Omaha Real Estate Market Update for Spring 2014

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Omaha Real Estate Market Update for Spring 2014

Today I will be providing you with a real estate update for this spring in Omaha. The market still continues to look good, but I really want to touch up on 3 different things today.

1. Interest rates: Interest rates are still historically low in the 4%-4.5% range. Everyone expects them to rise near 5%, but there has been no certainty that this will actually happen.
2. Cost of building: Building costs have stayed the same over the last 6 months, but I would anticipate these costs to rise by next year. 
3. Scarcity of Land: The supply of lots has decreased greatly in the last 2 years with the increase in new building in Omaha. As supply decreased and demand increased, this also drove the prices of these lots up.

Overall, I think this is a good time to be in the market. If you wait to buy, things will only get more costly. Your buying power is very high right now, so if you're on the fence, now is a good time to hop off.

It's also a great time to be a seller in this market because homes are moving very fast and low interest rates are spurring buyers to make their purchases now instead of next year.

Thanks again for tuning in to this video blog. If you ever have any questions or if you would like some advice about the Omaha real estate market, then feel free to contact us via phone or email.