Nebraska – Where the Corn AND the Housing Numbers Grow!
While it may not get the headlines like other places do, Nebraska is actually a popular spot for housing investors. In fact, the city of Aurora takes up less than two square miles, but it is a hub for out-of-state investors who love its small-town charm as much as they love the fact that it’s housing market doesn’t bubble OR dip!
But what about Nebraska’s largest city?
At the beginning of 2013, Omaha’s foreclosure rate was well below the national average, which is great for the overall housing market. That means homes for sale in Omaha don’t have to worry about being dragged down by a glut of foreclosures. In fact, over the past five years, Omaha’s median sales price has gone up nearly 20%!
Plus, by the time 2012 came to a close, Omaha had something else to brag about – a record number of housing permits. That means a ton of new homes will be on the market here in 2013. And, more importantly, it shows that builders are confident about the direction Omaha’s housing market is heading in. In fact, they’re so confident, they’re willing to put their money where their mouth is!
Other towns are booming, too. The homes for sale in Grand Island in 2012 fetched more than $100 million by year’s end. And, the city issued $79 million worth of building permits for new construction, much of which is due to go up in 2013.
As of mid-January, Nebraska got some even better news – the number of bankruptcy filings here fell to its lowest level since before the Great Recession. A big part of the reason for the drop was the improved housing market. Since fewer people are losing their homes to foreclosure, fewer of them have to file for bankruptcy.
However, there’s an upside for the housing market, too. With fewer Nebraskans in dire financial straits, more of them can afford to make major purchases – like buying homes, for example.
It’s a cycle that you want to see if you live here!
Overall, the experts are expecting good things for Nebraska’s economy in 2013. The second half of 2012 was a strong one, economic-wise, and they say there’s no reason to believe that trend won’t continue. Luckily for Nebraskans, this state relies heavily on agriculture (hey, they don’t call it the Cornhusker State for nothing!), so it takes quite a lot for the economy here to be anything but stable. That means lots of people here have steady paychecks to spend on housing…
…And realtors in Nebraska couldn’t be happier about it!