Hawaii Real Estate | Hawaii Relocations | Hawaii Home Buying & Selling

Honolulu County Real Estate Housing Market Numbers

JULY 2009  

Honolulu County Hawaii Homes Market Statistics for JULY 2009  definitely shows an increase in activity and sales prices. Our market is stabilizing and we do believe we just may have bottomed out.

In the Honolulu Real Estate | Market Report for June 2009 our sales numbers for single family homes showed an increase from 225 in May to 254 in June. Now for July we have had 265 sales and the Median Sales price rose from $569,000 in June to $595,000 in July!  An increase upwards of 4.6% in sales prices and upwards of 5.6% in sales numbers!

 Condo/Townhouse Resale Numbers:  Our Honolulu Real Estate Housing Market sales numbers for condos/townhouses decreased in the past month although median sales prices increased from $310,000 to $312,000. With 263 sales in May to 293 sold units in June we now see a slight decrease in sales to 327 sold units. The sales prices increased upwards to 0.6%!

Could this be a turn around for our market now?  We're hoping so. Business has picked up for all, interest rates are down and inventory slowly going down in all neighborhoods. We credit the continuous shrinking inventory for our stable price levels and we're hoping the housing industry has seen it's bottom in Honolulu County.

 Honolulu County Market Statistics vary from neighborhood to neighborhood and I'll be giving you updates throughout the month for July 2009. If your situation and circumstances allow....it just may be your time to buy and also utilize that $8,000 first time home buyer credit this year.

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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

With a high inventory of homes in the Ewa Gentry and Ocean Pointe Communities in the Ewa Beach South Shore area of Oahu (Honolulu County), Hawaii Home Sellers are offering Hawaii Home Buyers incentives galore! From offering lower prices to sellers offering credit back to buyers for closing costs this makes for a great deal for the Hawaii First Time Home Buyer, Hawaii Residents or the individuals Relocating to Hawaii from the mainland.

Military Relocating to Honolulu County Hawaii are utilizing their Hawaii VA Home Loan benefits (which allow for 100% financing and providing they have good credit) with little or no money down. (Read more here:  VA Loans & Hawaii Military Relocations: This Realtors® Process) and a few of my clients have chosen these areas in the past year because of the lower prices.

The following statistics for the Ewa Gentry Townhouses and Single Family homes are for the last six months to present.

The following charts will give you a birds eye view of the number of active, pending and sold homes in the Ewa Gentry and Ocean Pointe areas:

More Hawaii Market Reports for Honolulu County:

• Honolulu Real Estate | Market Report for June 2009
• Honolulu County Real Estate | YTD Condo Market Report for Period Ending June 30, 2009
• Honolulu County Real Estate | YTD Single Family Home Market Report for Period Ending June 30, 2009
• Mililani Real Estate | Honolulu County Hawaii Market Report for June 2009

If you are Moving and Transferring  to Hawaii and are being proactive in your search for Hawaii Condos & Homes, contact me for listings for the neighborhoods you are interested in. And....click on the following link for loads of information regarding your Hawaii Relocation!

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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 all Hawaii Home Buyers and Sellers on the island of Oahu (Honolulu County) inclujding all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

Honolulu County Real Estate Housing Market Numbers Are Out for JUNE 2009 ! 

In the previous two posts on Year to Date Honolulu County Housing Market Statistics I showed you the reality from 2008 to 2009 where numbers and sales prices showed a decrease. Looking at the following housing market numbers and sales prices from May to June 2009 we now are showing a little increase in activity and sales prices.

Single Family Home Resales Numbers:  The June 2009 sales numbers are starting to climb at 254 Single Family Home sold in the month of June compared to 225 in May of 2009. An increase of 29 sales compared to May 2009 in number of sales for the island of Oahu (Honolulu County)

Single Family Home Average Sales Prices:  Our Honolulu County Resales for Single Family homes showe an increase in sales prices for the past one month time period. A $19,000 increase in Average Sales Price for the island of Oahu (Honolulu County). and a 3.5% increase in a one month period! 

Condo/Townhouse Resale Numbers:  Our Honolulu Real Estate Housing Market sales numbers have increased in the past month from 263 to 293 sold units. An increase of 30 solds in a one month period!

Condo Average Sales Prices:  The Year to Date sales prices shows an increase of 1.6% from $305,000 to $310,000 for the island of Oahu (Honolulu County). 

Could this be a turn around for our market now?  We're hoping so. Business has picked up for all, interest rates are seemingly up and down and inventory slowly going down in all neighborhoods. If your situation and circumstances allow....it just may be your time to buy and also utilize that $8,000 first time home buyer credit this year.

