Why The Omaha Real Estate Market is on Fire This Spring
We are officially in the throes of the 2016 spring market, and if there is one word to describe current conditions it would be this: fast. Aside from personal experience, I’ve also found a handful of articles (listed at the end of this post) targeting the current national and local marketplaces backing the conclusion that as we continue experiencing an uptick in economic conditions, competition is thick and fierce.
With high demand comes a lower supply, causing lower inventory, increased competition and higher selling prices – which is exactly what the Omaha market looks like right now. Inventory levels are at incredible lows, and median priced housing is selling within hours of being available for sale. It’s not uncommon for the spring season to stir up market movement; buyers and sellers become motivated to get the wheels rolling once the weather becomes favorable, but this spring is a whole new ball game.
The real estate market is affected by so many facets that conditions are hardly ever “perfect” however, 2016 in Omaha is seeing low unemployment, inexpensive financing, and a halt in home value appreciation – all things that make purchasing a home more attractive. Almost too attractive. It’s no surprise then that these conditions are catching the attention of prospective buyers, namely millennials who are a large portion of those buyers. To top it all off, Omaha is now one of the most affordable metropolitan areas to live in the nation according to Movoto.com.
So if you’re in the market for a new home, or looking to sell in the near future, fear not, the market is good – great even – it’s just a matter of being patient to find the right home for you, and acting quickly to get it. If you have any questions, or would like a personalized market snapshot of your neighborhood, please feel free to reach out to me at [email protected].
And if you’re interested in reading further about current market conditions, here are a few articles I found to get you started.