Las Vegas new home builders react to significant drop in home sales

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KTNV Channel 13 Las Vegas

Күн бұрын

Las Vegas new home builders react to significant drop in home sales.

Пікірлер: 265

@youngkwak9931 Жыл бұрын

700,000 for a cookie cutter cheaply built home. The same home 150,000 3 years ago same home.

@cr8389 Жыл бұрын

Exactly what i am saying

@frank8348 Жыл бұрын

These are some made up numbers lol. homes didnt 5 x

@youngkwak9931 Жыл бұрын

@@frank8348 frank the realtor???? Who minored in ecnomics?????

@elixiradventureoutdoors8119 Жыл бұрын

No one needs to feel bad for new home builders! They have made hand over fist of money on each build the past 2 years!

@santosmadrigal3702 Жыл бұрын

Does that mean that people from California stopped moving in ?

@TerryComo2010 Жыл бұрын

I work with builders, That is false. Profits are very thin, not like it may have been 30 years ago.

@monsterpig3270 Жыл бұрын

@@santosmadrigal3702 Hell No! I just sold my house and overpaid for a mansion in Las Vegas.

@Animeforeternity691 Жыл бұрын

These trash builders have 1k homes on a 1 ac lot. Seriously is so ridiculous how close they’re building these cheap homes which sewer system isn’t designed for so many homes like that!

@elixiradventureoutdoors8119 Жыл бұрын

@@TerryComo2010 what is it exactly you do with home builders? Out of curiosity. Home builders margins are small? Yet they are able to offer closing? Funds to buy points? Yet still turn a profit. I think your definition of small margin is a little miscalculated

@808sportspicks2 Жыл бұрын

Starting at $300,000 is not affordable. I used to live in Vegas. These same homes used to sell for $100,000 sometimes cheaper just depending on the area.

@k31than Жыл бұрын

And I take it that the 300k homes they’re talking about ain’t even single family homes but rather townhomes/condos.

@Moshins11 Жыл бұрын

Stop trying to CRAM everyone in small spaces. Go back to bigger lots and bring back yards and driveways!!

@Population11 Жыл бұрын

Totally agree when I wanted a backyard they told me I’d need to buy a increased lot and the yard they were offering was laughable

@SANDYMILLER23 Жыл бұрын

Very true comment.

@nellj9495 Жыл бұрын

Large lots and suburban sprawl are kind of a part of the problem.

@MrWaterbugdesign Жыл бұрын

What are you talking about? There are many homes available with huge lots. And huge driveways? OK, that's a weird one, but OK, you can get massive driveways. Acre enough for you? There are currently 194 1+ acre properties listed within Las Vegas. There are thousands more not currently listed. But that's not really your point is it? What you really mean is you can't afford those properties yet you feel entitled to live on one. You want someone to invent a time machine for your own personal use so you can travel back to 1940 carrying 2022 cash so you can buy your dream property and then travel back to 2022 so you can enjoy all the modern conveniences and infrastructure we have today. Isn't that about right? Good luck with that fantasy.

@maggie_codes Жыл бұрын

Agree I’m sick of seeing townhouses. If I buy something, I don’t want a neighbor directly on the other side of my wall. It’s the same as living in an apartment. Sucks

@ShadeakaShady Жыл бұрын

the real problem is the high interest rates and prices. the middle class cant afford it.

@sunny051488 Жыл бұрын

Blackrock can afford it and will scoop up for rent later.

@actorsinsider9967 Жыл бұрын

New housing has been worthless for the last 20 years. Built quickly with no quality/integrity and with tiny/non existent yards.

@DeshaunDamon Жыл бұрын

D.R. Horton homes in NLV have very generous yards. Lennar has higher quality amenities - but small lots.

@jessicabixler1658 Жыл бұрын

@@DeshaunDamon don't trust Horton after what they did to that custom home couple in Texas...cancelled them two weeks before closing

@VegasElement Жыл бұрын

@@DeshaunDamon Where about in NLV, Aliante?

