Real Estate Information Archive

Buyers and sellers alike tend to have lots of questions when it comes to real estate market fluctuations. Any real estate market will always have times of high and low activity, and fluctuations are not usually a cause for concern. Here is what buyers and sellers should know about fluctuations in the real estate market so that they can plan their actions accordingly.

Information for Buyers

Buyers should know that a drop in home prices is often due to a healthy leveling of activity. As a result, connecting with a real estate agent is the best way to get an overall picture as to the health of the local market. An agent can compare recently-sold properties to those on the market to help buyers know whether they are getting a good deal.

Real estate agents can be an invaluable source of information when it comes to finding the best deals in a given area. Buyers should become pre-qualified in order to determine how much house they can reasonably afford. After that, speaking with a real estate agent will put them on the right path to finding their dream home.

Information for Sellers

Sellers are often tempted to drop their asking price whenever there are market fluctuations. They should consider a number of things before deciding to do so. One of the biggest things that will determine whether or not a home's price should be dropped is its condition. Home that are in top condition tend to fetch more money no matter what the market is like. Even so, an overpriced home is likely to stay on the market, as buyers these days are very savvy when it comes to knowing when a seller is asking too much.

Homeowners may have to compete with local builders when it comes to selling their home if there is a great deal of construction going on in a given area. This is another reason why it is important to consult with a Realtor® to determine if a home is appropriately priced.

Home prices tend to rise and fall based on the law of supply and demand, and market fluctuations are not cause for alarm. Working with a Realtor® is the best way for buyers and sellers to both come out on the winning end of a deal, regardless of the current market situation.

One thing that is extremely important when buying a home is an inspection. Home inspections help buyers uncover potential problems so they know up front what condition a home is in. Having a formal inspection helps with the negotiation process, as it identifies structural defects that need addressing.

Most buyers are only in a home for around 15 minutes while viewing it. That simply isn't enough time to fully assess the condition of it. In addition, many buyers do not know how to check certain components such as the electrical and HVAC systems. As a result, they are forced to rely on the seller for information that may or may not be accurate.

Housing inspectors typically work from a checklist in order to ensure they don't miss anything. Even so, buyers should know that there is no standard checklist within the industry. As such, they should ask what is included in home inspections to ensure their completeness. Some of the things a home inspection should include are

• Roofs
• Attics
• Heating and cooling systems
• Plumbing
• Electrical
• Floors
• Windows

Buyers should know that nearly every home will have some sort of issue listed in an inspection report. This does not necessarily mean the house is not a good value; instead, they should consider the overall condition and asking price in order to make a determination.

Some people ask friends or relatives to perform a home inspection in an effort to save money; however, this type of inspection may prove unreliable. Instead, individuals should choose an inspector who is licensed by the National Association of Home Inspectors to ensure they are thorough and adhere to a code of ethics.

Sellers could benefit tremendously from having home inspections performed before showing their property. In doing so, they will already know whether there are problems present that need taken care of before listing. They will also appear transparent and trustworthy to potential buyers, which could just make them comfortable enough to make an offer regardless of any problems.

Kitchen remodeling is always high on the list of projects that provide an excellent return on investment. The top kitchen remodel projects will not only make this room look extraordinary, but will increase the functionality of it as well.

A professional-grade range is listed as one of the top features people desire in a kitchen, even among those that do not cook often. The type of range most people prefer is one that contains features such as a griddle or grill space along with double ovens. While people like the functionality of a chef's stove, they also prefer appliances that are eco-friendly. As such, one that contains special features and also uses less energy could score double points.

Certain other appliances also top the list of must-have features for a kitchen remodel. More people than ever are adding convention ovens and wine coolers than ever before. Stainless steel continues to be a popular choice for all appliances, regardless of their size or function.

Granite is still a popular choice for countertops; however, quartz and marble are also increasing in popularity. Regardless of the material used for a countertop, consumers cannot go wrong with a tile backsplash. The reason for its popularity is that it allows for a splash of color without detracting from the overall look of the kitchen.

The top kitchen remodel projects also involve new flooring. Recent surveys by Houzz show that most people prefer hardwood to other flooring options. Tile in its various forms is also an excellent option, being the second most popular choice behind hardwood. Linoleum and concrete are two of the least-favorite options, which means that homeowners who choose these materials could have difficulty selling their property as a result.

White and gray are two popular color choices when it comes to decorating kitchens. White cabinets have always been in style, and continue to attract people from all walks of life. For a somewhat different look, homeowners could add gray panels or accents to provide visual interest while still maintain a timeless and classic look.

The top kitchen remodel projects will increase a kitchen's appearance as well as its functionality. Even small changes can go a long way toward improving the look of what is a very vital room in any home.

Maintaining curb appeal is important all the time, but is especially challenging during the winter months. These tips for winter home selling provide good information on how to showcase a home when the outside weather is less than cooperative.

Clear away Snow and Ice

Sellers should make sure their driveways, sidewalks, and steps are clear of ice and snow before potential buyers visit. People might not want to view a home if they have to track through ice or snow to get inside, which could mean a missed sales opportunity.

