The Oahu Real Estate Market is Changing
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.
Oahu Monthly Mortgage Payments rise 68.6%
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
38 Offers Received
Our buyer was one of 38 offers this property received.It seems the market is still hot for homes priced right.Here is the home. https://www.oahure.com/SearchMLS_Details.php?MLSNumber=202209485&PropertyType=RES&Screen=Spreadsheet2
$2,400,000 Home, Offering $1 in Commission
For the first time ever we closed today on a $2,400,000 Kailua home that was offering only $1, yes ONE DOLLAR commission. The MLS does not allow a seller to negotiate the commission down, but they do allow the seller to pay Realtors more commission (isn’t that nice of them LOL), so putting in $1 … Read more
19.1% Increase in Median Price for April 2022
This market has to slow down. It can’t sustain a 19.1% increase every year like it had this year for April.
Class Action Lawsuit Against Realtors is Granted
Realtors nationwide are going crazy because last Friday a federal judge granted class-action status in a lawsuit seeking to recover $1 Billion from Realtors. Realtors are saying they already spent that money and making a buyer pay their Realtor will hurt consumers. In summary, the idea of a buyer being able to pay less than … Read more
New Oahu Record Median Sales Prices
The first quarter of 2022 closed with new record median sales prices for both single-family homes and condos at $1,150,000 and $515,500, respectively. In March, single-family home sales fell 11.1% year-over-year, while the condo market sales volume remained strong with a 7.3% rise compared to March last year. “More luxury sales coupled with declining affordable … Read more
$1 Realtor Commission
We just put a home in escrow today that was only offering $1 in Realtor’s commission. It got a lot of Realtors upset as you can imagine, but I explained to them they can put a commission amount on their offer, so they can make more than $1. The winning offer did just that. The … Read more
The Buyer’s Agent Commission Now Shows On OahuRE.com
OahuRE.com is now one of the first sites on Oahu to show the buyer’s agent commission for all listings as we just got permission today to do so. Unfortunately, it is non-negotiable still, but at least buyers can see how much their agent is getting paid. The buyer’s agent commission is paid for by the … Read more
Leasehold Properties Only in Hawaii
Great article on Leasehold. This paragraph stood out. “The drumbeat for lease-to-fee conversion culminated in a 1984 U.S. Supreme Court decision that held the state could use eminent domain to force landowners to offer fee simple land ownership to leasehold tenants. Over the next 20 years, many single-family homeowners were able to purchase the land … Read more