@hotvegas2498 Жыл бұрын

There are lot fees. So if you want a larger lot, you can pay for a bigger one. Add about $40K to the price.

@MrWaterbugdesign Жыл бұрын

$500k is worthless? Not good with math?

@SANDYMILLER23 Жыл бұрын

Houses are wayyy too expensive. With corporations buying houses to turn them over fast or rent them out...its going to cause a massive housing crisis in that nobody's going to buy them.

@re8746 Жыл бұрын

Prices will drop 25-30% in the next year and buyers will jump back in. The market is resetting itself. This is what needs to happen and normal.

@smeff099 Жыл бұрын

Needs to half to get back in line with organic growth.

@MarkWongMD Жыл бұрын

It needs to drop beyond 30%. Otherwise this will happen again in a few years.

@thatguybill34 Жыл бұрын

*With what jobs? 51% of companies are doing layoffs.*

@re8746 Жыл бұрын

@@thatguybill34 Just over half huh?

@Fredflinstone23 Жыл бұрын

Keep on dreaming

@DaHaiZhu Жыл бұрын

it's a DESERT! You Got No Water! Duh

@chrismiller755 Жыл бұрын

Exactly

@LuckyClovers Жыл бұрын

🔨 nailed it

@mauricecohen3830 Жыл бұрын

Another one who knows nothing about Nevada.

@georgerivers6042 Жыл бұрын

I'm no mathematician or real estate expert,BUT I have been in this city for almost 20 years and THESE CURRENT housing/ RENTAL prices are the HIGHEST they've ever been...... this is a SERVICE INDUSTRY CITY......VEGAS PAYCHECKS CANNOT AFFORD CURRENT home /rent PRICES on top of a huge INFLATION on FOOD and GAS......... those homes that were PURCHASED in the year 2020 and 2021 and early 2022 WILL BE FORECLOSED SHORTLY and DEFINITELY underwater COMPARED with FUTURE neighbors....... LONG-TERM they will NOT be able to afford the payments.......

@richardharrison859 Жыл бұрын

But, investors can and continue to as Las Vegas has no rent control, very low investment property taxes and no personal income tax.

@georgerivers6042 Жыл бұрын

@@richardharrison859 Vegas ALWAYS has the top foreclosures... . So OBVIOUSLY it isn't

@Population11 Жыл бұрын

Well it’s all over priced. I bought right before the insane increase. I couldnt even get a new build they wouldn’t see me. Had to use all the lenders they told me. It was like a privilege to even get on their “Wait list”. I absolutely as a young guy was merely given the yeah nah were not interested in you type of vibe. Horrible… I live in southern highlands now a beautiful home and glad I didnt use the builders. They should feel the squeeze bc of the way they kept increasing prices Week over Week. Don’t feel bad not one bit. Let those prices all fall!.

@desertguy1362 Жыл бұрын

Builders are struggling to get people to sign. Because maybe they have a brain and know the homes are 30% overpriced right now.

@The_Savage_Wombat Жыл бұрын

If local home builders are so concerned about slow sales, maybe they should put up some of their staggering profits and offer 3% financing on the new homes.

@JMxE15 Жыл бұрын

Quite literally, selling homes for $600k that cost them 200k to make.. cheap materials, concrete backyards, and no privacy... no thank you.

@mauricecohen3830 Жыл бұрын

@@JMxE15 I'm not crazy about home builders either but you're saying is not true. All you have to do is to check labor rates for contruction workers the past 2 years (insane). Material also increased but labor was more of a factor. They are making a good profit but nowhere near 200% as you're suggesting.

@OutdoorsWithGeoff Жыл бұрын

Isn’t this what we wanted? A slowdown to stop the inflation and rapid price increase? I get it. The fed hit the stop button when it raised interest rates. But at the same time, these real estate agents and sellers were making a FORTUNE for two years! I had to relocate to Vegas because of my job and I had to pay more because of the inflation. And we loved our agent. But I won’t lose any sleep cause I know he made a ton of money off me and everyone else during this process. We should want the market to settle down to where people aren’t priced out of home ownership.

