Omaha Real Estate Blog

Omaha, Nebraska     Contributed by David Matney with Alliance Real Estate

One of the more unique tourist attractions in the Omaha area is Vala's Pumpkin Patch near Gretna, Nebraska.  Located on the outskirts of Omaha, Valas started out as a small family farm that initially offered hay-rack rides, campfires and the chance to pick out a pumpkin.  It now draws nearly 10,000 people every day at peak times during the season on a weekend. 

Valas is fun for all ages.  They have a train ride, pig races, a pumpkin cannon, bonfires, corn maze, slides, giant jumping pillows, apple slingshots, petting zoos and much more.  It changes from year to year and it is fun for the whole family.  It is neat to see once was small operation now one of the premier attractions in the area.  The Vala family works hard to make it an experience.  Even when you have a campfire a "storyteller"  stops by your campfire to tell your family a campfire story.  It is really authentic, the storyteller really looks and plays the part.  

One of my favorite events is the pumpkin cannon.  An employee fires a pumpkin out of an air cannon about 500 to 700 yards.  I could be 80 years old and not tire of seeing someone shooting a pumpkin out of a cannon.  It is really neat!  If you are ever in the Omaha area during the month of October, put Valas on your to do list.  I guarantee you will have a fun time!

Thanks,

David Matney, CRS,GRI

Alliance Real Estate 

Omaha, Nebraska     Contributed by David Matney with Alliance Real Estate

This is a light-hearted post that I hope you enjoy,  Everyone has heard of Myspace.com in some way.  If you are like me,  I thought myspace was for high schoolers and weirdos that will eventually end up on Dateline NBC with Chris Hansen.  I attended a Ralph Roberts class at our State Convention and he sang the praises of having a myspace account as a Realtor.  That being said I thought I would give it a shot even after being laughed at by several agents within our office.

I have to admit that I was a little leary of opening a Myspace.com account.  I was afraid of what was out there on myspace.  I took the plunge and opened my account.  Then the next thing I know there is this guy named "Tom" who wanted to be my "friend."  I panicked and deleted him immediately.  My suspensions were correct, I was on the site and within seconds someone named "Tom" was asking me to be my friend.  For all I knew, "Tom" had already got on my hard drive and was stealing my identity. 

I had no idea "Tom" was the owner and developer of the site.  After a week or so, I realised he was no threat and he would make a fine friend.  People have asked me if I have received any leads from myspace and the answer is "yes."  I can attribute 1 listing lead this year as a result of myspace account.  The sellers spouse was leary because he had found her Realtor via myspace.  Best of all the cost of a myspace account is FREE.   

Take care,

David Matney, CRS,GRI

Alliance Real Estate  

         "Tom"

Omaha, Nebraska     Contributed by David Matney with Alliance Real Estate

I would like to thank David Brown, President and CEO of the Omaha Chamber of Commerce for taking his time to speak with a select group of Realtors in the Omaha area today.  As a community we are extremely fortunate to have someone of his caliber at the helm of our chamber.  Most folks do not realise the time and effort the Chamber takes to lure in business and economic development in the Omaha area.

Economic development has a direct impact on our local real estate market and the livelihood of local Realtors.   Every time a job is created, it stimulates the real estate market in some way.  More than anything else, jobs are the most important factor in a real estate market.  Interest rates are important but they fall far behind jobs.  Lose jobs and a buyer is completely removed from the real estate transaction.  Interest rates will only effect how much a person can buy, lose a job and a home buyer can not buy a home at all.

David spoke today on economic development in North Omaha and some of the strategies the Chamber employs to differentiate Omaha from other cities competing for corporate relocation.  Many of these creative strategies have been used to stimulate the relocation of several space and defense contractors to the Sarpy County Area near Bellevue.  It is really an exciting time in Omaha and folks not from our area may not realise all of what we have to offer. 

