In 1971 the Mililani Condos and Homes prices were definitely a far cry away from the prices today. My parents bought their home back then for $48,000 and Mililani was in the beginning stages of a 40 year Master Planned Community. Today the land alone on my mom's property is worth over $500,000 for a bit over 9,000 sq/ft. of land. 

Mililani Town is the only community in Hawaii in 1986 to receive the distinction of "All American City" and is centrally located on the island of Oahu (Honolulu County) and to all US Military Bases as well. About 5-10 minutes up Highway 99 is Schofield Barracks (Army) and Wheeler AAF (Army), Hickam AFB and Pearl Harbor Navy Base is about 20-25 minutes down H-2 to H-1 Freeway. Kaneohe Marine Corp Air Station is up and over the H-3 Freeway.

Year to Date Market Report for Mililani Condos, Townhouses, Homes

Mililani Single Family Home Market Report YTD 2009:  We have 49 Active Listings Year to Date for 2009 with 31 in contract and 119 sold.  Mililani Single Family Home activity is picking up with more in contract for June 2009 (you can check out the report here>> Mililani Real Estate | Mililani Condos Homes | Market Report for June 2009). Sales Prices Ranged from $500,000 (2 bedrooms) to $830,000 (4 bedrooms). 

Mililani Condo Statistics for YTD 2009: There are 93 Active condos/townhouses on the market, 45  in contract and 130 sold for the period January to June of 2009. Looks like our Mililani Condo/Townhouse market is picking up with more units condos and accepted contracts.  Sales Prices ranged from $160,000 (1 bedroom condo) to $495,00 (2 bdrm luxury townhouse).   

 

Picture Above:  JUST SOLD! Recorded yesterday for Hawaii Relocation Clients on a Mililani Townhouse for $360,000.  From left, Ron & Zeny (clients),  Sally (me), and Bryon Tucker, Loan Officer for Everygreen Home Loans. Written permission given by clients and loan officer to use their picture :)

Other Mililani Info:

Mililani Recreation Centers and Fun for All Ages!   With SEVEN Recreation Centers there is fun for all ages. For Tiny Tots (18 mos. to 3 years) there is circle time, arts and crafts. Then there is Tai Chi, Karate, Yoga, Self Defense and Hula (Hawaiian Dance) for all ages. There is Movie Night and Teen Nights too! Homeowners can join in on plenty of activities in our community!  Mililani Recreation Centers

Assagio's Restaurant at the Town Center in Mililani  Assagio's in Mililani opened in 1994 and our family has enjoyed many meals over the years. Italian pasta dishes, linguini chicken anchovy olio to filet mignon; Assagio's is fine dining at its best! And if your preference is a  Ceasar salad it is prepared table side. 

Mililani Boasts Three Shopping Centers:  Mililani Town Center - 95-1249 Meheula Parkway , Mililani Shopping Center - 95-221 Kipapa Drive (where Century 21 Liberty Homes resides), and Mililani Marketplace - 94-780 Meheula Pkwy.

 

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

  

A Little History

 Mililani IS the only community in Hawaii to receive the distinction "All American City" in 1986.  Mililani Town and Mililani Mauka, a Master Planned Community has a population of approximately 30,000 people.

The first homes went up for sale around June 1968 and 112 homes were offered for purchase.

In The Beginning...

In 1971 my parents bought a new home and we moved to Mililani Town upon completion that summer. Since Mililani High School wasn't finished yet I had to catch the bus to Wahiawa until graduation from Leilehua in 1974.

Our H-2 freeway opened in 1976 which lessened the time to travel to and from Honolulu with an additional route other than Kamehameha Highway. Mililani Mauka Subdivision had their groundbreaking ceremony in 1990 and the building continued until last year when the last of the homes were sold.

Current Real Estate Trends in Mililani

The Mililani Real Estate and Housing Market remained stable in sales the past few months although prices dropped some overall the past year. The good thing is that the sales numbers have increased and inventory dropped considerably over the last year as well.

What does that tell us?  The following Mililani Real Estate Sales Activity for May of 2009 tells a story compared to the following statistics for 2008 at this same time period.

