The people looking for homes right now are serious buyers that need to buy soon. If you wait until spring to list, you’ll miss out on their business.
There are so many other sellers taking their homes off the market, your competition to sell is greatly reduced, and your home stands out more to those serious buyers.
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Hey everyone, today I wanted to talk to you about something that a lot of our sellers have been dealing with: multiple offers. In a busy spring market like ours, you need to know how to sift through all the offers on your home to figure out which buyer is best to buy your home. You want the most seamless transaction, netting you the most amount of money possible, with the terms we are looking for.
Currently, we are seeing two or three multiple offer situations with our sellers every week. When this happens, we really have to filter through the offers and figure out two things: the highest net to the seller, and what will appraise. You don't want to have all of these buyers putting in offers and just accept the highest offer, even if it's not realistic. You want to make sure you are working with an agent who can tell you whether the offer is in a range that it can appraise at.
From there, once you are able to determine the best net, you can start to look at things like contingencies the buyer will release like various home inspections, then we know we have the highest and best offer for you in all terms, not just price.
If you have any questions for us or are looking to buy, sell, or invest in real estate in Omaha, give us a call or send us an email. We look forward to hearing from you!
We are proud of the success we've had in the Omaha area thus far. We want to share with you some of the great homes from across the Omaha area and beyond that we've sold this year. To see the diverse range of homes we have had success with, watch this short video! Now is a great time to buy and sell in the Omaha area!
Here at the Omaha Real Estate Group we are proud of our range throughout the Omaha area. We have already sold 175 homes this year, from Downtown to West Omaha, Bellevue to Bennington. To see the variety of homes we sell, and have already sold, take a look at the short video above.
If you would like to SELL YOUR HOME with us, we'd be happy to help. Simply give us a call or shoot us an email - we would love to hear from you.
Berkshire Hathaway HomeServices - Ambassador Real Estate
We at the Omaha Real Estate Group are excited to announce that we are part of an exciting new program called The Great Home Giveaway. With over $250,000 up for grabs, this is a great opportunity to take advantage of low interest rates and possibly win thousands of dollars toward a new home. Every two weeks until January of 2015 we will be giving away $10,000, with agrand prize of $100,000 to wrap up the sweepstakes.
If you have been thinking about buying a home and plan on doing so between now and January, visit FindOmahaHomesForSale.com\Giveaway and get pre-approved with our lender to enter.
There is no need to wait - the sooner you enter, the more chances you have to win. As always, if you have any questions about real estate in Omaha, give us a call or shoot us an email for the best service in town. We hope you're the lucky winner!
There are many great Omaha area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a Market Analysis so you know what buyers will pay for your home in today's market. You may also call me at (402) 612-6693 for a FREE home buying or selling consultation to answer any of your real estate questions.
Maintenance Free Living: the Lifestyle You’ve Been Waiting For!
Many of us that own homes dream of one day living maintenance free. There is a growing population in Omaha that is looking for the maintenance free option and in the Omaha area, and they are available from downtown to the western-most boundaries of the city. The first thing to keep in mind when looking toward a maintenance free lifestyle is downsizing; which you most likely have to do. What I suggest to do is look closely at the things you can live with or without to help determine what size of a floor plan is right for you.
The next thing to consider is how you live; meaning what you want to live close to. This will determine what part of Omaha you want to live in, allowing you to dive into the different options of that area. Also, what amenities are you looking for? Services to consider are swimming pools, dog walking and concierge. Now that you have your list of criteria, you can decide on what location is best suited for you.
Most importantly, find a real estate agent that is familiar and experienced in dealing with condominiums and townhomes. This market is completely different than that of a residential home market. Knowing the ins and outs of this particular market means finding the right condo/townhome that you financially qualify for and having an agent that is familiar with writing contracts for these types of homes.
My team has sold over 700 condos and townhomes in the Omaha area so we are a great resource if you or someone you know is looking into the maintenance free lifestyle. Also, if you or someone you know is looking to buy, sell or invest, please give me a call, shoot me a text or email me. I look forward to hearing from you. Thanks!
How Does the Government Shutdown Affect the Real Estate Market?
By: Morgan Brennan, Forbes Staff
The government shutdown is here. Whether it’s not being able to get a new Social Security card or visit a national park, Americans will immediately feel the effects. But there’s one bright spot of the economy that stands to be affected as well: housing.
One of the biggest questions regarding the shutdown and how it will affect housing has revolved around the mortgage market, specifically prospective buyers’ access to new home loans. After all, more than 90% of all loan activity is underwritten, insured, or owned by the government and its affiliated entities.
Initially at least, the mortgage market is likely to be only minimally impacted. New loans will continue to push through most government agency pipelines. What will change is how long the process takes, as many agencies expect to experience delays.
Mortgages purchased and securitized by Fannie Mae and Freddie Mac will be unaffected because their operations are paid for by fees charged to lenders. And the Department of Veterans Affairs will continue to guarantee mortgages for Americans that have served in the military since these loans are funded by user fees as well.
