Metro Omaha Real Estate

The State of The Greater Omaha Real Estate Market

noreply@blogger.com (Kim Stephens) — Mon, 15 Feb 2010 17:47:00 +0000

The Greater Omaha real estate market continues to be a bright spot when compared to the national picture. We have experienced seasonal dips and jumps but have continued to hold true to our conservative roots. In this 'address' we hope to get you up to speed on what is happening right now in the overall Greater Omaha Area real estate market so that you can make informed decisions. As always, we welcome your feedback and urge you to contact us when considering buying or selling a home.

We could sum this 'address' up with one word: WEATHER! We predicted in early November of last year that the market would explode just after the first of the year with the extension and expansion of the tax credits which are due to expire in the first half of this year. That booming start was hammered on by Mother Nature and continues to have a negative impact on home buying and selling activity.

We did however experience higher than normal traffic through our open houses this past weekend which leads us to believe that the pent up demand is breaking loose. Another indicator that we track religiously is our web traffic which has been off the charts when compared to previous months and years. The NP Dodge web traffic (Unique Visitors) is up over 41% when compared to the previous quarter.

The Omaha market currently has 4,644 homes for sale which has held steady over the past few months. We haven't experienced a great deal of movement in relation to new inventory coming on the market or inventories in any segment of the market being greatly absorbed. We believe this is attributed to the season and the impact of the harsher than normal weather.

The first timer price range of $75,000 to $200,000 continues to be in a neutral market given the higher than normal demand. Having a neutral market in this price range continues to feed the trickle up effect in to the higher price ranges. New construction inventories are down nearly 17% and pending sales are up nearly 29% when compared to this time last year which is music to the ears of local builders. The condo market has followed suit with the new construction market in that inventories are down considerably and pending sales are rising.

All that aside, we predict the next couple of months to be unseasonable busy with the opportunity of the $8,000 first-time homebuyer and $6,500 repeat buyer tax-credits, low interest rates and great selection of homes available. For information on the real estate market, tax credits and of course all the area homes for sale, please utilize npdodge.com.

By Robert Wiebusch~NPDodge Blog Author

Kim Stephens

402-203-9106

kim@thecohnteam.com

The 'State of the Omaha New Construction Market'

noreply@blogger.com (Kim Stephens) — Sun, 31 Jan 2010 12:41:00 +0000

Presentation on the Omaha New Housing Construction Market in Omaha. Done by my company NP Dodge.

The 'State of the Omaha New Construction Market'

View more presentations from Robert Wiebusch.

12 Simple and Easy Tips to Make Your Closets Help You Sell Your House Quicker

noreply@blogger.com (Kim Stephens) — Fri, 25 Dec 2009 19:45:00 +0000

Will messy closets keep you from being able to sell a house quick?

They certainly could.

You would be amazed how important storage is to buyers. Most tell their agent they want lots of it.

And when they look at your house they will look in all your closets and storage spaces.

Part of their motivation is curiosity. They have your tacit permission to snoop through your house. It’s one of those guilty pleasures.

Did you even know that potential buyers will take a look in every closet and drawer just because they can? Even people who are just lookers, in fact not really interested in buying…will do it…just because they can.

It’s like taking a look into your private life for their entertainment.

So, what’s in YOUR closets?

What’s in there you might not want people to see? Let’s see.

There are your smelly sports shoes, clothing in 3 sizes for 4 seasons, last month’s birth control method, and a floor that’s completely hidden by stuff.

When my houses are for sale there is nothing actually sitting on the floor of any closet.

Why?

Because it makes it much easier to vacuum and clean so that people can look at them all they want.

Additionally completely remove anything that you wouldn’t want people to see, like valuables or anything you want kept secret. Store all these things elsewhere out of the house.

