NEBRASKA - When analyzing trends in Nebraska Real Estate, it is important to understand which ones will benefit the state in the near future. Millennials are expected to be the largest group of home buyers, and the number of rental properties is expected to increase. At the same time, interest rates are expected to continue to rise. As a result, large investment companies, flippers, and private landlords will likely snap up low-priced homes.
Home Prices Will Decline
Nebraska's housing market has not been slowing down in the last couple of years. According to a new report by CoreLogic, the median home price will decline in 2023 in Nebraska. The price per square foot is increasing again but will still be more than $20,000. The average price for 2,000 square feet in 2023 is $210,000, which is higher than it was in 2007.
The forecast comes just a few months after Zillow economists predicted that home prices would decline in five regional housing markets in July. However, they revised their projection to include 123 regional markets. However, it does not mean that home prices will drop by 20% in Nebraska; it predicts a modest decline of only 1.8% by that time.
The recent COVID-19 pandemic and low unemployment contribute to Nebraska's steady demand for homes. Wages are also increasing, which is helping the housing market. In 2023, the pace of home construction will determine whether or not the housing market in Nebraska remains affordable. However, while higher home prices benefit current homeowners, they will likely make it more difficult for low-income communities to purchase a home.
Millennials Will Buy The Most Homes
Millennials are delaying their first home purchases for many reasons. While paying off their massive student loans is one of the top concerns for some, this isn't the only issue. Debt, credit score, and lack of savings hold many potential home buyers.
According to a recent report by Goldman Sachs, millennials are less likely to buy a home than past generations. This is partly due to a lack of available high-paying jobs and student debt. Millennials are also more likely to rent than buy.
Millennials are the most tech-savvy generation yet. Their demand for instant product information, price comparisons, and reviews have driven them to turn to trusted brands for advice and information. Millennials are also adopting new approaches to home buying and finance. This infographic highlights the characteristics of millennials and how they are transforming the real estate industry.
Rental Properties Will Become Easier To Find
There is a new tool for real estate agents to make it easier for them to advertise Nebraska rental properties. The new system allows real estate agents to post rental ads for free. You simply have to register for an account, provide a username and password, and fill out the required information. You can update your contact information online, including name, city, state, and zip code. The new system also allows you to make payments through Discover credit cards.
Nebraska Governor Ricketts recently issued an executive order to prevent evictions for COVID-19 pandemic renters. The new relief is designed to help Nebraskans who were temporarily unable to work due to illness or other obligations. The order also calls on tenants to meet their contractual obligations.