But if the government shutdown of 1995-1996 is any indicator, the process will take longer than usual. “Loan Guaranty certificates of eligibility and certificates of reasonable value were delayed,” the VA warned in its September 25th contingency plan.
Where there has been mounting concern is the Federal Housing Administration, which currently endorses about 15% of the entire single-family mortgage market. Several media outlets recently reported that the FHA would be unable to endorse any single-family loans and that no staff would be available underwrite and approve new loans.
That prospect would be somewhat worrisome – if it were actually true. The FHA’s Office of Single Family Housing will indeed remain open for business, albeit with a smaller staff. “FHA will be able to endorse single family loans during the shutdown. A limited number of FHA staff will be available to underwrite and approve new loans,” the report now states. In other words, other lenders’ loans will continue to be insured and some in-house lending will continue to take place at a reduced rate.
The reason for that mix-up: the initial draft of the U.S. Department of Housing and Urban Development’s contingency plan mistakenly stated that single-family loan operations would cease. The report was amended over the weekend.
The FHA’s single-family loan operations are funded through multi-year appropriations, meaning their budget is not tied to the government’s standoff over funding for the new fiscal year that starts in October. On the other hand, what will be more affected is the agency’s Multifamily Housing Office, which is funded through yearly appropriations.
“Because we are able to endorse loans, we don’t expect the impact on the housing market to be significant, as long as the shutdown is brief,” continues the HUD report. “If the shutdown lasts and our commitment authority runs out, we do expect that potential homeowners will be impacted, as well as home sellers and the entire housing market.”
One government lender that will indeed suspend its home loan activity, however, is the Department of Agriculture. The USDA says that no new housing loans or guarantees will be issued through its Rural Development programs in a shutdown. The department also warns that such a scenario could cause “a setback in construction start-up,” and if the shutdown lasts for an extended period, “a substantial reduction in housing available in rural areas relative to population.”
“The government doesn’t generally approve loans, they basically just insure them,” says Don Frommeyer, president of the National Association of Mortgage Brokers and a vice president at Amtrust Mortgage Funding. “For the most part you aren’t going to see much of a hit in the mortgage market unless it goes for a long period of time.”
If it does stretch on, he adds, the worry will be what mortgage rates do in a market shrouded in fiscal uncertainty and how that will affect the home buying, especially in light of recent rate spikes.
Home lending aside, many economists and real estate experts are keeping a close watch on how Americans will react to this shutdown. “Administratively everything should keep moving along, but it’s more about the confidence of consumers and whether they perceive that the government shutdown could lead to a recession,” says Lawrence Yun, chief economist at the National Association of Realtors.
Moody’s Analytics chief economist Mark Zandi recently told the Senate Budget Committee that a partial shutdown could shave as much as 1.4 percentage points off of fourth quarter economic growth if it drags on for several weeks.
Americans’ confidence in their ability to buy and sell homes hit a record high in May, according to a Fannie Mae survey. Since then, as mortgage rates jumped more than a percentage point, that confidence level has plateaued. If prospective homebuyers fear that the country’s economic recovery will stall, or worse slip back into recession, they will pull back on purchases, worries Yun.
“Home sales is always the first housing variable that changes so one would see sales declining and that would naturally lead to more inventory on the market and eventually put pressure on prices,” he says. But that would be a worst-case scenario based on a long-term shutdown.
Jed Kolko, chief economist at Trulia TRLA +6.43%, notes that if the shutdown lasts longer than a few days, the first places to feel the impact will be local economies with large concentrations of federal government workers. Metro areas like Washington, D.C. and Bethesda, Md., where 19% and 13% respectively of total local wages go to federal employees, would be the feel the negative effects of unpaid furloughs and with them, tightened consumer spending and weakening local economic growth. Though not all will be equally affected, other metro areas like Virginia Beach, Va., Honolulu, Hawaii, and Dayton, Ohio are areas that Kolko is keeping an eye on: “Whether there is a big effect depends on how long the shutdown lasts, how long people think the shutdown lasts, and whether people get back-pay. All those things matter for the impact.”
Still others are worrying even more about the next fiscal standoff, in mid-October, surrounding the debt ceiling debate and its accompanying threat of debt default by the U.S. ”With the threat of an impending partial government shutdown and yet another battle over the nation’s debt ceiling, in particular, we are really messing with fire right now—even if it doesn’t seem to bother some legislators,” says Stan Humphries, chief economist at Zillow.
“But the effects of a government default associated with the impending debt-ceiling deadline would be more pronounced because of its greater impact on domestic and international markets. This will rattle consumers and investors alike, slow down the overall economic recovery and further slow the housing recovery, which is already undergoing a moderation in the pace of home value gains due to rising mortgage rates,” he warns.
