Hello! If you're looking to buy, sell, invest, or build in real esate now or in the next 6 months - you must give me a call at 402.690.1573. I'll make sure you get the absolute best price on your home if you're buying or selling - e-mail me at teresa@teamelliott.net!
Omaha has been named the best city to raise kids in a new Kiplinger.com ranking.
The personal finance website's list is based on a combination of factors. Kiplinger looked for cities with great schools, lots of libraries and parks and a low cost of living relative to household income. Crime rates were also included.
The website says the Millard neighborhood of southwest Omaha is an especially good place for families because of the strong schools and safe streets.
Omaha was also praised for the quality of its zoo, children's museum and other family friendly amenities.
Omaha beat out Richland, Wash.; Suwanee, Ga.; Thousand Oaks, Calif.; East Grand Rapids, Mich.; Appleton, Wis.; Sunnyvale, Calif.; Middletown, N.Y.; Corona, Calif.; and Stamford, Conn.
Here's the what the website said:
City population: 408,958
Average family income: $78,466
Percentage of families with children: 28.3%
Metro-area spending per student: $6,077
Public playgrounds: 157
The city that bore Warren Buffett is a great place to raise children -- though there’s no guarantee they’ll grow up to be billionaire investors. Southwestern Omaha, in particular, is an idyll of good schools, tended sports fields and tidy cul-de-sacs. The Millard School District, home to Nebraska's only K-12 International Baccalaureate program, features sky-high standardized test scores, a top-ranked music program and one of the country's best school library systems (according to the American Association of School Librarians, which awarded Millard top honors in 2003). In the western suburbs especially, crime rates are low enough for kids to walk to school worry-free.
And there's plenty to do in the city itself: A zoo, a children's museum and a 64-year-old children's theater anchor Omaha's kid-friendly offerings. Parents, meanwhile, enjoy living costs 10.5% below the national average, a modest 4.7% unemployment rate and well-paid jobs at major companies, including Union Pacific and the aforementioned Buffett’s Berkshire Hathaway.
It is important to be able to enjoy your new home. One of the biggest blunders that inexperienced or overzealous buyers make is to jump right in and get way too much house. How much is too much? If your mortgage is going to burn a hole in your income more than 35%, then it’s time to reconsider. Make sure you can afford to pay recurring expenses while leaving some room to breathe in the process. Just because you may have prequalified for a certain amount does not mean you can “afford” that much house.
Skipping a Home Inspection
We have all seen the horror stories broadcast across home television networks – so much so that there are teams of people trying to educate homebuyers on the importance of a home inspection. What can you stand to lose by skipping the inspection? Anything from faulty structure to chemical exposure or pest infestation or more – can set you back thousands or tens of thousands. Better to be safe and spend a few hundred dollars than to be sorry.
Not Getting Everything in Writing
Just because a seller said you would get to keep the swings set does not necessarily mean you will get it – unless you have it in writing. Too many buyers fail to get things put into a formal contract. In fact, many brokers and agents have specific forms to avoid just that. Make sure every agreed upon item is formally written down, signed by both parties and includes any necessary details.
Not Doing Homework
You can never have too much information when buying a house. In fact, knowing as much as possible about the property, its history, surroundings, neighborhood and community are instrumental in making the right decision. Another important thing to know is current local market conditions. What are other homes in the area selling for? What is the life of the average property in the neighborhood? Are prices stable and is it a sellers’ market or buyer-controlled? A quality, experienced Realtor will help you find out all this and more relevant information – key to finding the perfect home.
Buying the Most Expensive House in the Neighborhood
Even though it may seem like a good purchase – buying the most expensive home on the block is not the best move to make. No matter what you think your long term intentions are for the home, just the chance that you may want to sell in the future is enough to forego buying the priciest home in the neighborhood. Consider this: if you do end up moving, sellers will be turned off by the most expensive price tag making it harder to sell. Not only that, the home’s value is also dependent on other homes in the area – something that could backfire eventually.
Moving Too Quickly
Since buying a home is the largest financial transaction in most people’s lives, it is important for them to pace themselves. Hastily acting on the first home you see will limit you from countless options. While there should be a reasonable limit – it’s a good idea to see more homes than fewer. If you have a list of must-have items, try to achieve all or most of them in your search. You can’t do that if you jump at the first home and sign the dotted line too quickly.
