The real estate industry in Lincoln in 2012 maintained a fairly steady pace.
Despite a slight increase in short sales and foreclosures, the Lincoln real estate market has not been affected as dramatically as much of the rest of the United States. With interest rates at record lows buyers have been out in full force looking for that dream home or that investment property. In the current economy their dollar can buy a lot more home than it could a few years ago. The challenges came with stricter lending policies for buyer pre-approval.
In Lincoln we saw a shortage of listings making it also a great time to sell. Many of these sellers experienced multiple offers on their properties which resulted in higher sales prices for them. These factors made 2012 a busy and productive year in the Lincoln real estate market.
What lies ahead for 2013? In Lincoln we are very fortunate to have many positive things going on with the stimulation of our economy; the construction of the new arena has brought new buyers to town and we have a more brisk market this year than in 2012.
The Lincoln real estate market is typically very consistent and produces positive numbers for our economy, and I don’t expect 2013 to be any exception. New construction is picking up, and I expect we will see an increase in that in 2013.
Overall the real estate market across the country is coming back. The expected tax increase could bring with it some apprehension on the part of buyers, which may play a role in their decision to purchase a home; however, I expect the Lincoln area to hold steady in the real estate market, making it a busy and productive year. The National Association of REALTORS says existing home sales are at the highest level they’ve been since November 2009. With consistently low interest rates, these trends should continue into 2013, and I expect an even more highly successful year in Lincoln!