HAPPY NEW YEAR!
Well we're in that time of the new year that we like to take a glimpse back at the previous year & figure out what really happened (good or bad). So let's do that for the 2010 Lincoln, Nebraska real estate market.
In 2010, the Lincoln, Nebraska real estate market saw record low mortgage rates. Yet we also saw an end to the federal government's home buyer tax credit. So how did all of this affect the market? Let's take a look at the 2010 year ending residential real estate numbers for Lincoln, Nebraska as compared to the 2009 year end numbers.
2009 # of sold properties: 3,387
2010 # of sold properties: 2,810
2009 avg sale price: $149,418
2010 avg sale price: $153,144
2009 avg days on market: 67
2010 avg days on market: 77
2009 homes sold for an avg of 96.6% of their list price
2010 homes sold for an avg of 92.4% of their list price
As you can see, the number of homes sold in 2010 were much fewer than in 2009. Homes sat on the market for longer & in turn sold for much less percentage of their list price. The good news is that the avg sale price increased slightly. I think that much of this is due to the tax credit or in correlation, the expiration of the tax credit.
In 2011 the rates are expected to stay low at least for the time being. The number of homes currently on the market as of today, is the lowest I have seen since I have been in the business with only 1,243 current listings. So is it a buyer's market or a sellers market? In my opinion, much of that will depend on consumers' confidence. We shall see what 2011 has in store for us!
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
http://www.weselllincoln.com/
www.twitter.com/JasonKorn
jason@kornteam.com
P.S. The Korn Team is going to take it to the next level this year. If you or someone you know is planning a move, be sure to contact us for a FREE consultation! You won't regret it!
*All stats via the Midlands MLS. Pulled on 1/3/11 for residential properties only in Lincoln, Ne.
Monday, January 3, 2011
Monday, October 25, 2010
What Your Home is NOT Worth
Your home is NOT worth...
1. What you NEED to get for your home.
2. What you think you SHOULD get for your home.
3. What your neighbor's home sold for.
4. What your friend's home sold for in Omaha.
5. What the county assessor values your home at (in most cases).
These are just some of the many things I hear from sellers when going on listing appointments. The fact of the matter is, in real estate, your home is worth EXACTLY what the MARKET says it is worth.
The market is telling you what your home is worth. Are you listening?
If you would like to know the value of your home or if you have any Lincoln, Nebraska real estate market questions... please don't hesitate to contact me anytime!
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
www.WeSellLincoln.com
www.twitter.com/JasonKorn
jason@kornteam.com
1. What you NEED to get for your home.
2. What you think you SHOULD get for your home.
3. What your neighbor's home sold for.
4. What your friend's home sold for in Omaha.
5. What the county assessor values your home at (in most cases).
These are just some of the many things I hear from sellers when going on listing appointments. The fact of the matter is, in real estate, your home is worth EXACTLY what the MARKET says it is worth.
The market is telling you what your home is worth. Are you listening?
If you would like to know the value of your home or if you have any Lincoln, Nebraska real estate market questions... please don't hesitate to contact me anytime!
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
www.WeSellLincoln.com
www.twitter.com/JasonKorn
jason@kornteam.com
Friday, October 22, 2010
Comparing September 2010 to September 2009 Lincoln Real Estate Statistics
I often get asked, "So how's the Lincoln real estate market since the tax-credit has ended?"
Well the truth of the matter is that we have definitely seen a "hangover" from the tax credit. Now, I don't like to focus on the negative or just spout out negative things but, I do think that simply sharing the facts is okay and can be very helpful.
So each month I'm not only going to give the previous month's real estate statistics for Lincoln, Nebraska, I'll also be giving the previous year's stats for that month. Keep in mind, last year we had the tax credit. So let's compare!
In my last blog post I shared September 2010 real estate stats. Here is a look at September 2009:
# of Homes Sold: 323
Avg. Sale Price: $142,342
Median Sale Price: $128,500
Avg. Days on Market: 60
Being informed is very powerful. My goal is to keep you informed on our local residential real estate market. Remember, if you would like to know the value of your home or if you simply have a real estate question, please don't hesitate to contact me!
