Nebraska Buyers Agents

Buying a home in Nebraska—what to know.

• Housing Affordability: Whether renting or buying, housing costs in Nebraska are remarkably 18% lower than the national average, providing substantial savings.
• Budget-Friendly Groceries: Enjoying fresh, local produce won’t strain your wallet, as Nebraska’s food costs are typically 5% lower than the national average.
• Income Tax Advantage: Nebraska stands among the nine states with no income tax, offering significant savings and making it an attractive choice for residents.
• Utility Savings: Keeping your home comfortable doesn’t come at a high price in Nebraska, with utility bills averaging 13% lower than the national average.
• Homeownership Accessibility: With an average home price of around $250k, Nebraska remains nearly 20% more affordable than the national average, providing opportunities for prospective homeowners.
• Scenic Beauty: Nebraska boasts stunning natural scenery, making it an appealing destination for those seeking picturesque landscapes.
• Outdoor Recreation Paradise: Outdoor enthusiasts will find abundant recreational opportunities in Nebraska. The state’s diverse outdoor offerings have made it an enjoyable place for nature lovers and outdoor enthusiasts alike.

Nebraska buyers agents provide Key Tips for Homebuyers in Nebraska in 2024:

• Define Your Budget: Understand the Nebraska housing market by recognizing the median home value of $167,977. Consider monthly expenses, including principal, interest, taxes, insurance, and potential fees. Don’t overlook closing costs to avoid surprises.
• Assemble Your Documents: First-time homebuyers should organize essential paperwork, including the last two years’ tax returns, W2s, recent paystubs, and two months of bank statements. Having landlord contact information for the past two years is crucial.
• Get Pre-Qualified: In a competitive market, having a pre-qualified loan offer letter is vital. Real estate agents value serious buyers, and prequalification provides insight into your budget, making the process smoother.
• Choose the Right Agent: Your Real Estate Agent is a critical ally. Select someone with local expertise, an understanding of your needs, and a commitment to being your advocate throughout the homebuying process.
• Identify Your Preferences: Determine your priorities, whether it’s square footage, neighborhood, or specific areas like La Vista, Seward, Papillion, Gretna, and Kearney. Clearly defined wants and needs help streamline your home search.
• Understand the Community: Consider factors like school quality, even if you don’t have kids, as it impacts resale value. Proximity to shopping, dining, and recreational areas enhances convenience and property value.
• Compare Homes: Regularly revisit your list of wants and needs. Ensure each home aligns with your priorities and provides the features you desire as a first time homebuyer.
• Monitor Your Credit: After pre-qualification, maintain regular payments and avoid new credit applications or increased debts. Consult your Loan Officer before making any decisions that could impact your credit.

Is 2024 a Good Time to Buy a House in Nebraska?

In Nebraska, the year 2024 is anticipated to be advantageous for sellers, given the ongoing high demand and restricted housing inventory. Sellers can leverage this scenario to establish competitive prices and negotiate favorable terms with the guidance of Nebraska buyers agents. It remains crucial to stay informed about market conditions and adjust strategies accordingly for optimal outcomes.

Implications and Trends

Average Home Prices: Nebraska’s median home price stands at $283,000, reflecting a robust 17.9% year-over-year increase. Predictions for 2024 suggest further growth in the median sale price due to tight inventory. The current sale to list price ratio is 99.1%, experiencing a 0.4-point decrease compared to September 2022.

Home Sales: According to September 2023 data, home sales experienced an 11.7% year-over-year decline, with 1,823 homes sold in that month, down from 2,064 in September 2022.

Average Rent Prices: Rental costs vary across the state, with an average tenant in Lincoln paying $1,217, while those in Papillion Springs pay $1,273.

Median Days on Market: The median days on the market for homes for sale was 16 days, showing no change year-over-year.

Pending Sales: The number of homes for sale decreased by 6.6% year-over-year compared to 2022. Currently, there are approximately 4,900 homes for sale in Nebraska.

Months of Supply: Nebraska faces a housing scarcity, with an average months-of-supply standing at 1.7 months, indicating high demand and a challenge worse than the national housing market.

Nebraska Housing Market Predictions 2024 

Return of Home Sellers: In 2024, sidelined sellers from 2023 are expected to re-enter the market. This is especially true for those compelled by new job opportunities or seeking affordable living options. Analyst Whitney, known for accurately predicting the 2008 financial crisis, forecasts an additional 30 million housing units, partly driven by downsizing baby boomers. Explore the insights of Nebraska buyers agents for a well guided homebuying journey.

Stabilization of Mortgage Interest Rates: After reaching a 23-year high of 7.79% in October 2023, mortgage rates saw a decline to 7.35% in November. Forecasts suggest that rates will likely remain above 6%, but anticipate stabilization by the second half of 2024. Which is influenced by a softening labor market and a slowing economy.

Rise in Home Buyers: Historically high interest rates deterred buyers in 2023. However, the lowering of rates to 7.35% in November led to increased mortgage demand. Anticipate a resurgence of house hunters as inflation eases and rates stabilize.

Continued Growth in Home Prices: Across Nebraska’s top metros, home prices experienced steady year-over-year growth, reaching $283,000 in September 2023. Experts project a continued rise in home prices until the low supply-high demand dynamic undergoes significant changes.

Increased New Home Construction Sales: In September 2023, 12.3% of home purchases were new homes. This marks the highest percentage since 2022. In 2023, builders offered $30,000 in concessions to attract buyers. The expectation is that both builders and sellers will compete for buyers’ attention in 2024.