@MajorChipHazard1 Жыл бұрын

This is only the beginning. 80% market crash is coming. No fertilizer for next year. Do you not see what's happening in our country and around the world? This is not gonna end well buddy.

@dave3207 Жыл бұрын

300k for a town home? Maybe when the market crashes again ill pick one up for 80k.

@kerriemacon5494 Жыл бұрын

IT'S JUST TOO MANY CROOKS IN LAS VEGAS PRAYING ON THE POOR THE ELDERLY AND THE WEAK AND NOBODY SEEMS TO CARE WE'VE GOT TO DO BETTER.

@WasThatWrong Жыл бұрын

We are in a recession and Las Vegas is running out of water that’s why home sales are going to plummet

@rons5319 Жыл бұрын

No sane person should have bought a Vegas house at these prices. It's a extremely hot crime ridden area with no water. Houses there are 70% overpriced at least.

@happygilmore7755 Жыл бұрын

@@TopVillain 🤞🏼

@RasiRobi Жыл бұрын

@@TopVillain 🙈👍🙏

@sunny051488 Жыл бұрын

Now do Texas

@mauricecohen3830 Жыл бұрын

Only certain areas of Las Vegas have high crime rates (mostly north Las Vegas ). All surrounding areas have low crime rates. Henderson has the lowest crime rate in the US for cities with a population of over 100,000. Homes are overpriced all over the western states.

@incognito7671 Жыл бұрын

We are headed back to levels not seen since 2008. Then, the real correction will begin. If you don't think so, just calculate a mortgage for a mean home price of over 400k with a mortgage rate north of 7 to 8%, and then think about how many families can pay this.

@MrWaterbugdesign Жыл бұрын

Hahahaha....look at other developed countries. Their house values for years have been about 2x higher than the US while their median incomes have been about 1/2 the US. And their percentage of homeownership has been higher (except a couple cases like Germany). Plus all of those countries only have variable rate mortgages available. Only the US has fixed rate mortgages. US property values are cheap. Obviously people can afford current values. It's only Americans who feel they can't afford homes. And that's no wonder since they're spending so much of their income on what they consider essentials like driving a new $50-75k car, eating out several times a week, buying crap on Amazon, standing in line to pay $5 for a cup of coffee, $100-400/mo for smartphone, internet, games and subscriptions and renting apartments and homes they can barely afford. You're right, I don't think a big chunk of Americans will ever be able to afford a house. It takes work and sacrifice to be able to afford a house and that's a price many are unwilling to pay. No problem, plenty of people are willing to work and take risk in order to provide you with rentals. It's great income.

@mauricecohen3830 Жыл бұрын

@@MrWaterbugdesign They do have fixed rates in Europe but 30 year mortgages are almost non existant. 15 years is the norm. But you are right, we're about to see great opportunities for income properies.

@unknowndriver6652 Жыл бұрын

@@MrWaterbugdesign lol thats what am doing waiting patiently to buy cheap and rent it you are 💯 right people are very bad with savings i am in the trucking industry and ive seen so many truckers making 10k to 20k monthly and barely making ends meet, that's crazy

@pawelek7 Жыл бұрын

Agent is like: yeah it was awesome last two years, I bought a nice house for myself and that lovely Chevy Tahoe.

@trevorgwelch7412 Жыл бұрын

Bring the new house prices down . 🏠🏠🏠🏠🏠🏠

@angelobkoljenovic9528 Жыл бұрын

I’m happy that they won’t sales single one.this people aren’t stupid

@aSkylandSora Жыл бұрын

Don’t buy a house with no back yard.

@AndyonBlast Жыл бұрын

speak on it!!

