Real Estate Information

The Omaha housing market has come through the recession so far with little of the agony felt by other areas in the country.  But news came out this week that the U.S. housing market seems to be recovering faster than expected.  Much of the action is in first-time home buyers and it appears most places have lots of such homes available. 

Home sales surged 8.5% in July in the Midwest – this is the second straight annual increase.  On the national scene, home sales reached a seasonally adjusted annual rate of 5.24% million in July.  This represents the fourth straight monthly increase.  It was the housing market’s strongest month since August 2007. 

The Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index was released this week. It showed home prices rose almost 3 percent above prices recorded in the first three months of the year.  Have we turned the corner here?

Many economists are adamant that the news means we may now be heading out of the tough economic times.  The real question is - can it last?  The housing market is damned for leading us into the recession.  Just maybe the housing market will lead us out of it.

If you have thoughts on the housing market I’d love to hear them.  Give me a call at 402-697-4251 or email me at Marie.Otis@cbshome.com.

I have discussed real estate trends in my blog several times but there is a definitely new trend that retailers say are the result of “staycations.”  When this term first emerged in a big way last year it meant simply not going abroad for a get-away.  However, with the deepening of the recession and the uncertainty about job retention staycations have come to mean staying home rather than taking a vacation somewhere else.

Staycations have made an impact on the remodeling industry. According to builder information provider, Hanley Wood, it is projected that in 2016 the home remodeling sector will have grown 62% in a decade.  What’s interesting here is that people are focusing their remodeling efforts on their backyards.

Just a few years ago people were determined to upgrade their “curb appeal” by landscaping and installing lighting effects in their front yards. The focus now is the backyard where 70% of consumer purchases for outdoor remodeling are being used “customize their outdoor space.”  People are focusing on their backyards with an eye toward entertaining or being entertained at home.

The recession has prompted a lot of people to consider do-it-yourself kits for special lighting, fancy barbecue kitchens, etc.  If you are a d.i.y. expert remember, be certain to install fixtures made of all-weather brass and invest in low-voltage lighting.  Your local Home Depot or Lowe’s have lots of expertise and can offer lots of good advice.

If you’re stuck with a staycation this year consider your own backyard.  If you plan to put your home on the market in the next year or two such enhancements could make it easier to sell your home.  When you’re ready to sell your home please give me a call at 402-697-4251 or email me at Marie.Otis@cbshome.com.

Good news continues to pour in for the Omaha real estate market. 

1. Nebraska’s housing market is one of “the hottest in the country.”  According to the National Association of Realtors (NAR), Nebraska ranked 5^th in the nation for gains in existing home sales over the same time last year.  Nebraska home sales were up 20.3% in the first quarter of 2009 and 6.4% in the second quarter. 

2. The federal tax credit of up to $8,000 is still in effect until the end of November.  This tax credit for first-time home buyers has proved to be very popular.

3. Some economists now say that the worst of the housing recession is over.  Only history will prove that true but according to the Omaha Board of Realtors number of houses under contract to close is up almost 10% for the year.

4. One of the best signs is a slight increase of sales in higher-priced homes.  The starter homes have selling well and now there is movement in the higher-priced market.

It’s time to buy folks and I’m here to make certain you find the home of your dreams.  Let’s get you into a home right now.  Give me a call at 402-964-4251 or email me at Marie.Otis@cbshome.com.

On a national basis existing home sales rose for the fifth straight month. According to the National Association of Realtors that is the longest steak of gains since 2003. In the Omaha area the total of homes placed under contract has increased compared with the same period last year. It has been noted that recovery began in the starter-home market. Nevertheless, the latest housing statistics point to a beginning rebound is starting for higher-priced homes.

Metro Omaha real estate has continued to improve in 2009. According to statistics from the Omaha Area Board of Realtors, in the first half of the year, 355 more homes were placed under contract than in the first half of 2008. The $8,000 tax credit the federal government is offering for first-time homebuyers is fueling the increase in buying.

