The Oracle of Omaha finds his Farnam Street abode located in the heart of one of the hottest real estate markets in the country, according to new data compiled by VeroForecast.
Exclusive Kirk Franklin Interview: Inviting Everyone To The Table With The Second Season Of ‘Good Words’ PodcastA typical home in Lincoln is about $265,000, or about 25% lower than the national average, according to Zillow. That translates to a housing market that is less susceptible to the slowdowns brought on by 30-year rates approaching 7%.
“Part of the reason is that if your mortgage is $100,000, an increase from 3% to 6% isn't that much from a practical point of view. It’s about $178 per month,” said Eric Fox, the chief economist at Veros Real Estate Solutions. “If the mortgage is $500,000, then it’s $890 more per month.”Joanne McCoy, an agent at Woods Bros Realty in Lincoln, said homes priced around the quarter-million dollar mark are still getting multiple offers.
“Lincoln is a very comfortable community,” said McCoy. “It’s an easy place to live. We’ve got a lot of homes at attractive price points. The interest-rate adjustments, while they’re never good for business, aren’t something buyers can't handle.” But Tasha Moss, an agent at Berkshire Hathaway Home Services Ambassador in Omaha, also points to how the region handled the pandemic.
“If you’re talking about the Midwest, you’re talking about a lot of areas that weren't affected or shut down for so long,” said Moss. “So we’re not having to bounce back as much.”“Anybody who’s lived here for any significant amount of time refers to Omaha as a big small town,” said Moss. “You have great restaurants, diversity and pocket neighborhoods, but you still have that small-town feel that people are drawn to.
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