Nebraska Housing Markets Still Healthy

By: Megan Johnson - Email

Updated: Thu 9:39 PM, Sep 27, 2012

Real estate brokers say national housing trends aren't the best way to find out if it's a good time to buy in your area.

Tim Norwood, a broker with NP Realty in Kearney, says real estate markets are highly localized, so the bubble bursts that brought down markets in other states since 2008 have little impact here.

"Most of Nebraska, especially here in Kearney, Nebraska, we didn't have a real boom to go bust with," says Norwood.

Tom McCarty, a broker at Coldwell Banker Town & Country Realty in Kearney, says low inventory, low unemployment, and low interest rates add up to what he calls a strong market.

"As far as Kearney goes we're a very progressive community here and our real estate market is very healthy," McCarty says.

Both McCarty and Norwood say low interest rates make now a good time to buy, but they say inflation will likely drive housing prices up in the future.

"Excellent time to buy, our office was telling people that historically we've probably seen in the last 12 months the best time to buy in the last 30 years in the Kearney market," says Norwood.

Because real estate officials call the housing market a "lagging" economic indicator, meaning it often reflects the state of the economy anywhere from six month to two years ago, they say the next 12 months should be good for buyers too.

But they caution not to wait.

"From talking to contractors/subcontractors, prices on materials will continue to go up," says McCarty. "I know the public doesn't want to hear that, but I think probably you're going to see prices increase."

Both brokers say that even with low inventories if buyers become more confident, Nebraska markets like Kearney's could be even better.

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