Current Market Report 2009

Single Family Homes
	# Active	# In Escrow	# Sold	DOM	Average Sales Price
Mililani Town	29	12	11	56	$521,000
Mililani Mauka	19	9	15	88	$641,266
Condos/Townhouses
	# Active	# In Escrow	# Sold	DOM	Average Sales Price
Mililani Town	52	15	9	84	$264,605
Mililani Mauka	21	16	12	69	$312,983

*NOTE:  DOM (Days on Market) means how long the property was listed on the MLS until the properties went into escrow with an accepted contract.

2008 Market Report

Single Family Homes
	# Active	# In Escrow	# Sold	DOM	Average Sales Price
Mililani Town	53	20	13	52	$650,535
Mililani Mauka	49	14	14	63	$578,057
Condos/Townhouses
	# Active	# In Escrow	# Sold	DOM	Average Sales Price
Mililani Town	82	27	7	59	$382,471
Mililani Mauka	26	12	22	59	$344,700

Here's the bottom line: The First Time Homebuyer $8,000 tax credit brought interest back into our market over the last couple of months. The Military plays a big part in our community and the Hawaii VA Loan is a great loan for the Hawaii Military Relocation client. So, with the inventory down we all know what happens when you snooze. You lose. :)

 

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Be proactive in your Hawaii Relocation and your search for your home in paradise.

 It's not easy moving across the Pacific Ocean let alone to a totally different "world" of people but you can do it with effort, motivation and a great Realtor®!

  

Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

  

Put yourself in your Hawaii Home Buyer Representative's (Buyer's Agent) shoes for a minute. Okay, maybe a few minutes because you've been stressing each other out as well as everyone involved in your process for Buying a Hawaii Home.

A few ‘minor' but important details to have a smooth(er), stress (free?) process:

• Know what price range you are ‘qualified' for. Check with your local lender (loan officer, mortgage broker) and let them know what kind of monthly mortgage payment you want to be capped at. This includes factoring in your association dues, property taxes, maintenance fees and so forth. Why? You want to look at property that is realistic and feasible for your monthly budget.
• How many bedrooms, baths and other criteria for a home?  Make sure the whole family sits down and discusses what they would be comfortable with.  This can make a difference in this agent setting up showing appointments as we are able to weed out certain criteria. More sq/ft = higher price so keep it realistic too.
• Do you want a townhouse, condo or single family home?  That could make the difference in your price range and what you are qualified for as well as staying in your comfort zone for payments.  There's a difference with property tax payments for condos vs. single family as well as homeowners insurance; which in most cases is included in the maintenance fees for condos/townhouse associations (with the exception of the inside of your unit).
• What kind of timeline are you on?  With most of my Hawaii Relocation clients we make sure to have all in place before they arrive. We have showing appointments set for the day after arrival and in contract within the first few days.  A Hawaii VA Loan transaction is taking a little longer due to a backlog of appraisals and can take up to 4-5 weeks. A Short Sale can take longer for a bank approval ...and then starting the process.  

If you narrow down certain aspects and criteria for a home it makes it smoother for you, your agent and your loan officer for your Hawaii Home Search. 

Be proactive in your Hawaii Relocation and Hawaii Home Buying Experience.

There's Really No Need to Pull Your Hair Out!

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com 

Featured Home For Sale

This past Friday, June 5th, 2009 we had our 2009 Summer GMM (General Membership Meeting) at the Hilton Hawaiian Village held by our Honolulu Board of Realtors. The theme was FRESH Tech Thinking and it was great to see many show up.

Classes, vendor fair, games, awards, luncheon, door prizes and recognitions. My BIC told me the big 'secret' before we attended the luncheon where they would annouce something grand.

Our Principal Broker/Owner, Douglas Fortner could not attend and we found out by the recognition speech that he recieved the REALTOR® Emeritus Status and they will announce it at the San Diego NAR Conference this November.

REALTOR® Emeritus Status:  Any person who has held membership in the National Association as a REALTOR®, REALTOR-ASSOCIATE®, or a combination of both, for a cumulative period of 40 years in one or more Associations of REALTORS® is eligible for REALTOR® Emeritus status.

