Quotes in Hawaii Business Magazine About Prices Dropping
This article in Hawaii Business Magazine about prices dropping uses some quotes and stats I provided.
Sales Drop Almost 23% In July
We are definitely feeling the 23% drop in sales in both Single Family and Condos. It is not as easy for sellers now.
The Last Downturn Was 2008. Even COVID Did Not Crash the Market.
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.
It Is A Buyer’s Market Now
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
Prices Up, Sale Volume Down
“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
Cover of Real Producers
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
Prices Do Not Always Go Up
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
Purchasing/Buying Real Estate with: Solo 401k Real Estate | Real Estate 401k | Individual 401k | Self-Directed Solo 401k
With a self-directed Solo 401k also known as “Solo 401k Real Estate”, the trustee of the self-directed Solo 401k can invest the 401k funds in many types of real estate investments (e.g., homes, commercial buildings, apartment buildings, land, mobile homes, etc.). All of these real-estate asset types may be held inside a solo 401k similar to stocks … Read more
Short Term Rental Disclosure Required By Law
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
Prices Are Dropping Fast
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.