Description
Las Vegas Home Sellers Are FU$KED! High Mortgage Rates & New Home Builders Are Crushing Resale Sellers!
The Las Vegas housing market is becoming increasingly difficult for homeowners trying to sell. With mortgage rates above 7%, sellers are facing serious competition from new home builders offering lower interest rates, closing-cost assistance, and aggressive buyer incentives.
The biggest problem? Buyers aren't just comparing home prices anymore. They're comparing monthly payments!
Resale Homes vs. New Construction
Let's compare two homes priced at $477,000.
Resale Home:
Purchase Price: $477,000
Down Payment: 20%
Interest Rate: 7.33%
Estimated Monthly PITI: $3,126
New Construction Home:
Purchase Price: $477,000
Down Payment: 3.5% FHA
Builder Incentive Rate: 4.85%
Estimated Monthly Payment: $2,938
The new construction buyer could save $188 per month or $2,256 annually, while putting significantly less money down!
These are illustrative financing scenarios. Actual payments depend on taxes, insurance, mortgage insurance, HOA fees, and loan terms.
Sellers Could Lose Another 10% in Selling Costs!
Here's where things get ugly for resale sellers.
To compete against builders, a homeowner selling a $477,000 property might face:
3% Buyer Closing Costs: $14,310
3% Buyer Agent Commission: $14,310
1% Seller Closing Expenses: $4,770
3% Mortgage Rate Buydown: $14,310
TOTAL: $47,700 (10%)
That leaves approximately $429,300 before paying off the existing mortgage and other expenses.
These costs are negotiable and represent a hypothetical total selling expense, not necessarily an additional 10% decline in home value.
Cash Buyers vs. Financing Buyers
Here's what's happening in today's market.
Cash buyers may get better deals on resale homes because they aren't affected by mortgage rates and can negotiate directly with motivated sellers.
Financed buyers may get better deals on new construction because builders can offer below-market mortgage rates, closing-cost assistance, and upgrades.
Resale sellers are caught in the middle!
My Message to Las Vegas Sellers
Your biggest competition may not be the house down the street. It's the new home builder offering a lower mortgage payment!
Sellers must understand that buyers care about affordability, monthly payments, and overall value.
If you're selling in Las Vegas, Henderson, or North Las Vegas, you need to evaluate your competition, price your property correctly, and understand your actual net proceeds.
Contact Information: Chakits Krulsawat | Direct: 702-319-1092 | Email: chakits.k@gmail.com | Simply Vegas | 1780 W. Horizon Ridge Pkwy #100 Henderson, NV. 89012.
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❎All INFORMATION IS RELIABLE BUT NOT GUARANTEED. ALL PRICING SUBJECT TO CHANGE ❎ Chakits Krulsawat with Simply Vegas Lic# S.0168764 in not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. DO NOT make buying or selling decisions based on Chakits Krulsawat videos. If you need such advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. or financial advisor. Linked items may create a financial benefit for Chakits Krulsawat®. Any use of other media is by fair-use only. This is not an advertisement of property for sale and shall not be construed as anything other than an opinion for entertainment purposes only.
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