The Omaha real estate market is changing, as it is in many cities around the country. What does that mean for home sellers and buyers? Let’s break it down here.
HOME SELLERS
The past several months were definitely low in inventory, but more home sellers are entering the market and trying to take advantage of the equity in their homes and the higher sales prices of this market. What has changed is the time on the market from listing to under contract. As the market has cooled a little, days on the market have risen slightly. That shouldn’t concern home sellers as homes are still going under contract very quickly, just set the expectation that they aren’t typically going to go in 24 hours as we have seen in the past several months. Pricing is also going to be critically important as you enter the market. Working with an experienced local real estate professional to price your home appropriately according to market comparable, condition, city/neighborhood, etc will be an important factor in the sale and final sales price of your home. Price too high and you’ll deter buyers from even looking. Pricing in the sweet spot brings in qualified buyers and multiple offers- which can often drive up the final sales price. Making sure your home is prepared to enter the market is also essential. You only have one chance at making a great first impression on potential home buyers, so working with your agent to put your best foot forward is best practice.
HOME BUYERS
YES…interest rates have increased and will most likely continue to do so. It shouldn’t deter you from home buying right now. If you’re searching for a home, make sure you’re working with a top lender, are pre-approved, and are ready to make an offer now. Locking in your home and mortgage rate now will save you hundreds of dollars on your monthly mortgage payment down the road. Keep in mind that rates and payments will go higher. If you’re renting, your rental payment will most likely increase as well. So you need to weigh your options and see what makes the most sense for you. The good news, with more inventory on the market, you’ll have more options to choose from. Just be sure to know exactly what you want and want you’re willing to negotiate to get the home of your dreams.
As a seasoned real estate broker and agent, and previous mortgage loan officer, I have the knowledge and tools to guide you every step of the way through the real estate transaction- whether buying or selling, especially in competitive market environments. Are you ready to make a move? Put my experience to work for you! Call me at 402-981-6999 or [email protected]
