Real Estate Information Archive

Hey there, Omaha home seekers! If you've been keeping an eye on the real estate market with a mix of excitement and apprehension, I have some great news for you. September 2024 is set to make a big impact on the Omaha housing market, and here's why it's worth your attention.

 

The Interest Rate Rollercoaster

Remember when mortgage rates were climbing rapidly? Well, those days are over. As of September 2024, we're witnessing a significant drop in mortgage interest rates, and it's welcome news for every potential homebuyer.

 

The average 30-year fixed mortgage rate in Omaha is currently hovering around 5.5%, down from the 6.8% we saw earlier this year. This might not seem like a huge difference, but believe me, it can save you thousands over the life of your loan.

 

What This Means for You

Let's put it in perspective. For instance, if you're considering a $300,000 home, given the current rates, you could potentially have monthly payments that are $250-$300 lower than they would have been just a few months ago. This could cover a nice dinner or a good chunk of your utility bills each month!

 

However, it's not just about the monthly savings. Lower interest rates mean you can afford a larger house within your budget. That additional bedroom or the finished basement you've always wanted? They might just be within your reach now.

 

Why Buy Now?

You may be wondering, "Should I wait for rates to drop even further?" While it's true that no one can predict the future with 100% accuracy, most experts agree that we're in a favorable position right now. Here's why:

• Pent-up demand is increasing: Many buyers who were unable to afford homes earlier this year are now returning to the market. As demand rises, home prices may also increase.
• Inventory is still relatively low: Like many cities, Omaha is still experiencing a housing shortage. Good homes at reasonable prices are selling quickly.
• Seasonal advantage: Fall can be an excellent time to buy. There is less competition than in the spring and summer, and sellers might be more motivated.

 

Home Buying Tips for September 2024

If you're ready to take the plunge, here are a few tips to keep in mind:

• Get pre-approved: With rates this good, you'll want to lock in as soon as you find your dream home. Having a pre-approval letter ready to go can give you an edge in negotiations.
• Don't wait too long: While making an informed decision is important, remember that good properties are moving quickly in this market. Be ready to make your move.
• Consider your long-term plans: With rates lowering, it might make sense to evaluate your home size if you're planning on staying put for a while.
• Work with a local expert: The Omaha market has unique qualities. Having a local real estate expert on your side can make all the difference. Plus we partner with the BEST mortgage lender available, who will work with your personal situation & find the best loan package for YOU!

 

Your Next Steps

The stars are aligning for Omaha homebuyers this September. Lower interest rates and the seasonal advantages of fall buying create a perfect storm of opportunity. But remember, in real estate, timing is everything.

 

If you're ready to take advantage of these fantastic conditions, we're here to help. The Heim-Berg Team has been guiding Omaha residents through the home buying process for years, and we'd love to help you find your dream home.

 

Give us a call at 402-677-9024 or visit our website at www.OmahaAreaLiving.com. Let's turn this opportunity into your new home sweet home! Remember, your dream home is out there, and with these rates, it might be more attainable than you think. Happy house hunting, Omaha!

Are you eyeing that perfect home in a beautifully maintained neighborhood? Chances are, it might be part of a Homeowners Association (HOA). While HOAs can offer numerous benefits, they also come with their own considerations. Before you sign on the dotted line, let's dive into what you need to know about buying a home in an HOA community.

 

What Exactly is an HOA?

First things first: an HOA, or Homeowners Association, is an organization in that makes and enforces rules for the properties and their residents. When you purchase a home in an HOA community, you will automatically become a member and be required to pay dues, known as HOA fees.

 

The Pros of HOA Living

1. Maintained Common Areas: HOAs often care for community spaces, potentially including pools, parks, and clubhouses.
2. Consistent Neighborhood Appearance: Rules about property upkeep can help maintain property values.
3. Dispute Resolution: HOAs can mediate conflicts between neighbors.
4. Amenities: Many HOAs offer amenities like fitness centers or community events.
5.  

The Potential Drawbacks

1. Costs: HOA fees can add significantly to your monthly housing expenses.
2. Restrictions: There may be rules, from paint colors to pet ownership.
3. Special Assessments: You might face unexpected costs for major repairs or improvements.
4. Less Control: Some homeowners feel they need more support in what they can do with their property.

Key Considerations Before Buying

1. Review the CC&Rs (Covenants, Conditions & Restrictions) 📚

This document outlines all the HOA's rules and regulations. Read it carefully, and be sure you are comfortable with all the restrictions.

