Omaha Real Estate

The Active Rain Realtor Nationwide Survey about Omaha, Nebraska.

The Omaha real estate market is relatively stable. In April, based on the number of contracts accepted, there was a 3.75 month supply of homes for sale.

Total Number For Sale	5420
Total Number of Accepted Offers	1447
Total Number of Closed Sales	822
% of sellers that accepted an offer	26.70%
Months Supply	3.75

The market has slowed since the expiration of the First Time Homebuyers Tax Credit so I expect at the end of the month when we compile May's numbers we will see a decrease in the accepted offers and an increase in the months supply.

The higher price ranges (above $350,000) are hurting the most with over a 10 month supply in April. Starter homes ($100,000 to $150,000) are fairing the best.

Omaha's economy and employment has remained strong throughout the recession which has resulted in a steadier market than many cities. Despite this there is still an excessive amount of inventory for sale.

Foreclosure and short sales do not drive the market here but have become more common over the last two years.

16526 Greenleaf, Millard Park South, Omaha real estate, Omaha homes for sale, Omaha Realtor, Omaha real estate agent, Troy Trumm, Trumm Team, Millard

3211 N 169 Ave, Whisperin Ridge, Omaha real estate, Omaha homes for sale, Omaha Realtor, Omaha real estate agent, Troy Trumm, Trumm Team,

New Stony Brook Hy-Vee in Millard

The Hy-Vee store at Oakview is in the process of moving to a new 12 acre location in Stony Brook just blocks away from Millard South High School.  Construction has begun in Stony Brook and the new store will be much larger.  It will offer customers more amenities such as expanded departments for fresh-cut meats, organic and health foods, more dine-in and carry-out choices, a Caribou coffee kiosk, and a drive-up pharmacy window.  The expansion will also offer a convenience store/gas station. 

 

View Larger Map

This will be an interesting move from what appears to be a coveted location in Oakview near the Oakview Mall which is in a fairly commercial area to a slightly more residential area in Stony Brook. For a company that is in its 80 year and is one of the largest privately owned supermarket chains, it will more than likely be a good move. 

Hy-Vee began in Beaconsfield, Iowa in 1930 and opened its first store in Nebraska in Norfolk and in Omaha in 1982.  Last year the company had a total of 228 stores and has always taken pride in picking its own inventory, setting its own prices, and encouraging new ideas.    

 

In part one of this series on price your home, What Listing Price will get my Home in Omaha Sold? Part One, we covered what things are irrelevant when pricing your home for sale. In part two, What Listing Price will get my Home in Omaha Sold? Part Two, we got into what you need to know to effectively price you home.

Now you know how to price your home when you first put it on the market for sale. Once it is for sale however there is new information that you will need to review periodically. The market will provide you with information in a couple of different forms that can tell you whether your price is on target or if you missed the mark.

Showings

Price is the biggest factor affecting a buyer's decision on whether they want to see your home or not. If buyers aren't coming to look at your house, then obviously they are not going to buy it.

Showing Feedback

Next review the feedback you get from showings. If you real estate agent is on the ball, then he will attempt to get feedback from every agent that shows your house. I know here in Omaha that some agents will not provide feedback no matter what you do, but most will. Is this feedback positive or negative? Do they think the home is priced right or too high?

Buyer Interest

Even if you get a ton of showings all with positive feedback, if no one is interested enough to write an offer, then you need to look at the price.

Adjust the Price

There comes a point after enough showings, enough feedback, and enough time that a price adjustment is needed. If you are working with a top real estate agent in Omaha, then he will guide you in recognizing when this point has been reached.

I hope you found this series useful. If you have a home in the Omaha area that you want to sell and you want the expert guidance of one of Omaha's top real estate agents, then contact the Trumm Team at 402-943-9494.

In part one, What Listing Price will get my Home in Omaha Sold? Part One, we looked at what does not affect your list price when selling your home in Omaha. Now for what does help in setting your listing price.

The first thing to look at are similar homes in your neighborhood that have sold, also known as comps. This will show you the asking prices of homes that sold and the range of prices in which your homes is likely to sell.

Next the number of comps for sale and their prices need to be factored in. If there are fewer homes for sale now than there have been in the last six months then your list price can be a little higher since there is less competition. If however there are more homes for sale now, your price will need to be lower if you want to gain buyers' attention.

After looking at the prices and number of homes for sale and sold, the last item to give thought to is your timeframe in which you want your home sold. If you want it sold quicker than the average time of recent sales then you will need to start at a lower asking price. If on the other hand you are comfortable with the sale taking longer, then you can start at a slightly higher price.

All of the information above can be provided to you by a competent real estate agent. If you have a home in the Omaha area that you want to sell and you want the expert guidance of one of Omaha's top real estate agents, then contact the Trumm Team at 402-943-9494.

Part three is our series is now available: What Listing Price will get my Home in Omaha Sold? Part Three

What Listing Price will get my Home in Omaha Sold? Part One

When you are planning on selling a home in Omaha, or when selling real estate anywhere for that matter, one of the most important items to determine is the Listing Price. Before explaining how to find the right listing price, which we will cover in part two, we first need to discuss how NOT to arrive at your listing price.

The price you list your home at has nothing to do with the following:

How much you need from the sale. Whether you need a certain amount as a down payment on your next home, or to pay off your mortgage, or to pay off other debts is unrelated to what your home is worth.

What you paid for it. What you paid for a home has no relation to what it is now worth. Just because you bought it several years ago for x amount does not mean that is now worth more. In fact many sellers in Omaha that bought their homes between 2004 and 2006 are finding that their homes are now worth less than what they paid for them. The only time what you paid has any relevance is if you bought the house in the last three to six months.

What you owe on your mortgage. The balance due on your mortgage does not affect what your home is worth. If you refinanced your home recently to take equity out, then you could owe more than what your home is worth.

The amount of commission you are paying your agent. The commission you are paying your real estate agent only affects how much your proceeds from the sale will be, not the price your home will sell for.

The home's assessed value. The county assesses properties for the purpose of collecting taxes. The property assessment is based on a very broad and generalized view of property values. Assessed values in the Omaha area are often 20% higher or lower than actual market values.

The home's appraised value. An appraisal shows the maximum amount that a lender will loan on the property. 99% of the time the appraised value is more than what anyone will pay for the home. This is especially true if the purpose of the appraisal was for refinancing the home. A refinancing appraisal and a purchase appraisal are not the same thing.

Now that we have covered what not to consider when pricing a home in Omaha for sale, in part two we talk about what you and your real estate agent should consider when pricing your home.

Part two and three of this series are now available:

What Listing Price will get my Home in Omaha Sold? Part Two

What Listing Price will get my Home in Omaha Sold? Part Three

 

The sale of a property I was representing in the Springhill subdivision of Omaha at 8104 S 158 St closed and Debra represented the buyer.

Real estate can be an enjoyable career when working with good people like Debra.

Debra made this a smooth transaction and I hope we can do business again in the future.

Kelly assisted with the sale of my listing at 6179 Walnut St in West Lawn Hill by representing the buyer.

It takes more than comprehensive marketing and outstanding service to sell a home. It also requires a competent agent on the other side of the sale. Kelly did a great job. She was a pleasure to work with and I we can do business again.