Add Color Wherever Possible

One of the best tips for winter home selling involves adding color wherever possible. A bright mailbox or door wreath can go a long way toward brightening up a home and making it appear cheerful. Even simple touches such as a new welcome mat will help provide curb appeal, while also allowing a home to seem warm and inviting.

Light Things Up

The odds of someone visiting when it's dark increases during the winter months. As such, sidewalks, decks and porches should all be well illuminated during a showing. Likewise, the entrance should also contain adequate lighting so that people can see easily. Adding some large reflective house numbers will ensure potential buyers are able to identify the home they are looking for.

Add Greenery

Planting some evergreen shrubs near the foundation of a home will help add some visual contrast against the stark winter landscape. Greenery can also be added in the way of décor, as a few small Christmas trees located throughout the house will also add charm. These trees can stay up even after Christmas is over if the decorations on them are switched up to reflect other holidays such as President's Day or Valentine's Day.

Following these tips for winter home selling will require some additional effort; however, they are nonetheless important. Taking the time to provide winter curb appeal can help homeowners make a sale during what is an otherwise slow time for real estate purchases.

Homebuyers in 2014 will face sweeping new changes when it comes to obtaining a mortgage. The National Association of Mortgage Professionals has listed some of the top changes for buyers.

Lenders will now be scrutinizing buyers more carefully in order to ensure they are qualified to take out a loan. Buyers will now be required to undergo an Ability to Repay Mandate, which amounts to a new set of guidelines concerning assets, income and other financial obligations in order to obtain what is known as a qualified mortgage.

Those who were previously concerned about origination fees could possibly breathe a little easier in 2014. New laws dictate that mortgage origination fees may not exceed 3% of the loan’s value. This rule only applies to those who are taking out a “qualified mortgage,” so those who apply for other types of loans could nonetheless pay higher origination fees.

One of the biggest mortgage changes to know in 2014 involves FHA loans. Previously, borrowers could apply for FHA loans of up to $729,750, but the cap in 2014 will be limited to $625,000. This change is unlikely to affect people in most parts of the country, as the average home price is already much lower than that figure. Even so, homebuyers in areas that have a high cost of living could find themselves having difficulty obtaining FHA loans as a result.

Self-employed individuals will also have a harder time obtaining a mortgage loan in 2014. That’s because the new rules will make it more difficult for those without a W-2 form to prove their income and asset-to-debt ratio. As a result, a number of self-employed individuals might find they are unqualified for a mortgage, even if their credit score is well above average.

The goal of these new changes is to ensure that faulty lending practices do not result in another housing market crash, as the economy is still recovering from the bubble that burst a few years ago. Only time will tell whether the laws will be effective at doing so, or whether they will only make it more difficult for the average person to become a homeowner.

New Year’s Eve is a special time for people to celebrate the old year while looking ahead to the new one. There are a number of New Year’s Eve events in Omaha, Nebraska, so make plans now to attend one or more of them.

The New Year’s Eve Fireworks Spectacular will be held at the Gene Leahy Mall beginning at 7 p.m. on December 31. This fireworks show is the closing event of the Omaha Holiday Light Festival, and is among the biggest fireworks shows in the area. This year, the event is expected to attract over 30, 000 people. The fireworks will be set to music, and you can tune into The Christmas Station, Star 104.5 to hear the synchronized tunes.

Double Tree by Hilton is hosting a New Year’s Eve event at their downtown location. The gala will include live music by two local bands, and a champagne toast at midnight. This hotel is also offering special overnight accommodation packages for those who would like to stay over. These packages include a prime rib dinner buffet, entertainment, and accommodations for two.

The Night of Stars 2014 bash will be held at Stir Live and Loud in nearby Council Bluffs. The event features a live DJ, dancing, drink specials and special prize giveaways. There will also be a film crew on hand to videotape the action live as it occurs. Tickets are required in advance, and can be obtained by calling the club.

Ring in Blue Year's Eve at the Omaha Hilton beginning at 6 p.m. Watch the Creighton vs. Marquette game on the big screen, while also enjoying some pre-game food beforehand and a champagne toast at midnight. Tickets are available for $30 per person in advance or $35 per person at the door.

If you’re looking for New Year’s Eve events in Omaha for children to participate in, consider visiting the children's museum. Some of the activities that are planned include face painting, dancing and balloon artists along with a concert by the String Beans.

In addition to these New Year’s Eve events in Omaha, there is also the ice rink, Christmas at Union Station, and Christmas at Boy's Town that can all be enjoyed that evening as well. Make plans now to celebrate, and welcome 2014 in style.

Have you noticed as you’re walking through your house that there are cold pockets that make you feel as if you just walked through a ghost?  Before you call the Ghostbusters however, there is a pretty good chance that you just need to follow some home winterization tips.  With just some basic steps, you can make your home more comfortable, protect your property, and take control of your energy bills this winter.

Keep the Cold Air Out

Houses have a tendency to shift and settle with time, which can cause gaps that are easy entry points for cold gusts and inclement weather.  Towards that end, you should make a detailed examination of those areas of your home that might not be as secure as it needs to be.  Typical problem areas are found around window sashes and doors.  Additionally, holes and small cracks along the baseboards might serve as an access point for cold air.

