Hawaii News Now asked me to get some custom statistics for their 10 pm top story about the latest Fed rate hike. I was able to pull together some interesting stats that show a huge drop in the sold over asking by month and a huge increase by month in sellers dropping their price. I … Read more
“The 30-year fixed mortgage rate hit the six percent mark for the first time since 2008 – rising to 6.01 percent – which is essentially double what it was a year ago,” MBA Associate Vice President of Economic and Industry Forecasting Joel Kan said in a news release.
This article in Hawaii Business Magazine about prices dropping uses some quotes and stats I provided.
This is an interesting chart that shows even the COVID downturn was not too bad, and right after that, the market increased dramatically. You can see we have not had any serious downturns since the 2008 crash.
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