House Hunt in Lincoln

[FLusker]

One of my relatives is looking to purchase their first home in Lincoln this year (they are currently living in their parents house like a 30+ year old bum) but I am unfamiliar with the market since I haven't lived in the area for over a decade. Any tips from folks on the board in the real estate arena? I think they are looking for a home up in or near Fallbrook. Tips for people to use or have them reach out to? Good folks to get financing through? Appreciate in advance the collective genius that I know this will produce.

 

[Herbie]

I’m absolutely no help. Haven’t lived in Lincoln for almost 20 years but every time I’m back I scroll Zillow for fun. Unless you want a shit box you’re overpaying bad.

City seems to be building apartments like crazy but new housing developments not so much.

 

[jickey moseph]

I’m absolutely no help. Haven’t lived in Lincoln for almost 20 years but every time I’m back I scroll Zillow for fun. Unless you want a shit box you’re overpaying bad.

City seems to be building apartments like crazy but new housing developments not so much.

Seems to ring true for every city

 

[Herbie]

Seems to ring true for every city

Fair.
I’m a little spoiled because housing prices in Oklahoma are dirt cheap.

In the OKC metro I can get way more house for money.

 

[Hedley Lamarr]

Tell them to move to a tax friendly state

 

[Driveway Jordan]

Housing is ridiculous in Lincoln. I live in a newer development, and houses that sold for $575k in 2020 are now going for $775k. I would recommend buying something older in the middle of town and try to update/remodel. Stay away from anything South or East Lincoln unless you want to get gouged. Fallbrook isn't any better. It's just not a good market.

 

[Hedley Lamarr]

Housing is ridiculous in Lincoln. I live in a newer development, and houses that sold for $575k in 2020 are now going for $775k. I would recommend buying something older in the middle of town and try to update/remodel. Stay away from anything South or East Lincoln unless you want to get gouged. Fallbrook isn't any better. It's just not a good market.

It is most places across the country, I've been looking to relocate to the southeast (Florida, NC) for a few years and my house I built here in Cockeye 2 years ago is twice the house for the same amount of money in these places. Not to mention interest rates are 3% higher....

 

[Herbie]

It is most places across the country, I've been looking to relocate to the southeast (Florida, NC) for a few years and my house I built here in Cockeye 2 years ago is twice the house for the same amount of money in these places. Not to mention interest rates are 3% higher....

I truly don’t envy anyone looking to buy a first house right now.
If we end up addding tariffs to Canada … rip lumber prices

 

[redzoner]

Originally I was planning to upgrade houses around the 2020-2021 time frame so I have been watching the Lincoln market since then.

Houses are way too high in price and I have seen some new builds that have been sitting empty for multiple years now. It does seem like there is finally some downward pressure on homes that are selling at least in the 500k-800k range.

I mostly have been looking in NW and NE Lincoln. Fallbrook tends to have low inventory and higher prices. The waterford area in NE Lincoln has been building houses at a much faster rate.

I'm sure like other cities Lincoln is experiencing the problem that developing areas for new housing is so expensive that they are forced to look more to building apartments and multi-use on already developed areas of the city.

 

[2010sarenevercomingback]

@GBRfr

 

[Seaofred92]

It is most places across the country, I've been looking to relocate to the southeast (Florida, NC) for a few years and my house I built here in Cockeye 2 years ago is twice the house for the same amount of money in these places. Not to mention interest rates are 3% higher....

Shoot me a PM if you want to chat about living in Charlotte. Would love to have you.

 

[Pipehog69]

Yeah it’s terrible out there. I’m in a rust belt city where the population has been declining for 70 years and housing has always been cheap, and it’s still madness for certain segments in the market. I feel like there’s no supply in the $400-500k range, so people are overpaying, but there are tons of deals to be had at $700k and up. We’re looking around $600k so kind of in an awkward position. I’m tempted to wait it out and save up for a few more years but my wife’s getting nesting fever.

