First Time Home Buyers---Here are some things you need to think about before you start to look for your dream home…
Before you start to look for that home, check your credit report with all three credit reporting companies (TransUnion, Experian, and Equifax). It is important to do this a few months before you begin that search for your home because if there are any things that need to be corrected on your credit reports, this will allow enough time to do so.
Ask lots of questions of the agent who is representing you. You and your agent will work as a team to find the best property you can afford. The looking process could be quick, or it could be lengthy, so make sure you find someone you are comfortable with.
You will need to shop around for a loan. Different mortgage brokers might have different interest rates available to them, so don’t just accept the first loan package that comes along. For example, if you think you will be in the property for a short time (two or three years) before you move on, you will not want to have large discount points up front. It would be better to pay a higher interest rate.
Stay tuned for next week’s continuation of these things to think about. There are more. If you can’t wait till next week, call Tiare Dutcher at 808-753-5327.
Wednesday, October 21, 2009
Tuesday, October 20, 2009
A Best Buy in Waikiki
This week’s “Best Buy” features two listing from the Waikiki Office, The Waikiki Sunset Unit 1807 and The Rosalei Ltd Unit 402. Both are true one bedroom, one bath and come with parking.
The Waikiki Sunset unit lists for $225,000 Lease Hold. The Fee has been reserved for $98,200. This brings the total Fee Simple price $323,200. The unit has a lanai with access from both the living room and bedroom. The living space gives one a unique "I'm home in paradise" feel. The building boasts good management. This is a good buy for the first-time home buyer. The unit has good potential positive cash flow for an investor and the possibility for future sales is desirable. The Waikiki Sunset has had 7 units sell in the last 6 months.
The Rosalei Ltd Unit 402 list $199.000 Fee Simple. This is a short sale. The condition is above average. It comes with a large lanai. The building is VA and FHA approved. This is a good opportunity for a renter to convert to an owner as well as an excellent opportunity for the first time home buyer. It is worth noting that the VA financing allows a no-money-down option. The unit also may meet an investor strategy who is seeking good potential cash flow. Future re-sale is also a good possibility. Sales in the Rosalei have been very active. Five units have sold since June of 2009.
If you would like any further information about these two properties or investment opportunities here in Hawaii please do not hesitate to call Abron Toure. My cell phone number is 503 475 6872.
The Waikiki Sunset unit lists for $225,000 Lease Hold. The Fee has been reserved for $98,200. This brings the total Fee Simple price $323,200. The unit has a lanai with access from both the living room and bedroom. The living space gives one a unique "I'm home in paradise" feel. The building boasts good management. This is a good buy for the first-time home buyer. The unit has good potential positive cash flow for an investor and the possibility for future sales is desirable. The Waikiki Sunset has had 7 units sell in the last 6 months.
The Rosalei Ltd Unit 402 list $199.000 Fee Simple. This is a short sale. The condition is above average. It comes with a large lanai. The building is VA and FHA approved. This is a good opportunity for a renter to convert to an owner as well as an excellent opportunity for the first time home buyer. It is worth noting that the VA financing allows a no-money-down option. The unit also may meet an investor strategy who is seeking good potential cash flow. Future re-sale is also a good possibility. Sales in the Rosalei have been very active. Five units have sold since June of 2009.
If you would like any further information about these two properties or investment opportunities here in Hawaii please do not hesitate to call Abron Toure. My cell phone number is 503 475 6872.
Monday, October 19, 2009
Hawaii Market at A Glance!
In last week's blog, I discussed the stats for home and condo sales in Sept and what the trend may be in October.
This week we'll identify neighborhoods that are reflecting the first indications of Stage One of the Real Estate Cycle.
Stage One is when unit sales are above prior year sales and median sales prices are slightly below to even with prior year. Three months of these tendencies in a neighborhood would confirm a stage one trend.
For single family homes in September, the following single family neighborhood was exhibiting stage one tendencies:
Units Sold vs Pr Yr Median Sales Price vs Pr Yr
Waipahu 7 vs 13 $493,000 vs $$511,000
Stage 2 is when unit sales are above prior year and median sales prices are above prior year. The following single family neighborhoods exhibited stage 2 tendencies:
Hawaii Kai 25 vs 7 $830,000 vs $665,000
Windward Coast 4 vs 3 $492,500 vs $444,000
Stage One Condo Neighborhoods:
Kalihi/Palama 10 vs 5 $291,500 vs $292,900
Ala Moana/Kakaako 38 vs 21 $425,000 vs $415,000
Hawaii Kai 21 vs 15 $510,000 vs $511,000
Mililani 26 vs 18 $294,000 vs $297,000
Stage Two Condo Neighborhoods:
Moanalua/Salt Lake 26 vs 14 $300,000 vs $294,000
Makakilo 8 vs 5 $275,908 vs $247,200
How does this affect you if you're a Buyer or Seller?