Buying a Misfit House
A lot of buyers are wooed by the lifestyle and living arrangements of the homes as displayed by sellers. Once they move in, they realize things like the oversized lawn is way too much work or that the high-end finishes are too much to maintain with their young family. It is essential to keep your lifestyle in mind when searching for your next home. The last thing you need is to regret or feel buyer’s remorse when it’s too late.
Forgetting to Zoom Out
Many buyers are enticed by the number of rooms a home has, a high-end kitchen or the home’s spaciousness, without considering other aspects of living there. When they have moved in and realize their next-door neighbor runs a daycare or the nearest grocery store is twenty minutes away – they regret it. Remember to research the surroundings in the area to make sure that it’s still your dream home even after zooming out of just the house itself.
Failing to Protect Themselves
There is a reason for contingencies in an offer and without them things can get messy. When buyers neglect to outline the terms or if they choose to waive some important contingencies in the interest of securing the home, they are taking a huge risk. Common contingencies not to forego are the right to a home inspection prior to sale with the sale dependent on inspection results or availability of financing or setting a move-in date that coincides with the sale of the buyer’s previous home.
Foregoing Prequalification and Preapproval
Driving around and looking for a good home is fine but when it comes time to getting serious about the sale, unless you are prequalified and preapproved, you could easily get the short end of the stick. Buyers that don’t pay much attention to this important buying strategy actually end up losing their dream homes because the seller chose to accept the offer from someone that did this important step. Prequalification allows you to know your budget range according to the lenders’ calculations made based on your income, etc. A preapproval is a written statement from your bank saying that you have been preapproved for a loan. Sellers prefer offers that come with both, especially in today’s housing industry with savvy homeowners and buyers.
Do you want to make sure everything you’re doing is spot on? Call or visit us today so we can review your options, help you determine what your perfect home is and introduce you to your new home!
With summer fast approaching, you might already have vacation on your mind...so I wanted to share with you on this little video clip my favorite safety tips. In fact, I have multiple critical steps to prepare your home for safe keeping while you're away, to keep your nest safe and secure.
This is exactly what I did to prepare my home while I'm on vacation:
The best way to keep your home safe in your absence is to make it appear you are home, leaving absolutely no clue you're actually away. Light, time and noise are your greatest weapons to accomplish this. Follow these tips to ready your home and keep it safe:
- Ask someone you know and trust to keep an eye on your house.
For short trips, ask one of your neighbors to pick up your mail and your newspaper. If you are going to be gone longer, however, be sure to stop by the post office and have your home mail delivery stopped until you return.
Be sure to provide neighbors, friends and family members with emergency phone numbers so you can be reached quickly. It's a good idea to leave a spare house key with a relative or neighbor as well.
- At least a couple of weeks before you leave for vacation, decide what to do about your pets. You may want to have a friend or neighbor stop by each day to provide food, water and exercise. Or you may want to hire a professional pet sitting service or take the pets to a reputable kennel. This decision should be made well in advance so that proper arrangements can be made.
- Use timers on lights, televisions and radios to provide sound and illuminate the inside of your home.
- If you still have a home phone, change the setting on your answering machine so it picks up on the first or second ring—or just turn down the ringer. A constantly ringing phone is also a good sign no one is home.
- For long absences, you may want to turn off the main water valve. This will help avoid problems with frozen pipes in winter and leaking pipes in the warmer months as well as other plumbing issues.
- Keep shades up and blinds and curtains open to make it appear you're home.
- Keep bushes and shrubs near your home's entrance and walkway well trimmed. This will eliminate hiding spots for burglars.
- Keep the outside of your home well lit. Burglars won't go where they can be seen.
- Ask a neighbor to park in your driveway, occasionally moving his or her car indicate your coming and going.
- Leave the air conditioner on. A silent compressor on a hot day is a good indication you aren't home.
- Have the lawn mowed my a friend or lawn service if you are away longer than a week in the warmer months.
- This one is tough for those addicted to Facebook but posting to Facebook where you are at all times you are not only sharing this with your 'friends'. Those posts and photos allow others to find out when you are away and where you are. This isn't as concerning when you are local as you could post a comment or photo as you are ON your way home or just arrived but when your, say, at Disney World, those with ill plans regarding your trip away from home.