Thanks,

David Matney

Alliance Real Estate

Omaha, Nebraska     Contributed by David Matney with Alliance Real Estate

Tom Osborne has been named by Harvey Pearlman to replace Steve Pederson as Athletic Director.  This move has been well received from the fans at Nebraska and hopefully he will be able to unite the fractions that have developed within Husker Nation.  No other coaching changes have been announced but it is clear that the writing is on the wall for the current head coach Bill Callahan and his staff.

In Nebraska, some of the sports talk shows broadcast coverage non-stop and one caller has compared Tom Osborne's return to having a love one returning from a war zone.  That may seem a little extreme but Nebraska takes football very seriously. 

Nobody likes to see someone lose their job, but just like real estate it is a pay for performance.  You have to perform and it is a team effort.  (It seems like I can relate most anything in some way to real estate.)

Thanks,

David Matney

Alliance Real Estate

Omaha, Nebraska     Contributed by David Matney with Alliance Real Estate

Anyone from Nebraska understands how the Cornhusker Football in a part of our culture.  In fact, I had a seller that justified a overpricing his home based on the turnout of the Husker Spring Game.  Those days are gone now and in the last few years our Athletic Director, Steve Pederson has done more to destroy the program than a NCAA probation.  The program is now in shambles and I believe it will have an effect on the real estate market in Lincoln. 

In the next few months, I believe that the homes of the AD, Head Coach and Defensive Coordinator will soon be on the market.  I imagine there are many Realtors in Nebraska that would be willing to list their homes for free.  Hopefully, we will can replace the AD and hire coaches that appreciate the culture and tradition of our program.

Thanks,

David Matney, CRS,GRI

Alliance Real Estate

Omaha, Nebraska     Contributed by David Matney with Alliance Real Estate

Buying an investment property?  When an investor makes an offer on an investment property they often have to "crunch" the numbers.  Which numbers does the investor "crunch"?  In order to ensure the numbers work you need accurate information.  Do you ask the seller?  They might underestimate in order to make the property seem more profitable than it is. 

One technique is to ask for a copy of the seller "Schedule E" of their tax return for the property.  That way you can ensure you are getting "more" accurate numbers.  Most of the time, the seller will have higher numbers for expenses on the Schedule E in order to minimize their taxes. 

When listing a property, some sellers will include a copy of the Schedule E for the buyer's review.  Does it mean a property is bad if the expenses are unnecessarily high?  No, not necessarily maybe the seller has taken real good care of the home.  Unusually low expenses could mean the property has deferred maintenance.  You have to take in the whole picture in your analysis.

Thanks,

David Matney, CRS,GRI

Alliance Real Estate

Omaha, Nebraska     Contributed by David Matney with Alliance Real Estate

Here is a simple way to increase your exposure when selling your home.  Price your home on a major breakpoint.

Let's say you have a listing around $125,000.  Now, lets take a quick look at buyers.  Generally speaking, buyers tend to have a price range of when they conduct their search.  In our example, some buyers will be looking in the $100,000 to $125,000 range and a different set of buyers will be looking in the $125,000 to $150,000 range. 

If you price your home at $125,000 you will DOUBLE the amount of exposure online because you will pick up BOTH sets of buyers.  Pretty neat, huh?  If you priced your home at $124,900, your home would be INVISIBLE to all the buyers online looking from $125,000 to $150,000.  According to recent studies, close to 85% to 90% of buyers are searching online.  It is very important to use this strategy to capitalize on how they conduct a search.

However, if your home has a market value of $120,000 and you overprice the home just to be at a breakpoint you will help sell other homes in the $125,000 range.  You have to price at market value in order to get showings otherwise you will miss the market.

Take care,

David Matney, CRS,GRI

Alliance Real Estate

Omaha, Nebraska     Contributed by David Matney with Alliance Real Estate

Today, I had an opportunity to attend a three hour continuing education course on Federal Requirements Pertaining to Lead.  The class was free and it was sponsored by the University of Nebraska at Lincoln Extension Office.  Most Realtors, buyers and sellers are aware that lead is bad and that homes built before 1978 have the possibility of lead in the paint.

Here are a few interesting facts concerning lead based paint

1)  Lead replaces calcium in the body, calcium is a neurotransmitter and this effects the development in the brain.