Contact Dwight Ellis at 808 351-1507 for more information!
This week we'll identify neighborhoods that are reflecting the first indications of Stage One of the Real Estate Cycle.
Stage One is when unit sales are above prior year sales and median sales prices are slightly below to even with prior year. Three months of these tendencies in a neighborhood would confirm a stage one trend.
For single family homes in September, the following single family neighborhood was exhibiting stage one tendencies:
Units Sold vs Pr Yr Median Sales Price vs Pr Yr
Waipahu 7 vs 13 $493,000 vs $$511,000
Stage 2 is when unit sales are above prior year and median sales prices are above prior year. The following single family neighborhoods exhibited stage 2 tendencies:
Hawaii Kai 25 vs 7 $830,000 vs $665,000
Windward Coast 4 vs 3 $492,500 vs $444,000
Stage One Condo Neighborhoods:
Kalihi/Palama 10 vs 5 $291,500 vs $292,900
Ala Moana/Kakaako 38 vs 21 $425,000 vs $415,000
Hawaii Kai 21 vs 15 $510,000 vs $511,000
Mililani 26 vs 18 $294,000 vs $297,000
Stage Two Condo Neighborhoods:
Moanalua/Salt Lake 26 vs 14 $300,000 vs $294,000
Makakilo 8 vs 5 $275,908 vs $247,200
How does this affect you if you're a Buyer or Seller?
Contact Dwight Ellis at 808 351-1507 for more information!
Friday, October 16, 2009
Waikiki Best Buys
The following are true three bedrooms in Waikiki. All are fee simple. The first is listed for $522.900. It is on a high floor at 1717 Ala Wai Blvd. unit 2710. It has 1130 square feet of living space and an open lanai of 100 square feet. There were two units sold in this building in August of 2009, unit 2901, has 1084 square feet of living space and 150 square foot lanai. It was listed at $535,000 and sold at $495,000. Then there was unit 2706. It has 1348 square feet of living space and 147 square foot lanai. It was listed at $548,000 and sold at $505,000.
The next examples of 3 bedrooms comparable with that mentioned at 1717 Ala Wai Blvd. The units are at Big Surf. One is listed at $300,000 on a low floor, unit 301. The square foot living space is 912 and 182 square feet for the lanai. The address of Big Surf is 1690 Ala Moana Blvd. The other unit at Big Surf is unit number 1201. It list at $485,000 and has 912 square feet of living space and 182 square foot lanai. You have to go back as far as November 2007 to find a 3 bedroom that sold at Big Surf. It was listed for $458,000 and sold for $430,000.
Finally there is another 3 bedroom at 320 Ainakea Way, unit 611 with 1165 square feet of living space and 194 square foot lanai. It list at $499.000. It should be noted that there have been no 3 bedrooms sales in this building as far back as January of 2007.
If you would like any further information on any of these units please contact, Abron Toure at the Coldwell Banker Waikiki Office, cell number is 503 475 6872, Mahalo.
The next examples of 3 bedrooms comparable with that mentioned at 1717 Ala Wai Blvd. The units are at Big Surf. One is listed at $300,000 on a low floor, unit 301. The square foot living space is 912 and 182 square feet for the lanai. The address of Big Surf is 1690 Ala Moana Blvd. The other unit at Big Surf is unit number 1201. It list at $485,000 and has 912 square feet of living space and 182 square foot lanai. You have to go back as far as November 2007 to find a 3 bedroom that sold at Big Surf. It was listed for $458,000 and sold for $430,000.
Finally there is another 3 bedroom at 320 Ainakea Way, unit 611 with 1165 square feet of living space and 194 square foot lanai. It list at $499.000. It should be noted that there have been no 3 bedrooms sales in this building as far back as January of 2007.
If you would like any further information on any of these units please contact, Abron Toure at the Coldwell Banker Waikiki Office, cell number is 503 475 6872, Mahalo.
Thursday, October 15, 2009
What is the Home Affordable Refinance Program (HARP)?
HARP is part of the program that was developed for homeowners who are not able to take advantage of the lower interest rates because of decreasing home values. This part of the program is for credit worthy individuals that are not behind in their current mortgage payments. HARP has a fixed interest rate over the life of the loan and could be beneficial for homeowners who property values has decreased and/or have adjustable mortgage rate.
