One of my fellow colleagues pointed out the following article that appeared in US Today, on Monday, April 27th, entitled "Maui, Hawaii, home prices still high but falling". Please read the whole article here.

Two different experts are quoted in the article, Terry Tolman, the REALTORS Association of Maui chief executive and Byron Gangnes, University of Hawaii economist. While using different words, they  both seem to agree that real estate prices are falling. Which means that prices are going down this very second.

During a private coversation with Terry Tolman, he actually said that the article does not reveal the whole story. It makes a headline saying that prices are going down, but failed to also express his opinion that this is a perfect time to buy. Large inventory, sellers with various motivations that are aware of market conditions, low interest rates: all these factors may not flash a red big light saying: THIS IS THE BOTTOM, JUMP ON THE BAND WAGON! But they are pointing to you that this is the perfect time to negotiate. We only see the bottom of the market in hindsight, there will be no news on it, that is for sure!

And while I dont claim to be a clairvoyant or have the ability to say where is this market going, I do know that the number of opened escrow are on the rise, even with all the challenges on the mortgage market. The number of pending contracts on Maui increased 25%, compared to the end of last year. I also notice a significant increase in the number of showings and inquiries that I get for my listings.

There are many opportunities out there, which inspired me to start a new series of blogs, called "What I Would Buy Today". So watch for those posts :-)))

Aloha from beautiful Maui,

Mihaela Stoops

www.westmauihome.com