tourists eat hot dogs compared to for decades dollar 99 steaks.
@lasvegasliving9237 6 ай бұрын
Exactly! It's all smoke and mirrors and completely manipulative!
@ericevigan 6 ай бұрын
Greedy corporations, wall street landlords, are really jacking things up more than anything in my opinion. Crazy part is I hardly hear it being talked about at all. 81 thousand homes for ONE company is insane. I hear the Airbnb argument all the time and while I agree they don't help anything, I doubt there is one Airbnb holding firm that has 81k listings. There needs to be some regulation on the large property rental companies.
@lasvegasliving9237 6 ай бұрын
There definitely needs to be regulation and legislation instituted to prevent this from continuing but it is very unlikely to happen.
@firefeethok_tui2355 6 ай бұрын
One of the best videos yet. Thanks so much! But really, $61.00 for a typical thanksgiving dinner? Whaaaaat? Even if youre not fancy and only cook for 4, no way unless it just regular dinner. And always remember, it doesnt matter what they offer to entice you, just remember, you will owe the money on that mortgage even when prices decline.
@lasvegasliving9237 6 ай бұрын
Thanks so much for the kind words and support!🙏👍
@brianpfeiffer 6 ай бұрын
Yes be obsessed are something 🤩 thanks for the informative videos
@lasvegasliving9237 6 ай бұрын
My pleasure! Thanks for the support!🙏👍
@bbs7848 6 ай бұрын
Great content. Your honesty about the Vegas housing market is refreshing. What’s your opinion on new home builders.
@lasvegasliving9237 6 ай бұрын
Thanks so much! I appreciate the support!🙏👍I think home builders are offering a smoke and mirrors routine right now. Overinflated prices covered by many incentives just so they don't have to reduce prices.
@johnrokss8971 6 ай бұрын
Jerry I look forward to your videos every week Keep up the honest great work !!!
@lasvegasliving9237 6 ай бұрын
Thank you so much John! Much appreciated!🙏👍
@loudorageorge238 6 ай бұрын
Thanks for sharing
@lasvegasliving9237 6 ай бұрын
My pleasure! Thanks for watching and the support!🙏👍
@OverRuledAgain 6 ай бұрын
To increase the value of your home, AKA zestimate, just list it as high as you like. Zestimate is supposed to be based on the sold amount, not listed. What a scam!
@lasvegasliving9237 6 ай бұрын
So true! Not a fan of such inconsistency.
@jamessrq 6 ай бұрын
'You have to be obsessed with something to be great at it' - Absolutely Mr Abbott !
@lasvegasliving9237 6 ай бұрын
Right on!🙏👍
@thomasfranco5997 6 ай бұрын
Congrats Jerry. You are excellent at explaining about the economy and real estate in the year 2023. I only listen to you because you speak for the people. All the rest just see money. You make sense and save the people CENTS. May God Bless You!!!
@lasvegasliving9237 6 ай бұрын
Thanks so much for the kind words and support Thomas!🙏👍
@margaretmcnamara2717 6 ай бұрын
These rents are totally out of control seniors can't find housing we can't afford housing utilities are off car insurances up food prices out of control laundry soap toilet paper dog food kitty litter etcetera etcetera do you see how many old people are on the streets now
@lasvegasliving9237 6 ай бұрын
Yes, it is very unfortunate that the prices across all sectors having inflated to such unaffordable levels. Hopefully prices come down at some point soon.
@simonrasmussen2345 6 ай бұрын
I wonder if pricing is not reviewed on a frequent enough basis. This might be for reason of saving computer capacity. If the price estimate is updated once a year or when the house is listed that might account for the sudden jumps.
@lasvegasliving9237 6 ай бұрын
Hard to know for sure why the algorithm acts this inconsistently. Many times it is accurate and many times it is not.