@honorladone8682 Жыл бұрын

Who wants to live there?

@garza7676 Жыл бұрын

This is what you need to do to control inflation . Also homes in Las Vegas are overvalued . With the median @ 38 k a year . New homes are not affordable . Let’s hope the feds keep raising the rates .

@ajax8079 Жыл бұрын

Who the F wants to buy a $250K house for $800K???????......................

@thatguybill34 Жыл бұрын

*Las Vegas is about to get hard by this next housing crash in 3-6 months.*

@AndyonBlast Жыл бұрын

perfect .

@unknowndriver6652 Жыл бұрын

Finally

@debz7682 Жыл бұрын

Too many people diagnosed with fomo, 2% interest and home $400k still a not worth, but people were suckered to buy cuz the media said it’s a good time to buy 😂

@AndyonBlast Жыл бұрын

yeah mines 427 but its not worth it

@LuckyClovers Жыл бұрын

Lawless Degas

@franceliaroman9612 Жыл бұрын

Vegas is gone , too hot , no jobs, prices too high.

@AndyonBlast Жыл бұрын

I dont know how they qualify working out here, they dont pay ish....

@RasiRobi Жыл бұрын

No water soon as well

@444truthteller Жыл бұрын

They about to run out of water that’s why

@mauricecohen3830 Жыл бұрын

I bought a house in Henderson at the end of 2020. It doubled in value in 11 month. That's when you know something is wrong. I think home values will go down for the forseable future. People who purchased a home in the past 6 to 8 month will problay be under on their loan for a couple of years.

@JMxE15 Жыл бұрын

Oh no, they're no longer getting $600k for a home worth $300k 2 years ago (worlds smallest violin)

@legacyopp9318 Жыл бұрын

Did they forget to mention there are 11,000 homes currently for sale in Vegas 😆.

@TheRealMVPPP Жыл бұрын

Houses and interest rates make it very hard for the middle class to buy a home. A mortgage for a $420k is $2400 a month. Not too many people can afford that in vegas, so they’ll just keep renting. Given that the average salary in Las Vegas is $31 an hour($64k a year) after taxes a paycheck comes out to $2100 (not including 401k or retirement contribution). To comfortably afford a $420k house you probably need a solid $120k a year.

@unknowndriver6652 Жыл бұрын

People dont buy 420k houses they buy a 250k or 300k and both contribute, for only 1 person its imposible

@jessicabixler1658 Жыл бұрын

"Samsung stove" would count me out pretty quick...that crap is just that

@SportyGeek12 Жыл бұрын

My sister bought a beautiful samsung fridge and dishwasher for her new home and they had issues within 2 years. My mom has one of cheapest frigidairs and its lasted 8 years, 0 issues.

@rupertj1346 Жыл бұрын

Would not buy there- there’s no water there

@janinemonetta7501 Жыл бұрын

Lol the states running out of water who in their right mind would live in that desert !!!

@teresaalford5978 Жыл бұрын

I hope the greedy home builders go bankrupt!!!!!!!

@clipartinc Жыл бұрын

Can't keep raising prices! You're going to have to start accepting blood for payments!

@JoeyTheSinic Жыл бұрын

Idk how this is a surprise to anyone? Anyone who actually knows what they are talking about called this back in 2020. (Late ‘22 - early ‘23) Housing correction. Values dropping up to 30-40%. All that easy money being made in real estate is over for awhile. We’re likely going back to 2011-2013 (not really) prices ladies and gentlemen. It wont be that bad. But it wont be pretty

@sunny051488 Жыл бұрын

Not a chance. Will be lucky if we roundtrip back down to Feb 2020 prices.

@JoeyTheSinic Жыл бұрын

@@sunny051488 delusional

@JoeyTheSinic Жыл бұрын

@@sunny051488 Your delusions are being proven false more and more each day that passes since i made my comment. Welcome to the great reset. Hopefully you haven’t lost much or wont. Bc i warned ya.