Here are a dozen more suggestions.
1. Sort through all your closets and find things you can toss or donate.
2. Get nice hangers for whatever you keep.
3. Stack or hang everything very neatly.
4. Color match clothing.
5. Hang skirts, shirts, and pants separately and in careful order.
6. Consider adding 2 rods one dedicated to tops and one for pants and/or skirts.
7. Add shelving and use it.
8. Paint the walls and shelves if they are not clean and shiny.
9. Make sure it smells good. Buyers judge your cleanliness by how things smell.
10. Store shoes off the floor on shelves or racks. Donate or store shoes that cannot be displayed in the available space.
11. In kids’ closets store or donate as much as you can. If you have removed the closet doors for convenience, put them back up.
12. Make all closets and storage look a little empty. It gives the illusion of more storage space, something every buyer wants.

Yes, those storage spaces and closets really do matter whether you are selling your home through an agent or wanting to sell a house yourself. And even if you are not selling your house lots of storage makes everyone’s life easier and less stressful. Organization makes us all more productive.

So it’s best for you to make yourself…and your closets…LOOK GOOD!

About the Author:
Paula and her husband Ron have several real estate businesses including a real estate selling and buying information business. Get real home selling and buying advice (not theory) from someone who has done it successfully many times. Their websites include, Selling A House Quickly and Sell A House Yourself

Three Fun Ideas to Boost Winter Real Estate Sales!

noreply@blogger.com (Kim Stephens) — Sun, 06 Dec 2009 15:20:00 +0000

It's cold outside, buyers aren't motivated do anything but sit by the fireplace and sip hot chocolate, and your properties are just sitting there on the market. What to do? How to move those listings? Here are three ideas to get people in your office, and considering buying one of your listings.

Winter Sales Idea 1:

Make Your Office Holiday Party Public!

Do you really want to have a party with just the people in your office that you see everyday anyway? Forget the usual drab office party and throw a massive party open to the public, with free wine and eggnog, maybe a little live holiday music, and the local fourth grade class's holiday artwork (that will at least bring their parents). All that is fun, and will get people in the door, but once they're there, get them excited about the idea of buying a new house for the New Year!

Everyone dreams of a more luxurious house, a better neighborhood, more yard space, or more bedrooms. You don't have to stand up and make a speech pushing your listings, keep it subtle and simply put information about your listings in visible places around the office. Instead, try to engage people by talking about their goals for the New Year, their New Year resolutions, what kinds of schools they want their kids to attend, etc.

Open the door for them to imagine, to dream, and once their minds are open they'll actually notice the listings and start paying attention.

A final note: have everyone there sign up for your mailing list.

Winter Sales Idea 2:

Host a Free Personal Finance Course Open to Everyone

Personal finance is on peoples minds these days, with the economy in turmoil, debts at all time highs, and the unemployment rate disturbingly high. In short, people aren't buying houses because they're nervous about money, so turn that disadvantage around by tackling it head-on.

You can talk about everything from downsizing to a more affordable home, to ways to improve credit, to monthly savings tips, to tax strategies associated with real estate, to low mortgage programs, to helping with monthly finance budgets. The list is endless, and all of it lends itself to a conversation about real estate.

Another discussion point can include the possibility of signing a rental agreement on homeowners' existing homes, instead of trying to sell; have a discussion about the risks and benefits of renting versus selling, and remember to bring up plenty of examples of homes you're currently listing.

Winter Sales Idea 3:

Get Creative with a Public Forum

People like getting dressed up and having an opportunity to show off their predictions for the future, it makes them feel sophisticated. Consider a social forum; for example you could host a party called "Brews 'n Clues," with craft microbrew beer provided by the boutique brewery down the street, and host a public discussion about projections for real estate values in the next five years. Everyone loves supporting local businesses, everyone loves beers, everyone loves giving their opinions, and you can address head-on the community's concerns that real estate values won't improve.

Bring plenty of stats, facts, tax strategies, and other compelling arguments, and prove to the community just how compelling an investment real estate really is!

The trick with all of these strategies is to simply get bodies in the door, and to initiate a dialogue with them to open their mind to the possibility of a new abode in the New Year. Get them excited, get them dreaming, help them with their finances, and open their minds to the fun and exciting prospect of a new home!

