Don’t Hide If You Are In Foreclosure
July 28th, 2010 categories: Rants & Riffs
A recent article in Honolulu’s StarAdvertiser newspaper reminded me how important it is to face your problems. In the story they talk about how Hawaii’s foreclosure law favors lenders.
“The vast majority of residential foreclosures being conducted in Hawaii are proceeding under a state law that is more than a century old, provides no court oversight and is widely panned by consumer advocates for failing to adequately safeguard the rights of homeowners.
One expert who has analyzed foreclosure laws nationally says Hawaii’s 1874 law is among the weakest in the country, partly because it allows a home to be sold relatively quickly without safeguards common in other states.” CLICK HERE TO READ THE ENTIRE ARTICLE
Here a few simple rules if you can’t make your payments or if it looks like you are going to be foreclosed on your home.
1. Talk to the lender. Many people have told me that if you keep a line of communication open with the bank, they may have some latitude in giving you more time to work things out. If they won’t give you more time, then at least you will know their plan and how you will have to work within it.
2. Be realistic. If there is no way you can save your home, then accept that and try to use the foreclosure to your advantage.
3. Get legal advice. A foreclosure is no small thing and it is important that you to speak with a qualified attorney so that you know what rights you might have.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Tax Increase May Make 2010 A Better Year To Sell
July 27th, 2010 categories: The Market
Lost amidst the hubbub of health care reform and financial overhauls has been the fact that if the President and Congress don’t act, taxes rates will be going up. Ironically in the last week, the New Times and Wall Street Journal have both published articles concerning the looming battle.
“If no tax legislation is passed, all the major tax reductions passed under President George W. Bush in 2001 and 2003 will expire, with rates reverting overnight on Dec. 31. The top marginal income tax rate, for example, would go back to 39.6 percent from 35 percent now, with corresponding increases in rates for lower income brackets.” CLICK HERE TO READ THE ENTIRE NEW YORK TIMES ARTICLE
“Pressure is growing on the administration from a small number of Democratic lawmakers to extend all the Bush cuts, which include taxes on investment income and capital gains.” CLICK HERE TO READ THE ENTIRE WALL STREET JOURNAL ARTICLE
Given the majorities that the Democrats have in the house and senate, it is very possible that the Republicans will not have the votes to stop the automatic increase in taxes. If no extension of the current law is made the capital gains tax will raise from 15% to 20%. If you are thinking about selling a Honolulu house or condominium, by selling and closing in 2010 you should lock in the lower rate (providing the sneaky guys in DC don’t make a retroactive law). On a sale of $600,000, if the entire amount of the sale is capital gains, closing your sale in 2010 could save you $30,000!
Time is short! An average closing time is 45 days which means you would want have your property under contract by November 15th, at the latest! If you would like to investigate getting sold this year, call me at 808-398-3220.
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Upside Down? Why Moving Up Might Make Sense!
July 26th, 2010 categories: Rants & Riffs, The Market
The Wall Street Journal on-line posted a very interesting article today. It makes a great case for moving up to a new Honolulu home or condo.
“Katie Everett, a real-estate broker in Denver, says none of her clients kicked in cash when selling their homes last year. This year, “about half are willing to bring money to closing, anywhere from $5,000 to $45,000,” she says.
Are these people crazy to be tying up even more of their cash in their homes, in effect doubling down on what has been a losing bet thus far? After all, any number of variables, from the employment picture to the credit markets, could weigh on housing for years to come.
Yet economists say trading up to new homes or refinancing existing ones can be smart—even if it means plunking down more cash to get out of old mortgages. People living in less-desirable neighborhoods might be able to find better homes in tonier ones that offer better appreciation potential. And with mortgage rates so low, such buyers can keep their monthly payments manageable, even though the new homes are more expensive.”
CLICK HERE TO READ THE ENTIRE ARTICLE
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Honolulu Foreclosure Rate Lowest In Hawaii
July 21st, 2010 categories: The Market
The Honolulu StarAdvertiser is reporting an overall year over year drop is foreclosure filings statewide in Hawaii. But the really good news was found in Honolulu.
“By county in Hawaii, Honolulu had the most filings at 342, but it had the lowest rate, at one filing for every 986 households.”