We’ve seen it time and again. A seller eagerly lists their home, finds a buyer with a serious offer but chooses to wait things out and see if other (better) offers come along. While it can happen and it does sometimes, the problem is that there is a process usually followed by buyers and along with it a pipeline. Here is a look at how they lead up to making an offer and how by the time the first buyer seriously considers your home they are likely the most viable one.
For a consultation that is customized to your needs, contact us today. We look forward to serving you!
Many sellers are unsure whether or not to wait until next spring before listing their home. The confusion comes with a combination of age-old schools of thought that predict the spring season as being almost the only season for homes to sell successfully. Not true.
A lot of homeowners are under the impression that homes are not selling at all, whereas in our own experience, time and again we continue to see completely the opposite results. So much so, that we are defying the myths of never ending days on market statistics with many properties going under contract in approximately two weeks. Here’s why.
There are so many buyers in the marketplace right now that are eager to lock in the phenomenal interest rates and market conditions that continue to allow a very significant amount of buying power. The interesting thing is that while it is a strong buyers’ market in that sense, sellers are still enjoying an edge with the lower inventory that comes with it being this time of year.
Regardless of which side of the fence you are on, either way you look at it the market is strong. People are out there buying. If there are fewer homes available on the market, then that only means that there is less selling competition. This of course translates to top dollar and incredibly quick, hassle-free transactions in which everyone comes out a smiling winner.
So to answer one of the most frequently asked questions I am getting these days, it IS a great time to sell your home. Sure, you could wait till spring. But keep in mind that so will countless other sellers and by the time springtime blooms are back out, so will equally as many more “for sale” signs, competing with you.
By listing your home now, you can harness the power of the buyers that are striving to find that perfect property before the holidays kick in.
Contact us today if you’d like a custom, home valuation report detailing exactly what we expect your home will sell for in today’s marketplace. Our team looks forward to hearing from you and helping your real estate goals come to fruition.
The other day my husband brought home a copy of Reader’s Digest. As I was looking through it, I came upon an article entitled “13 Things Your Real Estate Agent Won’t Tell You”. Well, THAT piqued my interest. What am I not telling people? Am I not doing my job correctly? Do people think I am hiding things from them?!?
Let me tell you, I was in a real snit (until I actually read the article). First of all, the author asked Realtors from across the country to contribute to the story. She was not just some writer set out to bash the real estate community because she had a bad experience either buying or selling.
Every point made was valid and should be shared with both Buyers and Sellers.
There are actually 23 “things” that were mentioned either in the article itself or in the on-line, expanded version located at www.rd.com. In order to keep this blog short, I will just paraphrase some of the ideas that I found the most relevant for today’s market:
- If you are a Seller, don’t be offended by a low-ball offer. Work with it. You may have a better chance of coming to an agreement than finding another buye
- I know it’s heart-breaking, but the fact that your house was worth a lot more a few years ago is simply not relevant in today's market. In order to sell your home, you have to be realistic.
- Watch out for agents who overestimate your home’s worth. They are hoping you chose them over other agents who will price your home more realistically. Choosing that agent will only guarantee that your home remains on the market for a long time. Some buyers won’t even look at your house if they think there is no hope of negotiating a fair price.
- If someone wants to look at your house on short-notice, if at all possible, LET THEM! It may be inconvenient to you, but that person may be the buyer you are waiting for.
- If you are a buyer and you want to check the value of a property, you can utilize programs such as Zillow.com. However, don’t lock in on that figure. Websites such as Zillow only assess nearby homes with similar square footage that have sold. These programs do not take into consideration things such as the type of home (split-level, ranch, etc.), the level of upgrades, or the location (on a busy street, backs to park, close to shopping, etc.)
- As an agent, I can’t share the economic standing, predominant ethnic background or local crime rate of the area. If I did, I would violate the Fair Housing laws. You will have to look the information up yourself. For crime statistics in Omaha you can go to: http://www.opd.ci.omaha.ne.us/crime-information/crime-statistics to find the information you seek. For area demographics try: http://2010.census.gov/2010census/popmap/.
- Commission is always negotiable up front, before you sign a contract. Sometimes, if you and a Buyer (or Seller) are unable to come to an agreement, you could ask the agents involved to reduce their commission in order to get the deal to come together. Although, you must keep in mind the next point:
- The total commission does not go only to the List Agent. The funds must be shared with the Selling Agent (if there is one). After that split, there is money owed to the brokerage companies and sometimes, if the agents are part of a team, that team gets a cut as well. Agents have to pay for marketing, board dues, lockboxes, signage and more.
I hope you will keep in mind this blog when you are ready to either buy or sell a property. I also hope that when that time comes, you will consider working with me. Because after reading the article and writing this blog, I have come to the conclusion that I am doing my job properly and to the best of my ability! I always try to touch on these points at some point in my relationships with buyers and sellers alike! When the time is right call me, Marti McEvoy, at 402.670.0193.
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