Upon approval by the Board of Directors of the NATIONAL ASSOCIATION OF REALTORS®, no further payment of dues is necessary to the National Association by the Member Association of which the REALTOR® Emeritus is a member.  READ MORE  >>>> REALTOR® Emeritus Status

Making decisions for a client and not thinking in their best interests creates some serious thoughts in my head as to what their agenda is. Questioning what we do not know allows us to get an opinion "outside our own thinking" and could possibly save you a slap in the face when violating our Code of Ethics.

When presenting buyers OR sellers in transactions I see both sides of the transaction and act responsibly for each side I'm representing.  Experiencing both sides allows me to step in the other side's shoes and look from a different perspective.

So, I'm calling around for showing appointments and the seller's agent answers the phone (whoopee!). I request a showing appointment and right off the bat he says, "The seller is NOT accepting VA Loans".

Are you serious?????

Those of us that have worked with Hawaii VA Loan Transactions KNOW that they are great loans for the Hawaii Military Relocation clients. I ask the agent why the seller will not accept VA Loans and he says, "The seller just doesn't want to accept VA Loans".  I think to myself, "Okay, your loss".

A well qualified buyer is a well qualified buyer.

How about this?  The Loan Officer is eating the costs of the VA non allowables for the buyer so the seller does not have to pay those fees for the buyer.  The buyer has minimal debts and unreal credit score and their income is wonderful.

When clients are not educated properly (by us) or newer agents do not get the proper information it creates a breach in fiduciary duties to the client....and the agent looks like a fool.

Okay folks. I'm having a real hard time with this one.

• What would the agent have done if it were their own property on the market?
• How about if they are representing the buyer?
• Tell the buyer to accept that they can't see the property because they are using their VA Home Loan Benefits????

Any Thoughts???????   How about suggestions for newer agents?

Be Akamai (Be Smart) and get your edumaction.

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

  

 

The Real Estate Industry is a complex industry indeed and there are so many different factors to make a transaction work.  If one party does not do their job or another does not work together with another in a timely manner then that dream of homeownership for a buyer is doomed to fail and the home seller will fail in selling their home.

The Realtor® representing the Buyer, Realtor® representing the Seller, Loan Officer. The Lender, Home Inspector, Escrow Officer, Termite Inspector, Appraiser should all be working together as a team to make the transaction run smoothly. When one party slacks the whole transaction goes haywire and it is needless stress, worry and effort to have others ‘clean it up' lest the transaction fail.

• No matter what, your Realtor® will stay on top on everyone to make sure that the contingencies in the contract are followed and that everything is submitted in a timely manner to follow all timelines in the contract.  If you are uncomfortable with something, DO NOT HESITATE to bring it to the attention of your Realtor®.
• Make sure your loan officer knows each program and explains it well. Just make sure and ask questions about your loan program, your loan process and you are comfortable with the answers.
• The Home Inspector should be certified and a member of NAHI, bonded and insured and a member of your local board is a plus as well. When the home inspector starts adding things in the report that is not of his expertise (i.e. home is worth x amount less due to ....) then something is wrong.
• The Escrow Company is the third neutral party taking care of all documents to be submitted and ordered (title report etc) under the timeline of the contract during the transaction as well as taking care of all monies deposited and distributed for payoffs when the transaction closes (records).
• The Termite Inspector inspects the property for drywood and ground termites which run rampant in our tropical paradise. An Inspector does his job, writes the report and submits to Buyer and Seller Agents and the escrow company.
• The Appraiser inspects, measures and takes everything into account when appraising the property and it is more than just a market price. If there is an ocean view they adjust.  Condition, year, sq/ft of land/interior is compared.
• Hawaii Home Buyer  Yes, you too are a party in the transaction. If you even want to get into contract for that home you love....don't be a killer negotiator and insult the seller if it's priced right. You may lose that home you really love! Whatever the Realtor®, Loan Officer and Escrow ask you to do...do it quickly and in a timely manner. You have your part to play in the transaction too! 
• Hawaii Home Seller. Oh, yeah, you also have your part to do too. Pricing aggressively for a slow market is surely only the first step in marketing your property. Getting all documentation in quickly that your Realtor® needs is another. Listen to the advice of your Realtor® to make your home more appealing, decluttered and presentable for showing appointments. Be flexible in your schedule. The more you show the more chance you have of getting every possible buyer in to view.

