The largest city in Nebraska, Omaha has a population that inches closer and closer to half a million each year. Local realtors urge sellers to be competitive.
Realtor Judy Smith notes, "Omaha is a seller's market in homes priced under $150,00, but a neutral market between $150,000 and $200,00 because the supply & demand are equal. It is a buyer's market for homes over $200,000. If you are thinking of buying a home within the next year, you may want to do it now because interest rates are rising. Don't miss this window of opportunity. Sellers need to be competitive when pricing their homes. If they are too high, buyers are not paying much attention. Buyers, there are some good values to be found. The best way to find these good values is to obtain a Realtor you trust and let them help you locate the homes you should view. Remember, it does not cost the buyer to use a buyer's agent. They are paid by a split in the commission that is promised by the seller when they list the house."
"Omaha is the hub of the Omaha Metro area and is the business center of Nebraska. There are numerous activities in the area to fulfill most, if not all, of an individual or family interest," says Realtor Gary Baumert. "There is a considerable amount of new commercial and residential construction in the Metro area, driven by the arrival and development of many new businesses. The school systems are excellent and there are many choices for continuing education as well as institutes of higher education within the boundaries of Omaha."
He adds, "The demand for higher end residential homes has slowed slightly, but homes in the price range below $200,000 are still moving at a good pace. The rise in interest rates mean that buyers can afford less home now than even two months ago. Sellers need to be aware of this trend and price their home appropriately. There is a demand for larger lots with larger homes that is not currently being met, but a couple of developments are in the approval process to try to remedy shortcomings in that portion of the market."
"Omaha has already kicked off the new year with a bang. There are currently over 2600 homes ready for sale, 1100+ homes in a pending status, but 400 fewer homes that closed this month. There are, however, more homes on the market in the Omaha Metro area, causing homes to be on the market longer and also lowering the average price of existing homes. There are currently 1300 more homes on the market this year compared to the same time period last year. Homes above 200k are on the market 30-90 days longer. Homes for sale ranged from $17,900 to more $3,499,000 and the average sale price was approximately 98 percent of the listing price.".
Click here to view current Market Conditions in your location.
Published: October 6, 2005
Use of this article without permission is a violation of federal copyright laws.