@sunny051488 Жыл бұрын

@@JoeyTheSinic it’s still +100% and -20% clown. Get back to me when we are at Feb 2020 levels. I’ll be here

@felixlanz9331 Жыл бұрын

this is called stabilizing

@JuggaknotPunch Жыл бұрын

No one wants to say it..crash is coming and will happen!

@nealstellar6986 Жыл бұрын

Remember last year these ppl were not even treating home buyers like humans. They had so many demands and attitude.. and 30-40k premium lot fee on top of over inflated price

@Jay-om8gr Жыл бұрын

Because of these skyrocketing prices

@MichaelBrown-ny3et Жыл бұрын

Las Vegas went down first the last time in 08’. The rest of the country will soon follow.

@peaceful4you408 Жыл бұрын

Why does it seem like everybody is moving to Vegas. I know a ton of people from the eastcoast that has literally just flat out purchased homes with cash out there in Vegas.

@elon6013 Жыл бұрын

Everyone let’s rent for 6 months until prices drop or move in with family, People need to stop buying and control the urge to buy in order for these prices to drop, sellers need to stop being greedy and drop prices now before they keep raising rates

@mikemccormick8115 Жыл бұрын

This is just the tip of the iceberg.

@coreytucker22 Жыл бұрын

Good!

@markal6004 Жыл бұрын

Too bad so sad guess what ? You've been in a great market for years and now things are changing. That's what happens in a business, nobody was complaining when people were paying 10 to 40 thousand over market price. Deal with it.

@Mike-B. Жыл бұрын

Global pandemic breaks out, and Americans go home shopping. Okay....

@simonassouline1230 Жыл бұрын

With people loosing all their money in casino’s! How can anyone afford to buy a house!

@RasiRobi Жыл бұрын

🤔 hmm. Californians stopped coming ?

@stevenbrooks1243 Жыл бұрын

Of course you have over priced over valued assets JOKE

@rottenpizza84 Жыл бұрын

The Fed gives and The Fed takes , Papa Pow is in control.

@nightfly1985 Жыл бұрын

Lol drop? All i have seen pricrs go from 250 to 450 in 1 year.

@UncleAlpha1 Жыл бұрын

Who the heck wants to live in a hot dry desert

@Jujube.999 Жыл бұрын

🙋‍♀️

@johnryman1366 Жыл бұрын

Wait until H2O is rationed....And why are chip board buildings still being built in the desert. Concrete and Adobe for the desert.

@AndyonBlast Жыл бұрын

man you should see the material they are using, I install the data lines in these new homes and I am amazed that they are selling so high

@eshraqsalahuddin115 Жыл бұрын

Price going to the moon is sustainable?

@londubh2007 Жыл бұрын

Well, considering that Las Vegas is unsustainable this isn't a bad thing.

@CarlosLopez-en6dp Жыл бұрын

Good I hope it takes longer

@Jackie-lg4tt Жыл бұрын

So does this mean they going to build them even more cheaply.

@pedroramires5049 Жыл бұрын

In riverside California is getting to slow.

@raffyzoo2130 Жыл бұрын

you ask atrocious price. haha. what a gyp. who would pay that much? and then the taxes? and the insurance? waay too much money

@markgideon23 Жыл бұрын

meantime; low housing buildings are next to 0%

@AndyonBlast Жыл бұрын

2 MONTSH LATER NOW HOW YALL FEELIN>z?

@chuckles1972 Жыл бұрын

About time!! It looks like that one guy was getting ready to cry!!! I bet he was crying last year when everybody was moving out onto the street and losing their homes.

@AndyonBlast Жыл бұрын

none of this makes sense. where did all the money come from and where did it go? Maybe i was saved, wonder if Vegas will make it

@Esperia-ef9xh Жыл бұрын

Good

@Fetchem1222 Жыл бұрын

2:14 what a disingenuous statement. He doesn’t believe what he’s saying. Denial ….afraid of the future pink slip. This is gonna be painful folks.

