As 2021 got off to a start, it brought an unintended consequence of 2020’s economic rollercoaster: a shortage on housing in the Omaha area.
With many real estate agencies having a short inventory this year and the demand for new homes, Omaha saw a surge in demand for homeownership.
This can cause a bottleneck or shortage in the market.
“It’s a mix of things. Part of it is, we had a gap in building there for years a few years ago and that created some of the, I guess blockage, and then the other part of it is with the rates so low, the buyers are able to get approved for the homes so we’ve got more buyers than we do houses to sell,” said Jesse Skudler, a realtor with NP Dodge.
Blake Kernan, a realtor with KWElite Realty said something similar, noting many younger people are opting to buy homes or refurbish fixer-uppers, which he recommends. Kernan also believes the lower interest rates are tempting people to make the switch from renting to buying.
“Again, I think with the interest rates being on an average of two and a- two point seven percent, um, that’s creating a lot more buyers cause they’re able to afford those loans and mortgages on a house,” Kernan said.
In particular, he thought the area between Gretna and Ashland on Interstate 80 would see a lot of development as interest in new construction homes increases.
Skudler said he doesn’t see a definite end to this, though he’s confident in an eventual end, as these things ebb and flow. He also said there will be smaller reverberations in the market as time passes.