- Be sure to turn down the temperature on the hot water heater and unplug televisions and other appliances. These appliances will be drawing electricity whether they are on or not. Unplugging them will help lower your electric bill.
- Turn your thermostats down (or up) before you leave. There is no reason to spend money heating or cooling the home when you are not there.
- Don't forget about the plants. If you are having a friend or pet sitter care for your pets, ask them to take care of your plants as well. Simply soaking the plants with water before you leave is not enough. A better idea is to create a self watering system if you cannot have someone care for the plants. For small plants, make a self watering system by filling a plastic container with pebbles. Then fill the bottom of the container with water. This allows the plants to slowly absorb the moisture they need, without the danger of their roots becoming waterlogged. Larger plants can be mulched with a damp towel or newspaper to prevent the loss of moisture.
- When the day to leave for vacation finally arrives, try not to make that departure too obvious to those passing by. If you have a garage, be sure to pack the car with the garage door closed. If you do not have a garage, you may want to pack a couple of items a day in order to avoid broadcasting to the world that your home will be unoccupied.
- This last tip isn't a security measure for your house but for your credit (you know I always care about that as well) as you need to keep tight check over your credit in order to purchase or refinance your home!
With all the excitement of the upcoming trip we sometimes get carried away, plan only for the trip and security of our home for while we are away and leave for our stress-free trip. But wait!! You suddenly realize the day before you return the date! You've missed your mortgage payment, car payment, credit card, and utility due dates by a week or more! This happens more than I'd like to hear and the credit company doesn't accept this as a viable hardship excuse. :-) So ensure you plan ahead. Go on and sit down to make all the payments needed to be made in advance before your trip and all those due up till a few days after your return for good measure to ensure you don't get tied up with the return home and forget this very important task to protect your credit rating!
As you can see, there is a lot to think about before you jump in the car or on a plane for vacation. Use this checklist as a way of bringing peace of mind to you and your family. Enjoy your vacations without worrying about the safety of your home while you're away.
Credit outlook is the most important aspect of the financial lives of millions of Americans. In fact, it is almost as unique as a thumbprint so it should be guarded and carefully protected. Not only does your credit report share an in-depth insight into your most personal financial details but it also shows those people that are accessing the report a lot about your financial personality.
So if you are buying a home or automobile, want a credit card, have applied for new phone service or anything else that requires the pulling of your credit report, beware and be aware of what is on your report.
A Credit Report Is a Glimpse Of Your Financial Lifestyle
Though mortgage companies view a different version than you do, bear in mind that the details are very much available and ready to see to any creditor that chooses to look over the history of your financial responsibility. The single most determining factor in deciding your mortgage application aside from your income eligibility and a few other aspects, is your FICO score. Lenders take the average of all three scores obtained from the three reporting agencies but when you view your report you will have access to one FICO score rather than the average of all three. You will however be able to view the same detailed information visible to creditors.
The basics will be included on the report but in addition there will also be contact information for each of your creditors, type of credit, the loan and/or credit amount that corresponds with each and the date each line of credit was established. There will also be information about any judgments against you and any settlements you may have made in the past. Any derogatory things such as repossessions, bankruptcy, past due amounts or debts that have gone to collection will be included on the credit report as well. There is a new trend that has become more prevalent with many creditors, where agencies report your rental payment history and other things showing how responsible you are with debt in situations other than just those that appear on a standard credit report . The CoreLogic® CoreScore report is a new report that almost acts as Big Brother, reporting a lot more detail on your spending habits as a consumer.
Things To Look Out For When Reviewing Your Credit Report
One of the best things you can do for your financial health is to pull your credit report at least once every six months. Check your report for any discrepancies and most importantly be aware of your financial situation.
If the balance owed is very close to or equal to the maximum high balance limit on any or all of your lines of credit it raises a red flag to potential creditors. That shows you have reached the maximum credit limit on a number of your responsibilities, and it is a factor that could get in the way of your obtaining new credit. As soon as you see your credit has reached about 80% of the maximum limit it is a good idea to start paying your debt down as soon as possible.
Additionally, if you see any derogatory items that are inaccurate you should work to resolve them by contacting the creditor and setting the record straight.
