Archive for June, 2010
Buying REO’s & Bank Addenda
June 30th, 2010 categories: For Buyers, Negotiating Contracts, Video For Buyers
After a buyer makes an initial written offer on an REO much of the negotiation process is handled via email or verbally. Once a price is agreed upon then the REO Company will issue their particular form of many-paged addendum. If at all possible, try to get it in advance because they can hold surprises. Today’s video blog discusses how to plan for this process.
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
Honolulu real estate makes a lot of sense over 10 years
Buying more might make your retirement better
Under New Rules-Lenders Even More Important
Sellers Beware Of Company Addenda
Sellers Get Your Surveys In Advance
| Discussion: No Comments »
Honolulu Baby Boom!
June 29th, 2010 categories: Rants & Riffs
Pacific Business News is reporting a baby boom! Nice to know I was just seeing things.
“There were 122,222 babies born in Honolulu between 2000 and 2009, compared to 59,029 deaths.”
CLICK HERE TO READ THE ENTIRE ARTICLE
| Discussion: 1 Comment »
The Details Matter!
June 28th, 2010 categories: Negotiating Contracts
When negotiating your purchase contract for a Honolulu home or condo make sure that your contract includes all of the important details. Once the contract is agreed to, it is difficult to amend it and you may not be able to get the concession at a later date.
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
Honolulu real estate makes a lot of sense over 10 years
Buying more might make your retirement better
Under New Rules-Lenders Even More Important
Sellers Beware Of Company Addenda
Sellers Get Your Surveys In Advance
| Discussion: 1 Comment »
What’s Negotiable In The Purchase Contract?
June 25th, 2010 categories: Negotiating Contracts
Most buyers, sellers and professionals use the Hawaii Association of Realtors Purchase Contract (PC) as the document to negotiate Honolulu home and condo sales. Since it is a pre-printed form how much of it can be negotiated? Today’s video blog clarifies this pondering.
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
Honolulu real estate makes a lot of sense over 10 years
Buying more might make your retirement better
Sellers Beware Of Company Addenda
| Discussion: 1 Comment »
The Gulf Oil Spill, Tourism & Honolulu Real Estate
June 24th, 2010 categories: Rants & Riffs, The Market
My recent conversation with a high-level hotel insider leads me to believe that the tragedy in the Gulf of Mexico will lead to a pick up of tourism in Hawaii. If this happens, there will be a positive impact on the economy and, if that happens, Honolulu real estate should gain positive benefits.
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 Home Median Price of $1,000,000
Sellers Beware Of Company Addenda
Sellers Get Your Surveys In Advance
| Discussion: No Comments »
Get It Right! Call It A Purchase Contract!
June 23rd, 2010 categories: For Buyers, For Sellers
I’ve been in the real estate business since 1983 and for most of that time the contract in Hawaii was called a DROA, however, the name has changed and it is import for you to be sure that your contract uses the new name.
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 real estate makes a lot of sense over 10 years
Buying more might make your retirement better
| Discussion: 1 Comment »
Oahu Unemployment at 5.3%?
June 21st, 2010 categories: The Market
Even though Honolulu’s unemployment rate inched up by .1%, it is still at 5.3%! As compared to the rest of the State and the mainland United States this seems to be a very low. This may explain why the Honolulu real estate market has not gone down as much as others.
“We’re past peak on the unemployment rate. It’s headed downward, but the improvement will be slow, which is the case after a recession,” said Leroy Laney, an economics professor at Hawaii Pacific University.” 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.
More Video Blogs
Honolulu Real Estate Is A Good Investment
Honolulu Home Median Price of $1,000,000
Sellers Beware Of Company Addenda
Sellers Get Your Surveys In Advance
| Discussion: 1 Comment »
Buying A Home? Don’t Buy Anything Before You Close
June 18th, 2010 categories: For Buyers
Excitement is in the air! You’ve just made an offer on a Honolulu home or condo and the offer was accepted! Dreams of sugarplums, furniture and paint are dancing in your head. You can’t wait to furnish and make this house your humble home, don’t let your enthusiasm blow the deal. The Los Angeles Times online recently reported that lenders are very wary of buyers buying incidentals on credit.
“The last-minute credit report will be designed to find out whether you’ve obtained — or even shopped for — new debt between the date of your loan application and the closing. If you’ve made applications for credit of any type — for furnishings and appliances for the new house, a car, landscaping, a home equity line, a new credit card — the closing could be put on hold pending additional research by the lender.
If you’ve taken out new loans that are sizable enough to affect the debt-to-income ratio calculations used in your original mortgage approval, the deal could fall through. The added debt load could render you ineligible for the mortgage because you suddenly appear unable to handle the payments without a strain on your household budget.”
CLICK HERE TO READ THE ENTIRE ARTICLE
Here’s the point. Hold your horses, slow down and don’t buy anything before the sale closes and you’re the owner of the property. If you lose discipline and buy that brand new leather sofa set with beautiful granite and glass coffee, then you could end up having to move the new furniture into your existing rental, because the lender could deny your home loan.
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 »
Trulia’s Opinion On Renting Vs. Buying A Home
June 17th, 2010 categories: The Market
The Wall Street Journal online recently ran a provocative piece concerning real estate website Trulia’s opinion regarding renting your home versus buying it.
“The cross-over point is about 15 times annual rent, the company believes. In other words, as a rough rule of thumb, homes are probably fairly valued in a city when they cost about 15 times a year’s rent. So, for example, if you’re paying $10,000 a year to rent a place, think twice about buying a home that costs more than $150,000. Dean Baker, economist at the Washington, D.C. think-tank The Center for Economic and Policy Research, came to a similar conclusion in research on the subject in recent years. Fifteen times is the historic average, he said.”
CLICK HERE TO READ THE ENTIRE ARTICLE
After reading the entire article, I found not much of it applies to the Honolulu real estate market. Last I checked, Oahu is an island and very little of it is zoned for development (believe it or not!). These two factors create a real and man-made limit on the number of homes that can be built here. Given the long-term lack of supply in the core Honolulu market, if buy now you can use money that you would otherwise be paying in rent to create a possible future investment advantage. Is it possible that values will drop to those generally expounded by Trulia? Maybe and most likely not, here is why.
Two things would have to happen. First, Honolulu’s population would need to drop significantly and I just don’t see a realistic scenario under which this would happen. Second, the citizens of Oahu would need to gain the political will to open more land for development and I don’t believe this will happen either. If you don’t now own, I believe it will serve your long-term financial future to buy some place to live.
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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Fewer Homes Being Built Is A Good Thing
June 16th, 2010 categories: The Market
The New York Times online is reporting that housing starts are down.
“The housing report showed that building permits declined in May, a sign that the construction industry would not fuel the economic recovery. ”
CLICK HERE TO READ THE ENTIRE ARTICLE
The stock market reacted negatively, however if you own a Honolulu home or condominium, I suggest that you consider it to be good news! Here is why.
Unlike the analysts on Wall Street, you and I live in the real world of supply and demand (economics 101). Core Honolulu isn’t over built, but I understand that many markets across the United States have too many homes available for sale. The issuance of fewer housing building permits nationally means that the market can now draw down the over abundance of existing homes for sale. As this inventory is absorbed, markets that are now soft will firm and turn and as this happens the good news will spur our market. Think about it.
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.
See My Video Blogs
Honolulu Real Estate Is A Good Investment
Honolulu Home Median Price of $1,000,000
| Discussion: No Comments »
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