Concerns About Foreclosures in the Omaha Real Estate Market

With the end of summer classes, many families are eager to start searching for a new home, but buyers face significant challenges in their quest for the ideal property. Various news outlets list some of the issues they are encountering today, including high housing prices. A recent Gallup survey report states that Americans believe this is not a good time to buy a home due to these high current prices.

To cite an example in Omaha, 6 News, a major local outlet, spoke with David Gnam and his wife, who are moving from their residence near Elmwood Park to the Piedmont neighborhood, near Millard North High School. In the conversation, Mr. Gnam said, “With my family growing, we need to find the space we need, but money simply goes further out west compared to other areas.”

A tour around the city of Omaha reveals some houses for sale in areas like Dundee and Happy Hollow, but the options are limited. Further west, a property on 189th and Drexel streets was put up for sale and had a “sold” sign within days. There are many other similar situations, as David Gnam himself recounts: “In recent months, the supply was quite restricted, especially when setting criteria between what you’re looking for and what’s available in the area.”

Denise Poppen, president of the Omaha Area Board of Realtors, an authority on foreclosures and the real estate market in general, points out that mortgage rates, which hover around 7%, are affecting the market and causing a slight stagnation. She adds that today, not as many families are moving just to increase the size of their home. One reason is that prices continue to rise locally, with a median price of $290,000, $15,000 more than the previous year, which explains why there are currently 980 existing homes for sale in the Omaha area, a few hundred more than last summer.

Poppen emphasizes that it is still a seller’s market, as available homes do not stay on the market for long. She says, “There are many buyers who have been waiting a long time to buy, and if they are concerned about interest rates, we cannot predict what will happen. They might wait a long time.”

The average time a house remains on the market in the Omaha area is 16 days.

Available Foreclosures:

Omaha: 25 houses available.

Dundee: 5 houses available.

Happy Hollow: 3 houses available.

By Elías DaSilva | 22 de octubre de 2024.