Buying a Home in Lincoln – August 2021

Buying a Home in Lincoln – August 2021

The housing market is currently all in favor of sellers but proving difficult to many buyers. According to realtor.com, as of this summer, the average listed price of a house in Lincoln was trending upwards 34.5% year-over-year, and they have been selling for about 21.05% above the asking price. As a buyer, it can be a scary yet exciting commitment to make, and thankfully, Lincoln has many professionals that are here to help you through the process and comfort you during this new milestone.

Talk to an Expert

Realtors are here to help you navigate the home buying process and find you the perfect home, despite the intense market. When it comes to finding a realtor, the options can be overwhelming, but experience is a good factor to start with. Deb Wagner with Woods Bros Realty (woodsbros.com) has been in the real estate business for nearly 19 years and works with both buyers and sellers in existing homes, new construction, acreages, and lots. With her market knowledge, she is familiar with the trends and can advise you on how much to offer for the home you want to purchase.

“Negotiating is a big aspect of the home buying transaction, but it’s not always the easiest,” said Wagner. “As your realtor, I can help you create an offer that is reflective of both the market and your budget.”

With her experience and practice in the real estate field, you are sure to have an easier time finding the best home for you and your family in today’s market.

Sometimes there are factors that greatly influence your decision to buy a home or perhaps challenge your home search, such as the location of the best schools. Jayson Becker with BancWise Realty (bancwise.com) understands the importance of these factors and wants to help you find your dream home while also maintaining priority on the “must-haves” list for your house. As one of Lincoln’s top producing real estate agents, he works primarily off of referrals from family, friends, and past clients.

“My goal as your realtor is to create a warm and welcoming home buying experience for you and your family,” Becker said.

Becker has become an exceptionally well respected agent in the Lincoln community, not only for his track record with clients and his unique sales and construction background, but for being a friendly and honest family man who goes above and beyond to ensure his clients’ success. By working with Becker at BancWise Realty, you will have options for solutions to all of your real estate problems.

Client satisfaction is a priority of Ben Bleicher with Professional Realty Group of Woods Bros Realty (prg.woodsbros.com), and he isn’t satisfied until you are. He strives to assist you with nearly every real estate need, whether it’s finding a home or choosing the best loan.

“In order to best serve you, I am available all hours, seven days a week, and can give my critical opinion on any houses you may look at to protect you from buyer’s remorse,” said Bleicher.

Bleicher also offers resources that allow you to find listings before the general public is aware of them, alleviating competition and over paying. He wants to show you how fun house shopping can be – the way it should be!

For a realty experience that strives to always put the customer first and proves this philosophy through the actions of their realtors, visit Brad Hulse with Lincoln First Realty (lincolnfirstrealty.com). Hulse is the managing broker of Lincoln First’s Williamsburg branch, and as an active member of the REALTORS® Association of Lincoln, he possesses a wealth of practical and technological real estate expertise.

“Having served the local area for 15 years, I am well educated on the local market and have a seasoned knowledge of the community, which allows me to help you find the perfect home in Lincoln,” Hulse said.

 

 

Preparing to Purchase

Buying a home is a thrilling time, but it can be a bit overwhelming when considering all of the information that a buyer needs to know and understand when preparing for the big investment. Kaye Krause, vice president of mortgage loans at Union Bank & Trust (ubt.com), gave some insight as to how a potential home-buyer can ready themselves to purchase a house.

“It is important to start by meeting with a mortgage loan officer to get pre-qualified. This is a free process where we can make sure you are prepared to purchase a home for when the right house comes along. During this stage, we will check your credit, review your income, and talk to you about the different options available to you for a down payment on a home,” says Krause. “Wanting to purchase another home before selling the home you are currently residing in? No problem! We can also explain how bridge loans and cash-to-close loans work if you are trying to make a non-contingent offer that is not subject to the sale of your current home.”

