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, the form need only be given to the buyer.
More details are at https://www.honolulu.gov/dppstr.
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 to rate increases now than back then as you can see from the chart below our rate has been very low for a long time, which drove the prices of homes high.
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 not call list and use automated dialers to call up to 300 people per hour never sat well with me.
Personally, I think Brokers should have banned this practice a long time ago, and maybe this lawsuit will help them make some needed changes.
The problem is it actually works, so even though they bother so many people they would actually find new clients, which is why they keep doing it.
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 numbers.
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.
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 essentially made the commission negotiable, and a deal was reached that everyone was happy with.
So now if your Realtor tells you commission is not negotiable you can let them know it can be negotiated up, just not down, and it is possible to sell a home offering $1 commission, which essentially sends a message that commission is negotiable.
This market has to slow down. It can’t sustain a 19.1% increase every year like it had this year for April.
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 the standard 2.5% to 3% commission is freaking them out.