omaha real estate professional: The Cost of NOT Owning Your Home
- 09/14/16 11:06 PM
The Cost of NOT Owning Your Home Owning an Omaha home has great financial benefits. Because of this, more and more experts are growing concerned about the ramifications of a falling homeownership rate. Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.
The outcomes of a falling homeownership rate can be devastating. As explained by ApartmentList.com:
“Our research indicates that not owning a home has a sizable financial cost, as renters miss out on low mortgage rates and are hit by … (1 comments)
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omaha real estate professional: Why Getting Pre-Approved Should Be Your First Step
- 09/12/16 11:13 PM
Why Getting Pre-Approved Should Be Your First Step In many markets across the country, the amount of buyers searching for their dream Omaha homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.
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omaha real estate professional: 14,767 Homes Sold Yesterday… Did Yours?
- 09/05/16 11:30 PM
14,767 Homes Sold Yesterday… Did Yours? There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is... If it hasn't sold yet, maybe it's not priced properly.
After all, 14,767 houses sold yesterday, 14,767 will sell today and 14,767 will sell tomorrow. 14,767! That is the average number of homes that sell each and every day in this country, according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.39 million. Divide that number … (0 comments)
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omaha real estate professional: The Housing Market is Doing Just Fine
- 08/31/16 11:01 PM
The Housing Market is Doing Just Fine There are some that think that Omaha housing affordability is a challenge. Historically, that’s not true. Others think that home prices are approaching bubble values. If we look back over the last sixteen years, that is also not the case. As a matter of fact, the numbers show that the U.S. residential real estate market is doing just fine.
Here are two articles and excerpts that make this point:
The Housing Market Is Finally Starting to Look Healthy – The NY Times “It has been an excruciatingly long time coming, but the housing sector … (0 comments)
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omaha real estate professional: Don’t Get Caught in the Rental Trap!
- 08/29/16 11:48 PM
Don’t Get Caught in the Rental Trap!
There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.
Don’t Become Trapped Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a “Rental Affordability Crisis.” He warns that,
“Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.”
In the Joint Center for Housing Studies at Harvard University's 2015 Report on Rental … (1 comments)
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omaha real estate professional: How Scary is the Housing Affordability Index?
- 08/24/16 11:02 PM
How Scary is the Housing Affordability Index? Some industry pundits are saying that the housing market may be heading for a slowdown. One of the data points they use is the falling numbers of the Housing Affordability Index, as reported by the National Association of Realtors (NAR).
Here is how NAR defines the index:
“The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.”
Basically, a value of 100 means a family earning the … (0 comments)
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omaha real estate professional: 2 Myths About Mortgages That May Be Holding Back Buyers
- 08/22/16 11:02 PM
2 Myths About Mortgages That May Be Holding Back Buyers 2 Myths About Mortgages That May Be Holding Back Buyers Fannie Mae’s “What do consumers know about the Mortgage Qualification Criteria?” Study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.
Myth #1: “I Need a 20% Down Payment” Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.
Many believe that they need at … (0 comments)
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omaha real estate professional: 4 Stats That PROVE This Is NOT 2005 All over Again
- 08/17/16 11:04 PM
4 Stats That PROVE This Is NOT 2005 All over Again
Recent research by the National Association of Realtors (NAR) examined certain red flags that caused the housing crisis in 2005, and then compared them to today’s real estate market. Today, we want to concentrate on four of those red flags.
Price to Rent Ratio Price to Income Ratio Mortgage Transactions House Flipping All four categories were outside historical norms in 2005. Home prices were way above normal ratios when compared to both rents and incomes at the time.
NAR explained that mortgage transactions as a percentage of all home … (1 comments)
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omaha real estate professional: How Do Rising Prices Impact Your Home Equity?
- 08/16/16 02:49 AM
How Do Rising Prices Impact Your Home Equity? Yesterday, we shared the results of the latest Home Price Expectation Survey by Pulsenomics. One of the big takeaways from the survey is that over the next five years, home prices will appreciate 3.5% per year on average, and cumulatively will grow by around 18%.
So what does this mean for homeowners and their equity position? For example, let’s assume a young couple purchased and closed on a $250,000 home in January of this year. If we only look at the projected increase in the price of that home, how much equity would … (1 comments)
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omaha real estate professional: Luxury Home Sales & the Impact of the Stock Market
- 08/12/16 12:12 AM
Luxury Home Sales & the Impact of the Stock Market In a recent post, CoreLogic looked at the correlation between stocks and the sales of upper-end properties ($1 Million+ sales price). The report revealed:
“The powerful ‘wealth effects’ generated by the rapid rise in equities between 2009 and 2015 drove a large rise in the sales of homes that sold for $1 million or more.
Historically, sales of homes priced $1 million or more averaged 1.2 percent of all home sales. The spread between high-end sales and equities widened during the housing bubble but then moved more closely in unison. By … (0 comments)
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omaha real estate professional: Home Sales Up in Every Price Range over $100K!