2. Examine the Financial Health of the HOA 💰

• Request and review the HOA's financial statements
• Check if there's an adequate reserve fund for future major expenses
• Ask about the history of special assessments
• 3.Understand the Fee Structure 💸
• What do the fees cover?
• How often can fees be increased, and by how much?
• Are there any planned increases shortly?
• Investigate the HOA's Management 🏢
• Is it self-managed or run by a professional management company?
• What's the reputation of the HOA among current residents?Check the Insurance Coverage 🛡️

Understand what's covered by the HOA's master policy and what you'll need to insure separately.

Attend an HOA Meeting 🤝

If possible, attend a meeting to get a sense of how the HOA operates and what issues are currently being discussed.

Review Recent HOA Minutes and Newsletters 📰

It's important to review these frequently for insight into issues and projects, both ongoing and upcoming, affecting the community.

Understand the Approval Process 📝

Learn how modifications to your home (like additions or exterior changes) are approved.

Ask About Pet Policies 🐾

If you have pets or plan to get them, understand any restrictions or rules.

Consider Resale Value 📈

While HOAs can help maintain property values, very restrictive HOAs might limit your pool of potential buyers in the future.

 

The Bottom Line

Living in an HOA community can offer numerous benefits, from maintaining common areas to creating a sense of community. However, going into the purchase with your eyes wide open is crucial. Understanding the rules, financial obligations, and potential restrictions will help you decide whether HOA living is right for you.

Remember, every HOA is different. What works for one homeowner might not work for another. That's why it's essential to do your homework and ask plenty of questions before deciding.

 

Need Help Navigating HOA Communities?

Buying a home in an HOA community can be complex, but you don't have to go through it alone. At The Heim Berg Team, we have extensive experience helping buyers find their perfect home, whether it's in an HOA or not. We can guide you through the process, help you understand the implications of HOA living, and ensure you have all the information you need to make the best decision for your future.

 

Ready to explore your options? Let's talk about finding your dream home – HOA or no HOA!

Contact The Heim Berg Team today:

• 📞 Phone: 402-677-9024
• 🌐 Website: www.OmahaAreaLiving.com

Your perfect home is out there; we're here to help you find it!

If you are starting the journey of buying a new house the excitement of what’s to come can be all consuming. Everything from interior design to landscaping to paint colors - a whole new world is in your future. 

However, you have to remain practical and keep in mind that the first big step of the process is getting pre-approved for a mortgage, and your actions prior to the lender agreeing to fund the loan are important. Knowing this, we have listed five things you should avoid doing up until closing day. Let’s dive in:

-Because overusing credit can be a red flag, you want to make sure to keep your available credit as high as possible - which means keeping low balances on any lines of credit you have open. Essentially, you don’t want to buy all new furnishings for your new home before your loan closes.

-Making mysterious deposits or withdrawals is another action you want to avoid as the lender will keep a close eye on your bank statements during the pre-approval and underwriting process. There will need to be an explanation for unusual activity so it’s best to avoid large deposits or withdrawals that don’t normally take place. 

-Being late with bills before closing can really hurt you, and potentially even ruin your deal. Some lenders will require 12 months of consecutive on-time payments in order to qualify for a loan as roughly a third of your credit score is comprised of your payment history.

-It’s best to avoid co-signing a loan and making yourself financially liable for someone else’s debt during the loan process. Lenders will see this as another financial obligation which will be a factor when they determine your ability to take on a mortgage. 

-Changing jobs is another action you shouldn’t take during the approval process because lenders want to see reliable, stable income. Job-hoping can create hurdles for you and raise red flags. 

 

Be sure to check back each week for more real estate and Omaha, NE community information! Also, are you following us on Facebook? If not, be sure to check us out here! 

Buying a house is the largest purchase most people will make in their lifetime. And while the internet is a wonderful place to find information when it comes to home buying, there is also a lot of information out there that is misleading or downright not true. In today’s blog post we are going to be discussing four common myths about home buying - let’s dive in: 

1. The first myth that we are debunking is that you need a 20% down payment. While sometimes this is true and putting that much down can have its benefits, you don’t always need that much to buy your dream home. There are some loan programs that allow for half of that, or even less. 

2. The second myth that we are busting is that you have to be completely out of debt before you are able to own a home. Yes, that means if you are carrying student loans or other forms of debt, you could still qualify. Mortgage underwriters like to see you using and managing credit responsibly, so ensuring your payments are made on time is crucial. 

3. Piggybacking off our last myth, number three is that your credit score needs to be perfect to buy a home. Of course having a good credit score will only help you, but don’t stress if its not great. For a conventional loan approval, the minimum FICO credit score is around 620. 

4. The last myth we are exposing is that it is cheaper to rent than to own. In the short term there may be some truth to this statement, however if you plan on renting for a few years or longer, it could be in your best interest to put that money towards an asset you own. Renting is a great option for someone who moves around a lot, but if you are planning to stay in one place for a while buying can be a great option. 

