Homes In Oahu Hawaii

You are here: Home / Archives for Real Estate News

Single-family Drop in Price on Oahu

by Leave a Comment

Single-Family and Condo Median Drop in Price on OahuSingle-family Drop in Price on Oahu

According to a recent article by the Honolulu Board Of Realtors this last week shows that the median price of a single-family home on Oahu has dropped since February compared to just a year ago. There’s been an increase in the number of sales but those figures also show that the median price of condominiums as well as single-family homes have drop substantially in February. The medium home prices currently $648,000 compared to $679,000 in February 2014. This equates to a nearly 5% drop. There have been more homes sold February 2015 then February 2014 with the increase of 6% this year. Condominiums dropped a little over 9% from $359,000-$326,000. There’s been a drop of 2% of condominiums purchased last year than this year which is not a significant number.

The Board of Realtors also stated that single-family homes were on the market for an average of 25 days and condos about 29 days. February is usually one of the slowest months of the year so this isn’t surprising that numbers are a little skewed from the more popular months out of the year.

So what is all this mean? Home buyers should be encouraged that if they’ve been on the fence about buying, now would be a great time. Because there is an increase in inventory with a lower median price, homebuyers should be able to get a better deal with a choice of more options.

What is this mean for sellers? Well, there is quite a bit of inventory out there so if you plan on selling but couldn’t wait another month, it might actually getting you more profit. You might consider holding off Intel April or May when school starts to wrap up and more homebuyers are considering buying or selling. Yes, there will be more inventory out there but you might be able to get a better price for your condominium or house.

If you’re interested in purchasing a home or condominium anywhere on the island, please give me a call. I want to stay up-to-date with the current market trends, local inventory, and provide you with the best possible real estate service out there. Give our agents or our office a call today.

Discount Listing Agent for a Fast Oahu Sale

by Leave a Comment

Most of the time when homebuyers need a quick sale they may not look to a discount or flat fee listing company. Discount brokers often have the stigma of throwing up the listing on the MLS and sadly forgetting about it. There is no hands-on marketing, advertising or customer service. But that’s not the case with companies like Help-U-Sell.  Not all discount brokers need to be so hands off. It is possible to get a listing agent for a discounted price to do as much or as little as you want them to do.Discount Listing Agent for a Fast Oahu Sale

For instance: you may have all of the necessary tools to market and advertise your home and you may already have an idea of how you want to price it and stage it but you just can’t get it on the MLS without having the help of a licensed real estate agent. This is where our flat fee listing service is so important. For a flat fee of just $500 it includes custom photographs, a virtual tour, professional flyer for the front of your home in the real estate sign, a front door lock box and an MLS listing.

However, there is a catch; you will probably need to offer some sort of a buyer’s agent commission.

This means that even though you won’t be spending thousands of dollars on the listing agent side you may have to spend a certain percentage on a commission to the buyers agent. Unless the homebuyer comes to you directly without the aid of a buyers agent, you may need to offer some sort of an incentive for the buyers agent to facilitate the real estate transaction. This percentage can be anywhere from 1% to 3% or even more for a buyers agent. Example: if you are selling your Oahu home or condo for $400,000 you can offer the listing agent a 2% buyer’s agent commission which would be about $8000. On a typical listing, the commission could be upwards of 6% or $24,000, which is quite a bit of equity to be losing.

Again, a flat fee listing option is probably not the best idea if you want to be completely hands-off and have no idea how to facilitate a real estate transaction. At Help-U-Sell we want to be as hands-on or as hands-off as you prefer which is why we offer several different listing options.

If you have questions about how hands-off you want to be to sell your Oahu home or property fast feel free to give me a call at any time. We can discuss options, your knowledge of the market, and how much equity you need in order to close quickly.