@TuanNguyen-yc4wz 6 ай бұрын
Good Morning Mr JERRY. How is your Holiday THANKSGIVING. I hope you had Wonderful Holiday. You are DONE EXCELLENT JOB 👍🇺🇸⭐️💰🏆
@lasvegasliving9237 6 ай бұрын
Thank you so much! Hope you had a good Thanksgiving as well and enjoy the holiday season!🙏👍🎄
@dmac3927 6 ай бұрын
it’ll be hard to not drop prices when we hit a total depression. I worked for the State of Nevada during the last recession, had to deal with furloughs, no overtime and pay freezes for 8 years. How do people forget the past?
@lasvegasliving9237 6 ай бұрын
Well I agree this economy is a house of cards, I do not see a repeat crash similar to 2008. This is a very different market and the Fed would prevent that from ever happening by continuing to print money. However, this will be a disaster long-term. We'll see how it plays out.
@jonathanjacques7250 6 ай бұрын
Not happening, sorry.
@lasvegasliving9237 6 ай бұрын
@@jonathanjacques7250 Agreed, this is a very different market than 2008 and unlikely to repeat history.
@rottiek423 6 ай бұрын
Both 1 and 2. They are doing this to get rid of their housing inventory.
@lasvegasliving9237 6 ай бұрын
You could very well be right on that.
@drummersagainstitk 6 ай бұрын
Accurate assessment. Thank you for your work.
@lasvegasliving9237 6 ай бұрын
Thanks so much for the support!🙏👍
@Anon_nymous 6 ай бұрын
Juan from Miami Florida. Love your work man! I wish all Realtors were like you. Miami Florida's inventory is starting to sky rocket. Homes sitting for months now. Price cuts everywhere.
@mari0c0leman 6 ай бұрын
And they’re still unaffordable for most people. I check just to see what the prices look like from time to time down there. When I look, I think to myself….. damn, a half of a million dollars for one thousand square feet. (From West Palm Beach to Miami) 😂 In my opinion, the opportunity to buy a house there for an affordable price ended around 2017. And good luck with the property insurance with the insurance crisis that we have going on in, Florida. I bought a house in, Jacksonville, early last year and I’ll say that due to the prices of homes with the insurance problem that we have, this is one of the most unobtainable housing markets that I’ve ever seen in my life.
@lasvegasliving9237 6 ай бұрын
Thanks for the info and the support!🙏👍
@lasvegasliving9237 6 ай бұрын
@@mari0c0leman Thanks for sharing that information on Florida. That seems to be very untenable for most people.
@scottyflintstone 6 ай бұрын
You should compare - contrast the rental market to buying in Vegas
@lasvegasliving9237 6 ай бұрын
Food for thought. Thanks for watching.
@ConstitutionCurt 6 ай бұрын
Zillow has always been crap. I still don’t know why people use it. The other game is raising prices to get the price they want. I was looking at Lennar’s Tresor in Henderson. They were selling for $1.05 mil then they pushed the price up to $1.5 mil. They figure if the unknowing/unsuspecting buyer comes in to buy and makes an offer $100k lower they are still above their original prices and laughing at how uninformed people are. Vegas is such a game right now.
@lasvegasliving9237 6 ай бұрын
So true. It's always about greed and manipulation.
@themekanic069 6 ай бұрын
Like always, great video.
@lasvegasliving9237 6 ай бұрын
Thanks so much!🙏👍
@scottyflintstone 6 ай бұрын
04:00 asking government to fix a problem government helped create will lead to more chaos
@jwtlucky 6 ай бұрын
I saw that too. It’s a hard idea to properly interpret and a lot of people default to wanting the government to fix things.
@scottyflintstone 6 ай бұрын
@@jwtlucky the cure for high real estate prices is high prices. Easy to imagine another 10k homes being built in Vegas (assuming they can get the water)
@lasvegasliving9237 6 ай бұрын
The government didn't create the problem of corporations buying thousands of homes. There was no legislation for that in the first place. There now needs to be but unlikely to happen.
@lasvegasliving9237 6 ай бұрын
@@jwtlucky We would be a lawless country if the government didn't have some ability to step in when needed.
@scottyflintstone 6 ай бұрын
@@lasvegasliving9237 how much evidence is there to support an argument of corporate interference in the Las Vegas market?