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All Loan Officers and Real Estate Agents in Hawaii were given a memo (it was released on May 19th) that Hawaii VA Loan Appraisals are taking longer now due to . The memo from the Head of VA Home Loans here on Oahu made sure to stress that on Oahu (Honolulu County) the VA Home Loan Appraisal are taking UP TO Five...yes, 5 weeks to complete.

With Hawaii VA Home Loan Appraisals in Honolulu Country taking much longer than usual (based on the amount of home loans in progress) it is definitely placing a burden on all involved in the Real Estate Home Buying Process for the Veteran:

• Military Personnel who are transferring to Hawaii obviously stay in a hotel until they acquire housing.  An appraisal taking up to five weeks can delay the transaction from 30 days to 60 days or more. 
• Veterans who are utilizing their VA Home Loan Guaranty get discouraged when they see the rest of the transaction is moving swiftly ....but being held up just for the appraisal.
• The loan officer, real estate agent, escrow are put on hold waiting for an appraisal. The rest of the 'team' who are working together to get the transaction done are stuck in limbo.

You see, our Hawaii Real Estate Transaction Process is quite different than a lot of other states and it also includes the buyer and seller signing all loan and escrow documents at different times. We all don't sit down at the same time to sign documents and we do not hand over keys right then and there.

After signing all loan and escrow documents we still have to wait for up to 3 days for the loan company to fund the monies to escrow. AFTER escrow receives the monies then, and only then, can escrow file the conveyance documents with the Bureau of Conveyances which recorded the morning after.  

Now, we have another damper on our Hawaii Real Estate transactions. Since our Governor 'had to balance our budget' she ordered that State Offices will close three Fridays of every month (no pay but better than 10000 jobs lost).

The Bureau of Conveyances says it's now TWO days for processing documents for recordation.

With all the delays for appraisals and recording documents I'm starting to believe that it's a test to show the seriousness on everyones part.

The buyer who is really wanting to purchase property, the seller who needs to sell to relocate, the real estate industry professionals who are REALLY thinking in their clients best interest.

Talk about cleaning house.

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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

Hawaii Home Buyers and Sellers | Etiquette for Open Houses

Our Open Houses on Oahu (Honolulu County) are still a great way to preview a property. Maybe your Realtor®  is unable to attend with you (the Home Buyer) due to previous appointments or holding an Open House themselves. It's also a great way for the neighbor to do a ‘quiet observation' of the agent holding the Open House to see if they might possibly ‘hire' that agent and brokerage firm in the sale of their home.

It's all relevant when it comes to Hawaii Open Houses and Honolulu Real Estate Tips.

1. Make sure you've already been prequalified with a lender so you're looking in the correct price range. Be realistic in your home search and price range lest you waste your time.  If you have a Realtor® then you have already been instructed to go through that process.
2. Please don't be rude to the agent holding the Open House. You are there as a guest in someone's home and will be courteous and polite to the one holding the Open House.
3. Please remove your shoes unless otherwise instructed. In Hawaii, we take off our shoes not matter whose home it is. Open Houses are no different. Again, you are a guest in the seller's home and they most likely have already prepared the home with carpet cleaning and so forth.  Wear slip on/off shoes/sandals.
4. Please hold on to your children. Letting your children run rampant around a beautiful home is not how you show respect to the owner of the home and being a good example as a guest. The home is not a playground for all of you to pass the time on a Sunday.
5. Please sign in the guest book. If you have a Realtor® make sure you have your agent's business card on hand (get a bunch from your agent) to give to the agent holding the Open House.  It will also help the Open House Realtor® follow up with your Realtor®.  No matter what, you all are a guest in the home so please do the agent a courtesy and sign in.
6. Make notes of your own observations. This will help you with your home search regardless if you are just going to Open Houses or showing appointments with your Realtor®.  A list of wants and needs before you start your home search is another good tip.
7. If you walk into an Open House and REALLY feel that this is the right home for you. Call your Realtor® immediately and put in that offer! The inventory on Oahu is going down and if you try to be a killer negotiator or sit on the fence that home will be gone!
8. Remember, the seller's agent who is holding the Open House has the Seller's best interests at heart.  A lot of home buyer's "believe" that they are going to "get a better deal" if they deal with the seller's agent directly.  The truth is that you are best represented by having your own agent (buyer's representative or buyer's agent) who know the real estate contract and laws. Your OWN agent is your most valuable negotiating tool and bargaining power for your home buying process.
9. A company sign for an Open House means they have a listing contract in place. It means they have a legal contract in place and you are not going to negotiate terms between seller and brokerage firm to get a better deal.   
10. Please don't touch the items in the home. Again, you are a guest in the seller's home and you are there to preview the property. You are NOT there to try and figure out what the seller does for a living and their personal history nor allowed to touch things that don't belong to you.

These may seem like common sense tips for most although many may benefit from one or more of these tips.

 Please be respectful and courteous while attending an Open House.

YOU ARE A GUEST.

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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