OMAHA, Neb. – With summer here, many families are on the hunt for a new home. However, buyers are facing challenges as they search for their perfect property.
Recent reports show that first-time homebuyers are feeling the squeeze as prices reach record highs. According to a Gallup survey, Americans believe it’s the worst time ever to buy a home.
In Omaha, David Gnam and his wife are relocating from near Elmwood Park to the Piedmont neighborhood to accommodate their growing family. Gnam notes that you get more for your money out west compared to other areas.
While driving around Omaha, we found limited options for sale in neighborhoods like Dundee and Happy Hollow. A house at 189th and Drexel streets sold quickly, highlighting the competitive market.
Denise Poppen, president of the Omaha Area Board of Realtors, explains that mortgage rates near 7% are causing a bit of gridlock in the market. This has led to fewer families moving to upsize their homes.
Currently, there are around 980 existing houses for sale in Omaha, a slight increase from last summer. The median price is $290,000, up $15,000 from the previous year. Poppen emphasizes that it’s still a seller’s market, with homes selling quickly.
With many eager buyers in the market, the average time a house is on the market in Omaha is just 16 days. As interest rates remain uncertain, potential buyers could be waiting a long time to make a move.