Krause suggests to people thinking about buying a home to ensure that they are educated on what they can afford when they negotiate the potential purchase of a home, especially as the historically low rates in today’s seller’s market is encouraging homes to move quickly and receive multiple offers. She also wants buyers to understand how important their credit score is to this process, as it does not only affect your interest rates, but the rates on the monthly private mortgage insurance, as well. First-time homebuyers also have additional options for assistance when navigating this process.

“If you are a first-time homebuyer, there are additional options for you to potentially take advantage of as well! NIFA (Nebraska Investment Finance Authority) loans are another option that can allow for less money to be put towards a down payment with their HBA (Homebuyer Assistance) second mortgage option,” says Krause. “However, these programs do have limitations on the purchase price and your income.”

Krause wants potential homebuyers to know that her business is here to help. Union Bank & Trust offers traditional loan programs such as veterans affairs, federal housing administration, and conventional loans, as well as bridge loans and cash-to-close loans. They also offer lot/land financing, along with loans for construction, for those who want to start from the ground up.
“One of the many great benefits that Union Bank & Trust offers on Conventional Loans is we service the loan right here at UBT,” Krause explained. “We have many experienced mortgage loan officers that can walk you through every step of the process from getting pre-qualified to when you close on your new home. I personally have more than 30 years in the business. Even if you have questions about your loan after your closing, you can always give UBT a call to answer whatever questions you may have. We are here to help you!”

Lincoln Federal Savings Bank (lincolnfed.com) is also available with options to help your home-buying process go smoothly. They offer fixed conventional loans, low down payment loans such as USDA, veterans affairs, and federal housing administration loans, jumbo loans, adjustable-rate mortgage loans, NIFA, and bridge loans. Loan officer Jim Toof says they have stayed steadily busy with borrowers, despite the pandemic.

“The activity level as of late has been steady with very little slow-down due to the pandemic. I anticipate there could be more activity but due to the shortage of supply we are seeing a little less than normal. Nonetheless, borrowers are still eager and placing competitive offers – sometime even multiple times,” says Toof.

Though there are many places to choose from when taking out a loan for your new home, Toof says Lincoln Federal Savings Bank is unique because of their personal and creative approach.

“We are ranked #1 by loan origination volume in Lancaster County based on public submissions of 2019 HMDA Data,” says Toof. “We have maintained this title over the course of four consecutive years. Our competitive edge is twofold; we can offer very competitive rates and fees as well as creative solutions so that our buyers can secure the financing for the home of their dreams.”

With the high amount of buyers in the market right now, Toof says they typically see two types of buyers: move-up buyers and first-time buyers. Move-up buyers should understand the current market, timing, bridge loans, and escalation clauses before they decide to transition into a larger home. First-time buyers are advised to set up a consultation with a local lender who can walk them through each step of the process and explain in detail how realtors and lenders work together to get them in the home of their dreams.

“The most important piece of advice I can offer is to choose a local lender,” says Toof. “We can help you through the entire process on a personal level and give you the confidence that an online lender cannot.”

If you’re new to the home buying process and the idea seems intimidating, you probably want to have some face-to-face interaction with a lender so you can discuss your wants and needs and be fully informed and assisted throughout the process. The mortgage lenders at West Gate Bank (westgate.bank) can do just that! Their mortgage lenders will meet with you personally and listen to your individual goals, recommend a loan structure that meets your goals, help you complete a loan application, and keep you informed during the application, approval, and closing stages. Some of their loan options include conventional, veterans affairs, federal housing administration, USDA rural development, and NIFA. West Gate Bank also has the Mobile Mortgage app, in which you can work side-by-side with a lender through every step of the mortgage process using either the mobile app or online at mobilemortgage.westgate.bank. You can feel comfortable knowing that a mortgage lender is always nearby to answer questions and offer guidance throughout the entire lending process.