It's a good life,
Jason Korn
The Korn Team
www.WeSellLincoln.com
www.twitter.com/JasonKorn
RE/MAX Real Estate Conepts
402.310.0409
jason@kornteam.com
Well the truth of the matter is that we have definitely seen a "hangover" from the tax credit. Now, I don't like to focus on the negative or just spout out negative things but, I do think that simply sharing the facts is okay and can be very helpful.
So each month I'm not only going to give the previous month's real estate statistics for Lincoln, Nebraska, I'll also be giving the previous year's stats for that month. Keep in mind, last year we had the tax credit. So let's compare!
In my last blog post I shared September 2010 real estate stats. Here is a look at September 2009:
# of Homes Sold: 323
Avg. Sale Price: $142,342
Median Sale Price: $128,500
Avg. Days on Market: 60
Being informed is very powerful. My goal is to keep you informed on our local residential real estate market. Remember, if you would like to know the value of your home or if you simply have a real estate question, please don't hesitate to contact me!
It's a good life,
Jason Korn
The Korn Team
www.WeSellLincoln.com
www.twitter.com/JasonKorn
RE/MAX Real Estate Conepts
402.310.0409
jason@kornteam.com
Wednesday, October 20, 2010
Lincoln, NE Real Estate Market Udpate for September 2010
# of Homes Sold: 192
Avg Sale Price: $147,057
Median Sale Price: $135,000
Avg Days on Market: 94
# of Current Listings: 1,491
Homes values can depend highly on your location and the Lincoln, Nebraska real estate market is no different. If you would like to know the value of YOUR home, please don't hesitate to contact me!
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
www.WeSellLincoln.com
www.twitter.com/JasonKorn
402.310.0409
*These stats are taken from Midlands MLS on 10/20/10 for the date range of 9/01/10 - 09/30/10 for residential homes only in the city of Lincoln.
Avg Sale Price: $147,057
Median Sale Price: $135,000
Avg Days on Market: 94
# of Current Listings: 1,491
Homes values can depend highly on your location and the Lincoln, Nebraska real estate market is no different. If you would like to know the value of YOUR home, please don't hesitate to contact me!
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
www.WeSellLincoln.com
www.twitter.com/JasonKorn
402.310.0409
*These stats are taken from Midlands MLS on 10/20/10 for the date range of 9/01/10 - 09/30/10 for residential homes only in the city of Lincoln.
Thursday, September 16, 2010
Lincoln, Ne Residential Real Estate Statistics Aug 2010
Homes currently listed: 1,494
# of Sold homes: 181
Avg sale price: $169,303
Avg Days on Market: 92
Tidbit:
Don't think pricing the home correctly right away matters? Did you know... Homes sold within the first 30 days sold for 97% of list price. Homes sold 31-60 days on the market sold for only 93% of list price.
*statistics according to the MLS. Residential stats in Lincoln.
Curious what YOUR home is worth? Contact me anytime for a free market evaluation of your home!
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
402.310.0409
jason@kornteam.com
www.WeSellLincoln.com
http://twitter.com/JasonKorn
# of Sold homes: 181
Avg sale price: $169,303
Avg Days on Market: 92
Tidbit:
Don't think pricing the home correctly right away matters? Did you know... Homes sold within the first 30 days sold for 97% of list price. Homes sold 31-60 days on the market sold for only 93% of list price.
*statistics according to the MLS. Residential stats in Lincoln.
Curious what YOUR home is worth? Contact me anytime for a free market evaluation of your home!
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
402.310.0409
jason@kornteam.com
www.WeSellLincoln.com
http://twitter.com/JasonKorn
Wednesday, September 1, 2010
Should I Rent or Buy???
Let's take a look at the classic debate: Rent vs Buy.
I often hear (from agents mostly) that if you rent, you're only throwing away your money. True! Sort of. See, it's much more complicated than that. Deciding between renting and buying is actually very situational and can depend on many factors. Much like a real estate transaction, each person has a different situation and your "game plan" as I like to call it, needs to be tailored to each specific person.
Let's quickly take a look at the advantages of both renting and buying:
Renting Advantages
1. No long term commitment. - You are not committed to any particular property for longer than you sign a lease for. If you have an uncertain job situation this can be very advantageous.
