By Russ Meyer, Nebraska Home Sales Realtor
This has been a strange year in the Lincoln housing market. I wanted to write a short synopsis of the last year given the low inventory in our market. It’s also a good time to make some prognostications for 2018.
This year, 2017, the Lincoln real-estate market had very low inventory, sometimes having multiple full price offers compete for the same house. There was a supply and demand issue, not enough supply and TONS of demand. Why? Lincoln and southeast Nebraska is in a good spot. We have a strong economy, an excellent quality of life and generally low cost of living. Many people are moving here, and many others who thought they would be here for a short time are staying. Lincoln is a good place to live, work, and play. This is not expected to change. Welcome to the good life!
Another aspect of this strong housing market is the low interest rates. Currently, as I write this, buyers are still finding mortgage rates in the 4% range, read ‘historically low.’ If you are just starting to look for a home, these low interest rates are helping to make shopping for your dream home difficult, as more buyers can afford more house with these lower rates.
Prognostications? Next year will be about the same as this year, a tight real-estate market. Let me explain. Disclaimer: I do not have a crystal ball, and I don’t have insider information.
Here’s the Russ Meyer real-estate forecast for 2018: Interest rates will stay fairly low, slowly inching up as the Federal Reserve declares. Lincoln will see more urban infill projects to shore up the current demand as the city continues to burst at the seams with new developments on the perimeter of our city and the edge of the watershed. Buyers will contend with inventory shortages. But have no fear; patience and virtue are closely related when looking for houses. The serious buyers will be ready. They’ll be fearless in searching, and they’ll have agents who know the market.
What I also know, no prognostication required, is that Nebraska Home Sales agents are ready, willing, and able to help you find just the right one, today! Or tomorrow, or next year!