Some realtors say this is the best of times. In all the years of being in business, they have never seen a market like this.
Selling a home in Omaha right now might be easy, but buying a new one is an entirely different story.
“In the 17 years I’ve been in business, we have never seen it like this,” said local realtor Jennifer Gatzemeyer. “It is crazy right now.”
Gatzemeyer, who works with Nebraska Realty, says, “Inventory is incredibly low, which drives prices up and makes for a very competitive and quick-selling market.”
Gatzemeyer says, “Right now, if you’re looking to buy, you and your representative need to be incredibly aggressive. Preparing to pay more than the list price, skipping the home inspection, and paying for your closing costs may be possibilities, too.”
Experts warn about getting caught up in today’s low-rate-infused buying frenzy.
There is something called FOMO, fear of missing out. FOMO: defined as a fear of regret, which may lead to concerns that one might miss an opportunity for a profitable investment. There are many stories of buyers making offers on many houses and getting outbid. It is not uncommon to give in and buy more than you can reasonably afford.
Paying top dollar to commit yourself to a house that is not the one you want to live in just to access a cheap mortgage is probably not a good idea.”
FOMO has led to many areas of the country over-leveraged, meaning debt is unsustainable. Over-leverage often leads to a downward financial spiral. Resulting in the household having to borrow more to stay solvent, and the problem gets worse. This spiral usually ends in default and foreclosure. Bankruptcy protection is often the result.”
We may look back on these times as not the best of times. The national debt is $28 trillion, soon to be $35 trillion. I remember Sen. Everett Dirksen, long ago, saying, “A billion here and a billion there. Soon you are talking real money.” A bill passed in Congress totaled $1.9 trillion, and a $3 trillion bill is on deck. Every time we print more money for the debt and new programs, we cheapen the dollar. That is inflationary. It seems like prices are going up, but the dollar buys less and less.
If you are out on the end of the branch where even birdies won’t go, you are overleveraged. The slightest change in employment or cost of food and essentials can ruin the budget you used to buy the house leading to buyer’s remorse.
It is hard to wait for better times, but I suspect many who own houses will want to downsize, who wished they had not been in such a hurry. If you wish to sell quickly to reduce your cost of living or avoid foreclosure, call us.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! 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.