@scottyflintstone 6 ай бұрын
18:16 wish my stock chart looked like this
@lasvegasliving9237 6 ай бұрын
Lol...no kidding!
@SubtleReed 6 ай бұрын
Awesome hire that Lawyer.!
@mlee777 6 ай бұрын
I wonder what happens if I list a $500K house to $10 million. Zillow probably put the average house to $7 mil with their zestimate. Not bad if it goes up by 6.5 mil in a month 😂.
@lasvegasliving9237 6 ай бұрын
Lol...scary to see how shameful and inconsistent their algorithm is on so many homes.
@bbs7848 6 ай бұрын
1- Zillow is in the business to keep the market propped up.
@lasvegasliving9237 6 ай бұрын
Thanks for commenting!👍
@FR11 6 ай бұрын
#keepingItReal #NoOneisSafe
@lasvegasliving9237 6 ай бұрын
Thanks for the support!🙏👍
@FR11 6 ай бұрын
@lasvegasliving9237 people don't understand that as soon as the interest rates drop.. the builders will start building en mass and the housing supply will skyrocket .. effectively lowering the prices.
@lasvegasliving9237 6 ай бұрын
@@FR11 Interest rates are not dropping anytime soon. Builders are continuing to build regardless and more inventory will continue to come to market helping to reduce pricing.
@solideights 6 ай бұрын
Great stuff thanks
@lasvegasliving9237 6 ай бұрын
Glad you enjoyed it!
@RS-oy7uh 6 ай бұрын
Watched every minute. Thank you
@lasvegasliving9237 6 ай бұрын
Thanks so much! I appreciate the support!🙏👍
@markszeto1564 6 ай бұрын
My vote on Zillow is #1 to your question survey.
@lasvegasliving9237 6 ай бұрын
Thanks so much for watching and commenting!🙏👍
@ProlificRiders 6 ай бұрын
LET ME BREAK IT DOWN FOR EVERYONE IN A SIMPLE FORM... People complain that companies like Blackrock are buying single family homes but at the same time, those same people are buying Blackrock stock. The more stock you buy of these companies, the more they can afford to buy single family homes. The more single family homes they own, the more they can control the market. It is not complicated.
@Marty647 6 ай бұрын
Yes... Americans have forever been funding the tools of their own demise. Greed kills... everything.
@TheSuperdodgy 6 ай бұрын
God Bless Capitialism
@lasvegasliving9237 6 ай бұрын
Good point. Too bad so much power can be achieved within these large corporations/hedge funds.
@lasvegasliving9237 6 ай бұрын
@@TheSuperdodgy Yes but also a fine line between capitalism and obscene greed.
@jaredoverholtzer2577 6 ай бұрын
Just overall curious on your opinion with this because I just listed a house. This house I listed (now it wasnt a flip, but I did buy it in 2013 actually very close to that Southern California home you mentioned in Murrieta) was purchased and appreciated over the years and Zillow had it at 350K something or other. I listed at 499 and Zillow adjusted the "Zestimate"...thing is, I made a lot of various improvements. Permitted changes adding SqFt, brand new HVAC, owned paid off Solar, two additional lots with the sale amounting to about 1/2 an acre of land now when prior I purchased it was 1/4 acre. Zillow could not have known about these changes over the years and would not have accounted for it in their Zestimate, so if I listed at 499 and they left their Zestimate at 350k I would be getting the short end of the stick. This may not be the overall trend in why these homes and the Zestimates are doing what they are doing...but...there are scenarios out there like mine where I feel its justified. How would you consider reconciling this? Have people submit to Zillow changes they made that might justify a big price jump before Zillow adjusts the Zestimate maybe? I could see that requiring either a mass amount of additional programing for their system, or a big jump in additional workforce to verify. Not that I would be against that overall...but thats kinda how I would see any sort of fix to this...because as you see folks can just list the house a year later at 75-100% increase and Zillow is like, cool thumbs up bro lol.
