MikeKnowsOmaha Blog

As the national housing market continues to decline it looks 2009 should bring some really incredible incentives for home buyers.  Tax credits and the opportunity to buy down to very low interest rates should help entice buyers currently sitting on the fence to make a move.  With information in this National Realty News article prospective Omaha home buyers must be encouraged especially with the stable real estate market that we have here in Omaha.  This is a great time to jump in the market with stable prices here in Omaha and incredible incentives.

The short sale is often overlooked by buyers with all the attention given to foreclosures.  A short sale is when an owner in default comes to an agreement with the lender to sell the house before the foreclosure process takes place, sometimes at a loss for the lender.  According to this CNN article online short sales offer up a lot of opportunity for buyers looking for a bargain and discusses the process in detail.

With a new president in office I am sure many of you are interested in knowing whether the new administration will have an effect on the real estate market.  According to this Realty Times article, it definitely won't hurt.  There was a small spike in January which isn't great but it's much better than the alternative.  Also, future tax credits should help contribute to a recovering real estate market.  Whether the new president is the cause of the improvement or not is up for debate but the outlook for the future is good.

This article in Realty News does a great job shedding some light on popular loan modification myths.  The important thing to remember... if you are defaulting on your payments it is never too late nor is your credit too poor to modify your loan with your bank.  Your bank wants you to keep your house.  The last thing they want is another house in their inventory because that means they have no income coming in from you in the form of interest payments.  They will work with you and it is NEVER a better idea to declare bankruptcy.  If you modify your loan you can improve your credit rating.  If you declare bankruptcy you will put a huge dent in your credit making it nearly impossible to obtain loans in the near future.

In a new report written in Realty Times Nebraska as well as four other midwest states have the lowest unemployment rates as well as the most stable real estate markets in the country.  If you are looking at a good place to invest in property Omaha is the place as you can count on stability for years to come.

Two new national indexes for determining real estate market risks have come out.  The Omaha market is not mentioned as a risky, stable or opportunistic market.  However, the trend appears to have the east and west coast as the riskiest markets  with the midwest markets being the most stable and opportunistic.  Check out the article at Realty Times to read more.

According to a New York Times article loan fraud is up from this time last year.  What is particularly alarming about this article is the fact that a large part of the reason the real estate market had such a boom and bust over the past five to ten years is because of shady lending practices.  You would think individuals in the lending industry would have learned their lesson.  Apparently, a hurting economy is encouraging more loan officers to fudge the numbers in order to get a sale.  As a real estate professional I understand the need and pressure to close a sale but under no circumstances is committing fraud an acceptable way of getting the job done.  Be wary of any real estate or mortgage professional who is ok with forcing the numbers to work.  They do not have your best interest at heart.

With the inauguration of President Obama taking place on Tuesday a change in policy is expected.  This article does a great job explaining the type of change in policies regarding the real estate market which can be expected in the coming years.  A movement to enact policies which can reduce the number of foreclosed homes hitting the market combined with low interest rates could mean good things for the real estate market in the future.  Click here to check out this Realty Times article.

With economic crisis comes opportunity.  That is a fact which is often ignored with all the talk of doom and gloom.  There are a lot of people out there with stable jobs and good credit scores.  Prices are at all time lows.  The group with the greatest opportunity in front of them is the first time home buyers.  Without over valued houses to weigh them down this is the perfect time to jump in the market, hold on and build equity.  In many markets it's very hard to buy a house for young people starting off in life and this crisis has really opened up that opportunity.  Make no mistake about it... in time, those who have been able to buy at this time and buy intelligently will be sitting on a lot of equity in five years.  Check out the USA Today article here.

Contact me for more details regarding the opportunities available for first time home buyers. 

Refinancing sounds like a great idea but may be more difficult than most people anticipate.  Rates are low right now and a lot of people see that as a way to refinance and get out from under a bad home loan.  Unfortunately, banks just don't give these super low interest rate loans away.  In order to qualify you're going to need a great credit score and most other debt will need to be resolved.  Check this article out to see what refinancing for a low interest rate loan entails.

Fore more information you can also check my financing page or contact me  for more loan information.