Hawaii Home Buyer | Hawaii Home Seller | Hawaii Homes Market

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Real Estate Agent with Century 21 Liberty Homes RS-#62825

When the Great Big Giant Real Estate Boom Balloon hit Hawaii it hit HARD!  Sellers were overpricing their homes for sale and they were selling like crazy! Buyers were overbidding and there was a bidding war like you wouldn't believe! And prices kept skyrocketing and buyers kept buying and sellers kept selling! And then.....there came a point when buyers could not afford the payments for a $600,000 home with 20% down! And...interest rates went up a little as well.  

To give you an example of our market from 2003 to 2006 compared to our current market of 2007 the following statistics will show you what it "used" to be like.

                                                                                                                                                                                                           Single Family:   Median  /  Average   

  • 2003-    $380,000 / $479,377                                
  • 2004-    $460,000 / $591,354
  • 2005-    $590,000 / $733,174
  • 2006-    $630,000 / $778,393

 

Condos:    Median  /  Average   

  • 2003-    $175,000 / $205,165                               
  • 2004-    $180,000 / $251,328
  • 2005-    $269,000 / $320,003
  • 2006-    $310,000 / $363,639

 

The Real Estate Market on Oahu, Hawaii has cooled off a little in 2007 although the median prices are still going up in certain areas. The inventory for all areas is higher than the "norm" of the last few years and some areas are considerably higher in inventory and lower in sales/market prices.

For instance, in Ewa, Makakilo, Kapolei, Waianae, and Salt Lake (just to name a few) the inventory is triple what it was two years ago! (and this is after one third were withdrawn because they would not sell....gee, wonder why?)  The prices have gone down a little and some seller's are starting to price their properties more accordingly. Some seller's are chasing the market (meaning, they would not listen to the great advise of their Professional Real Estate Agent and wanted to price it over top dollar)

In Central Oahu, such as Mililani, Waipio Gentry, Waikele, Royal Kunia the Median Prices for single family homes AND condos/townhouses have gone up a little for the month of June 2007 by a smidgen. Seller's are getting a little more realistic and buyer's are able to pick and choose their dream home. It's fluctuating from month to month and that's the reality of it.

"Sally's Tipsters for Sellers in Hawaii's Current Market:

  • Hire a Professional Agent to represent you in the sale of your home! You will always get what you pay for when it comes to the professional service of a good agent who has the knowledge, skills, abilities and innovative ways to market, professional attitude (a wonderful sparkling personality) and will keep you informed throughout every step of the way.
  • Interview a few agents to compare marketing skills, comparable sales, personalities (you really want to be compatible with the agent you will be working with)
  • Beware of the agent that will promise to sell your home for "top dollar" and priced outrageously over the last properties sold. You need an agent who will be up front with you and not "tell you what you want to hear". The realistic one will be the honest one.
  • DO NOT OVERPRICE YOUR HOME  This is the most important piece of advise I can give you in regards to the listing price of your home. In this market, you will be chasing the market and chasing the wind (sucking wind to be brutally honest!) The longer your home is on the market, the more the buyer will "assume" that there is something wrong with the home. (either that or they will believe that you are desperate and can afford to give it away!)
  • STAGE, CLEAN, FIX and REPAIR, and GIVE YOUR HOME A FRESH COAT OF PAINT! Get your home "Open House" ready before you put your home on the market!  Days on the market are ticking away and you want the home "showable" as soon as your home is up and running on the Multiple Listing Service Site.
  • And last but not least. LISTEN to your Real Estate Professional when they are making a suggestion. They are thinking in your best interests and are the experienced one with the Real Estate Laws in Hawaii. (all states have different laws and contracts)

"Sally's Tipsters for Buyers in Hawaii's Current Market:

  • Make sure you are getting representation as a buyer with your own Real Estate Professional.(Simply: Buyer's Agent) That Open House you went to with the "really nice" helpful lady was the "Seller's Agent". Why of course she was soooo nice. She is thinking in the Sellers best interests.  In Hawaii, it is no cost to you to be represented by a Buyer's Agent. (The seller pays the commission which is split with the Seller's and Buyer's Brokerage Firms)
  • Start your PRE-APPROVAL loan process immediately! You will also need to start the process before your agent starts showing properties to you. Why? They need to know what you are qualified for and what price range to start looking for.  (all of us who have good credit are qualified for X amount of purchasing power...but will our monthly allotment for a mortgage payment be within that price range????)
  • Make sure and check with LOCAL lenders and if you do not know any your agent will refer you to  a few  good ones. Speak with them and see which programs are available to suit your needs. The reason I suggest Local lenders are because all loan companies can match or come close to interest rates, closing costs and programs. Local Lenders will also be here...FACE to FACE to guide you through the transaction and if there are any problems they can take care of it promptly. You will also need to have a lender handy for any questions that arise and a pre-approval letter quick once you walk into that dream home that you want to put in an offer on.
  • Don't be a killer negotiator.  In other words, the market has softened a tad in Hawaii but don't beat down or insult the seller trying to be a killer negotiator on the home you love. It may cost you the home.
  • You will know when you walk into the "right" home!  I always let my buyers know that there is no rush but please watch the interest rates (it could make a difference on your monthly payments!) and they will know when they walk into a home and immediately "feel" that this the home for them. Don't second guess your instincts in hopes of finding a better deal. Again. It may cost you the home you fell in love with.
  • Listen to your Real Estate Professional's suggestions.They are there thinking in your best interests. (of course beware of the agent that says...this is the home for you...and you need to put in an offer on this one because I like it. Harumph!)

Bottom line for "Sally's" Info, Advise, and Tipster's for Buyers and Sellers who are seriously considering purchasing a home or marketing their home. The most important decision you will make will be choosing the right professionals for your real estate transaction. It will make all the difference for making your dream home come true. It will make all the difference in moving on in life after the sale of your home. 

Happy House Hunting!

Happy Home Selling!  

 

EDIT: For current information please click on a more recent post  Be Part of the Solution For Your Market; Because "Shift" Always Happens

 

 

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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

  

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Celeste "Sally" Cheeseman  is a Realtor-Associate® and Certified Residential Specialist (CRS) 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 Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.

 

 © 2007-2014 Celeste "Sally" Cheeseman's

Hawaii Real Estate and Relocation Blog.

All rights reserved.

     

 


 

 

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Rainer
245,304
Desiree Daniels
RE/MAX Tri County - Robbinsville, NJ

Ms. Woo Hoo   more great tips... boy you gals keep rasing the bar on bloggin... <sigh>   now i gotta go get some "thoughts" on paper - have a great one... How's the weather? Oh and that photo was at the Kaha Lani Complex near Lydgate State Park on the east shore.

Jul 11, 2007 10:24 AM #14
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Thesa:  WooHoo! I did it...I found it hard...but I did it!

Kaye:  I think so....everyone wants to retire near the ocean.

Gena: I'm glad I bought when I did as well. It was in early 2005 but my little townhouse is still selling 80k more.

Randy: Yup!  And we sure need to let people know the info and what to do because some just have no clue.

Missy: That's funny! I never heard that but I have seen little signs on the side of the road that say "We buy homes".

Susie:  I gotta be be...hahaha

Jul 11, 2007 11:10 AM #15
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Aw Lenn:  (just emailed you) You know, first BB said write one .... and then you said I can do it. I suppose I was in that  "No way I can write like those guys" mode.  I truly have a better understanding of how hard you write with statistics, maps, info and the whole works. That was really time consuming.  Then my internet crashed and I lost some (I really need to do stuff like that in word first) and almost gave up. Somehow your face kept popping up in front of me saying to get cracking.  So this I give you the most credit for inspiring me. It may not be the best but I sure have a sense of accomplishment!  Thanks!
Jul 11, 2007 11:15 AM #16
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Carole:  Hawaii is definitely my home that I love. And worth every penny!

Peggy:  Thanks!

Teri:  Aww....shucks. You made me blush. Thanks Teri!

David:  I don't do dual's. At all. Not too many client's want to move out that far. I've had a total of 3 client's who bought out there. And trick to that one...(I got a brochure and info) is that my military client's down have money to put down like they were asking.

Desiree:  Everyone's style is different. I told myself that if I was going to write...it would definitely look like me. And it does. I like that.