About the Author:
Brian is a landlord and rental investor, who travels and contributes real estate articles to multiple online publications including NuWire Investor and EZ Landlord Forms, providers of real estate news and custom rental agreement contracts.

Current Homeowner Tax Credit

noreply@blogger.com (Kim Stephens) — Fri, 20 Nov 2009 01:25:00 +0000

$6,500 Homebuyer Tax Credit at a Glance

A “Current or Existing Homeowner” for the purposes of this credit must have used the home sold or being sold as a principle residence consecutively for 5 of the previous 8 years.

The tax credit is equal to 10 percent of the home’s purchase price up to $6,500.

The credit is available for homes place under contract prior to April 30, 2010 which then needs to close prior to July 1, 2010.

Home buyers may purchase any new construction or existing single dwelling home including condos and townhomes.

The tax credit is “refundable” or claimable for the year of purchases regardless of the home buyer(s) tax liability.

Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Existing Homeowner Credit example:

A couple with joint income less than $225,000 annually.

The couple has owned a personal residence consecutively for 5 of the last 8 years and sells this home to purchase a new home for $200,000 which takes place prior to April 30, 2010. The couple qualifies for the $6,500 tax credit.

Assume their 2009 federal tax liability is $12,500 without the tax credit, the $6,500 tax credit would lower their federal tax liability to only $6,000. If the couple’s 2009 federal withholding was exactly $12,500, they would have received no refund without the tax credit because their federal income taxes equal their federal withholding exactly.

With the Existing Homeowner Tax Credit, the couple will get a tax refund of $6,500.

Call or email me with any questions:
kcstephens@cox.net
402-2o3-9106

Extended First-Time Homebuyer Tax Credit

noreply@blogger.com (Kim Stephens) — Sat, 07 Nov 2009 00:45:00 +0000

Extended First-Time Homebuyer Tax Credit Expires April 30, 2010

Frequently Asked Questions

The following questions and answers provide basic information about the tax credit.

1. Who is eligible to claim the tax credit?

First-time homebuyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, the home purchaser will have to enter into a binding contract to purchase prior to April 30, 2010 and will then have until July 1, 2010 to close. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

2. What is the definition of a first-time homebuyer?

The law defines "first-time homebuyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

3. How is the amount of the tax credit determined?

The tax credit is equal to 10 percent of the home’s purchase price up to a
maximum of $8,000.

4. Are there any income limits for claiming the tax credit?

The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000(married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

5. What is "modified adjusted gross income"?

Modified adjusted gross income or MAGI is defined by the IRS. To find it, a
taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions(known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages,salaries, interest income, dividends and capital gains. To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.

6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?

Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phase out limits.

7. Can you give me an example of how the partial tax credit is determined?

Just as an example, assume that a married couple has a modified adjusted gross income of $235,000. The applicable phase out to qualify for the tax credit is $225,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000. Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $138,000. The buyer’s income exceeds $125,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800. Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?

The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, homebuyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.

9. How do I claim the tax credit? Do I need to complete a form or application?

Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, homebuyers should complete IRS Form 5405 to
determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests.

10. What types of homes will qualify for the tax credit?

Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000/$500,000 capital gain tax exclusion for principal residences.

11. I read that the tax credit is "refundable."

What does that mean? The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit. For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

12. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?

Homebuyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.

13. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own.Do I still qualify for the tax credit?

Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be prior to July 1, 2010 given that a binding contract was entered into prior to April 30, 2010. In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?

Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time homebuyers who purchased a homein 2008 may not claim the tax credit if they are participating in an MRB program.

15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?

No. You can claim only one.

16. I am not a U.S. citizen. Can I claim the tax credit?

Maybe. Anyone who is not a nonresident alien (as defined by the IRS),who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

17. Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes.

That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000tax credit would owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

18. I bought a home in 2008. Do I qualify for this credit?

No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit.

19. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?