Be Ready to Act Quickly

Managing Director of First National Bank of Omaha (FNBO) Mortgage (fnbo.com/personal-banking/mortgage-loans), Michael Fecht, wants potential homebuyers to understand that in today’s market, it is important to be prepared to act fast.

“Once you find the home you like, you probably won’t have a lot of time to think it over as many other buyers will be looking at it, and possibly putting in their own competitive offers. Many sellers in today’s market may also require you to show proof of pre-approval before they will accept an offer,” says Fecht. “You may have to prepare yourself to offer and pay more than the asking price. While this does not always happen, it is occurring more frequently with the limited inventory of houses on the market.”
In order to be able to act quickly and potentially offer more than originally planned, a buyer should ensure that they are prepared for the process, allowing them to have peace of mind and confidence when entering the home-buying process. Fecht suggests having a thorough understanding of your credit report and speaking to a local mortgage lender, who can help connect you to a realtor if you do not already have one.

“A good lender will answer all of your questions honestly and let you know what steps you need to take to get approved. Additionally, and this is important for all buyers, you should work with a realtor that can best serve your needs. If you do not already have a realtor, your lender can likely refer someone who specializes in first-time buyers, a certain area of town, or your particular financial situation,” says Fecht. “Your realtor can provide you with guidance when it comes to the sale or purchase of a home.”

FNBO can help potential homebuyers with their complete and competitive set of products and services that are designed to best suit a buyer’s needs and situation. Their lenders will present options based upon the buyer’s financial position and provide expert advice. Fecht says their lenders live and work locally, and his business’s part in the community for more than 163 years plays an important role in helping homebuyers make the best decision in the buying process.

“Being an integral part of the community means that we understand our market and how to best serve our customers and we put our customers first. We provide expert advice and guidance and help people not only buy a home, but build personal wealth through homeownership. We want to create a partnership that will carry on for years and generations to come,” Fecht explained.

The Importance of an Inspection

With the challenges buyers are already facing in the current market, inspections are starting to become less of a priority for many. Randy King with King’s Home Inspections (kingsinspections.com) wants to remind homebuyers that inspections are important in the home buying process so that you don’t risk spending thousands of dollars in future repairs and that you can sleep peacefully knowing your house is in good condition.

“You should always negotiate having a whole house inspection, including termite inspection, radon testing, and sewer line video-scoping prior to purchase. These inspections can potentially save you from thousands of dollars in repairs and a lot of grief or buyer’s remorse,” says King. “Many buyers are opting for “informational purposes only” and foregoing the ability to bring items of concern back to the table for repair or negotiation…that again places all the risk on you, not the seller.”

While there is the option to purchase a Home Warranty that will cover the failure of major appliances, it does not cover bigger expenses and problems such as a damaged roof, high radon levels, a termite infestation, or a damaged sewer line. Homeowners insurance does not cover these issues either, as you take on the risk of something going wrong when you accept a house in “as-is” condition.

An inspection is an investment into your home. When you decide to make the big decision to purchase a house, you are going to want someone who is well experienced in inspections to help you ensure that your house is in good condition, or caution you of future expenses in order to maintain the house. The age of the house does not increase or decrease your need for an inspection, either; whether it is a newer house or an older home, the potential for problems is present in both.

“Newer houses can have just as many problems as older ones, even a house only 10 years old is potentially ready for a water heater replacement, can have siding starting to fail, guttering coming loose, fireplace chimneys in need of cleaning, all sorts of issues,” says King. “Brand new houses, even those with “radon resistant new construction (RRNC)” features can be high in radon. Most builders don’t have the homes tested after finishing construction; there is no guarantee that their RRNC features are working as desired or wholly mitigating high levels of radon from the home. The only way to know is to test.”

A seller must fill out a disclosure sheet, in which they list any known defects, claims on the title or property, or other flaws. Sometimes these forms cannot be accurately filled out, such as when the home belonged to an out-of-state seller’s parents who have passed and have no knowledge of the house. Situations like this further emphasize the need for a thorough home inspection before buying.