Note: VA Loans have very strict VA guidelines to follow. VA does not do the loan...they guaranty the lender that they will cover a percentage of the loan should the buyer default and therefore they have their guidelines for the lender and vet to follow. For one...no the loan officer cannot initial mistakes of a street name. They have their own VA Appraisers as well. There is no accepting non permitted rooms, retainer walls without permits. It is permitted or torn down. PERIOD.

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It is up to all of us to go above and beyond in thinking AND DOING in the best interests of our clients as well as all the professionals involved in the transaction.

This is not a game.

We are ALL holding other people's lives in our hands.

Teamwork is the formula. 

 

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

  

 

 

 

It is so important to have my game plan ready for marketing a property and giving it the best exposure possible as a new listing. Provided that the home is in "showing condition ready" those first 24 hours are crucial to get all marketing material ready and out for the public to consume.

• I take dozens of pictures before the listing is even ready to put on the MLS to ensure that I have MANY pictures for different sites that I post the listing on. I never rely on one shot of one room. I take MANY with different views and angles because you just don't know how they'll look until you get home and look at them.
• I also have my flyer and brochures made and already in the home for showing appointments.
• My booklet of property info is already in the home as well along with magnetic 'things to do' notepads an keychains and other odds and ends for guests to take with them.
• As soon as the property is up and running on our Honolulu MLS system I insert the pictures which are already sized for input.
• I already have my www.realestateshows.com show ready and slap that link directly into our virtual tour entry spot and wham! That's up and running within the first 10 minutes as well.
• My flyer with the tour (made from www.realestateshows.com) is up and running on my ActiveRain blog as well as all the spots that they have linked to the show when you click for submission (i.e. Google Base,Trulia, Zillow, Oodle, Hotpads, Vast, Geebo, Viewr and Clickapost) 
• I download the property show from www.realestateshows.com and my husband burns them to cd with the pictures and my info right on it. I keep a few for handing out...and also put a few in the home for showing appointments and for the Open Houses.
• Enter the listing into our Century 21 site and Realtor.com and enhance the listings with slide shows, music, additional pictures and so forth.
• Trulia and Craigslist even get the property listing on their sites too.

Why are those first 24 hours crucial? All the input I enter for one listing are getting exposure ....and Google Alerts me within a few hours. That means it's all over the internet and the consumer is viewing. You are also giving your client's property the best possible marketing tools on and off the internet with all the marketing material I've described here.

The buyer who walks into the home will walk away with the cd and NOT forget the home...they can play it over and over. The other informational material will surely give them loads of info so they are well informed and can make a uniformed decision within those first few hours after viewing.

Your listing will leave a lasting impression on the consumer...and you have given the property loads of exposure and given the seller reason to say you've done a 'phenomenal job' of marketing their property.

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

  

 

 

No matter where you are our United States of America.... it IS a BUYER'S market. That means buyers can negotiate for a better price, maybe a credit to go towards closing costs. Maybe they just transferred to Hawaii with the military and are staying in a hotel and need to close quickly.

It is NOT a seller's market like it used to be. If sellers need to sell their home  or condo they need to change with the market in their local area. There are no ifs, ands or buts about it.

It IS a BUYER'S market.

The following points listed should give sellers a clue that it is more of a buyer's market when listing their home for sale:

• You are getting fewer showings than you would have two to three years ago.  In fact, it is REAL slow today.  (one showing every couple of days is a far cry from 5-10 a day and four contracts overbidding) As time goes on the showings decrease even more.
• Your Realtor® showed you comps from six months ago up to the present and the prices have declined a little in that timeframe. (3% for Hawaii)
• The number of sales declined drastically over the past year because the financial institutions cracked down big time on lending criteria. GOOD!  (had to throw that in) Buyer's are also being very cautious.
• Buyers have a BIG inventory of homes and condos to choose from. It's literally Christmas every day for them!  They can have their pick and most certainly will choose one they do not have to upgrade and all they have to do is.....MOVE IN.