Also, when we sold my grandmother’s tiny, never updated, 1970s townhouse in south Lincoln a few years ago it went in less than 24 hours for above asking price. Nobody in my family ever imagined Lincoln would be such a hot market.

 

[Hedley Lamarr]

Shoot me a PM if you want to chat about living in Charlotte. Would love to have you.

I've been looking closer to the coast. Wife's best friend from HS and her family relocated to Hampstead outside of Wilmington and love it. Heading out there to look around next week.

 

[Hedley Lamarr]

Yeah it’s terrible out there. I’m in a rust belt city where the population has been declining for 70 years and housing has always been cheap, and it’s still madness for certain segments in the market. I feel like there’s no supply in the $400-500k range, so people are overpaying, but there are tons of deals to be had at $700k and up. We’re looking around $600k so kind of in an awkward position. I’m tempted to wait it out and save up for a few more years but my wife’s getting nesting fever.

Also, when we sold my grandmother’s tiny, never updated, 1970s townhouse in south Lincoln a few years ago it went in less than 24 hours for above asking price. Nobody in my family ever imagined Lincoln would be such a hot market.

Yeah starter homes stopped existing

 

[TooTall]

I live in the Fallbrook area and the previous post about low inventory, high price is true.

Unless they are looking to get into something high end, because those tend to sit and can be had once the seller is motivated, but anything sub-$500K is crazy right now.

I've seen Lincoln houses that should be sub-$200K selling easily for $300K or higher.

It's almost like the price range just slid $100K up lately.

 

[Toe]

Don't worry guys, as soon as we deport all these immigrants who build our housing and slap some tariffs on Canadian lumber, housing prices will come right down! 🍊

 

[1HuskerDad]

My daughter-in-law and her siblings sold their late father‘s house for close to $250K last year and it had a bad foundation, a crooked kitchen floor and a total gut of the upstairs living area needed. Back in the day 5 years you would have been lucky to get $100 to $120,000 for that house.

 

[Huskersballz]

I’d say buy something closer to the university that could use some cosmetic upgrades and DIY it themselves for the sweat equity. Could open up options for turning it into a rental down the line and will also have more potential equity from the renovations if they do decided to sell and upgrade. Going this route isn’t for everyone though.

Wanting to buy a new build or newer house in Fallbrook or any similar area as your first house is just asking to be house poor especially with interest rates right now, and your potential appreciation is limited if the house is already updated.

 

[alt f4]

One of my relatives is looking to purchase their first home in Lincoln this year (they are currently living in their parents house like a 30+ year old bum) but I am unfamiliar with the market since I haven't lived in the area for over a decade. Any tips from folks on the board in the real estate arena? I think they are looking for a home up in or near Fallbrook. Tips for people to use or have them reach out to? Good folks to get financing through? Appreciate in advance the collective genius that I know this will produce.

I've lived in Fallbrook for 7 1/2 years now. If looking in this area or surrounding neighborhoods I'm a great resource.

What's their price range?

Are they looking in Fallbrook or near Fallbrook like in Highlands, North 14th, West of Fallbrook off of Hwy 34? Because in Fallbrook you're looking at 2x the price and very limited selection compared to the other neighborhoods.

In Fallbrook there is only one traditional style family house for sale now. It's a block away from me and next door to Dylan Raiola. It's probably overpriced by $150k, but that's what you get in Fallbrook now.

There are several new built new urban homes for sale on the other side of Fallbrook. A few across from Schoo/YMCA and one along Stonebrook Parkway.

 

[Ext. 55]

Housing is ridiculous in Lincoln. I live in a newer development, and houses that sold for $575k in 2020 are now going for $775k. I would recommend buying something older in the middle of town and try to update/remodel. Stay away from anything South or East Lincoln unless you want to get gouged. Fallbrook isn't any better. It's just not a good market.

Every bit of this. Crazy here.