Mortgage rates are starting to creep up a bit but home sales are hot. Andy Alloway is the director of the Nebraska Realtors Association and says 2015 is expected to be a very good year for home sales.
Alloway says, “2013 was a record sales year. 2014 exceeded that and we are on pace this year to exceed last year.”
Alloway says their spring sales season starts in February and goes through June. He says July is slower because of schools starting earlier.
Alloway says homes in the $150,000 to $200,000 range are hot sellers. He says, “We are starting to measure market time in hours instead of days. We are getting multiple offers typically in a day or two. If the property is priced right for the condition it is in it is gone just because we just don’t have enough inventory.”
Alloway estimates the inventory is down 20% from last May and right now there are about 3,000 homes on the market. He compares that to their peak in 2008 when they had 6,500 homes on the market.
Those with higher end homes ranging from $300,000 to $500,000 can expect them to be on the market a bit longer. Alloway says most of those homes are about ten years old and have to be in tip-top shape in order to sell. He says buyers may opt to build for the same money.