OMAHA, Neb. (KMTV) – Krystal Spudy, a single mother, is about to buy a house in Yutan. She noticed a huge price increase over time.
Before the pandemic, the house she now lives in was worth $164,000 and now it’s around $250,000.
“It’s you and everyone else looking for exactly the same thing, and so, you just have to be ready to get going, to move as fast as you can, which makes you a little nervous about what you’re going to take. the right decision in the end,” Spudy said.
Omaha real estate agent Dakotah Smith says home prices have risen locally by at least 8% for many years. How will interest rate hikes impact more buyers like Spudy?
“What we expect first is that it will level off. That house prices will stop appreciating so quickly because there just aren’t the number of buyers out there. any price range to jump into that pool of homes because it was maybe a year or two ago,” Smith said.
Will real estate prices go down? Smith expects that to start at higher prices first, but not for homes between $200,000 and $400,000.
Higher interest rates, he says, could mean fewer sellers and the warm market could start to cool.
“If we slow down the acceleration, it will allow more and more buyers to get into their first home,” Smith said.
This makes room for the likes of Spudy, who creates his own version of the “good life”.
“Anyone younger than me on one income — I just don’t know how they could live the ‘American Dream’ of owning a home,” Spudy said.
Smith says those buying a home should be sure to build a strong relationship with their real estate agent and mortgage adviser, as they can help you figure out what you can afford in real time.
The last thing you want to do is bid on a property based on a 60- or 90-day-old pre-approval in a fast-moving market.
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