KEARNEY — Home sales numbers have increased since last year, but
a Kearney real estate leader says things could be better.

Pat Slack, president of the Buffalo County Board of Realtors,
said 2010 has been the sixth-best year on record. “It was better
than 2009, but not as good as the previous five years prior to
2009,” Slack said. “October was a bad sales month. It’s still solid
and running its normal course, based on history.”

By the end of October, there had been $49,760,689 in home sales
this year. By the end of October 2009, that number was $46.5
million. There are 317 home sales to date in 2010, compared with
315 homes sold in the same months last year.

Slack said home sale numbers are up from last year despite a
slight drop after the federal tax credit deadline passed.

April 30 was the last day for first-time homebuyers to take
advantage of an $8,000 federal tax credit. After the deadline
passed, there was a decline in home sales in Kearney.

Slack said there are still homes being sold, though this is
typically the slow time. “As we near December, it’s dark by 5:30,
and it’s tough to show property,” he said.

He said some agents have mentioned to him that there is a low
inventory of homes available for sale.

“We could use some more houses to sell,” Slack said. “There’s
some lower price ranges that we’re struggling to find property for
buyers to look at.”

Slack said the future of home sales could be affected by two new
developments coming around the bend.

“No. 1, the Fed is going to pump some more money into this
economy,” Slack said. The Federal Reserve has been buying U.S.
Treasury bonds since Nov. 3 under a $600 billion program. “What
it’s going to do is drop the interest rates even lower than they
are currently.”

He said for a $150,000 home the interest rate is 4.18 percent,
with a good good credit score. “I see that going down just a little
bit further,” he said. “We’ll probably maintain for at least the
next eight or nine months.”

Slack said lenders have bumped first-time home buyers’ credit
score requirement from 620 to 640.

Slack said stricter lending and borrowing regulations have been
a problem in Kearney home sales.

“Back in 2006, we got pretty used to pretty wide lending
parameters,” Slack said. “Those people who borrowed back then are
paying their bills and are not a problem, like other places in this
country. The rules have changed, and now we’re really feeling the
effect of the subprime problems. There have been some deals that
have been killed because of the stricter loan requirements.”

Slack said his advice to consumers looking for a new home is to
have their credit checked and repaired if there is a problem.

“Come in to see a Realtor, so we can at least go through a
pre-qualification with you,” Slack said. “Or go to the bank for
pre-approval. It’s not like it used to be. Whether you can or can’t
buy a house, at least you can correct a problem. A lot of times
it’s just a matter of time, and a little bit of homework, and some
phone calls.”

e-mail to:

kevin.hervert@kearneyhub.com