The flip side of the coin is that foreclosures are up. There were 953 foreclosures in Omaha in 2008 and there have already been 419 so far in 2009. Omaha is facing more vacant homes as foreclosures are completed but no buyers found for the houses. Neighbors are beginning to chafe when seeing once well-cared for homes looking run down and neglected. But for buyers even this news means the inventory of available homes is still high.

There are obviously bargains out there.  Let me help you find a home for you.  If you are in the market I’m ready to help.  Give me a call at 402-697-4251 or email me at Marie.Otis@cbshome.com.

August is back to school month for the Omaha Metro Area and it struck me that it might be wise to run once again some articles about our area school districts.  Let’s start with the Papillion-LaVista School District.

One District – Achieving Excellence

One Building, One Classroom, One Student at a Time!

This is the motto of the dynamic Papillion-LaVista school district, serving students since 1872.  What began as a classroom in a private home has become, in the last 130 years, a major district and the only one with two Class-A cities within its boundaries; Papillion and LaVista.  In fact, in 1987, the district name was changed to include both Papillion and LaVista.  The District is located just south of Omaha metropolitan area.

The District’s Mission: “In cooperation with family and community, the mission of the Papillion-La Vista School District, is to prepare all students to be productive responsible citizens in a changing society through superior educational programs in a safe and supportive environment.”

The District has a unique set of values it calls its Governing Beliefs.  These beliefs are: “**Our District’s purpose is to ensure academic learning in an equitable manner while offering a variety of extracurricular opportunities.

**Our schools will provide a student centered environment which is safe, supportive and nurturing.

**Our schools’ effectiveness is maximized when students, family, staff and community share in the vision and actively participate in the educational process.

**Our schools have the primary role in managing the educational variables necessary for learning.

**All students will obtain knowledge and skills which enable them to be contributing, responsible members of society.

**All students can learn when their unique needs are met.

**All students will be challenged to meet high standards.

**All students will be provided the resources needed to learn.

**Education is a life long process.”

Like other districts in the area, Papillion-LaVista recognizes the need for active participation of parents and family to insure the success of their children’s education.  The District has developed ways to communicate what’s happening in their schools and the accomplishments, both group and individual, of the students.  The District has an excellent website that will give parents and children all kinds of information they can use.  If you are interested in learning more about the District go to http://www.paplv.esu3.org/ for detailed information.  If this school district is the one for you and you need help finding the perfect home in the district contact me at marie.otis@cbshome.com

Are you ready to party? Omaha is the place to be this weekend.  Mutual of Omaha is celebrating its centennial with a huge party.  Venues all over will be participating and most of it is free.  Maybe you’ll want to attend the wine tasting at Lauritzen Gardens or catch Martin Scorsese’s The Last Waltz at Film Stream’s Ruth Sokolof Theater.  At 11 p.m. you can catch a live outdoor concert at Showdown featuring the band Cursive as the headliner.  There are so many activities I can’t begin to name them here.

The party continues on Saturday.  Omaha’s Henry Doorly Zoo will have free admission. There will also be all kinds of entertainers to add to the fun. At Rosenblatt Stadium the Omaha Royals will be playing.  Added to the fun will be a post game fireworks show. 

To learn more about this weekend's activities go to www.wildaboutomaha.com. There is something for the entire family.  This is a weekend of fun you will not want to miss.  I’ll see you there!

The news media would have us believe it’s all doom and gloom out there.  There are 10 reasons this isn’t so in Omaha.  Please see below:

1. Business Week in its June 18^th edition that real estate prices had slipped less than 1% compared with 18% nationally.

2. Omaha has risen from the 43^rd most populous city in the nation to the 40^th .

3. CNNMoney has just names Papillion number 3 in the best 100 communities in the nation to live. 

4. First-time buyers can claim a credit worth $8,000 - or 10% of the home’s value, whichever is less - on their 2008 or 2009 taxes. A big plus is that the credit is refundable.

5. Business Week is quoted as reporting, “strong prospects for job growth in Omaha mean prices should rise faster than the U.S. average.”