Yes. Prospective homebuyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective homebuyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties. Further, rule changes made as part of the economic stimulus legislation allow homebuyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a down payment.Prospective homebuyers should inquire with their state housing finance agency to determine the availability of such a program in their community.

20. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?

Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.

21. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?

Yes. If the applicable income phase out would reduce your home buyer tax
credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

Copyright© 2009 National Association of Home Builders. All rights reserved.

Call me with any questions: 402-203-9106

Email me: kcstephens@cox.net

Avoiding Foreclosure

noreply@blogger.com (Kim Stephens) — Sun, 25 Oct 2009 00:03:00 +0000

Missing a mortgage payment might hurt...but if you know that you will not be in a position to make future payments, then you must take action fast.

Recognize the problem.

Act at the very first sign of a problem. Remember, the further behind you are on your payment, the harder for you to reinstate your loan. Talk to your lender as soon as you realize that there is a problem. Lenders offer options to borrowers who are undergoing financial difficulties. These options help borrowers with temporary financial relief including reinstatement, forbearance, loan modification, and repayment plans. Ask your lender about the best option for your particular case.

Read and respond to every piece of mail you receive from your lender.

Notice of Foreclosure letter contains information about the different foreclosure prevention options available to you. Succeeding mail may contain important notices of pending legal action. Failure to read and respond to the mail is not excusable in foreclosure court.

Keep informed of your home loan rights.

Before you sign the mortgage papers, you are advised to read and understand everything the agreement claims as they contain information about the likely actions that the lender may take if you have not managed to make regular payments. Now that you have arrived in this situation , read the foreclosure laws in your state. Call the State Government Housing Office to understand the time frames.

Consult HUD-approved housing advisor.

HUD-approved housing advisors help you with your options, your rights, and the way to organize your financial affairs. If you need assistance, housing counselors can also represent you during talks with your bank. The HUD or the Housing and Urban Development offers free or very-low cost housing counseling services countrywide.

Spend smartly.

Most Americans ask why they’re knee-deep in debt. The answer : they spend too much. What you need to do is to prioritize your expenditure. After health care, your top priority should be keeping your place. Let go of other costs you can exist without like magazine and cable subscriptions. In short : spend smartly.

Tap your assets.

Assets such as an insurance policy, jewelry, and second or third cars can save your house. If you have any of these, you might as well sell them to generate cash to reinstate your loan. You can also get a second job to pay for your house mortgage. Whether or not these actions are enough to reinstate your loan, the lenders can recognize these as an effort on your part that you are willing to make sacrifices to keep your home.

If you find yourself facing a foreclosure there are tips to get your house sold quickly at my website.

Call me with any questions: 402-203-9106 or email me: kcstephens@cox.net

Buying Foreclosures

noreply@blogger.com (Kim Stephens) — Fri, 16 Oct 2009 13:02:00 +0000

Extreme wealth can be captured just by investing in real estate and foreclosures. Buying a property in foreclosure can be a involved process, and to make money investing in foreclosed houses, you must understand the process in detail. Getting into this form of real estate investing if uninformed can be a very risky proposition.

As you start to learn about the foreclosure process, you should to take a look at your local and state laws that direct the buying and selling of foreclosed homes. Depending on the state in which you live, there may be limitation on the length of time you you need to live in the home after purchasing it at auction. Depending on your investment goals, these laws may place noteworthy barriers to your investment goals.

If you have determined that buying a foreclosed home and fixing it for a quick sale is your best opportunity for profit, and if the local laws will let you, the next step is merely to locate a house that is in foreclosure. Your regional county posts a list each day, and if you don’t want to go down to the recorder’s department, there are a number of online services that simply supply a daily list of auction foreclosures. Access as many of these resources as possible in order to stay informed on what homes may be coming up for auction that meet your investment profile.

Financing is a big part of buying real estate and this is especially true when buying foreclosed homes. Buying a foreclosed home from a courthouse sale requires a sizable down payment, or more often, the full cash total on purchase. As a result, you have to have your financing in place before you buy the property.

