Latest news with #JillianBatchelor
Yahoo
a day ago
- Business
- Yahoo
18% of Las Vegas home deals fell through in April — but is it a sign the market is turning in buyers' favor?
Home buyers in Las Vegas are walking away from contracts in increasing numbers. High interest rates, financial anxiety and an oversupplied market are pushing many to rethink their purchases before closing. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) A recent Redfin report found 14.3% of U.S. homes under contract in April were canceled, marking the second-highest April cancellation rate on record, behind only the pandemic-era spike in April 2020. In Las Vegas, the rate was even higher: 18.6% of purchase agreements fell through, placing the city eighth among major U.S. metros for canceled deals. Here are two of the main reasons for the growing trend. Higher mortgage rates and skyrocketing home prices are driving many to the brink. The average 30-year fixed mortgage rate hit 6.85% in June, more than double what it was during pandemic lows. That kind of increase can add hundreds — even thousands — to monthly payments when taxes and insurance are included. 'Groceries have been high, gas has been high, utilities have been high,' said Jillian Batchelor, a Southern Nevada realtor, in an interview with 8 News Now. 'So buyers are more payment-conscious or payment-savvy than they really ever have been.' And with inflation still weighing on American households, some prospective buyers are having trouble securing final approval. Others are rethinking whether they can afford the total cost once they see the final numbers — including homeowners association (HOA) fees and insurance premiums. Redfin agents nationwide are also seeing buyers hesitate due to broader economic and political instability — including layoffs, tariffs and federal policy uncertainty. Another recent Redfin survey found that nearly 1 in 4 Americans scrapped plans for a major purchase this year due to tariffs. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it The housing market in Las Vegas is also experiencing a surge in listings. '[A] buyer goes under contract,' Batchelor told 8 News Now. 'And all of a sudden a week later they see, 'oh there's five more homes available in that neighborhood, this one might be nicer, this one might have more upgrades.'' With inventory now at a five-year high nationally, according to Redfin, this scenario is becoming increasingly common — especially in states like Nevada, Texas and Florida, where new home construction has surged. Buyers feel less pressure to settle, knowing there may be better deals just around the corner. That confidence is reshaping buyer behavior. According to Redfin's report, five of the 10 metros with the highest cancellation rates are in Florida — which is a sign that growing supply can tip the scales in favor of consumers. While Las Vegas may be an extreme case, the underlying issues — affordability and market saturation — are national in scope. From Riverside, California to Atlanta, Georgia (which led the country with a 20% contract cancellation rate), buyers are hitting the brakes. This shift may suggest that while the housing market may be cooling, affordability is still out of reach for many Americans. Still, Redfin economists predict some relief later in 2025, with home prices expected to drop modestly as demand softens. In the meantime, buyers are urged to do their research, stay flexible and be ready to walk if the numbers don't add up. As Batchelor put it, 'All of this is just an adjustment to probably (…) equalize the playing field — maybe a little bit more.' Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
a day ago
- Business
- Yahoo
18% of Las Vegas home deals fell through in April — but is it a sign the market is turning in buyers' favor?