~
The best way to ensure strong financial health is to be aware, stay up to date on your report and maintain accuracy. Using the report as a tool you can guide your financial situation to where you want to be and once there, be sure to stay on top. For assistance in pulling your credit report or any other inquiries you may have, contact your loan officer or Realtor today!
In the real estate market, “spring” usually comes early, with people eager to list their homes as soon as in January to beat the competition as the weeks get closer to March. But if you missed this year’s after-winter opportunity, now’s the next best time to sell. With so many new home shows popping up everywhere on TV, now more than ever, buyers are super savvy so to help you with your home selling endeavor this year we have put together a few tips to get those buyers rolling in.
Make Them Want To Come Inside
Nothing makes a buyer more interested in seeing the property than a gorgeous exterior. Excellent curb appeal does not have to take a lot of time, effort or money but if you do not tend to this essential aspect of selling your home, you could end up losing a lot of potential buyers to the competition.
Curb appeal is simply a matter of maintaining and sprucing up the exterior and entranceway of your home. By cleaning up dirty siding, fixing up post-wintertime yard messes or fixing minor cracks and crevices in the driveway – buyers will be wooed by that inviting first impression. Take the time to add some flowers, put out a warm welcome mat and give buyers an idea of what they can expect when they set foot inside. Not tending to this can make all the difference in the number of offers you may or may not get on your listing.
Once They’re In, Show Off Your Space!
So often sellers are selling a home without realizing that potential buyers have different tastes than their own. The single best way to bridge the divide between one aesthetic sense versus another is to keep things neutral, neat and nice. If you have a bright orange room, a fresh coat of neutral paint may just be the thing needed to attract the right buyer. If there are gorgeous walk-in closets in the home, remove most of the items in the closet so the buyer can visualize their own things in the space.
Fix any things that need repairs, remove the clutter from your home, have it professionally cleaned and then dress it up so you can show it off to the next owner! If there are any cracks in caulking or baseboards, work to get them fixed. Clean up baseboards, remove cobwebs and fix up anything else that may need repairs.
Leave a Lasting Impression
As buyers leave your home and move on to view the next one on their list, it is important that they remember your home. Imagine that your home will be showcased in a magazine. How would you set things up? Would you rearrange your furniture? Remove extra items that are too personal or clutter up the space too much. By giving these things thought and planning how you will present your home, buyers (and agents) that see your home will likely remember it and come back to it after seeing other properties that did not quite meet their standards.
Keep in mind a show-ready home is one that shows off all the features and amenities of the property. When they can see the full potential of the home, buyers are able to imagine living in the space and they are far more likely to put in an offer.
~
If you are getting ready to sell once you have worked on its curb appeal and set up the home’s interior ready for showing – it is a good idea to invite your Realtor for a walk-through. Years of experience selling (and buying) homes with clients give them the perfect insight needed. Good luck!
There is so much real estate buzz these days but how do you know what you can trust? On the one hand we hear about the market being down and how it’s heading further south. On the other, we’re bombarded with news about how now is a great time for buyers in the market. Well, it is true that buyers have a lot of control these days with interest rates being so low and consequently buyers having that much more buying power. But for sellers the news is not so good and now is definitely not the most ideal time to sell your home.
Still, many people are faced with no choice and have to sell – to relocate to another location or simply to move to another stage in life like retirement or downsizing.
If you are on the fence and don’t know whether now is the time to list your home, consider this: things have been bad but they could easily get worse. Here are four reasons why I believe selling now makes more sense than waiting it out.
Shadow Inventory Will Soon Crowd the Market
Industry experts often refer to supply and demand as a market barometer for real estate and nothing indicates market health more than inventory levels. Anything above 6 or 7 months of inventory is high since that indicates the number of months it would take for the current inventory level to sell and the market to be balanced.
Most normal markets can endure that many months of inventory but as soon as shadow inventory is unloaded on the market things will change significantly. Currently there are about 500,000 bank-owned properties on the market. However, with all the foreclosures pending plus homes that have been issued a Notice of Default, the number of bank owned properties is expected to rise to as many as 4 million properties in the next one to two years. Once that happens, home prices are projected to decline even further.
Interest Rates Are Low But For How Long?
