While Omaha was spared much of the housing bubble and resulting recession, we have felt a bit of a sting nonetheless.  The housing market looked good during March and April of this year but the rise in home sales during those months can be attributed to $8,000 stimulus tax credit.  While interest rates are at a record low, many residents are not choosing to buy homes right now.

The Fed’s announcement earlier this week has sparked fears of a potential double dip economic recession. That would spook anyone. If Omahans fear they won’t be able to get a job or if they’re fearful of losing the job they already have then they don’t feel comfortable buying a new home.

Sellers are not giving their homes away for a ridiculous price either. Although it was reported in a Trulia poll that 32 percent of Sellers in Omaha have cut their initial price, the bottom line is that Sellers will generally choose not to sell if the offer is too low and ride out this market instead.

However, there are still people who are moving in and out of Omaha, or who have the money and good credit to buy, so homes are moving. We are slowing but steadily climbing to what we in the industry call “back to normal.” What that new normal will be, well, nobody knows yet.

Omahans are historically conservative by nature. I believe if the job market improves and stabilizes then the housing market will surpass expectations. In the meantime, the new normal may just be more modest growth and activity than anticipated.

If you’re ready to jump into the Omaha market, whether to buy or sell then give me a call at 402-670-8775 or email me at Marie.Otis@cbshome.com.  I will be most happy to provide you with superior service and the expertise you expect and deserve.