“While it is tempting in this time of frenzied buying to forego inspections, it is almost always never a wise choice,” says King. “Call a reputable home inspector and get inspection work done prior to purchase to protect yourself and your investment.”

For the Downsizers

If you’re looking to downsize your home and need somewhere to store your extra furniture and belongings during the moving process, rent a storage unit with Store It All (storeitalllincoln.com). The self-storage facility has several options for unit sizes, including units with doors on either end or an outdoor storage pad site. They also allow for easy rental and payments with the option to create an account online at their website, storeitalllincoln.com, where you can select your rental unit and make the monthly payments online. For those who have never used a storage unit before and are wondering if they should make the investment, read their incredibly helpful online blog on their website.

Personalize Your Home

Many people want to add their own personal touch after buying a house, and what better place to do this than in a room that the entire family frequents – the kitchen! For as much use as your kitchen gets, it deserves to be in prime condition, looking its best. Jason Krueger with Kitchen Tune-Up (kitchentuneup.com) can help you remodel your kitchen into your own personalized space.

“Whether you want to update the look of your kitchen or transform it to showcase your interior taste, our team at Kitchen Tune-Up can do it for you,” Krueger said.

Their services include the Original Tune-Up, in which they will restore your stained, scuffed, or worn cabinets into a like-new finish; cabinet redooring; cabinet painting; cabinet refacing; custom cabinets; organization; and countertops. They also offer multiple payment and financing options to pay for your kitchen makeover (subject to credit approval.) For those who want to remodel their kitchen, but aren’t sure about which countertops they would like with a certain cabinet color, Kitchen Tune-Up has an online design tool that lets you customize your kitchen with the click of a mouse. If you’ve been putting off remodeling your kitchen because you thought there wasn’t an affordable option, Kitchen Tune-Up can make you rethink!

If you have a spacious backyard and are looking to better utilize it by adding a patio or building a deck, get in touch with Jonathan Curtis with Jonathan Curtis Design (facebook.com/jonathancurtisdesign). His business specializes in building decks, patios, pergolas, and sunrooms, as well as kitchen and bath remodels and additions. Curtis and his team strive to listen to their clients’ ideas and take into account their needs while also offering their own insight curated from years of experience.

“When you first work with Jonathan Curtis Design, I will meet with you to understand your goals and prepare a budget before designing a final look and implementing the project,” Curtis explained.

Sometimes it’s hard to even know where to start, but Curtis has an outstanding online portfolio that can help you figure out exactly what look you are going for, all while knowing that he and his team can execute it. For a business that can both design your remodel or addition and also bring it to life in your home while listening to your goals, look no further than Jonathan Curtis Design.

Home Features

You’ve bought your home and moved your family and all of your belongings in – now it’s time to protect it. From high-tech doorbells that capture the image of every visitor to floodlight security cameras that shine light on any movement detected, there is a wide array of options to choose from. Simply Smart Homes (simplysmarthomesne.com) understands the importance of choosing the best security option for you and your family, which is why they offer a lineup of different products and packages that include more than one security feature. They provide the latest generation Ring doorbell, Ring outdoor security camera, Ring floodlight camera, and the Schlage smart deadbolt. Their smart technology doesn’t just end at security. Simply Smart Homes also offers wi-fi and wiring, utilities, and entertainment. Have you ever sat down on the couch just to see the remote control lying across the other side of the coffee table, just out of reach? Now imagine if you could just speak out loud to your Amazon Alexa, and have the lights dim while the TV begins playing. Simply Smart Homes can help you transform your house into a functional smart-home that is run just from the sound of your voice.

Buying a home is an exciting milestone that can be done smoothly with the right help. Take some stress off your shoulders by utilizing your local business professionals and experts. They can easily help you find the right house, take out a loan, and remodel and refurbish your new home.