Lincoln still experiencing housing shortage

“When the spring market picks up, I expect more houses to hit the market.”

LINCOLN, Neb (KLKN) – The Lincoln housing market has been highly competitive. There was a significant housing shortage last year.

Larry Holmes, Remax real estate professional, says Lincoln is still experiencing the same thing. There are currently 113 new homes on the market in Lincoln; Existing properties are at 94.

“Builders are doing what they can to help us,” said Holmes. “When the spring market picks up, I expect more houses to hit the market.”

Due to the COVID-19 pandemic, there were eviction moratoriums last year. This temporarily halted evictions in counties where COVID-19 was spreading rapidly.

Holmes says this didn’t have a big impact on the Lincoln rental market. “Lincoln had a really good program that was helping tenants pay their rent so landlords could keep getting paid,” said Holmes.

Aside from the housing shortage last year, home builders faced many challenges when timber prices skyrocketed. Holmes says wood prices are likely to rise a little and then hopefully fall again.

Mortgage rates are also near historic lows. “People can now get a lot more from a home for almost the same money than they currently have,” said Holmes.

If you are looking for a home, Holmes recommends hiring a real estate professional to help you navigate the whole process.