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Some pundits predict this the year the Real Estate Market rebounds worldwide. I have always held the belief that Real Estate is really a local microorganism, so I am reserving judgment on that prediction. |
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| If you check out the quarterly reports I am posting on my website you can see all the Oahu Neighborhood sales data. Some areas were up in the second quarter, down in the third. And vice-versa. Some neighborhoods had pods of robust sales while a few blocks away inventory was sitting like old groceries on the shelf. The Hawaii Residential market historically tends to follow Southern California with a six month lag in market conditions, and Commercial here generally follows Residential by another six months to a year. |
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| Oahu Residential sales numbers for December were down 26.5% over 2007. In December there were 4667 properties for sale; 2,033 single family and 2,634 condominiums. That is a 12-13 month supply of homes for sale if no new homes came on the market. And in December 325 single family and 461 condos were added. Out of that entire inventory only 437 (194 SF and 243 condos) sold.
Hawaii ended the year as the 29th highest foreclosure rate in the nation, tripling in December of 2008 as compared to the previous year. Well, in my opinion, it means if you are in the market to buy welcome to the shopping spree! Lenders still have some really low interest rates, however you need to be sure your credit is stellar. If not, coming up with more of a down payment can get you a loan. One of my lenders recently told me out of every 100 applications she gets only 30 qualify for a loan. If you are planning on putting your home on the market, think twice. Do you absolutely have to sell your home right now due to a life change? If not, don’t put it on the market. Hang on for a few years as the market stabilizes. If you absolutely do have to sell, be prepared to price it aggressively. Homes that are priced at market value are selling well. I don’t determine the market, nor does the seller. The market is what someone is willing to pay for your home at a given point in time. So as we gear up for 2009 don’t buy into the doom and gloom prophets. The Real Estate Market is cyclical, just like the stock market. Opportunities are there, it is either a Buyer’s market or a Seller’s market. Which one are you? Aloha, |
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