Here are some of the qualifications of the HARP Mortgage Refinancing Qualifications:
The current mortgage loan must be owned or guaranteed by Freddie Mac of Fannie Mae
The amount still outstanding on the first mortgage cannot be more than 125% of the current market value
The current mortgage payments must be current and no late payments over 30 days in the last 12 months
The homeowner(s) must be able to make the refinance payments (income to debt)
If you would like to see if you qualify for this please feel free to contact me at 808-561-5943. – Linda Le, Loan Officer, Pacific Access Mortgage
Here are some of the qualifications of the HARP Mortgage Refinancing Qualifications:
The current mortgage loan must be owned or guaranteed by Freddie Mac of Fannie Mae
The amount still outstanding on the first mortgage cannot be more than 125% of the current market value
The current mortgage payments must be current and no late payments over 30 days in the last 12 months
The homeowner(s) must be able to make the refinance payments (income to debt)
If you would like to see if you qualify for this please feel free to contact me at 808-561-5943. – Linda Le, Loan Officer, Pacific Access Mortgage
Wednesday, October 14, 2009
First Time Home Buyers---YOUR CLOCK IS TICKING!!!
You have just a few more days to find that property you want to purchase, in order to qualify for the $8000 first time home buyer tax credit. The property has to be closed by December 1, 2009. Since it takes 30 to 45 days to close on a property, and with Thanksgiving the week before, and a slew of other people trying to close their properties, too, you should be putting in that offer TODAY!!
If you can get an accepted offer by October 20th, and if there aren’t any problems associated with the property (that is, large repairs that need to be made before the closing, etc.), you should be okay….
Good luck!
And even if you aren’t able to get the $8000 tax credit, interest rates are still at all time lows (around 4.5%), so it is a great time to buy that first home.
Call me now to help you buy that first property. You’ll be glad you did.
Tiare Dutcher 808-753-5327.
If you can get an accepted offer by October 20th, and if there aren’t any problems associated with the property (that is, large repairs that need to be made before the closing, etc.), you should be okay….
Good luck!
And even if you aren’t able to get the $8000 tax credit, interest rates are still at all time lows (around 4.5%), so it is a great time to buy that first home.
Call me now to help you buy that first property. You’ll be glad you did.
Tiare Dutcher 808-753-5327.
Monday, October 12, 2009
Sales and Prices Shoot Up in September!
244 single family homes sold in September, up from 215 last year. 345 condos sold, up from 305 last year. This is the first month this year that both single family and condo unit sales both exceeded prior year in the same month!
Sept single family median sales price was $600,000 vs 2008 at $590,000. This represents a $10,000 improvement vs prior year.
Sept condo median sales price of $305,000 was above prior year by $9,000. Last years median price was $296,000.
The question is, Does this represent a trend? Are we on the verge of transitioning from a Stage 4 market to a Stage 1 market?
Will unit sales and prices rebound in the fourth quarter vs prior year, remain level with prior year or exceed prior year?
With the activity generated by the first time home buyer credit and continuing low interest rates, it'll be interesting to see if the median sales price in Oct for single family homes and condos exceeds the median sales price in 2008. If it does, that would be the second consecutive month. Three months in a row would constitute a trend.
I expect it will remain fairly level as long as inventory levels remain below prior year and days on market remain under 60 days and interest rates remain low.
What does this mean to potential Buyers and Sellers?
Contact me, Dwight Ellis at 808 351-1507 or dwighte@cbpacific.com to schedule a private consultation.
Sept single family median sales price was $600,000 vs 2008 at $590,000. This represents a $10,000 improvement vs prior year.
Sept condo median sales price of $305,000 was above prior year by $9,000. Last years median price was $296,000.
The question is, Does this represent a trend? Are we on the verge of transitioning from a Stage 4 market to a Stage 1 market?
Will unit sales and prices rebound in the fourth quarter vs prior year, remain level with prior year or exceed prior year?
With the activity generated by the first time home buyer credit and continuing low interest rates, it'll be interesting to see if the median sales price in Oct for single family homes and condos exceeds the median sales price in 2008. If it does, that would be the second consecutive month. Three months in a row would constitute a trend.
I expect it will remain fairly level as long as inventory levels remain below prior year and days on market remain under 60 days and interest rates remain low.
What does this mean to potential Buyers and Sellers?
Contact me, Dwight Ellis at 808 351-1507 or dwighte@cbpacific.com to schedule a private consultation.
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