Finally, after you have established your financing and located a property, the next steps are to bid and subsequently buy the foreclosed home. During the buying process be sure not to overbid for the home. At the auction you may be competing with skilled investors and it is very easy to bid yourself right out of your profit.

Subsequent to you having closed on the house to direct rehab and/or fix it up, it is just a matter of getting to work. In summary, purchasing a foreclosed home is an uncomplicated procedure; you just need to know what you are doing.

Click here if you would like a FREE LIST of Foreclosed/Distressed Properties in the Omaha Area.

As your Buyers Agent I Promise to...

noreply@blogger.com (Kim Stephens) — Thu, 08 Oct 2009 17:43:00 +0000

• Promote and protect your interests!

• Sign an agency disclosure saying they I represent you, “the buyer”. (This is not a contract.)

• Locate and show available properties, pointing out strengths and weaknesses to you.

• Provide important information about the neighborhoods, floor plans and resale characteristics.

• Counsel you about the property values.

• Keep your bargaining and financial position confidential.

• Advise you on offers you may want to make on the property.

• Submit offers to purchase, promptly.

• Respond honestly and accurately to questions.

• Consult with you regarding counteroffers.

• Negotiate only on your behalf.

• Follow-up on needed corrections and/or repairs.

• Supply information for any services requested.

• Provide guidance and support throughout the closing process.

• Perform loan analysis from multiple lenders to help determine the most favorable loan for you.

Beware as the market has several predatory lenders today.

As an NP Dodge Sales Associate and your buyer’s agent,
I have your real estate needs in mind each step of the way,
from your first showing through the closing of your home.

Call me at 402-203-9106

Go get your Free Report "6 Biggest Mistakes Buyers Make" at the site: http://metroomahaagent.com/buyer_mistakes.asp

Omaha Chamber Releases New Rankings and Recognitions on City and State

noreply@blogger.com (Kim Stephens) — Thu, 02 Jul 2009 23:57:00 +0000

From our friends at the Greater Omaha Chamber of Commerce comes some new facts and figures on the great city and state many of us call home…

It’s been a busy quarter for national attention in Omaha and Nebraska with eight new or updated rankings for the city and 11 for the state. These additional 19 rankings coupled with 10 for the first quarter bring the total rankings for 2009 up to 29.

2Q 2009 Rankings and Recognitions

Omaha received the #10 ranking for “America’s Most Recession-Resistant Cities” (Brookings Institution – June 2009)

Omaha was rated sixth on the list of “Best Mid-sized Cities for Next Gen Workers” (Next Generation Consulting – June 2009)

Omaha was ranked fifth among the “Best Places to Start Over” (Business Week – June 2009)

The Greater Omaha MSA is 11th on the “2009 Best Large Cities for Job Growth” (NewGeography.com – June 2009)

Omaha ranked 35th out of 200 top metros for “Best Places for Business and Careers” (Forbes.com – June 2009)

Omaha ranked 33rd out of 200 top metros for “Cost of Living” (Forbes.com – June 2009)

Omaha ranked 35th out of 200 top metros for “Projected Job Growth” (Forbes.com – June 2009)

Omaha is sixth on the list of “Most Favorable Cities for a Plant that Turns an Ethanol Byproduct into Health Food.” (The Boyd Company – April 2009)

Nebraska was one of only nine states to receive a “Green” rating for the “Best Places to Avoid a Recession” (JobBait.com – June 2009)

Nebraska ranked 10th on the Forbes.com list of “Best States for Business” (Forbes.com – June 2009)

Nebraska was identified as being more than 90 percent recession proof from 1991 through 2009 (JobBait.com – June 2009)

Nebraska was listed among only 10 states whose economies are outperforming the U.S. economy as a whole (Nelson A. Rockefeller Institute of Government – April 2009)

Nebraska ranked 16th on a list of “America’s Best States to Live” (Forbes.com – June 2009)