 

Have other home buying questions and/or myths you want to discuss? Contact our experienced team today and let us help you find your perfect home in Omaha, NE! 

It is no secret that buying a home is one of the biggest purchases you will make in your lifetime. And with the right real estate agent and professional guidance, it can also be one of the most exciting times for you and your family as you navigate the home buying process. 

There are a lot of factors to consider when you begin looking at potential homes in Omaha, NE, which is why we have outlined some things for you to look for and think about when you begin your search:

How many bedrooms and bathrooms do you need?
Consider how many bedrooms and bathrooms you will need for the next decade – are you planning on growing your family, do you have children leaving for college soon, will you be caring in-home for elderly parents, do you need a home office or gym? These are all factors to consider when figuring out your ideal bedroom and bathroom count. 

Does your current (or future) situation call for a single-story home?
If you have anyone in your household that will have an issue utilizing a staircase then it may be better to opt for a single-story home. This may include small children, elderly parents, guests with physical limitations or if you simply are planning on growing older in the home yourself and foresee a staircase being an inconvenience. 

How much storage space do you need?
Storage space can be an afterthought for many people when it comes to looking for a home – that is, until they move in! If you are someone who needs a lot of storage it is important to note that for your realtor prior to your search. You can also always get creative and find different ways to create storage areas if needed, but it is important to have that on your list if it’s important to you. Also, be sure to take into consideration garage space if you need to accommodate multiple vehicles. 

What does your ideal yard look like? 
Some people dream of a spacious backyard to host summer BBQ’s and birthday parties, others want a low maintenance property with little upkeep. And some families fall in the middle. 

What are you looking for in a neighborhood?
What neighborhood you live in can impact many things such as commute times, school districts, distance to local conveniences, walkability, accessibility to amenities, etc. It is important to think about this off the bat, so you don’t waste time touring potential homes in areas that do not meet your needs and wants. 

Do you want to do repairs and renovations? 
Some people are open to (and even get excited about) the thought of home repairs and renovations as it allows them to put their own personal touch and incorporate their style into the property. Others run far and fast when renovations are muttered in a sentence and want a move-in ready home. Which do you prefer? 

 

Whether you relocating to Omaha, NE or simply moving neighborhoods, be sure to check out our Home Buying Tips page here!

If you are looking to move into a new neighborhood you understand what an exciting and fun time it can be for you and your family. A fresh chapter brings new experiences, exciting adventures and endless memories that will stay with you forever. But along with all the exciting things also come aspects that you want to be sure to look into before making the big move. Below we have listed a few things that you want to make sure to look into while you begin your search for your new home. We hope this brings you some insight and helps make the journey a little easier and sweater for you!

One thing you will want to make sure to check out are the local conveniences such as the nearest grocery store, bank, and specialty stores. Make a mental note of places you visit frequently and map where they are in relation to your desired neighborhood. This may not seem like a big factor to take into consideration when moving, but you will find it will make a huge impact on your day to day life. Another thing to look into are places such as hospitals, doctors’ offices and pharmacies so you know how quickly you can access these locations in the event of an emergency. If you want peace of mind knowing you have a hospital up the road then you may not want to fall in love with a neighborhood that is far from one.

If you have children, which school district you fall into may be a high priority for you and your family. You want to look at things such as where the district falls in terms of academics and teacher ratings, as well as athletic programs. And lastly, you want to be sure to check out how far you are from local entertainment and restaurants. If you want to be able to bring your children to a local park before dinner time or have a quick date night with your husband/wife on Friday nights, then you want to ensure that you are situated in an area that has these conveniences nearby.

We understand that buying a home can be a very exciting time! As your mind wanders from room to room, you think of what décor you will use, what paint colors will dance on the walls and what colorful plants you will line the front walkway with. But understanding the structure and how well the home was maintained and built is also very important as it can help alleviate potential costly repairs in the future. Below we have listed a few items to watch out for, especially if you are a first-time home buyer, that can serve as warning signs for potential issues. 

Roof:
-Singles that are cracked, missing, curled or warped 
-Substantial wear and tear
-Materials that do not match

Plumbing:
-Leaking faucets
-A terrible odor
-Low water pressure
-Water stains that appear around the tub, toilet or under sinks

Foundation: 
-Any cracks that appear in the sidewalks, driveway or walls
-Doors inside the home that have large gaps at the top or jam up
-Crooked windows and doorways
-Unleveled floors 

Electrical:
-Visible signs of electrical tape
-Lights that flicker when turned on
-Exposed wires