Interest rates on home mortgages loans are starting to edge upward but in some areas of Nebraska it is still very much a sellers’ market. Andy Alloway is the director of the Omaha Area Board of Realtors and says many people are rushing to get pre-approved on a home loan but the second issue is finding a house. Most people are looking at the $200,000 to $250,000 range in the metro area.
Alloway says, “Specifically under $200,000, we got about two to three weeks’ worth of inventory which in perspective of a balanced market would be four or five months.”
There is also plenty of competition for the same property.
Alloway says buyers really have to work closely with a realtor and if they see a house they like they shouldn’t sleep on it. He says people need to be ready to put an offer on the table and then there is no guarantee it will be accepted. Buyers today often find themselves in a bidding war with others wanting the same property.