Frequently Asked Real Estate Questions-Ep. 35

What Are Signs That The Housing Market Is In Recovery?

The average home sale price in the Omaha area increased 4.4% in 2012, making it the highest average sold price since 2007. Renting a house is getting more expensive as well. These two points alone tell you that positive things are happening in real estate. Consumers are ready to move on and have shifted to a recovery mindset.

Last Thursday the Consumer Financial Protection Bureau released its new mortgage guidelines which are “a set of standards that protects consumers from bad loans” according to David Stevens, CEO of the Mortgage Bankers Association. These new guidelines show that the government and banks are working together to ensure a secure environment for mortgage loans. For a great summary of the new guidelines, check out CNN’s article “New Rules Aim to Make Mortgages Safer”.

2012 was a great year for Omaha area real estate. The number of homes sold was the second highest ever, with a 17% increase from 2011.

If you have thought about buying or selling in the past few years, but just did not do it, NOW is the time. Act now before rates and home prices increase. They will both increase as the market continues to recover. Give me a call today and we can chat about how to get started. 402-305-4335.

Frequently Asked Real Estate Questions-Ep. 34

What are the 3 reasons you should buy a home NOW?

1. Interest rates are incredibly low! You have more buying power than ever before. When rates are this low you can afford to buy instead of rent or buy that larger house that you thought was out of your reach before. Run the numbers and you will be shocked at how low the payments are with these great rates.

2. It is still a buyers market! Which means homes are value priced. Strike while the iron is hot! This will not be the case for much longer. As the market continues to improve, things will be less in favor of the buyer. For example, while in a buyers market, most sellers pay all or part of the buyers closing costs. This will not always be the case!

3. It is cold outside and snow is on the way! There are fewer buyers out and about and sellers are more willing to consider a lower offer or do more give more concessions to keep a deal together. It is not much fun to move in the winter, but odds are you will save money if you do!

Work with an agent that has a pulse on the market and can keep you informed on what is happening locally. There are lots of steps to purchasing a new home, but if you work with the right agent, they will ensure you don’t miss a thing!
Pass this on to someone you know who is thinking about buying a new home in the next few months. I don’t mind looking at houses in the cold or snow! Send them my way!

Frequenty Asked Real Estate Questions-Ep. 33

What questions should I ask a Realtor when interviewing them?

It is important to pick the right agent to work with you wether you are buying or selling. You will need to work closely with whomever you chose for a few months. You want to make sure communicate well and have a good vibe with your Realtor.


1. Does the agent work full time in real estate? Certain hours during the day? Certain days of the week? You need to make sure the time frames will work for you.

2. What experience does the agent have?

3. How many transactions did this agent close last year?

4. When interviewing Realtors for selling your home, ask them what thier average days on market for sold homes is over the last 12 months. I don't really follow other agents, but my average days on the market of homes I have had listed and sold was 31 days in 2012...when I work with and tell other Realtors that they say...REALLY?

5. What happens if the agent gets sick or goes out of town?
Discuss what your expectations are. It is important for them to know what you expect from them. You should also ask what their expectations are from you. Knowing this up front will ensure you have a good working relationship with the Realtor you select.

Frequently Asked Real Estate Questions-Ep. 32

Should I put my home on the market now or wait until Spring?

This question comes up often this time of year. Many people are unsure how to deal with listing their home around the holidays. Then what about winter? Will there still be buyers out?

My answer is, if I can still get a sign in the yard it is still a good time to list your house. There are pros and cons to listing your house anytime of the year, and this time is no different.

The biggest concern sellers have is that buyers are too busy during the holidays and they don’t want to go out in the bad weather in the winter. Actually, lots of people have extra time off around the holidays and spend some of that shopping! If they are in the market for a new home they will spend the extra time shopping for that home. They are out and about visiting family and friends and going into neighborhhods they may not normally go. If your house is listed, they may just decide they like the neighborhood their family or friends live in and want to call it home.

Winter weather can cause fewer showings. Let’s face it though, most Nebraska drivers are used to snow and if they are a serious buyer, snow will not stop them. Normally there are less houses on the market in December, January and February. This gives the buyers that are out looking less to pick from, thus putting your house in a better position to get SOLD!

If you are considering putting your home on the market, call me and let’s figure out when the best time is for you to get it listed.

Frequently Asked Real Estate Questions-Ep. 31

What are the Top 5 things I should do after moving into my new home?

1. Change the locks! Most times the seller will leave a handful of keys for you at closing, but its hard to tell what they will open or where they go. You will have better piece of mind if you install new locks and deadbolts yourself, or call a locksmith to do so.

2. Check for plumbing leaks. Odds are you had a full home inspection, but that was around 30 days ago, and chances are the water service has been turned off and back on. Take the time to do another quick check.

3. Steam clean your carpets. This is the perfect opportunity before you get everything situated in your new home to give it a nice, fresh, deep clean! You can rent a machine or hire a professional carpet cleaning service. Ask me, I know a good one!

4. Wipe out the cabinets, closets and any appliances that may have been included. This one seems like a no brainer, but it is important to do. Again, you want to start with a nice fresh new home.

5. Find the circuit breaker box and main water valve. You can have your home inspector show you where these are at time of inspection or find them the first day you move in. You want to know where these are in case of an emergency.

Planning a move is exciting, but take the time to do it right, you will be happy you did. If you or someone you know is planning a move anytime soon, please share this or any other of my FAQ’s. I am working hard to be YOUR resource in Real Estate!

Frequently Asked Real Estate Questions-Ep. 30

Are mortgage interest rates going to drop even lower?

This is one question I don’t know the answer to. It is possible, but why wait for them to drop when they are already CRAZY low! I am shocked they keep going down and at some point they have to start going back up. Who knows how fast that will happen! My advice is to take advantage of them NOW! Don’t wait! If you are a first time home buyer or ready for a bigger house, this is the time!

Let’s compare quick the monthly principal and interest payment for a 30 year, $200,000 loan at different rates.

3.25% $870.41

4.25% $983.88

5.25% $1,104.41

6.25% $1,231.43

7.25% $1,364.35 (BTW, this was the rate I got on the first house I purchased in 2001)

As you can see 1% can make a BIG difference and give you a lot more buyer power! Give me a call if you, or someone you know, is interested in learning more about the process. 402-305-4335.

Frequently Asked Real Estate Questions-Ep. 29

Are there any costs to get pre-approved for a home mortgage loan?

In most cases there is no cost to you to get pre-approved for a mortgage loan. Some mortgage lenders may ask that you cover the cost of the credit report, but most do not. I know several great mortgage lenders I can refer you to that will not charge you anything to get pre-approved.

You will not need to pay anything out of pocket until you find your new home and have an accepted contract on it. Then you will meet with your lender and get all the paperwork going to get the full approval on your loan. At that time you may be asked for a deposit check to cover the cost of the appraisal that will be required from your lender to approve the loan.

If you are considering purchasing a new home, but don’t know where to start, call me! I will give you a quick over view of the process and help you get started with your pre-approval.