Omaha, Neb., and Greater Cincinnati home sales are sizzling hot and tied as the fastest-selling housing markets in the country last month, even as the weather began to cool in September.
“The real estate market in these two areas are crazy busy, with homes in both markets selling in an average of 17 days, according to the latest Re/Max National Housing Report.
Kelly Meyer, president of the local board of Realtors, told The Enquirer. “We are in unique times with such a pent-up demand for housing.”
It is not just Omaha and Cincinnati that are experiencing an excellent housing market. Denver happens to have houses flying off the shelve. So, too, are houses in Indianapolis, Houston, Kansas City, and many other cities in the Midwest.
Ron Green, a Greenwood-based agent for F.C. Tucker, said the winter could be busier than usual, given that some potential sellers are “sitting on the fence, waiting to see what happens to their job or their industry” or waiting to see the outcome of the November election. Those folks might not wait until spring to make a move, especially if buyers are ready to pounce.
“Now is the time to get a house, especially with interest rates staying down.”
Interest rates have been falling for several years. And moves by the Federal Reserve to support the economy during the pandemic have kept them there.
On Tuesday, the Federal Home Loan Mortgage Corp., known as Freddie Mac, reported the current average rate for a 30-year, fixed-rate mortgage was 2.81%—down 0.88 percentage point from a year ago. The average 15-year rate was 2.35%.
Two years ago, at this time, rates topped 4%. And 20 years ago, they were nearly 8%.
Phase Two of a typical US housing bubble has begun. Sellers note that prices are now above what they could have gotten in the last bubble. With the memory of how badly they wished they’d sold at the peak fresh in their minds, homeowners realize that they have a second chance to cash out, move to a cheaper, less-frenetic place, and coast on their real estate riches. So they call a realtor and list their house, as do a bunch of their neighbors. Supply, out of the blue, jumps.
Now, if you are preparing to sell, do an inventory of your house. Do you see problems in your home that needs fixing? You can fix some things with a little paint. What if you require a new roof, new siding, new gutters, upgraded heating system, or you are living in a house that needs a new kitchen, but you have no money for any of those fixes.In that case, call Styl Properties, Inc. We are here to help homeowners out of any distressed situation. There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and to answer all of your questions. You can reach us at 402 999.0577.