- 08/08/16 11:30 PM
Home Sales Up in Every Price Range over $100K!
The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure.
Homes priced between $100-250K showed a modest increase at 3.4%. This not only points to the lower inventory of Omaha homes available for sale in this price range but also speaks to the overall strength of the housing market.
Sales of homes over $250,000 increased by double digit percentages with sales in the $750,000- $1 million range showing the largest increase, up 16.7%!
As prices … (0 comments)
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omaha real estate professional: Thinking of Selling Your House? Pick the Right Agent!
- 08/03/16 11:11 PM
Thinking of Selling Your House? Pick the Right Agent! Today, more and more sellers are stepping back, taking a look at the advice real estate professionals give them, and asking themselves whether they can trust that advice. And that is exactly what they should do.
The most important question you can ask when you are choosing an Omaha real estate agent is whether you feel you can trust them. You must know that they’re giving you great advice, and that they’re going to be able to help you accomplish your family’s goals. You must trust your listing agent enough to allow … (1 comments)
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omaha real estate professional: What Does Home Mean to You?
- 08/02/16 01:22 AM
What Does Home Mean to You? No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own Omaha home are, more often than not, the more powerful or compelling ones.
Every year, The Joint Center for Housing Studies at Harvard University conducts a survey to find driving factors behind why Americans decide to buy a home.
The top 4 reasons to own a home cited by participants of the survey … (0 comments)
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omaha real estate professional: Americans Believe Real Estate is Best Long-Term Investment
- 07/27/16 11:15 PM
Americans Believe Real Estate is Best Long-Term Investment According to Bankrate’s latest Financial Security Index Poll, Americans who have money to set aside for the next 10 years would rather invest in real estate than any other type of investment.
Bankrate asked Americans to answer the following question:
“Which would be the best way to invest money you did not need for more than 10 years?” Real Estate came in as the top choice with 25% of all respondents, while cash investments (such as savings accounts and CD’s) came in second with 23%. The chart below shows the full results:
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omaha real estate professional: The Top Reason to List Your House For Sale Now!
- 07/26/16 12:44 AM
The Top Reason to List Your House For Sale Now! If you are debating listing your Omaha house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes For Sale The National Association of REALTORS’ (NAR) Chief Economist, Lawrence Yun recently commented on the inventory shortage:
“With demand holding firm and homes selling even faster than a year ago, the notable increase in closings in recent months took a dent out of what was available for sale.
Realtors are acknowledging, with increasing frequency lately, that buyers continue to be frustrated … (1 comments)
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omaha real estate professional: Baby Boomers Are On the Move
- 07/20/16 11:18 PM
Baby Boomers Are On the Move According to a Merrill Lynch study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.
As one participant in the study stated:
“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.”
The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses” at 26%.
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omaha real estate professional: A Homeowner’s Net Worth is 45x Greater Than a Renter’s!
- 07/18/16 11:08 PM
A Homeowner’s Net Worth is 45x Greater Than a Renter’s! Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).
In a Forbes article, the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater.
The graph below demonstrates the results of the last two Federal Reserve studies and Yun’s prediction:
Put Your Housing Cost to Work for You … (0 comments)
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omaha real estate professional: Should I Wait Until Next Year? Or Buy Now? [INFOGRAPHIC]
- 07/15/16 06:25 AM
Should I Wait Until Next Year? Or Buy Now? [INFOGRAPHIC] Some Highlights: The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time. Freddie Mac predicts interest rates to rise to 4.6% by next year. CoreLogic predicts home prices to appreciate by 5.3% over the next 12 months. If you are ready and willing to buy your dream home, find out if you are able to!
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omaha real estate professional: Is Now the Right Time to Put Your House on the Market …or Not?
- 07/06/16 11:25 PM
Is Now the Right Time to Put Your House on the Market …or Not? Last week, the National Association of Realtors (NAR) released their Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings. The report revealed that this May’s numbers weren’t quite as good as the year before:
“With last month’s decline, the index reading is still the third highest in the past year, but declined year-over-year for the first time since August 2014.”
The mainstream media ran headlines highlighting that the index had dropped for the first time in two years. Many read this as … (1 comments)
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omaha real estate professional: 4 Reasons to Buy This Summer!
- 07/05/16 05:37 AM
4 Reasons to Buy This Summer! Summer is here! The temperature isn't the only thing heating up right now, so too is the housing market in many areas of the country! Here are four great reasons to consider buying a home today instead of waiting.
1. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that home prices have appreciated by 5.9% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.3% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, … (0 comments)
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The Cost of NOT Owning Your Home Owning an Omaha home has great financial benefits. Because of this, more and more experts are growing concerned about the ramifications of a falling homeownership rate. Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.
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