MikeKnowsOmaha Blog

This article is particularly interesting as it is now tax time.  I know from personal experience that having an experienced tax professional on your side can save you bundles when it comes to real estate.  With congress passing new stimulus packages there are many new ways to write off tax dollars on your real estate investments.  You definitely need to check out this article and speak to an accountant if you are a homeowner or investor.  Click here to check it out through Realty Times.

This Q&A article in the New York Times brings up a very good question for Condo buyers nationally as well as in Omaha. The size of the Condo Association's bank account is hugely important and often not highly discussed when purchasing a condo. Before you buy a condo you need to ask to see how your monthly association fees are used. Most of the time they are used for things like exterior maintenance or general repairs, garbage pick up and sometimes even water. You need to see how much money is deposited into a reserve bank account as money to be used just in case. A great example is an older building being restored and converted into a condo project... what happens if costly structural issues begin to appear throughout the building ten years after you bought your unit? If your condo association does not have a cash reserve in a savings account you could be in serious trouble.

Click here to check out the article and be sure to ask the right questions when you are interested in buying property.

 

I woke up this morning with a temperature of -15 degrees here in Omaha and I didn't think things could get any worse... I was right.  The 2008 data for foreclosures is in and Nebraska did great!  Only .4% of Nebraska homes faced foreclosure in 2008, well below the national average and even less than the amount in 2007 for Nebraska.  Click here to check out the USA Today article for full national and state results. 

As time goes on I will be posting foreclosed homes for sale on my blog for all those investors out there looking for a deal.  Check back in frequently as I am only now waiting on a technical glitch to work itself out. 

I've got some great news for those of you looking to make a home purchase in the 700k price range.  The national conforming loan limit has been raised, now making it possible for individuals to obtain what used to be called "jumbo loans" at a lower interest rate, thus making monthly payments more affordable.  The federal government is really aiming this at higher priced area's like New York or parts of California in an effort to bring in more buyers.  This shouldn't affect the Omaha area so much but could have a small positive effect on the national market.

More importantly to us here in Omaha, interest rates are dropping.  So if you have been tossing around the idea of buying a house now is a really great time to do so. 

 

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