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Nebraska housing market makes a turn for the better
Some states may not see a full revival in the housing market for decades.
But, here in Nebraska, we're nearly back to peak times. A local real estate agent talked about the effects of the housing market downturn and how some people have luck knocking at their doorstep.
The housing market took a tumble in 2007. Every state was hit, but some were hit harder than others.
"We certainly don't have the repossessions and the foreclosures that a lot of the rest of the country does, but people just kind of froze," said Connie Hansen, Real Estate Group.
She says the biggest problem in Nebraska was fear from seeing how bad other states were hit.
"What was it Roosevelt said, there's nothing to fear but fear itself. It really was contagious," said Hansen.
Housing prices were down as much as 30% in Hastings. Last October, trends started turning. Hansen says the low interest rates are motivating buyers.
"That seemed to be the magic that the country used to get the buyers back out there," Hansen said.
Homeowner Susan Cook purchased this home for her son at the peak of the market in 2006.
She tried to sell it in 2008 with little luck.
"We had the house on for 6 months and it only showed about 4 times and it just, we never even got an offer," said Cook.
Well, this time luck was on her side. The home sold in just 5 days. It's something that Hansen says is becoming common.
"There is never enough inventory right now and that's a wonderful place to be," said Hansen.
She says it's neither a buyer's market or a seller's market.
"We're not being unrealistic with our pricing and buyers are out there with the ability to buy," Hansen said.
With the housing market on the mend, it won't be long before Nebraskans are back to business as usual.
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