2. It often costs LESS to rent. - Studies have shown that often renting costs less than owning a home. Rents can often be slightly lower than mortgage payments & upkeep costs on owning a home can also add a costly element.
3. You don't have to worry about repairs/improvements. - Part of being a responsible homeowner involves upkeep of a home and making improvements to the home that will protect your investment. As a tenant, you are not responsible for any of this! If something breaks... call the landlord!
Buying Advantages
1. You OWN it. - When you purchase a home, it's yours! You can do whatever you want (within the law) to your home and in your home.
2. You know what your mortgage will be. - Whether you're getting a fixed rate loan or an A.R.M., you are still aware of what your payments are going to be for the coming years. In renting, your landlord can raise your rent just about anytime outside of your lease term.
3. It's a GREAT investment. - Buying a home is like investing in the stock market. You will (in most cases) gain equity on your home. That being said, you should use the old investing adage of "Buy low, sell high".
So as you can see there are arguments for both side of the debate. What this really comes down to is your preference and your particular situation. I always enjoy sitting down with people to discuss their situation and help them analyze which is best... to rent or to buy.
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
402.310.0409
jason@kornteam.com
http://www.weselllincoln.com/
http://twitter.com/JasonKorn
I often hear (from agents mostly) that if you rent, you're only throwing away your money. True! Sort of. See, it's much more complicated than that. Deciding between renting and buying is actually very situational and can depend on many factors. Much like a real estate transaction, each person has a different situation and your "game plan" as I like to call it, needs to be tailored to each specific person.
Let's quickly take a look at the advantages of both renting and buying:
Renting Advantages
1. No long term commitment. - You are not committed to any particular property for longer than you sign a lease for. If you have an uncertain job situation this can be very advantageous.
2. It often costs LESS to rent. - Studies have shown that often renting costs less than owning a home. Rents can often be slightly lower than mortgage payments & upkeep costs on owning a home can also add a costly element.
3. You don't have to worry about repairs/improvements. - Part of being a responsible homeowner involves upkeep of a home and making improvements to the home that will protect your investment. As a tenant, you are not responsible for any of this! If something breaks... call the landlord!
Buying Advantages
1. You OWN it. - When you purchase a home, it's yours! You can do whatever you want (within the law) to your home and in your home.
2. You know what your mortgage will be. - Whether you're getting a fixed rate loan or an A.R.M., you are still aware of what your payments are going to be for the coming years. In renting, your landlord can raise your rent just about anytime outside of your lease term.
3. It's a GREAT investment. - Buying a home is like investing in the stock market. You will (in most cases) gain equity on your home. That being said, you should use the old investing adage of "Buy low, sell high".
So as you can see there are arguments for both side of the debate. What this really comes down to is your preference and your particular situation. I always enjoy sitting down with people to discuss their situation and help them analyze which is best... to rent or to buy.
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
402.310.0409
jason@kornteam.com
http://www.weselllincoln.com/
http://twitter.com/JasonKorn
Monday, August 9, 2010
Lincoln, Nebraska Real Estate Market Statistics - July 2010
July 1, 2010 - July 31, 2010 Statistics*
# of new listings: 368
#of sold homes: 175
Average sale price: $165,360
Average # of days on the market: 35
The total # of homes listed in Lincoln, Nebraska (as of 8/9/10): 1,455
If you would like specific stats about YOUR neighborhood, please contact me at 402.310.0409 or jason@kornteam.com
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
Lincoln, NE
www.WeSellLincoln.com
http://twitter.com/JasonKorn
*All residential homes (existin & new) listed in city limits of Lincoln according to the MLS.
# of new listings: 368
#of sold homes: 175
Average sale price: $165,360
Average # of days on the market: 35
The total # of homes listed in Lincoln, Nebraska (as of 8/9/10): 1,455
If you would like specific stats about YOUR neighborhood, please contact me at 402.310.0409 or jason@kornteam.com
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
Lincoln, NE
www.WeSellLincoln.com
http://twitter.com/JasonKorn
*All residential homes (existin & new) listed in city limits of Lincoln according to the MLS.
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