Army Cutbacks Seriously Harm Local Businesses

by Leave a Comment

Army Cutbacks Seriously Harm Local BusinessesArmy Cutbacks Seriously Harm Local Businesses

Currently the Army is considering, as part of its 2020 force structure realignment, a proposal that would eliminate 19,800 soldiers and approximately 30,000 civilians, which is 5% of Honolulu’s total population. This realignment is set specifically for 16,606 at the Schofield Barracks and 3786 at Fort Shafter, and a total of 30,000 family members. This impact could greatly affect local construction, retail, restaurants and real estate professional services. This could result in a $1.35 billion decrease in revenue and a decrease of 38% of the surrounding community population in Wahiawa, Waialua, Schofield, Mililani and Kunia.

Currently there has been 93,000 letters of support from a variety of bases all over the US but we still need more. We need to create awareness and more effectively, signed the petition to save our bases and community.

Please click here to sign this petition online

Or you are free to download the petitions directly from the website: http://keephawaiisheroes.org/

The Army in Hawaii and specifically in the Mililani area support our economy in many ways such as creating jobs in local communities and supporting businesses. Many of these members are not only our friends and neighbors but our supporters as well. We have to support our heroes so please sign the petition.

This letter to the US Army Environmental Command states that the military in Hawaii is the single most significant economic impact on our economy after tourism. The communities around both Fort Shafter and the Schofield Barracks have been partners with the Army on many community projects and depend on the military for economic stability. Their presence has a tremendous impact on the economy of Central Oahu as the resident population itself would be unable to sustain the economy of the area.

The petition requests that the Army please reconsider its scenario outlined in the Supplemental Programmatic Environmental Assessment for the Army of 2020 Force Structure Realignment.

This petition is being set forth by the Chamber of Commerce Hawaii, which officially established the military affairs department. This serves as the state’s liaison in matters relating to the US military. They also provide oversight for the military’s economic impact to Hawaii’s multibillion-dollar defense industry which benefits Hawaii’s small businesses, jobs for Hawaiian residents and research and development ventures. Image by the US Army Flickr

Loan Limits for VA Loans in Honolulu County

by Leave a Comment

Loan Limits for VA Loans in Honolulu County

For VA loans the federal government has increased the 100% financing for Honolulu County from $625,500 to $721,050. Even though last year it was even higher than the $625,000, the Hawaii Reporter made a statement this year allowing veterans an easier option for 100% financing. Over 5,000 families used VA Loans in 2013 alone and the previous decrease in the level at which the VA offered loan guarantees would have resulted in higher down payments and increased financing rates for veterans and their families.Loan Limits for VA Loans in Honolulu County

The US Sen. Brian Schatz propose that the Department of veteran affairs listened to Hawaii’s veterans and increased the loan guarantee limit for the city and County of Honolulu. This is great news considering that the cost of living in Oahu is much higher than that of the national average. This new decision increases loan guarantees from the $625,500 to now $721,050 and will make it easier for veterans in Honolulu County to own a home.

In 2013, Honolulu County’s maximum 100% financing amount was $750,000, but in January it dropped to the $625,500 until until the year. The number is based on the county values estimated by the FHA and is updated each year. This amount also includes a funding fee, which for a first-time buyer is 2.15% of the loan amount. However, the islands remain unaffected, as their VA 100% financing had been $625,500 in 2013.

So what does this mean for buyers? Even though most VA loans are for far below that amount, the cost of living in Oahu is much greater so now veterans are able to afford nicer and larger homes meeting that price range. This also means that veterans are able to purchase homes without a large down payment. A 3% down payment on a $720,000 home would be substantial but now, these veterans are able to purchase these homes with zero down payments.

This 100% financing decrease offers lenders and the real estate industry more options to help buyers have a better selection of homes. Plus, it helps sellers sell homes to veterans in the higher price range. [Source, Source]

Low Inventory and High Prices Mean Bittersweet News for Sellers

by Leave a Comment

Low Inventory and High Prices Mean Bittersweet News for Sellers

In April, 2014, “the number of sales for Oahu homes fell last month and prices edged higher as inventory remains tight.” This is largely due to low inventory so naturally as the inventory falls away those properties that are listed will continue to go making the balance for supply and demand skewed.

