What Omaha And Council Bluffs Home Sellers Should Know About the Current Real Estate Market

What Omaha And Council Bluffs Home Sellers Should Know About the Current Real Estate Market
Homes By Chris Harter: Your Local Omaha And Council Bluffs Real Estate Agent. Call: 402-378-9462 or www.homesbychrisharter.com

There are many stages in life where the mindset of temporary housing or a rental phase makes sense. However, Omaha and Council Bluffs home sellers should know that while it would have previously been the norm, these people are now more focused on finding permanent housing situations and increasing the number of home buyers competing for homes in the real estate market Omaha. Part of this drive may be due to many company’s business models rolling over into home-based work. Another phenomenon that has come to light, more wealthy investors are updating their investment plans to move with the market, making their second home purchases for retirement earlier than previously planned, increasing the shortage of available properties on the market. 

Riding the Wave

Like a wave still rolling from the 2008 national trend of slowing new housing production, the backlog of completed units has yet to be met, let alone the surge in demand that has emerged since the pandemic. Low-interest rates are also pushing home buyers into the market that may not have otherwise been able to afford as much housing. There is also a migration of home buyers from high-tax states brought on by changes in federal tax guidelines, which means they can no longer write off their property taxes. 

The National Association of Realtors reported in October of 2020 that there were fewer homes for sale now than ever. If no other homes were listed on the market starting now, there is just over a two-month supply of inventory available. There has also been a stall in the number of homes listed by sellers that would typically be making an upward move in housing, such as moving up from a starter home. Many homeowners choose to stay in place to see how they are involved and settle out before risking what they have in place. These factors have combined to create an epic seller’s market, with the surge in demand and shortage of housing units available, causing prices to soar. Read on to discover what Omaha home sellers should know about the real estate market in Omaha and Council Bluffs or contact your local agent in Omaha and Council Bluffs to know more about the current riding trend wave in Omaha and Council Bluffs.

The Trouble With Bidding Wars

While a seller’s market may sound like a perfect scenario, Omaha home sellers should know that bidding wars affect the real estate market in Omaha and Council Bluffs. The problem comes when home buyers bid above the amount the home will appraise while remaining below the typical 80 percent of the loan to value the mortgage. There is a potential to lose your home buyers, should they find themselves in a bidding war. They may not have the finances to afford the higher monthly payments and a higher principle, let alone the additional cost of mortgage insurance. And may not have enough cash on hand to cover any shortage between the appraisal and the final purchase price.

What Goes Up Must Come Down

All good things come to an end. Housing prices had already begun to trend upward before the pandemic and continue to rise. Under the current conditions, most first-time homebuyers facing the rapid jump in listing prices cannot afford the average home. Omaha and Council Bluffs home sellers should be acutely aware that the current rising price trend on the real estate market in Omaha and Council Bluffs cannot continue indefinitely, and the real estate market may crash. Indicators are that foreclosures, which are on hold now, will rise among lower-income households. Around 2.75 million mortgages are in forbearance under the CARES act’s protection at this time, with approximately 10 percent of all FHA-backed mortgages more than three months behind on payments. 

Avoiding the Risks of Selling

Avoiding selling your house in Omaha and Council Bluffs for too long may mean that home seller miss out on this rare opportunity to strike while the market is at or near its peak. When it comes to traditional listings with a local real estate agent in Omaha and Council Bluffs, a significant number of people simply do not want to take the risks of meeting with strangers to negotiate or do business. Many would prefer not to have showings during the pandemic because of potentially ill buyers walking through their homes. With stress already at an all-time high for many, the mere thought of the additional pressures of selling a house fast in Omaha and Council Bluffs, especially when school and work are home-based, is too much to consider. Omaha and Council Bluffs home sellers should know that there is another way to sell their house fast in Council Bluffs and Omaha on the real estate market in Omaha and Council Bluffs, by selling to a local realtor in Omaha and Council Bluffs like Homes By Chris Harter.

Ready to learn more about what Omaha and Council Bluffs home sellers should know about the real estate market in Omaha and Council Bluffs? At Homes By Chris Harter, we are here to listen and help you handle all of your problems. With fair prices, straightforward easy to understand contracts, and quick closings. Working with us at Homes By Chris Harter means there’s no need to delay selling any longer! Homes By Chris Harter will walk you step by step through the process and help you determine what is best for you! Contact Chris and her team of Homes By Chris Harter at 402-378-9462 or www.homesbychrisharter.com!

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