Episode Details

On this episode of the Real Estate Jerky Radio Show, we bring you, Courtney Beauford, Realtor, Simply Vegas Real Estate, Las Vegas, NV!  In this episode, the Real Estate Jerky team sits down to discuss how is the housing market in Las Vegas with Courtney Beauford, We touch on the following issues in Vegas:

• The Las Vegas housing market ended 2022 with a downturn, following a red-hot 2021.
• The market was affected by a sharp increase in mortgage rates, resulting in a decline in home sales, widespread price cuts, an increase in available inventory, and more incentives from builders.
• Although housing markets across the United States also slowed, Las Vegas retreated at a faster rate compared to the rest of the nation.
• Southern Nevada's market remains in a logjam, with industry experts predicting a subdued year ahead for housing nationwide.
• Prospective buyers have been sidelined due to large jumps in monthly payments, and would-be sellers have incentives to stay put, as they are likely to have a lower mortgage rate on their current home than what they would get on a new purchase.
• The fast pace of the rise in mortgage rates caused the housing market to take a sudden turn in the opposite direction.
• Homebuilders in Southern Nevada have seen a sharp decline in sales this year and have offered more incentives to buyers and higher commissions to agents to boost sales.
• Homebuilders pulled 545 new-home permits in October, indicating a significant drop in construction plans, and land buying is "basically non-existent."

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