Well, let me preface this by saying what I say right now might not apply 10 days or 10 minutes from now. The real estate market is ever changing. There are numerous variables that will cause price shifts, movement in supply and demand and the overall “mood” of the market. Some of these variables can affect the market nationwide (interest rates, govt. stimulus etc.) and others affect Lincoln or even just parts of the city.
This being said, here is my simple take on the market today:
1) rates are extremely low and many buyers that have been looking for a while are realizing their “buying power” has increased. They qualify for a higher loan amount. Even with the lower rates we haven’t seen the price increases that usually go hand in hand. Buyer power has truly increased.
2) the low rates haven’t stimulated the housing market overall like the government hoped. However, in Lincoln, we still have a shortage of properties that can be closed in 30 or so days (non shortsale). Most buyers want to close quickly and a lot of the regular or bank-owned properties sell fast. I did see a bit of a lag in the market the last couple weeks but things are picking up again. I attribute the slow down to “back to school”.
3)prices in Lincoln Crossing and West Lincoln seem to be falling. The smaller homes between 180K and 215K seem to be staying steady, but the larger 2800 sf+ homes are dropping. Prices in 12 Bridges (with the exception of the custom homes in Verdera) are generally stable. The custom homes in Catta Verdera will see a PLUNGE in the next few months. Sun City Lincoln is a little harder to figure out. In general the prices have dropped, but the buyers in that market will buy regardless, if it is what they want.
Overall, the properties are moving and the banks are starting to get better at processing their short sales. This is just a snapshot of my feelings as to what is going on. If you have specific questions, let me know!