Healthy Boundaries are good for any individual to have but when a seller tries to protect themselves by putting up big barriers (conditions and demands) and burns bridges along the way it becomes a losing battle for not just the seller; but the Realtor® who has invested a lot of time, hard work and effort to market a property. 

This Realtor® spends countless hours to prepare your home for marketing:

• Research and pull up tax records, building permits and documents pertaining to the property.
• Prepare the listing agreement & profile sheet and go through all of the contract with you before signing.
• Prepare the Sellers Real Property Disclosure Statement and answer any questions you may have while you fill it out. (we have a four page detailed itemized questionnaire and it does take time to go through the whole thing and then answer any yes questions in detail on the last page)
• Creating a specialized flyer and property portfolio to display in your home for potential buyers during regular showings (with their Buyer's Agent) or during Open Houses. This is no couple of minute job because it can take me up to an hour to get the flyer "just right" and the portfolio up to three hours!
• Take pictures of your home for the listing sites.
• Advise you on what you can do to get your home ready for showing (so please don't take it personal like I'm criticizing your home...I'm doing my job!)
• Enter the listing into our MLS system and Century 21 site and add photos and make slide shows. (Lots of time)
• Creating specialized Real Estate Shows and burn them to printable cover cd's. (this take some time!)
• Entering your listing on countless sites that I subscribe to and post your photos. (this takes LOTS of time) and enhance your listing on Realtor.com (this takes some more time) 

And this is JUST THE BEGINNING! I set up showing appointments, do Open Houses, refresh and update all the listings I submitted to sites as time goes by, I present all offers to you and advise you on your options. I give you sound advice and remind you of the market conditions and the current comps.  I go through the whole transaction with you, order condo docs, surveys and termite inspections. I accompany you to signing and help you with anything to do with the sale of your home.

The only thing I am unable to do is MAKE someone to buy your home.

There are contingencies in our contract that protect the buyer if they need to back out of the contract. It could be that the buyer lost their job. (they are NO LONGER qualified for a loan) Maybe they didn't like something they saw in the home inspection. There are contingencies to protect the buyer to NOT buy your home. There are also contingencies to protect the seller but the bottom line is that if the buyer has a valid reason it does not automatically entitle you to their deposit. 

Remember, when you signed that Exclusive Right to Sell Listing Agreement? It specifically states that the "Seller agrees to consider all offers presented by the Brokerage Firm and to act in good faith to sell the property".

If you REALLY want to sell your home:

• You make your home appealing to the buyer who is coming in to view your home
• You allow your Realtor® to do their job and give you their expert advice. You don't take their suggestions as a personal attack on you but letting the Realtor® do what they are trained to do.
• You realize that when a Realtor® is working for you it involves giving you advice. Working for you does not mean you are telling the Realtor® to do it YOUR way even though the market, circumstances and comps say otherwise.
• You don't assume your home is the best on the market and therefore should be priced as high as the others...... if you did NOT upgrade anything at all.
• You keep an open mind and allow your Realtor® to go through the CURRENT market conditions and current comparables in your immediate area and trust that they are NOT lying to you.
• Be willing to negotiate with the buyer to sell your home when it IS a buyer's market. Maybe you could make demands a couple of years ago but the market has changed in favor of the buyer. There are MANY other homes and condos on the market to choose from.  (this does not mean give it away by all means. But fighting over a couple thousand will cost you more when months down the line your home is still sitting on the market.)
• That you, the seller, do not hold a Real Estate license and it is advisable to LISTEN to the direction, advice and opinions of your Realtor®.  A seasoned agent KNOWS what they're talking about and is thinking in your best interests to get you a fair market price and get your home SOLD.

This Realtor® is going to tell you the truth and will NOT tell you just what YOU want to hear.

If you choose not to listen to your  Realtor® it could cost you the sale of your home.

  

© 2009 Celeste "Sally" Cheeseman, All rights reserved 

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

  

Every year Century 21 Liberty Homes has their annual Christmas party at Honolulu Country Club.

