The escalating real estate market is hitting Omaha — and dramatically impacting homeowners.Home sale prices are increasing so rapidly and drastically that the Douglas County Assessor says she’s struggling to keep up with proper valuations.”There’s a whole lot of buyers and not a whole lot of sellers. So sellers are being able to pretty much call their own card when it comes to selling,” Diane Battiato, Douglas County assessor and register of deeds, reported in the “State of the Douglas County Real Estate Market” to the Board of Commissioners on Tuesday.As a result, when valuations are redone, Battiato said, they’re increasing significantly. Douglas County residents will likely feel the increase soon with the first installment of property taxes due by March 31.In 2016, the median sale price for a home was around $160,000, according to the Great Plains Regional MLS. In mid-2021, that price increased by nearly $100,000, close to $260,000. “In six short years look at how our sale prices have escalated to a point where it’s just really noticeable about where we’re at in our sales market,” Battiato said.In Douglas County, the average home rose $23,000 from 2020 to 2021.”What’s happening is you’ve got people that are getting into bidding wars,” Battiato said. “They’re putting a house on the market. A week later, they’re taking bids on and then people are paying over the asking price for the home too. That’s really really increasing the valuations. That’s something we have to follow that no matter what we do, we have to follow what the buyers and sellers are doing to be in compliance with the state.”Real estate agents say potential buyers are struggling in this seller’s market.”I tell my buyers that if something becomes available we have to jump,” said agent Julie Shafer.Shafer has been an agent for 21 years and she said buyers need to get creative and have cash. “We’re having to bid 20, 30, 40-thousand dollars over and cover differences because we know it’s not going to appraise, so buyers need to come up with this kind of cash in order to win a home,” Shafer said.At last check in Douglas county, there are 335 available homes, which includes new construction, condos and townhomes. The number of available homes usually stays around 1,100.Battiato said to help bring property tax relief, political entities should give back some of the windfall they’re earning. This is what she told the Douglas County board of commissioners Tuesday:”We value only. It’s up to you and the city and the schools and the state and everyone else to set their tax rates on what they deem fit in their budgets that create that revenue. We create no revenue,” she said.
The escalating real estate market is hitting Omaha — and dramatically impacting homeowners.
Home sale prices are increasing so rapidly and drastically that the Douglas County Assessor says she’s struggling to keep up with proper valuations.
“There’s a whole lot of buyers and not a whole lot of sellers. So sellers are being able to pretty much call their own card when it comes to selling,” Diane Battiato, Douglas County assessor and register of deeds, reported in the “State of the Douglas County Real Estate Market” to the Board of Commissioners on Tuesday.
As a result, when valuations are redone, Battiato said, they’re increasing significantly. Douglas County residents will likely feel the increase soon with the first installment of property taxes due by March 31.
In 2016, the median sale price for a home was around $160,000, according to the Great Plains Regional MLS. In mid-2021, that price increased by nearly $100,000, close to $260,000.
“In six short years look at how our sale prices have escalated to a point where it’s just really noticeable about where we’re at in our sales market,” Battiato said.
In Douglas County, the average home rose $23,000 from 2020 to 2021.
“What’s happening is you’ve got people that are getting into bidding wars,” Battiato said. “They’re putting a house on the market. A week later, they’re taking bids on and then people are paying over the asking price for the home too. That’s really really increasing the valuations. That’s something we have to follow that no matter what we do, we have to follow what the buyers and sellers are doing to be in compliance with the state.”
Real estate agents say potential buyers are struggling in this seller’s market.
“I tell my buyers that if something becomes available we have to jump,” said agent Julie Shafer.
Shafer has been an agent for 21 years and she said buyers need to get creative and have cash.
“We’re having to bid 20, 30, 40-thousand dollars over and cover differences because we know it’s not going to appraise, so buyers need to come up with this kind of cash in order to win a home,” Shafer said.
At last check in Douglas county, there are 335 available homes, which includes new construction, condos and townhomes. The number of available homes usually stays around 1,100.
Battiato said to help bring property tax relief, political entities should give back some of the windfall they’re earning. This is what she told the Douglas County board of commissioners Tuesday:
“We value only. It’s up to you and the city and the schools and the state and everyone else to set their tax rates on what they deem fit in their budgets that create that revenue. We create no revenue,” she said.
Read More:Why Omaha homeowners are seeing increases in property valuations
2022-03-02 02:40:00