The problem with this is that sellers that need to sell and purchase a home on the island are finding themselves a little fearful to sell. What happens if we can’t find a home to buy?Low Inventory and High Prices Mean Bittersweet News for Sellers

Related Post: 3 Buyer Incentives that Work

According to Honolulu Magazine and their real estate report, sales of single-family homes dropped 11.8% last month compared April 2013. Condo sales slipped by 2.6%. There were about 245 homes and 445 condos sold during April compared with 280 homes and 457 in the same month just to year ago.

Prices continue to go upward and the median price in April increased by 3.7% to $648,000. Condominiums increased by 6% from March 2013 to $355,000.

The president of the Honolulu Board of Realtors says that she is optimistic about the direction of the housing market and even though we are one of the highest priced markets in all of the nation, people are still moving this direction or homebuyers are downsizing or upgrading to larger properties.

We are seeing some sellers nervous about selling right now based on the fact that they may not be able to find another home in their price range, so, we are suggesting that they look for homes first and then put their home on the market if they’ve done everything correctly in order to sell, stage the home properly, and priced it right.

Related Post: Where to start in financing a home

The market is stable because both homes and condominiums rose from the previous year and with low number of days on the market is a positive indicator that buyer demand is strong. [Source]

If you’re concerned about finding a home after selling give us a call for the best suggestions and advice. We may recommend certain tactics to get your home sold quickly after finding the right property to buy.

 

400 Keawe Project

by Leave a Comment

400 Keawe Project – New Residential Commercial Development Honolulu

The 400 Keawe Project is a new development in Kaka’ako Oahu. This project is part of a larger development of a mixed-use residential plat.  Castle & Cooke Homes have started developing 183 housing units located on the block bound by Auahi, Keawe and Pohukaina Street.  That for completion in 2006, this will be the fourth project offering middle-class housing for local residents in our area.400 Keawe Project - New Residential Commercial Development Honolulu

The project will occupy one and a half acres and include a 65 foot, six story, mixed-use building with 75 market priced and 20 reserved housing unit in one, two, and three-bedroom floor plans. These homes are set to range from about $400,000 to the mid $700,000s.  The project will also include 10,000 ft.² of commercial space that will be integrated within the livable and walkable may perhaps. Rent at the 400 will run roughly $1,00 to $1,700  per month and will be reserved for middle income residents earning between $52,000 for single and $84,000 for a family of four.

This project will be ideal for families of those with small children since Kamehameha schools will be developing the remainder of the 2.81 acre block and has planned for a 65 foot building comprised of four floors of residential units and three levels of parking. The 88 residential units will include 40 studios, 16 one-bedroom homes, 61 bedroom units with an optional den or office, eight two-bedroom home and ate three bedroom homes, all of which will be rented to middle income Hawaiian residents.

In addition to these, a two-story, 24,000 ft.² existing building located at 458 Keawe Street will likely be retained and used as commercial space.

Upon completion, the entire block will offer more than 28,600 ft.² of open, public space that will feature a plaza, bicycle parking, dog ran, but history and passage and activated streetscapes, a temporary use of vacant buildings for socially beneficial purposes creating dynamic landscape and walking destinations.   This will be the pathway for the future Honolulu rail transit station.

For more information on the 400 Keawe Project or to get on the waiting list for a home or rental option, call our office today. We would be happy to offer more details and pricing structures on this great new development.

Mortgage Calculator

$
  %
  yrs
  %
$

About Hawaii Realty Pro

Hawaii Real Estate SpecialistsOahu real estate agent Maureen Fukumoto

Maureen and her team assists sellers and buyers in coming together over the right home and right price. With up to date listings, current market conditions and local information we are your full service source for all Oahu real estate.

For decades I have been assisting home owners sell their property quickly at economically. With licensed agents and brokers we can provide the same top quality service you would get from a fully commissioned Realtor or agent. We provide access to all the marketing and advertising tools needed to list and sell your Oahu Property.