The days of bidding on homes with 20 other buyers are coming to an end. Redfin said under 50% of their offers now have no competing offers, the lowest rate in 2 years. They also stated that homes that would have had 20 showings two months ago are now getting one or even no showings. … Read more
“The rapid rise in interest rates is causing buyers to change tack and reevaluate their budgets and what they’re looking for in a home,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “New listings are spending more time on the market compared to the frenzy in activity we witnessed last year. Sellers are also … Read more
Thanks to the 4 Realtors on my team, our 5 person Client Care Team, and all our past clients, I am on the cover of the July 2022 Real Producers. I am also happy we saved 320 sellers $4,532,220 in Real Estate commissions using our $3,500 Flat Fee Selling option. Thanks to Chris Wirsing and … Read more
This chart shows two things well. One is prices do not go up every year. After the sharp increase that peaked around 1991, you can see we went to 2003 before prices hit that 1991 price again, so over 10 years of prices not increasing. Two is the current up trend is a lot steeper … Read more
IMPORTANT INFORMATION FOR HOME SELLERS AND BUYERS Ordinance 22-6, effective March 28, 2022. A seller of residential real property must provide the buyer a Short-term rental (STR) disclosure form stating whether or not the property may be legally used as an STR. If the seller discloses that the property being sold may not be legally used as an STR, … Read more
Wow, the price drops started fast. The highest share of sellers on record dropped their list price during the four weeks ending June 12 as mortgage rates shot up to levels not seen since 2008 according to Redfin.
According to Mortgage News Daily, today’s rate hit 6.28%. I know that sounds high but check out the 18.53% rate in October of 1981. Hopefully, inflation will start to go down without the radical increase in the interest rates that we saw in the 70s and early 80s. Keep in mind we are more sensitive … Read more
A class-action lawsuit is going forward against Coldwell Banker because of cold calling Realtors bothering sellers at home. As a Realtor, I think this is a good thing. I don’t like to be bothered by cold sales calls, and I think most people feel the same, so the idea that some Realtors ignore the do … Read more
Active Single Family inventory is up 39.8% from a year ago. Single Family homes from $600,000 to $999,999 sales dropped 41.2% compared to one year ago. Two red flags that are screaming this market is changing.
The monthly mortgage payment for the median-priced home on Oahu rose 68.6% since January 2021. This is due to the price of homes increasing significantly along with a higher interest rate on loans. The Fed says inflation is up 4.7% in 2021. I guess the cost of a mortgage payment is not included in their … Read more