Nebraska ranked #1 as the “Financially Happiest State in the Union” (MainStreet.com Happiness Index – April 2009)

Nebraska is listed as a “Top 10 Pro-Business State for 2009” (Pollina Corporate Real Estate – June 2009)

In the overall ranking for “Best States for Business”, Nebraska is fifth (Directorship Boardroom Intelligence – June 2009)

On the “National Physical Health Ranking”, Nebraska is sixth (Forbes.com - June 2009)

Nebraska ranked seventh for “Lowest Cost of Living in 2008″ (CNBC.com – June 2009)

Nebraska ranked 12th for “Quality of Life in 2008” (CNBC.com – June 2009)

Updated…
As of May 2009, Nebraska’s seasonally adjusted unemployment rate was less than half the national average (4.4 vs. 9.4) and was tied with North Dakota for the lowest unemployment rate in the nation (Bureau of Labor Statistics – 2009)

As a buyer or a seller, you need to be "armed and dangerous" when you go shopping for your next home or go to sell your current home. Our FREE reports show you how to be:
http://MetroOmahaAgent.com

Kim Stephens
402-203-9106
kcstephens@cox.net

Omaha's Economy makes the Top Ten list!

noreply@blogger.com (Kim Stephens) — Fri, 19 Jun 2009 00:16:00 +0000

Thirty-eight of the country’s top 100 metro areas avoided declines in home prices in the past year, reports the Brookings Institution’s quarterly Metro Monitor, which tracks indicators of economic recession and recovery in these areas.

Areas with stable home prices were concentrated in the less-affected parts of what Brookings calls the “Manufacturing Belt,” Pennsylvania and upstate New York, and the Sun Belt: Texas, Oklahoma, Arkansas, and Louisiana.

These areas also had below average shares of properties affected by foreclosure.

Cities whose economies were the strongest had businesses involved in oil and gas exploration, military employment, education, and government.

Here are the top 10 cities ranked by their economic health:

Top 10

1. San Antonio

2. Oklahoma City

3. Austin

4. Houston

5. Dallas

6. McAllen, Tex.

7. Little Rock, Ark.

8. Baton Rouge, La.

9. Tulsa, Okla.

10. Omaha, Neb.

Kim Stephens

402-203-9106

kcstephens@cox.net

Finding The Best Location For You And Your Family!

noreply@blogger.com (Kim Stephens) — Fri, 29 May 2009 12:45:00 +0000

The best locations are those that never go out of style.

Although the saying "location, location, location" is a commonly cited adage, few people realize that location can be impacted by demographics, fashion and fad.

However, there are some "classics" that never go out of style in both fashion and real estate. While other trends may come and go, finding the best real estate areas requires an understanding of life-stages and human motivation.

At each major life stage, there will always be buyers eager and willing to pay top dollar for a real estate property that fits their need. To find the best real estate locations follow the life-stage trends below:

First-time home buyer:

The first-time home buyer is often in the early stages of his or her career and starting a family. Affordability & Access dominate the needs of this stage. An affordable home located within a convenient location of good schools and work will make this an ideal starter home for years to come. Small enhancements to the property can mean a lot to the first time home buyer who is often starting out with a limited budget.

Mature Middle Class Managers:

These busy professionals are established in their careers and family life but place a premium on time savings, entertaining, comfort and the ability to care for aging parents or teenage children. Larger homes and Lifestyle is very important so community amenities such as recreation, parks, trails and shopping will appeal to this group as they attempt to juggle work and pleasure.

Fun and Family:

Vacation homes never go out of style. Search for low maintenance homes surrounded by natural beauty or the heart of tourist attractions to find a premium real estate treasure.

Retirement:

Down-sizing is a common theme for retirees who have spent a lifetime working and desire a maintenance free home that allows them the convenience and flexibility to pursue other interests. Comfortable, smaller homes with minimal to no maintenance are attractive to retirees. Day to day amenities and recreation such as golf, shopping, medical care and other services become important

Call or email me to get started picking your exciting location!

