WalletHub has released rankings for best US cities for first-time home buyers.
Jill Gonzalez, a WalletHub analyst, says they rated 300 small, medium and large cities on 23 indicators, including overall market attractiveness, affordability, and quality of life. She says their sources ranged from U.S. Census Bureau data toZillow.com
“Omaha ranks 6th best place for new home buyers out of all of the large cities; when you’re looking at all 300 cities at once, Omaha ranked 34th best overall. So, pretty much the top 10% any way you slice it. And we do see that right now Midwestern cities, as well as a lot of cities in Texas, are really doing well.”
Gonzalez says Omaha’s best ratings were on the real estate market and quality of life. She says although affordability was not one of its highest ranking areas, compared with other large cities Omaha’s cost of living is still good.
We’re pretty convinced that Omaha doesn’t get the credit it deserves for being a pretty fantastic city — you might even say the best city in the Midwest in which to live. The arts and music scene is thriving, the economy is robust due to the presence of some pretty solid Fortune 500 companies, and the people there are just so darn nice. If you’re considering moving to Omaha, here are 6 things you need to know as a first-time homebuyer:
For First-Time Home Buyers
Before house hunting, get pre-qualified – talk to different lenders and see who offers the best rates and terms. Lender fees can vary quite a bit from one to the next. Pre-qualification gives you great information about how much house you can afford and allows you to move quickly if you find the right house.
Get professional help – Find a realtor you can trust. A realtor has years of experience that can help you with everything from the area, the appraising of a dwelling, the paperwork, the comparisons, and negotiation on price. That’s a lot more than you get by looking at pictures.
Check out the schools – What is the reputation? Can the kids walk to school? Is there an alternative school available, like a charter school or parochial school if the public school doesn’t work out?
Always hire a general home inspector – Hiring a home inspector is recommended right after the offer-to-purchase contract is signed and before executing the final purchase and sales agreement. A part of the offering should be a clause that ensures that the purchase obligation is contingent upon the findings of a professional home inspection.
Beware of sleeper costs – Comparing the monthly mortgage payments to paying rent is only part of the story. The bank may require property taxes and insurance to be part of the monthly mortgage payment.
Understand the need for Title Insurance. The seller produces and signs a warranty deed at the real-estate closing. It includes a full legal description of the property and pledges that the seller owns clear title to the property changing hands. The warranty deed also guarantees that the property is free of all liens and encumbrances. Title insurance can further strengthen warranty deeds which compensate the property owner in case of any third-party claim on the property.
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If you’d like to give us a ring, we would be more than happy to spend some time with you. We can help you understand the process and to answer all your questions.