Over the next year, Warren Buffet will have $80,000 in equity on his home. There is a photo by Paul Harris.
It has been a long time since Warren Buffet got a break.
The heart of one of the hottest real estate markets in the country is where the oracle of Omaha lives.
Home prices in the Big O will increase by 6.4% over the next year, according to a forecaster. The biggest city in Nebraska is expected to be the third-best performing market in the country over that time.
The billionaire could have done better if he moved to Lincoln. The home of the University of Nebraska is the top ranked home.
The first and third places are taken by Lincoln and Omaha. There is only one non-Midwest metro in the top five. Indianapolis and Wichita are not the only ones.
Higher interest rates affect Nebraska's performance.
The average home in Lincoln is less than the national average. The housing market is less vulnerable to the slowdowns brought on by 30-year rates.
If your mortgage is $100,000, an increase from 3% to 6% isn't that much from a practical standpoint. Fox is the chief economist at Veros Real Estate Solutions. It costs $890 more per month if the mortgage is $500,000.
Real estate agents are in agreement with Fox.
Multiple offers are still coming in for homes that are less than a million dollars, according to an agent at Woods Bros. She said that more expensive listings have been subject to price reductions and that sellers have offered points to offset higher rates.
Lincoln is a great place to live. The place is easy to live in. There are a lot of homes at attractive prices. The interest rate adjustments aren't something buyers can't handle.
An agent at the Home Services Ambassador in Omaha points to the region's handling of the Pandemic.
Moss said, "If you're talking about the Midwest, you're talking about a lot of areas that weren't affected." We are not having to bounce back a lot.
Moss said that the small-town atmosphere is what attracts people to the area.
Omaha is referred to as a big small town by anyone who has lived here for a long time. There are great restaurants, diversity and pocket neighborhoods, but you still have a small town feel.
What does this mean for the man?
The investing guru can expect to make $80,000 in equity over the next year by taking into account the current value of his home and the VeroForecast. It would be enough to pay for his Mcdonald's breakfast for another 50 years or so.
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