Kim Stephens

402-203-9106

kcstephens@cox.net

Tax Credit Can Be Used For Downpayment

noreply@blogger.com (Kim Stephens) — Wed, 13 May 2009 15:34:00 +0000

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit.

The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Short Sales,What You Need To Know

noreply@blogger.com (Kim Stephens) — Mon, 04 May 2009 12:09:00 +0000

According to Wikipedia, “a Short-Sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.

In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt".

In my experiences dealing with the buy and sell side on multiple transactions, Short-Sales are very difficult to purchase due to the fact that a buyer many times is competing with multiple offers. Also, these properties are sold AS-IS which can be potentially dangerous unless one takes necessary pre-cautions.

If you're willing to be patient with the bank, understand your odds of getting your offer accepted and spend the time and money insuring that the property if risk free, Short-Sales may be the right fit for you.

However, there are a lot of homes that are currently on the market that are priced just as low as Short-Sales and that are, in many instances, in a lot better condition than most Short-Sales.

Call, Text or Email Kim Stephens today to request a list of current Short-Sales in your area.
402-203-9106
kcstephens@thecohnteam.com

$8,000 Homebuyer Tax Credit at a Glance

noreply@blogger.com (Kim Stephens) — Sun, 19 Apr 2009 13:14:00 +0000

First-Time Homebuyer Tax Credit

$8,000 Homebuyer Tax Credit at a Glance

A "First-Time Homebuyer" is defined as a person who has not owned a home for the past three years.

The tax credit is equal to 10 percent of the home’s purchase price up to $8,000.

The credit is available for homes purchased on or after January 1 and before December 1, 2009.

Homebuyers may purchase any new or existing single dwelling home including condos and townhomes.

The tax credit does not have to be repaid if the home isn’t sold within three years of purchase.

The tax credit is "refundable" or claimable for the year of purchase regardless of the homebuyer’s tax liability.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

The homebuyers may participate in a mortgage revenue bond program such as NIFA and still be eligible for the tax credit.

First-Time Homebuyer Tax Credit example:

A couple with joint income less than $150,000 annually.The couple purchase a house for more than $80,000 on or after January 1, 2009 and before December 1, 2009.

The couple qualifies for the full $8,000 tax credit. Assume their 2009 federal tax liability is $12,000 without the tax credit, the $8,000 tax credit would lower their federal tax liability to only $4,000.

If the couple’s 2009 federal withholding was exactly $12,000, they would have received no refund without the tax credit because their federal income taxes equal their federal withholding exactly. With the first-time homebuyer tax credit, the couple will get a tax refund of $8,000.

First-time homebuyers should consult their tax advisor for more information.

Call me: 402-203-9106

email me: kim@thecohnteam.com

For More Information

The Omaha Market is Really Picking Up

noreply@blogger.com (Kim Stephens) — Thu, 09 Apr 2009 16:12:00 +0000

The Omaha market is really picking up!

Our Team helped seven customers buy and sell homes in just the last seven days. Many local realtors are saying that this is the year things will start turning around for the Omaha real estate market.

While I don't think we'll be seeing huge gains anytime soon, I do believe that there are some incredible opportunities out there right now! Take one recent client of ours for example: They had lived in their west Omaha home for 10 years that they purchased for $150,000. They sold this home in just three days with The Cohn Team for $185,000, even though a few years ago it may have sold for around $200,000.

They understood however that there were fabulous opportunities on the buy side and that they could make up this $15,000 loss on the next home they purchased. Just last week they found an incredible 2-story that may have sold a few years ago for $250,000 and negotiated the price down to around $215,000. That's an instant gain of $20,000 when you take the $35,000 gain on the new house and subtract the $15,000 loss on the old house.

These are the types of transactions we’re seeing everyday! Would you move too if you knew you could make $20,000 or more in this market?

Let me help you attain these kind of numbers!

http://www.npdodge.com/kimstephens/