CLICK HERE TO READ THE ENTIRE ARTICLE
Just a bit more good news that may be pointing to an improving urban Honolulu real estate market.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Economist Says Hawaii Real Estate At Bottom
July 20th, 2010 categories: The Market
One of my favorite economists, Paul Brewbaker, spoke to the Realtor Association of Maui this past week. Essentially he is saying we are through the worst of the downturn in Hawaii real estate (my words). Below is a quote from the Maui News, if you have time read the entire article because Paul expresses quite a few reasons to be optimistic.
“He told the Realtors Association of Maui that his take-home message was that people shouldn’t wait too long to buy if they’re hoping to find bargains.” CLICK HERE TO READ THE ENTIRE ARTICLE
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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| Discussion: 1 Comment »
Bankruptcy May Hold Info On Honolulu Real Estate
July 19th, 2010 categories: The Market
Today’s video blog discusses an increase in the number of properties I am analyzing for bankruptcy trustees and deductions that can be made relating to the normal Honolulu real estate market.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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| Discussion: No Comments »
Maui & Kauai Stats Evidence Of Bouncing Real Estate Market?
July 13th, 2010 categories: The Market
Pacific Business News online has two articles today that show Maui and Kauai condo and house sales significantly up over last year.
“Maui home and condominium sales saw big year-over-year increases in June as the median price of homes remained flat and condo prices fell. The 77 single-family homes sold last month were 24 percent more than the 62 sold a year ago. Condo sales more than doubled, from 45 last year to 105 this year.” CLICK HERE TO READ THE ENTIRE ARTICLE
“Kauai home and condominium sales saw big year-over-year increases in June as median prices fell.” CLICK HERE TO READ THE ENTIRE ARTICLE
For the last six plus months, the core Honolulu real estate market has been improving. Historically, the Hawaii market rebounds first on Oahu, then the neighbor island markets follow. Could our improving market be following trends of past recoveries? Let’s talk in about a year.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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| Discussion: No Comments »
Classified Ads & Honolulu Real Estate Sales
July 9th, 2010 categories: The Market
A recent article in the Pacific Business New discusses that viability of classified advertising in relation to selling houses.
“The recent merger of Honolulu’s two daily newspapers may be irrelevant when it comes to the future of classified advertising. Those making decisions on how to sell cars and houses or find employees have been shifting to online advertising models for the past decade.”
CLICK HERE TO READ THE ENTIRE ARTICLE
It has been amazing to watch the crash and burn of the local newspapers. Gone are the days of a significant Sunday classified section to look for houses, condos, cars or any other item one may be looking for. The lesson for all of us is that change is constant and that our success may blind us to those issues that could be leading to our failure.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Sellers Beware Of Company Addenda
Sellers Get Your Surveys In Advance
| Discussion: 1 Comment »
Honolulu Real Estate Statistics For June 2010
July 8th, 2010 categories: The Market
CLICK HERE TO OVERALL OAHU STATS
CLICK HERE FOR STATS ON LOCAL HONOLULU COMMUNITIES
CLICK HERE FOR HONOLULU HOUSING OUTLOOK
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net
| Discussion: No Comments »
Recovering Tourism-Good For Honolulu Real Estate
July 8th, 2010 categories: The Market
Pacific Business News is reporting a significant increase in hotel occupancy rates.
“Oahu maintained the highest occupancy rate at 86.3 percent, up 11 percentage points from a year ago.”
CLICK HERE TO READ THE ENTIRE ARTICLE
Since tourism is one of the main driving forces in our economy, increasing hotel occupancy rates portend the need for more employees and goods. As these increase, you should see positive growth in our local economy. I am hopeful that this positive momentum will continue to build and that our real estate market has bottomed. The last sentence may sound cautious and it is meant to seem that way. My concern has a great deal to do with the national economy and Federal governmental policies. Without expanding on my trepidation, let’s look for the best.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
More Video Blogs
Honolulu Real Estate Is A Good Investment
Honolulu Home Median Price of $1,000,000
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Under New Rules-Lenders Even More Important
Sellers Beware Of Company Addenda
Sellers Get Your Surveys In Advance
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