Even though it hasn't been the most wonderful year for sales Century 21 Liberty Homes survived and we proved last night....we still have the spirit of aloha to carry on into 2009!

This year the agenda was a little different and for that I am grateful. We had loads of fun and a wonderful buffet and just looking around the room you could see that the agents and their family & friends were just grateful to share this event with.

Through the last couple of days we've weathered the worst of the Hawaii Storm and I thought about it this morning.

 

We had left the house, picked up my son and got to Honolulu Country Club with no problem. There was thunder and lightning on the way but no rain but while we were in the party it rained hard. By time we got out it had subsided!

After dinner we had singing contests and sang a group Hawaiian Twelve Days of Christmas. I am proud to announce that my fellow agent/ friend Randy Prothero held First Position for our office of Top Sales for 2008...................

 

 

 

and I held Second Position for Sales for 2008 for our office. 

We then sat in a huge circle and played pass the present. By time it was over...the presents were a wreck from being passed around to the left, then right, then left......but we had fun!

 

Randy Prothero has been an ActiveRain member since November of 2006 and with much coercing he got me to join in March of 2007.

From the both of us....we wish you all a very Mele Kalikimaka (Merry Christmas)  and Houoli Makahiki Hou (Happy New Year) and most of all a very Prosperous 2009!

Now...enjoy our Twelve Days of Christmas.....Hawaiian Style!

And the picture show.....enjoy!

Lyrics for the Hawaiian Twelve Days of Christmas: http://www.islandcandle.com/12daysofchristmas.htm

 

After reading the warning sign and taking precautions by standing back a few feet from the warning tape I looked up to see big breaking waves on the shore and the whitewater rushing back out to see. Rip currents are DANGEROUS. The powerful, channeled currents of seawater flowing away from the shoreline, through the surf and past the breaking waves will take you out to sea quicker than you can bat an eyelash.

There is no doubt that conditions change and we need to take heed to the warning signs.

The housing market and real estate industry is constantly changing and has been for some time.  Though it is known that the market is LOCAL and every area has different statistics I think I can safely say that there is no housing boom going on.

In October,  there was  Good News! October Statistics for Oahu's Housing Market!  Then, The Ripple Effect From Our Hawaii Tourism Industry took a dive and many restaurants and industries are closing down.  For the month of November, our home sales declined but our prices here on Oahu are still stable and hopefully this decline will last just a short while.  

Needless to say, the Rip Currents are dragging many out to sea and everyone is out there trying to grasp at every straw to stay afloat:

• Buyers are backing out for no reason ....or maybe they were just too embarrassed to say why. (i.e. family problems, lost jobs or whatever the case may be)
• Loan Officers are promising the world and can't deliver when it comes time for processing. (giving a preapproval without taking everything into consideration ....in hopes it goes through)
• Realtors® are nagging at sellers to list their home. (Who knows how they got the private cell number of the owner....yes this just happened to my seller)
• Realtors® are giving bad advice to the buyer for the sake of a sale. (i.e. bank owned and no warranties, inspections or recourse)
• Sellers are thinking that it's still a great market (and thinking that they can play hardball when there are few and far between buyers)

The majority of us have kept afloat with great marketing skills and a niche we have created for ourselves. We listen to our clients and only after listening to their needs first do we give back sound, straighforward information and advice. We follow our Code of Ethics which can be compared to our every day behavior following our personal beliefs, morals and values in this game called life. We hold our heads high and sleep VERY well at night knowing...we lived each day right and didn't step on anothers toes to get there.

The rest will be sucked out to sea by those dangerous rip currents.

 And You?

 © 2008 Celeste "Sally" Cheeseman, All rights reserved

Buyers who are relocating to Hawaii hop on the airplane and bring along with them the mindset that all housing markets are the same nationwide. The media has given the consumer a NATIONWIDE view of the housing market and it's not factual information after crossing the Pacific Ocean. The media has given the consumer wrong information because each and every neighborhood presents a different LOCAL market. Each city has different statistics for their housing market and goes right down to each state has their own statistics for their economy and the reasons why.