6. The unemployment rate of 5.1% is tied for the lowest in the nation among the 100 largest U.S. cities.

7. The College World Series last month posted on ESPN its highest ratings ever.

8. “Omaha looks poised to trump the U.S. on the upside” because "high-tech companies are “flocking to the Omaha area.”

9. Kiplinger’s Personal Finance called Omaha “paradise on the plains.”

10. The Wall Street Journal called Omaha “one of the nation’s biggest success stories.”

This is all good news people. Now is the time to buy a home. I can help you with that.  It’s time to take advantage of a situation that happens rarely.  Give me a call at 402-669-9623 or email me at Marie.Otis@cbshome.com.  I can help you make the American Dream come true for you.

I’ve written several entries on what a Seller should do to their house if they wish to put it on the market.  I thought I would seek out some other authorities on the subject and turned to appraisers.  The usual advice of updated paint, carpeting, thorough cleanings and enhanced curb appeal were all mentioned.  However, if you have some time before you need to put your home on the market there are some things appraisers suggest for a solid return on your investment.

1. Enlarge the garage.  Making your garage bigger, installing taller and wider doors and adding storage space will appeal to many Buyers.  Those with trucks and wide vans will be delighted with the additional space.  If you add storage space it will be perfect for all that junk the new owner will store in the garage.

2. Add square footage.  Finish the basement or add a bathroom and bedroom addition.  This will make your home sell more quickly.  I can’t promise you’ll get dollar for dollar when you sell but it will enhance the value of your home.

3. Don’t add a pool.  If you don’t have a pool now don’t install one if you are planning to move in a couple of years.  The truth is most Buyers do not see a pool as a plus.  For Buyers with young children it is a huge safety factor.  Other Buyers just see a pool as a lot of additional work and maintenance upkeep they don’t want be saddled with after the sale.

You have choices when getting your home ready for the market.  Be certain they are the right choices.  Please give me call or drop me a line if you have a specific question about a planned home improvement.  I can help get you the information you need to make smart choices.  Give me a call at 402-697-4251 or email me at Marie.Otis@cbshome.com.

I’ve decided to take a break from real estate issues and wish each of you a peaceful, happy Independence Day.  Most of all I would like to thank the men and women throughout the past 200+ years who have given up their pursuits to defend our country both here and abroad.  To those Americans currently stationed around the globe who are on the front lines of both war and diplomacy please accept my gratitude. 

I’m proud to be an American.  Our glory and success is that of the common man and woman who strive to do their best and make their lives count.  On the 4^th we honor the birth of our nation.  Let’s all reflect on that between the cookouts, the ball games, and the family get-togethers.

Happy 4^th of July!!

I hear Sellers say the same thing nearly every time we meet to set the asking price of their home.  “It’s important we set the price high so we have room to negotiate,” the Seller tells me.  I don’t agree and here are six reasons:

1. Agents sell homes.  They are the ones that get Buyers to your home.  They are reluctant to show a home they believe is overpriced because it isn’t in the best interest of their clients.

2. Competitive prices attract the best Buyers.  Serious Buyers have the money needed to buy a good value in their price range.  If the house is priced well the Buyer will usually buy now.

3. The longer your home is on the market the more costs you pay before closing.  Think of the taxes.

4. Overpricing your home will help the other homes in your neighborhood sell before yours.  Why pay a premium for a home when you can get a similar one down the street for less?

5. Many Sellers tell me they will ask the higher price for 2 weeks and then drop it.  This is a big mistake.  Most of the Buyers will come through during the first 2 weeks of your listing.  If you scare them away they rarely return – even if you lower the price.

6. Get the house sold and move on with your life.  If you’re serious about moving then price your house to sell. 

If you’re uncertain about how to price and you’ve discussed the matter with your Realtor consider paying for an appraisal of your home.  For $350 to $400 you can get a rock solid opinion on the value of your home.  The Buyer will appreciate it because it will alleviate the fear that they will pay too much.  Here in the Omaha Metro area I can help you arrange for an appraiser.  I will prepare a comparison of like homes recently sold in your neighborhood.  I assure you we can get your home priced right in any market.  You can depend on CBSHOME Real Estate and me.