No one can predict how long the current historically low interest rates will remain. Whatever homes are selling these days is due to the immense buying power buyers are tapping into. When you combine low prices of homes with these interest rates lots of buyers are “flocking” to get into their dream homes. Still, there is a reason we are where we are in the first place and an even stronger reason that we’ve been lurking in this precarious position for some time. Until and unless our economy strengthens, despite the added buying power there is still trepidation about getting into major purchases. Before buyers lose the confidence they have these days and before interest rates start shooting back up, it’s a good idea to sell while you still have a fair amount of chance of selling successfully. Once shadow inventory hits the market and these factors come into play, the probability of selling a home quickly and at a favorable price will definitely go down.
The Future of Our Economy Continues to Be An Enigma
No one really knows the impact this year’s Presidential election will have on the economy. Nor can anyone tell how well the national jobs market will improve over the next several years. But one thing is certain – though there is improvement, it’s moving a snail’s pace. To avoid any unforeseen ramifications of our economy declining in the coming months and years I strongly advise sellers contemplating listing their home to go ahead and sell now. Right now, we are seeing sales and before that changes there are better prospects of selling now than there may in the future.
Why Put Your Life On Hold Any Longer?
Imagine the freedom you will feel to be able to do what you have wanted all along. This could mean getting into a better home while paying the same payments you are currently making or it could mean being able to retire. Regardless of your motivation, by holding on to your property until the market springs back to what the home was once worth, you may end up losing out on many things in life. If the market is going to stabilize it will not happen until at least three, five or even seven years down the line. Can you wait that long to move to the next stage in your life?
~
If you decide that selling now is right for you, contact your Realtor today to find out how they can help you sell your home with resounding success!
The news spread like wildfire. No, it’s not another politician’s sex scandal or the latest (definitely not greatest) gas prices. It is the monumental statement made by Warren Buffett that he would buy up “a couple hundred thousand” single-family homes. The catch is that he would do that if it were something he could practically manage. He may not be able to practically manage it but individuals certainly can.
Think about that. For months, if not more than that, countless Realtors have been urging their clients and potential clients that now is the perfect time to buy. Now that it comes from one of the biggest investors of our time, it brings new light to the subject for many investors and has generated widespread industry buzz from the moment the billionaire uttered those words.
In an interview where he discussed several topics, soon into the discussion with Becky Quick of CNBC’s Squawk Box, he said that in addition to equities, single-family homes are probably the most attractive investment there is out there right now. With the low rates that seem to be heading further down still, he suggests buying at these low interest rates and then for homeowners to refinance if and when the rates dips even more.
He cited that the only reason he has not purchased as many homes as he would have liked is because of the practicality of managing the transactions and properties. Apartment units might have been more manageable and in his words, he said he would “load up on them” had that been the case. But for the everyday investor it makes perfect sense to seize this opportunity and Warren Buffett highlights this repeatedly in his most recent discussion on CNBC.
Mr. Buffett shared his perspective on the idea of buying homes at distressed prices, fixing them up and renting them out as an ideal way to get a solid return on investment. Referring to the changing trends and attitudes within the housing market, he also said this is the perfect way to “short the dollar” because with a 30-year fixed rate mortgage it can go two ways; either the interest rate is too high down the line after which you can go and refinance or if it’s too low the other guy’s stuck with it for 30 years. Could this be the return of the house-flipping craze that we saw boom in the mid 2000s?
Mr. Buffett’s statement brings new light to something that so many agents and mortgage consultants have been saying all along. Buy now. At a time when stocks are just now rebounding after four years of inching their way back up, he says that consumers should acquire 30-year fixed rate mortgages and then refinance when rates go down further.
If homeowners can hold on to their property for a long time after purchasing it at the lowest rates the industry has to offer they are sitting on the best investment possible of our time. Of course equities are still very strong but they have come up quite a bit and Warren Buffett says owning a home is a “leveraged way of owning a very cheap asset”, making it quite possibly the most attractive investment that you can make.
It's our mission to teach you everything you need to know to make a smart decisionin real estate. If you're a buyer or seller, we're your trusted experts. Call Teresa Elliott at 402.690.1573 today!
"I just wanted to say hello and thank you for your blogs. They brighten my day. You have such an up beat personality and it is fun to still get to see you even though we are not buying or selling. Your tour of the Ashland property was very fun and you look great. What a fun job you have. "
Posts