To help make sure that the cold air stays outside, you should consider installing door sweeps on exterior doors, as well as basement and attic entry points.  Windows should be sealed with weather stripping tape around the edges, and any portable air conditioning units should be removed during the winter season.  Finally, caulking those small cracks in the baseboards and walls will stop the flow of cold air into your home.

Keep the Warm Air In

Although potentially pricey, if you are serious about keeping your house well-insulated then you should consider installing insulation in your attic and basement to help temper the loss of your expensive heat.  Additionally, now would be the time to inspect your heating system, fireplace and heating ducts to ensure that they are all operating at their maximum capacity when it comes time to explore home winterization tips.

It's that time of year again when we gather together with families and friends to welcome in the Holiday Season! Here in the Omaha area, there will be some fun community festivities that you won't want to miss!

• Holiday Lighting Ceremony at Midtown Crossing: Perhaps the first annual event to kick off the Holiday Season will be the exciting Holiday Lighting Ceremony at Midtown Crossing! This free family event will take place on Saturday, November 23rd, with the holiday lighting starting at dusk.
• Miracle on Farnam: In conjunction with the Holiday Lighting Ceremony at Midtown Crossing, the Miracle on Farnam will also begin November 23rd at 2:00 PM at Midtown Crossing. This holiday tradition is a glorious celebration of holiday lights, cheer and top notch window displays! The window displays will be voted on by the public for the most dazzling and creative display, and the winner will receive a $3,000 donation to their business, courtesy of the Baer Foundation. This holiday display will be with the community all season long and wrap up at 1:00 AM on News Year's Day.
• 2013 Holiday Lights Festival at Gene Leahy Mall: At 6:00 PM on Thursday, November 28th, Mayor Stothert will lead a countdown which will kick off the 2013 Holiday Lights Festival! Join friends and family for this all-ages event at Gene Leahy Mall to see Downtown Omaha come to life with thousands of tiny white holiday lights! Show up a little earlier at 5:30 PM to enjoy musical performances by MasterSingers and the Jingle Brass Bells. These holiday lights will be set aglow each evening at 5:00 PM until 1:00 AM beginning with this event and will conclude January 5th, 2014.

I hope you have a wonderful Thanksgiving and holiday season!

If you're house hunting, whether it's for your first home or your fifth, you will eventually need to obtain a detailed copy of your credit report. And thanks to the Fair Credit Reporting Act (FCRA), initially passed in 1970, you are allowed to request a free copy of it once every 12 months.

The three companies responsible for distributing the vast majority of credit reports are Equifax, TransUnion and Experian. These reports are what lenders use to underwrite mortgage loans.

It does not diminish your credit rating to use this program; rather, it allows you and your financial backer the opportunity to ensure the information listed therein is accurate, complete and up to date. Armed with this knowledge, among many other mitigating factors, you will be able to ascertain how easy or troublesome it will likely be to garner a home loan.

Credit Rating

The aforementioned credit reporting companies utilize a formula to calculate your credit rating. The results of this calculation are often referred to as your FICO score. Here is a simplified look at the primary factors that go into determining your FICO score, along with the percentage with which each is weighted:

• Payment history (35 percent)
• Amounts owed (30 percent)
• Length of credit history (15 percent)
• Types of credit used (10 percent)
• New credit (10 percent)

Credit scores generally fall into the 300 to 850 range, with 850 being at the top. Most people tend to score in the 600s to 700. So it stands to reason that people with better scores get better interest rates and more options when applying for mortgage loans.

There are a number of things you, as a prospective homebuyer, can do to raise your credit score.  Such tactics include making sure you're current on payments, keep your balances low on revolving credit card accounts (higher balances will lower your score), avoid making major purchases while applying for a mortgage, connect with your agent's preferred mortgage lender to find the best package for your financial circumstances and, finally, watch out for imposter sites. Be sure to check with your real estate agent for certified credit report companies during this process.

On Friday, Nov. 15, the sparkling new Nebraska Crossing Outlets in Gretna will open its doors to the public, just in time for all of the holiday shopping madness.

Ever since construction on the 350,000-square-foot open-air shopping mall got underway in March, Nebraskans yearning for something fresh, new and exciting to enter their shopping and dining lives have followed the project's progress with the intensity of a young child watching Christmastime toy commercials on TV.

The $112 million mall, located approximately 20 miles southeast of downtown Omaha at the confluence of U.S. Highways 31 and 6 and Interstate 80, is, to say the least, an upgrade from the 20-year-old outlet mall it is replacing, which was demolished this past spring.

Nebraska Crossing Outlets will offer 65 outlet or factory stores and retailers. Some of the most popular name brands include the following:

• Columbia
• Old Navy
• Tommy Bahama
• Forever 21
• Bose

And to ensure you don't go hungry or thirsty during your visit, Nebraska Crossing serves up a cornucopia of fine eateries, including, but not limited to, the following:

• Big Cheese
• Burger Star
• Pieocracy
• Bakery Express
• Scooter's
• Voodoo Taco