KETV wrote:Statistics from the Omaha Area Board of Realtors show that 5,940 homes are on the market now in Omaha and of that, about 4,400 are pre-owned and about 1,500 are new.
Hendrickson said the Omaha market's recent trend of about 5 percnet annual growth might decline over the next year or two before climbing again.
Does anyone have info available on how this breaks down by area or cost? ie, is there more of a glut out west than downtown? How long do homes sit in Dundee or Happy Hollow vs Eagle Run and Candlewood? Are $800,000 homes sitting longer proportionately than $200,000 homes?
Looking at numbers for an entire area with many different types of homes and price ranges isn't going to give you an accurate picture.
Are $800,000 homes sitting longer proportionately than $200,000 homes?
I have a friend who is trying sell his house --- nice little starter home in the 120,000s -- and it has been sitting for a month and a half -- and he has dropped the price once already
Snapshot of the residential situation from the Omaha Area Board of Realtors...
January 2006 Â Â Â Â Â Â Â Â Â Â Â January 2007
 Closed: 507             541
 Total sales: $89.7 million    $94 million
 Pending:  678            679
 Avg sales price: $176,849   $173,803
 Active listings: 4,896       5,485
 Days on market: 62       73
Shoot for the Moon... if you miss, you'll land among the stars.
Here's some positive stats for Omaha's housing market from a CNN article that looks at the top 100 markets for 07. According to this prediction, Omaha's housing prices will see a 2.7% increase from April 07 to April 08, a time where some places like Vegas and Phoenix are seeing 8-9% decreases.
Check out the median mortgage (as a percentage of income) ... Omaha is among the lowest at 12% I didn't even realize mortgage lenders would finance people with more than 28% of their income dedicated to their mortgage payment?! I think our nation is in serious trouble (although Omaha is looking great!)
Shoot for the Moon... if you miss, you'll land among the stars.
In an age of over-inflation, global warming catastrophies where apparently many coastal areas are predicted to be underwater, and an increasing lack of such resources as oil and fresh water, Omaha seems to be one of the few places in North America that is retaining its sanity.
Stargazer wrote:I didn't even realize mortgage lenders would finance people with more than 28% of their income dedicated to their mortgage payment?!
Do the figures include second/home equity as well? Â I would assume they do. Â Ever since I've been a homeowner (nearly 20 years now), the lenders have told me they have no qualms with a primary up to 33-35% for someone with a good credit history. Â But wow! Â Over 50% in some metro areas? Â Yikes....
"Destiny is not a matter of chance, it is a matter of choice; it is not a thing to be waited for, it is a thing to be achieved."
I will be open here and say I am close to the 25% between my home loan and home equity loan. I didnt buy an expensive house (120,000) but wasn't going to buy a piece a |expletive| (and I saw plenty of those). I am single/divorced, didnt have a whole lot for a down payment, have child support payments to make and it was the only way to get into the house. My home loan payment is actually about the same amount I was paying for rent - the home equity is on top of that, but I do end up with a tax break that I didnt get with apt rent.
Omaha Cowboy wrote:LA, SF, San Diego?? It's really startling when you think about it..
Crikey, in the upper 20s myself, it feels like that sucks up everything, I can't even fathom what >50% would be like. Â And if prices drop...with people as highly leveraged as they are...there's gonna be a whole lot of people with negative equity....
"Destiny is not a matter of chance, it is a matter of choice; it is not a thing to be waited for, it is a thing to be achieved."
Houston’s 22,428 housing permits in the twelve months through April keep it as the top housing market in the US. Houston is issuing permits per 1,000 population at more than three times the national average. Eight other metros with more than a million people are issuing permits at more than twice the pace for the whole country. This includes Raleigh, Austin, Charlotte, Nashville, Las Vegas, Salt Lake City, Indianapolis and San Antonio. A dozen mid size cities, population 500,000 to 1,000,000, also have intense housing development at double or more of the national rate. This includes Des Moines, Charleston, Columbia, McAllen TX, Omaha, Augusta, Baton Rouge, Little Rock, Tulsa, Boise City, Durham and Prove-Orem.
In the U.S. overall, the median inventory age was 95 days in April, a 13.1 percent increase from April 2010. Denver and Oakland, Calif., had the shortest medians of all 146 markets: 44 days each. Every market in the top 10 saw its median inventory age rise on a year-over-year basis. The Denver market saw the biggest jump, up 25.7 percent, followed by Omaha, Neb., up 25.5 percent, to 59 days.
LendingTree rankings put Nebraska and Iowa at No. 1 and No. 2 when it comes to the lowest percentage of a state's average household income going toward mortgage payments: 17 percent.
LendingTree rankings put Nebraska and Iowa at No. 1 and No. 2 when it comes to the lowest percentage of a state's average household income going toward mortgage payments: 17 percent.
I know what people in my field get paid around the country and there are a number of cities where the cost of housing is two to three times Omaha, but salaries are even or maybe twenty percent higher. Â This study makes sense to me.
I notice we used to even be better than 17% according to Stargazer's previous post:
Check out the median mortgage (as a percentage of income) ... Omaha is among the lowest at 12% Â I didn't even realize mortgage lenders would finance people with more than 28% of their income dedicated to their mortgage payment?!