@shorts_luv7634 Жыл бұрын

It's about time.townhomes are 450,000 brand new w out upgrqdes in summerlin close to 500;000..prices will only drop

@AngelMartinez-eu6nx Жыл бұрын

Buyers market around the corner. Be patient

@jalamela1480 Жыл бұрын

It will take up to 2 years next. Wooo 🎉

@felixlanz9331 Жыл бұрын

yeah 300s cookie cutter house with poor Integrity and small back yards

@AndyonBlast Жыл бұрын

thats a townhouse

@hhinvest2819 Жыл бұрын

We've been telling you

@notyouraveragewhiteguy7821 Жыл бұрын

Let's Go Brandon! Vote smarter people!

@scottriley9398 Жыл бұрын

Why is it bad news when homes sell quickly and just as bad of news when homes sell slowly?

@johnsmith-pd7lu Жыл бұрын

HA HA, just wait until the migrants flood in and lake mead dries up and trucking stops bringing in food

@Kiyonce.Kartier Жыл бұрын

The party/highway robbery streak is over and the thieves are mad

@williamv3403 Жыл бұрын

When you say buyers are nervous, do you mean investors? Just 6 months ago you had “buyers” paying over $100,000 over asking to get in on this record low inventory. Now you are trying to tell me the same buyers willing to pay over $100K over list with no inspection is now scared of 3% rate increase!?! Or does the powers to be never want to admit on how the institutional buyers were manipulating the market to drive up cost and profit off of that manipulation and now all the big buyers are out because SHTF?

@jalamela1480 Жыл бұрын

Drop the price by 100-200k and those puppies will sell.

@henrycole8705 Жыл бұрын

Why does this news media only talk doom and gloom?

@dpz3782 Жыл бұрын

Drop the prices and they will sell.

@kellis773 Жыл бұрын

This really isn't surprising, the economy is slowing, rates suck and the consumer is doing the right thing, put the purchase on hold until we can get more clarity on where this market is headed.

@andrecordero6958 Жыл бұрын

everything compared to 2021 is not a good point of comparation , trillions of stimulus . could never get close to healthy productive growth

@aaronpetry715 Жыл бұрын

All bubbles do this. When home prices go up 40-90% in two years people walking around like it was normal and surprised when it crashes back down 🤣

@anandKumar-zj4qs Жыл бұрын

Government should make a law people should have only one house

@AndyonBlast Жыл бұрын

they are lying, those are townhomes they are pricing at 300k

@jayhernandez4197 Жыл бұрын

I’m just waiting to take advantage of this opportunity. I didn’t have the chance back in 2008, but time I’ll make sure to squeeze every ounce out.

@davidstock2713 Жыл бұрын

Sub-standard economy. Flat-lined surgery room monitor, formula 2008-2016' bunk. If so stellar formula as claimed, why such plautoed, and-or flat lined. Mistake leaders make, waiting much to long for change, that never evolved. Try different formula, with agreed on paper expectations time duration. Example if a formula meets expectations within 1-calendar, and-or shows signs with rising to occasion to meet expectations, it's a keeper formula. If a formula post/after 1-calendar, and-or even very first 4-months induction, holds cookie cutter execution, it's a throw back formula, which even the fish/game warden would agree, also sign as enivitable throw backs.

@mrmja50 Жыл бұрын

drop the prices 40% and then you might sell something

@dustinmiller2775 Жыл бұрын

Somebody made a bad bet in Vegas?! Nuh, uh?!

@marrywhowanna Жыл бұрын

This was bound to happen 😂 the fake pump couldn’t sustain 😁

@Dudevegaslv Жыл бұрын

Great news !!!!

@caesarlorenzo4073 Жыл бұрын

Vegas has a slow horrible economy man no local is paying those prices so if Californians and other out of state people stop moving to Vegas of courses the market is gonna slow