This is the question on many people's minds.
Here is a few of my observations.
- Oahu prices are fairly stable compared to most parts of the country. We have seen a slight slippage overall in median prices. A few areas have seen larger drops like Ewa Beach, which has short sales, foreclosures and developers in the area competing with resale homes. Areas like Kahala have seen price increases.
- Although sales units are down, homes are still selling if priced correctly and in proper condition.
- Interest rates are fairly low. Immediately after the Freddie and Fannie announcement, rates took a quick dip and are still down.
- We live on an island. There is only so much real estate available.
- We are looking like a great place for out of state investors.
If you have been waiting for the bottom or are nervous about the lending industry, you may want to make a move soon.
Our market real estate prices seem to be somewhat stable. Mortgage money is available and at pretty good rates. We do not know how long that will be the case. The lending industry is changing daily. Anyone who predicts what will happen is crazy or being dishonest.
If you are thinking of selling your home, interest rates are down and buyers can buy. You will be competing with many others so pricing and condition are very important.
If you are thinking about buying, there is a good selection of inventory and the lower interest rates will allow you to buy more for less.
In any case this is a time of change and working with top professionals is a must if you are looking for success. You want a real estate agent who is experienced and an expert in that community. You want a loan officer who is good at what they do. I personally prefer working with the funding lenders. That is an entire blog post of its own.
If you are a buyer, mine and most REALTORS® services are normally free to you, so get the best you can find. If you are a seller, I and most top REALTORS® will give you a free evaluation of your home and make recommendations for getting it ready for sale.
Times are a little uneasy, but there are many opportunities out there.
Randy, your points are to the point. You can apply your situation in HA to many here on the mainland.
Frank - I know some markets are seeing large drops in home prices, so it may not apply to those areas.
Same here Randy. It's time for buyers to look at prices in communities where heretofore prices were very high.
Lenn - Glad to hear you market is doing better. I am also concerned that some of my buyers won't lock their loans while rates are still down.
Randy,
Not sure about your market but here it seems like buyers are still waiting looking at all the inventory and and sellers are still holding their prices unless they are up side down.
Randy, your points are phenomenal in this post. You are right on it! You need the professional service more than ever right now!
Randy - Lot of truth in that post. Yep, the opportunities are there for the taking!
Randy
I have got to believe that the rates are pretty good by you.
Sincerely
Tom BRaatz
Randy, I agree that now is the oppertunity to buy. When the likes of Warren Buffet and Donald Trump are buying now, you tell them that they are wrong!
We are still doing okay and I suppose doing something right as well. I know one thing....out in Ewa I'm getting my clients some great deals lately.....
Randy, right on the mark - again!
Neal - I am hearing that from agents from other areas too.
Jeremy - With all that is happening in the news clients are looking harder for someone who knows what they are doing.
Gary - I agree, it is a time of opportunity.
Tom - The rates are lower than they have been in a long time.
William - Trump is also building and selling. He recognizes the opportunity.
Sally - I tell everyone the same thing. The traffic is tough but they can sure get a lot of home for the money in Ewa.
David - Thank you.
Randy, I agree, right now is ALWAYS the best time to buy, because right now is the only thing you know for sure, no one knows what is in store for tomorrow.
Borrowers, always ask me what I think the rates will do. My response is always, "if I knew that I would be sitting on a beach in a nice warm place." Sort of like a friend of mine, Randy Prothero ........ LOL
George - I may not know what the rates will do, but I do know living and owning a home in Hawaii is the closest thing to paradise I can think of.
Randy - we are seeing a very strange market - nothing makes sense in it - homes that have sold are not always the best price - they are not always the nicest - it is just flat crazy -
Thesa - What is crazier is what is happening in New york and Washington with the lending industry.
Just like to add!
Since the Currency dropped ,,,, Foreign Nationals lost out ,,,,,, for them to wait was not for their best interest . 2 Month ago i wrote a biog ,, stating ,,,, since the Euro is on the rise , we will get lots of European Home buyers .
Now ,,,,,, it changed for the worse , Lets just see what is going on .
Georg - I am not as effected as some in other communities. I do not normally work with foreign investors. My business is primarily owner occupants and non-foreign ivestors.
Randy
I will say that this financial crunch crisis will most likely create a temporary interest in investment properties.
It will be interesting to see how investors react to this once we see the bailout plan.
Randy, though you work the urban market more than we on Kauai, i feel like most everything you said is true for the neighbor islands too. And yes, the low rates may not stick around indefinitely.
Ronnie - I do not think anyone can say what the rates will do at this point.