2)  The effects of lead are irreversible.

3)  Lead is excreted from the body very slowly.

4)  It also interferes with Iron in the blood which can cause headaches, convulsions, and hearing problems.

5)  Children are more susceptible to lead

     - The lead will affect their brain development

     - The lead is more absorbed in their growing bodies.

     - Kids often put their hands and objects into their mouths.  These objects can have lead dust on them.

6)  Lead is a social problem as well as an environmental issue.

     - Higher lead levels have been linked to higher drop out rates.

     - Higher lead levels also have been linked to a lack of impulse control.

     - Higher lead level have also been linked to problems in schools and higher crime rates.

7)  There is a difference between having a "lead free" and a "lead safe" home.

8)  Lead exposure can harm the development of children even BEFORE they are born.

9)  Not all homes built before 1978 have lead in the home and not all painted surfaces present the sme risk.  Friction surfaces such as doors and windows tend to present more of a risk.

10) To make a home "lead safe" may not be as expensive as people think.

The good news is that lead exposure has gone down in recent years.  In 1992, 3 million children in the US had elevated lead levels in their blood.  Today, the number is around 300,000.  This is a significant decrease in elevated levels.  As Realtors, are responsibility is to educate the buyer so they can make an informed decision regarding the risk of lead in the home.  Unfortunately, for many agents the education is limited and amounts to simply telling the buyer to not eat any paint chips.  Damages for failing to properly educate your buyer can amount to severe fines, loss of license and could ultimately harm your buyer.  Realtors make thousands of dollars in the course of a transaction and the advice we give can impact the buyer long after the deal has closed.  As a Broker, we are responsible to make sure that our agents are well trained and understand the importance of compliance.

Thanks,

David Matney, CRS,GRI

Alliance Real Estate

Omaha, Nebraska     Contributed by David Matney with Alliance Real Estate

When a buyer purchaser buys a home the last thing the buyer wants is a knock on the door by someone who claims to own the home.  To protect their interest the buyer buys a title insurance policy.  Title insurance is typically split between the buyer and seller.  There are two types of policies, ALTA 92 and ALTA 98.  ALTA stands for American Land Title Association. 

Both policies provide protection against public record errors, fraud and forgery, undisclosed heirs, and liens from a creditor of the previous owner.  However, the ALTA 98 policy is title insurance on steroids.  It does cost more but it provides significantly more coverage.  Some of this additional coverage includes zoning issues, encroachments, (an example of and encroachment is when your neighbor builds his shed on your property), and failing to obtain a building permit on your property. and you have to pay the cost of the removal of the property. 

Some situations may dictate the need for greater coverage and this should be discussed with your Realtor.  The small cost in premium seems worth it in the extra coverage they are providing.  If you have any questions you would want to contact your title company representative. 

Thanks,

David Matney, CRS,GRI

Alliance Real Estate

Omaha, Nebraska     Contributed by David Matney with Alliance Real Estate

Everyday I set out to learn something new, my main focus is residential real estate inside the Omaha metro area.  Most folks consider Nebraska an agricultural state so I thought I would share something that effects sales on agricultural land that is near metropolitan areas like Omaha. 

In 1974, the Federal Government created a program to protect farmers near growing metropolitan areas.  This program is called the Greenbelt program.  As cities grow, the undeveloped land surrounding a city increasing in value.  This increase in value will also increase the tax assessed value of the land.  The Greenbelt program says that if land is used for agricultural purposes than it is taxed at a substantially lower value.

If agricultural land is developed than there is a Greenbelt recapture tax.  This tax can be for the presiding 3 years.  If your seller is selling land that was once used for agriculture purposes should be aware of the possiblity of greenbelt recapture tax and should be advised to seek a competent tax advisor.  Also, sometimes the assessor will re-evaluate land to make sure it conforms with agricultural use.  In the past, some hunters who have tracks of land for hunting have tried to apply there land for greenbelt status.

This post is for informational purposes and if you have questions concerning tax questions should seek the advice of a qualified tax advisor.

Thanks,

David Matney, CRS,GRI

Alliance Real Estate