Omaha Real Estate Blog

Are you selling a vacant home in winter?  Be sure to have your home professionally winterized.  It is not enough to simply turn off the water.  You should have a professional plumber remove the meter and turn off the water at the street. 

Many absentee sellers simply turn the furnace on an hope for the best.  What happens if the furnace goes out?  It can happen and the results can be painful.  In fact, some insurance companies have restriction on homes that have been vacant for a certain number of days. 

So if your home is vacant contact a professional plumber or ServiceOne and have your home properly winterized.  It is worth your peace of mind and can save you from the agony of frozen pipes.

Thanks,

David Matney, CRS,GRI,e-Pro

Alliance Real Estate

(402) 490-6771

Thanks Troy for Helping promote the upcoming event!!!

I would like to thank Connie Watts of Prudential for helping promote the upcoming Activerain event in Omaha on January 15, 2009.

Thanks Connie!

The Omaha Fire Department is offering a FREE carbon dioxide and smoke detector.  This offer is for owner occupied properties only and the fire department will also install the detector to insure correct installation. 

This program is residents of the City of Omaha only and to register call Theresa with the Omaha Fire Department Public Safety Department at (402) 444-3560.

Thanks,

David Matney, CRS,GRI,E-Pro

Alliance Real Estate

(402) 490-6771

On Monday, the Omaha Area Board of Realtors hosted a free educational seminar on the 700 billion dollar bailout program hosted by George Akers of First Mortgage.  Here is a brief summary of how George explained the process.

How did the credit markets actually seize up?

• First, banks are required to maintain ratio of assets to loans.  Using simple numbers, lets say a bank has 100 million is assets.  If they have 100 million dollars in assets, then the bank can loan for up to 1 billion dollars.   

• Many banks held mortgage backed securities as part of their assets.  As foreclosures started to rise the value of these mortgage back securities dropped in value thus decreasing the assets held by the bank.

• Now, because of an accounting rule called "mark to market" if the value of the assets drop to a value of 50 million, now the bank can have loans for up to only 500 million.   The bank tries to sell these mortgage backed securities to maintain their asset to loan ratio.

• The value of their assets is now at 50 million while they still have loans out for 1 billion.  The bank is now at risk and they can not loan any more money thus causing the credit market to freeze up. 

Again, this is just a simplified version of the credit seizure.  Personally, I am a very free market and no bail out type of person.  However, from the way it was explained it would have been catastrophic to have not passed some sort of plan to unseize the credit market. 

David Matney, CRS,GRI

Alliance Real Estate

(402) 490-6771

If you have been in the real estate business for any length of time you know how political our business is.  At the national and local level changes in issues like schools, zoning, taxes, and city ordinances all have a direct impact on our business.  Many agents get tunnel vision and lose sight on the politcal aspect of our business. 

At the national level, NAR has established RealtorActionCenter.com to promote favorable real estate legislation in Congress.  Especially in the current political climate it is important to have a voice at the table.  Currently, the latest call for action involves a 4 Point Plan to be a part of any future stimulus package. 

Here is a summary of the 4 Point Plan:

1. Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements.
2. Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent.  In 2009, new rules will reduce the current loan limits.
3. Get the Treasury relief program to target more funds to mortgage relief and to create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.
4. Permanently bar banks from engaging in real estate brokerage and management.

It is easy to register and it allows you to have a voice in the political process.

Thanks,

David Matney, CRS,GRI

Alliance Real Estate

(402) 490-6771