Home buyers in Las Vegas are walking away from contracts in increasing numbers. High interest rates, financial anxiety and an oversupplied market are pushing many to rethink their purchases before closing. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) A recent Redfin report found 14.3% of U.S. homes under contract in April were canceled, marking the second-highest April cancellation rate on record, behind only the pandemic-era spike in April 2020. In Las Vegas, the rate was even higher: 18.6% of purchase agreements fell through, placing the city eighth among major U.S. metros for canceled deals. Here are two of the main reasons for the growing trend. Higher mortgage rates and skyrocketing home prices are driving many to the brink. The average 30-year fixed mortgage rate hit 6.85% in June, more than double what it was during pandemic lows. That kind of increase can add hundreds — even thousands — to monthly payments when taxes and insurance are included. 'Groceries have been high, gas has been high, utilities have been high,' said Jillian Batchelor, a Southern Nevada realtor, in an interview with 8 News Now. 'So buyers are more payment-conscious or payment-savvy than they really ever have been.' And with inflation still weighing on American households, some prospective buyers are having trouble securing final approval. Others are rethinking whether they can afford the total cost once they see the final numbers — including homeowners association (HOA) fees and insurance premiums. Redfin agents nationwide are also seeing buyers hesitate due to broader economic and political instability — including layoffs, tariffs and federal policy uncertainty. Another recent Redfin survey found that nearly 1 in 4 Americans scrapped plans for a major purchase this year due to tariffs. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it The housing market in Las Vegas is also experiencing a surge in listings. '[A] buyer goes under contract,' Batchelor told 8 News Now. 'And all of a sudden a week later they see, 'oh there's five more homes available in that neighborhood, this one might be nicer, this one might have more upgrades.'' With inventory now at a five-year high nationally, according to Redfin, this scenario is becoming increasingly common — especially in states like Nevada, Texas and Florida, where new home construction has surged. Buyers feel less pressure to settle, knowing there may be better deals just around the corner. That confidence is reshaping buyer behavior. According to Redfin's report, five of the 10 metros with the highest cancellation rates are in Florida — which is a sign that growing supply can tip the scales in favor of consumers. While Las Vegas may be an extreme case, the underlying issues — affordability and market saturation — are national in scope. From Riverside, California to Atlanta, Georgia (which led the country with a 20% contract cancellation rate), buyers are hitting the brakes. This shift may suggest that while the housing market may be cooling, affordability is still out of reach for many Americans. Still, Redfin economists predict some relief later in 2025, with home prices expected to drop modestly as demand softens. In the meantime, buyers are urged to do their research, stay flexible and be ready to walk if the numbers don't add up. As Batchelor put it, 'All of this is just an adjustment to probably (…) equalize the playing field — maybe a little bit more.' Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
30-05-2025
- Business
- Yahoo
Rise in Las Vegas homebuyers backing out; realtor cites financial concerns, more market choices
LAS VEGAS (KLAS) — More homebuyers are backing out of contracts in Las Vegas, according to a recent study, so 8 News Now spoke with a real estate agent about what the trend means for the housing market. Jillian Batchelor, Southern Nevada realtor and owner of the Batchelor Hanna Group, walked 8 News Now through one of her latest listings in the northwest valley Thursday. It is one of thousands on the market in Las Vegas, a city where real estate is ever-changing. 'All of this is just an adjustment to probably maybe equalize the playing field,' Batchelor said of the market. 'Maybe a little bit more.' In the past few years, Southern Nevada has seen interest rates and home prices creep up. Now, according to a recent Redfin study, many buyers are backing out of deals. Approximately 56,000 home purchase agreements were cancelled in April across the United States, according to Redfin economists. That is the second-highest rate on record, only followed by April 2020. Las Vegas ranks eighth in the country for buyer backouts, listed several points above the national average. 'We're seeing about 14,15 percent of the homes going under contract cancel in today's market,' Batchelor said. She told 8 News Now there are a variety of reasons behind the sudden increase. The first is financial. Many prospective buyers can't manage a final approval, while others change their mind when they see the final estimated payment, including interest, taxes, and homeowners' association fees. This is especially prudent with other concerns over economic instability, according to Batchelor. 'Groceries have been high, gas has been high, utilities have been high,' she said. 'So buyers are more payment conscious or payment savvy than they really ever have been.' The second catalyst is more choices, she continued. As the market swings to benefit buyers instead of sellers, those purchasing have more power. 'Buyer goes under contract,' she said. 'And all of a sudden a week later they see, 'oh there's five more homes available in that neighborhood, this one might be nicer, this one might have more upgrades.'' While this all may seem unsettling, housing changes aren't unusual, especially locally, according to Batchelor. She encourages anyone buying or selling to do the right research and always know what to expect. Redfin economists predict some relief later in the year, with the median home price expected to fall slightly, according to another recent study. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