Yes, we all are experiencing some difficult times as the rest of the nation but you, the buyer, need to be informed properly so when you are looking to purchase that Home in Hawaii you will know that KILLER NEGOTIATING WILL CAUSE YOU TO LOSE THE HOME YOU LOVE!

• Get an experienced Realtor® and stop listening to your friends, cousins, aunties and uncles on the mainland to give you great marketing advice.
• When your Realtor® gives you comps on surrounding complexes make sure you are including the fenced in courtyard that tax records show.
• When you get rejected know that your offer insulted the seller and that your killer negotiating tactics didn't work.
• When you come back with an acceptable offer and submit an As Is Addendum that does not mean to come back with nit picky items to fix under C-51 (the Home Inspection) Why did you submit one if you're going to do that??

In our Sunday Honolulu Advertiser Homes Section this past Sunday there was a story titled "Local Banks Remain Solid Dilberately. Anti Subprime Sentiment Saves Homes, Banks".  Wow! What a wonderful story to show that in Hawaii we still have one of the lowest foreclosure rates in the country.  ONE in every 842 households in Hawaii compared to ONE in every 189 in California and one in every 82 in Nevada is a very impressive number. What would keep our Hawaii Homes Market at a lower foreclosure rate than other parts of the country?

The reason being is that  our local banks INTENTIONALLY stayed away from subprime loans. It was a conscious decision that kept our banks solid here but also saved many Oahu Homeowners from losing their homes. The Local Lenders in Hawaii have an interest in to serve the communities and provide mortgage products that meet our unique community's needs.  This explanation from Linda Nakamura, vice president of mortgage servicing at First Hawaiian Bank is the best one I've seen to explain our local housing market and the reasons that we have survived a declining market "nationwide".

This is not to say that some neighborhoods are experiencing a "slightly" declining market but this is nothing compared to what I've seen in blogs and articles online on ActiveRain Real Estate Network. This is not to say that we are not experiencing a slower market either because we are. 

Bottom line is that it all depends on the circumstances of both the buyer and the seller.

Example: If the seller does not HAVE to sell but wanting to make a life change and the buyer really loves the home, why would a buyer try and be a killer negotiater and take a chance on losing the home they love?

There is little buildable land here in Hawaii compared to the rest of the country and much of our land is Preservation, Conservation, Agricultural and Country zoned. Local residents and Relocating Military to Hawaii chose to buy their own homes when the market boomed due to rising rental costs. Why rent when we can buy? And they did so with the majority taking out Conventional and VA loans at 30 year fixed rates.

The same holds true for today. Yes, there is a LITTLE room for negotiating and under certain circumtances there may be more room to negotiate in other neighborhoods where it is SLIGHTLY declining. But don't presume that flying Across the Ocean to Paradise will bring a BIG discount when purchasing your Hawaii Home.

Bottom line is that the housing market in Hawaii has slowed but not dead.

And....it all depends on the circumstances.

How bad do you want to buy that home & how bad do they need to sell that home?

 

 © 2008 Celeste "Sally" Cheeseman, All rights reserved

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

  

 

This afternoon my seller called me and said a woman knocked on his door. She said her husband was parking the car and they wanted to come in to look. My seller asks the woman if she has a Realtor® and she eagerly gives her Realtors® business card to him.

My seller is great at following my instructions :)  He hands the woman HER Realtors® business card and hands her mine while telling the woman she needs to let her Realtor® call me to make an appointment.

Please educate your clients!

• My MLS agent instructions say to call the LISTOR (me) before showing. It does not say send your clients alone to the listing and knock on the door and ask the seller if they can go in.
• Educate your sellers to NOT let just anyone in the home. I've heard of people posing as photographers and knocking on doors to take mls pictures. And they were just there to case the place.
• Educate your buyers to call you if they want to look at a listing you sent them (the woman had a listing sheet in her hand) Do YOUR job!

Now, I don't know if the Realtor® just sent them on their own or not but no matter what... it was rude to just pop in on my seller and ask if he can open the house for them.

Educate your clients....or GET educated!

The nerve, huh?