Real Estate News

Mark Renner’s Omaha Real Estate Blog

Please feel free to call me if you would like further explanation on any of these topics, or if you have any real estate questions at all. I simply see my mission as striving to be as helpful as I possibly can to area homeowners. I hope this blog provides the information you need to be an informed home seller.

State of The Real Estate Economy

2019 in Review
Clearly, the devastating flooding in the beginning of the year had a significant impact on the early market -almost as if someone hit pause. It has been a consistent five-year trend that we experience the sales in March and April, and then the market slowly tapers down month over month. However, 2019 was different. Sales peaked in May and slowly faded over the year. In fact, sales in March and April of 2019 were both five-year lows, while sales activity in May and June represented five-year highs.

Low inventory market pressure remains systemic. In August, the Omaha Area Board of Realtors had 1798 active single-family residential listings (down 4.1% over August 2018) and 12,973 listings year to date (down 6.9%over 2018 YTD). Sales for the year was down around 6% compared to 2018.

Homes appreciated, on average around 6-7% in the Greater Omaha Area. This number is higher than inflation in the overall economy.

2020 Forecast
The 30-year interest rate continues to hover around 3.5%. This lower rate helps with the affordability for first-time buyers as well as increased buying power for the move-up buyer in the market, however the impact will most likely be negligible because of the continuing inventory shortage and price point increases in new construction and existing homes under $275,000.

Property priced under $275,000 will continue to be a seller’s market. The price range of $300,000 to $600,000 will be neutral – balanced buyer and seller demand. When we get into the higher end executive market, you will finally see a buyer’s market.

We fully expect the total sales in 2020 to be above 2019 as the millennials coming into the market will be a larger factor than previous years. Home appreciation should continue at above 6%.

In Conclusion
The demand for homes will continue to create solid home appreciation prices. Investment in Real Estate will continue to be one of the safest investment choices. If you are concerned about not being able to find the perfect next home because of this low inventory, call me and I will share my plan that allows you to buy that next home without having to sell your present home first and to then not have two house payments.

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