By Sean Keating, OMAHA, Neb. — For many young buyers, the dream of homeownership can feel out of reach, as a competitive market continues to drive up prices. In Omaha, the median sale price for homes recently hit $262,000—a 3% increase from the previous year.
This meteoric rise over one calendar year is symptomatic of a larger reckoning over the national market that has taken place over the last two decades; and has only worsened since the pandemic.
Compared to the unrestricted growth over the national market, though, first-time buyers may still have a place in Omaha.
Opportunities for the Middle-Class Man
Navigating today’s housing market can be difficult, but there are financial programs designed to help. FHA loans remain a popular option, but local resources can also provide significant assistance.
Ashley Sum, a realtor with Berkshire Hathaway, highlights one such program available to Nebraska residents.
“In Nebraska, we have our NIFA loans—Nebraska Investment Finance Authority. You have to qualify, but a lot of first-time homebuyers will. There’s also a new grant that opens up every year, and this year, it becomes available on March 3rd.”
Making the Dreams Come True
For Sarah Clanton, a first-time homebuyer, the process was both exciting and overwhelming.
“There was a huge curve in the beginning, just not understanding everything they were saying. It was intense. There are a lot of people out there looking for houses. It’s also very competitive. You have to have your finances set up and ready to go. The second you don’t, someone’s going to outbid you,” Clanton said.
For those looking to buy their first home in Omaha, preparation is key. Securing financing and researching available resources can make a difference in successfully landing a home in this competitive market.
Rising Rate of Average Home Sale Price Over Year (Photos/Sean Keating)
By Sean Keating, OMAHA, Neb. — For many young buyers, the dream of homeownership can feel out of reach, as a competitive market continues to drive up prices. In Omaha, the median sale price for homes recently hit $262,000—a 3% increase from the previous year.
This meteoric rise over one calendar year is symptomatic of a larger reckoning over the national market that has taken place over the last two decades; and has only worsened since the pandemic.
Compared to the unrestricted growth over the national market, though, first-time buyers may still have a place in Omaha.
Opportunities for the Middle-Class Man
Navigating today’s housing market can be difficult, but there are financial programs designed to help. FHA loans remain a popular option, but local resources can also provide significant assistance.
Ashley Sum, a realtor with Berkshire Hathaway, highlights one such program available to Nebraska residents.
“In Nebraska, we have our NIFA loans—Nebraska Investment Finance Authority. You have to qualify, but a lot of first-time homebuyers will. There’s also a new grant that opens up every year, and this year, it becomes available on March 3rd.”
Making the Dreams Come True
For Sarah Clanton, a first-time homebuyer, the process was both exciting and overwhelming.
“There was a huge curve in the beginning, just not understanding everything they were saying. It was intense. There are a lot of people out there looking for houses. It’s also very competitive. You have to have your finances set up and ready to go. The second you don’t, someone’s going to outbid you,” Clanton said.
For those looking to buy their first home in Omaha, preparation is key. Securing financing and researching available resources can make the difference in successfully landing a home in this competitive market.
Rising Rate of Average Home Sale Price Over Year (Photo/Sean Keating)
Home for Sale in Heart of Linden Estates (Photo/Sean Keating)