@lasvegasliving9237 6 ай бұрын
You make a valid point Jared. This is where Zillow can be perplexing. In your scenario, maybe they somehow realized your improvements and adjusted the price accordingly. However, in many other instances, there is no rhyme or reason as to why they massively increase price..just because the seller decides to list it at an overpriced level? Seems very odd that their algorithm is so inconsistent and allows many sellers to game the system.
@user-lb4cy7ez3p 6 ай бұрын
Jerry, congrats on 50k+ subscribers 😊
@lasvegasliving9237 6 ай бұрын
Thanks so much!🙏👍
@beaumac 6 ай бұрын
The algorithm cannot account for upgrades to a house which can drastically increase its value. Homes in my community sell for 600K-950K depending on the remodel. There’s no way to put that in an algorithm
@CristinaDavalos1127 6 ай бұрын
That usually doesn't happen in 1 or 2 months though. Home prices are generally determined by comps first, then upgrades. Zillows algorithm follows pricing only.
@lasvegasliving9237 6 ай бұрын
Agreed and many times the "zestimate" is accurate in comparison to comps but then you have so many of these inaccurate examples. They also take away or do not show zestimates on many homes. Nothing is perfect and these examples certainly prove that.
@tomla9549 6 ай бұрын
I sold my rental house to zillow in 2021 for 100k more than their zestimate go figure
@lasvegasliving9237 6 ай бұрын
Good timing!👏
@dennisb933 6 ай бұрын
It's possible that some hidden hand controls interest rates, and it's not a free market at all.
@lasvegasliving9237 6 ай бұрын
There's a tremendous amount of market manipulation in many markets...real estate, stocks, cars, etc.
@rickmccarthy777 6 ай бұрын
Remember when we had a toilet paper shortage? Markets started limiting sales per purchase, so others could buy some. Many owners have bought 2nd homes or big companies have bought 1000s of homes. Then those same homes are removed from the market and rented out at high prices, or rented out on Airbnb. Should there be any restrictions on how many homes a person or entity can buy? Near my area, Chinese investors had bought up a lot of homes, just to rent them out! This doesn’t seem fair. I feel more homes on the market would be fair. Is hoarding legal in the limited supply home market?
@scottyflintstone 6 ай бұрын
The courts are the arbiters of "fair". What if we simply built more homes?
@lasvegasliving9237 6 ай бұрын
There is currently no legislation that prevents these large corporations and hedge funds to buy tens of thousands of homes, which they have done since the pandemic. It is ruining the residential real estate market for the average buyer and renter.
@roberttownsel4643 6 ай бұрын
Great video. What should housing prices actually be based on today's interest rates? Since the rates have doubled, shouldn't the prices be half?
@lasvegasliving9237 6 ай бұрын
No, prices will never be half of what they are now IMO. They should be coming down but it takes a while from the last of rate hikes (up to a year) before we see prices bottom out. We'll see how it plays out.
@bbustin1747 6 ай бұрын
you do a great job of speaking and the truth which is probably not appreciated by your contemporaries
@lasvegasliving9237 6 ай бұрын
Thank you so much. I do it for the public and my audience, not for contemporaries.👍
@nevastrong2850 6 ай бұрын
Quality realtors appreciate the truth. This career is challenging enough without truth!
@barkingdog9509- 6 ай бұрын
Redfin does the same estimate manipulation Zillow does. I’m in Summerlin near Charleston and Durango. There’s 3 houses in my neighborhood all for sale that are the same model. Wildly different asking prices yet their estimate is within a few thousand on each one. Another model just sold for about 50k less than the previous two did, funny how that doesn’t show up in their comps. It’s all manipulated but unfortunately they are dictating prices. Homes won’t be affordable anytime soon.
@lasvegasliving9237 6 ай бұрын
It seems to be one big dirty game with many dirty/greedy players.
@rtbatac 6 ай бұрын
I'm thinking even though the home prices goes down drasstically from these current prices, sellers would still get the price they wanted originally, that is why they raise prices so aggressively..
@lasvegasliving9237 6 ай бұрын
Not if fear enters the market and lending continues to get tighter (which is already happening).