Jul 11, 2007 11:23 AM #17
Rainer
32,083
John Evarts
Classic Property Management of Santa Clarita - Santa Clarita, CA
Sally, awesome post. You did a great job. Very informative and useful.
Jul 11, 2007 12:08 PM #18
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
John: Thanks!
Jul 11, 2007 12:14 PM #19
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Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Another great post and very well put together. You must have the most popular blog on Active Rain. I subscribe to your blog because I do not want to miss a post. And at night before I go to sleep I look at your blog's Hawaii photos so I can dream at night about moving back. You really gave a lot of great statistics. After reviewing those stats it is not much different than the median prices for condos here in Florida and depending on where in Florida the single family prices are even similar. Naples Florida on the west coast of Florida is the most overpriced in the nation right now and highest prices! In Hawaii there is only so much land so the price of land will increase, supply and demand. However, the drawback to many people to move to Hawaii is the remoteness, being away from family on the mainland, and having to fly to get to another place instead of the option of driving. It is all relative, right? It is SOO hot here right now and I am having hot flashes at the same time so I told Nestor today, don't be surprised if you find me in Hawaii! There I can get the great weather, not so hot as this, great outdoor living, and great mountains and oceans. The only hills in South Florida are the landfills! 
Jul 11, 2007 01:51 PM #20
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert
Sally, that is a lot of information along with good advice.  I particularly like this one "Don't be a killer negotiator.  In other words, the market has softened a tad in Hawaii but don't beat down or insult the seller trying to be a killer negotiator on the home you love. It may cost you the home."  Let's hope that the good times will be here again real soon.
Jul 11, 2007 04:31 PM #21
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Nestor/katerina:  There is no drawback for people who are looking to retire...military relocates here and I really have no desire to run around the mainland. My immediate family is here...and when they weren't they flew here to not only see me...but Hawaii. For me...I love remoteness. Peace.

George:  I think we needed the break for one good reason...it will weed out the bad apples. The good ones are successful and though it may have slowed it is sometimes a good thing. My business is steady....I really didn't like the four/five in one month...and then nothing for a month....so far this year I'm doing a steady pace with referrals, family and even client's that are finally ready. (have time for blogging too! Sure relieves any kind of stress :)

Jul 11, 2007 04:40 PM #22
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"The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

Woo Hoo Sally...

Sorry I am late but I had some ROARING to do.

Love your entry. Like Lenn, I knew you could do this :)

This is some seriously 'Hard Core Real Estate'. Nice work.

TLW...ROAR!

Jul 12, 2007 06:10 PM #23
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
TLW:  I don't know about "hardcore" like Lenn and BB...but I was happy I came up with this ...period....I keep coming back to "look" at it....it "looks" neat. I reread it and you know what...it's me ....Thanks for your support!
Jul 12, 2007 06:14 PM #24
Rainmaker
449,601
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
The Agent Who Uses "Watermelon Tough" Sign Posts

Sally, a lot of good tips there.  Well constructed post.  It was easy to read.

Jul 12, 2007 10:02 PM #25
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Tim: Thanks so much (the tips) and I had hoped it would be easy to read and at least "look" good. I long ago talked myself into believing I could not write this way....it was hard. That's for sure. (but hey, whip a little me in it and it was fine)
Jul 12, 2007 10:48 PM #26
Rainer
202,804
Mary Warren
Las Vegas, NV
Thanks Sally...in my next life I want to live in Hawaii (before prices go up....HA)
Jul 13, 2007 10:57 AM #27
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Mary:  Hey, that was pretty funny....maybe I'll stil be here...haha!
Jul 13, 2007 11:05 AM #28
Rainer
57,145
Monika McGillicuddy
Prudential Verani Realty - Atkinson, NH
NH Real Estate Broker
Sally...I agree... you simply know when it's the right house...when it sings to you! If you love it..buy it!
Jul 13, 2007 12:26 PM #29
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Monika:  So often I hear agents (when I'm doing an Open House) trying to coerce their client's either which way ....with a "this is the house you should put an offer in on"  or "I wouldn't buy this one"....  Let the buyer feel it.
Jul 13, 2007 12:29 PM #30
Rainmaker
86,091
Paula Henry
Home to Indy Team @ Sycamore Group Realtors - Avon, IN
Realtor - Indianapolis Real Estate - 317-605-4174
Sally - Love your tipsters! Very nice - Good Luck in the contest!
Jul 14, 2007 02:47 PM #31
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Paula: We all are winners! (copying what William Johnson said hehe!)  Thanks for the cheering!
Jul 14, 2007 02:50 PM #32
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Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

OMG: Truth really hurts when they check your IP address because you won't show yourself.   I as a real estate professional show all sides to situations. If you have any qualms, then by all means join our network and chime right on in. Otherwise, please don't "TAINT" my post with your negative attitude and hiding behind the keyboard.  I will continue to delete your comments.

Oct 19, 2007 01:12 PM #33
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