Lincoln still experiencing housing shortage

"As the spring market picks up, I expect more homes hitting the market."

LINCOLN, Neb(KLKN)- The housing market in Lincoln has been very competitive. Last year, there was a significant housing shortage.

Larry Holmes, real estate professional at Remax, says Lincoln is still experiencing the same thing. Currently, there are 113 new homes on the market in Lincoln; pre-existing homes is at 94.

“Builders are doing what they can to help us out,” said Holmes. “As the spring market picks up, I expect more homes hitting the market.”

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

Holmes says this did not have a big impact on the rental market in Lincoln. “Lincoln had a really good program that helped tenants pay their rent, so the landlords could continue to get paid,” said Holmes.

Other than the housing shortage last year, builders faced a lot of challenges when the price of lumber skyrocketed. Holmes says lumber prices are projected to go up a little bit more and then hopefully come back down.

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

If you are searching for a home, Holmes suggest having a real estate professional to help you navigate through the entire process.