Each week the Honolulu Advertiser composes a list of local lenders and their current rates.  I check their website each week for the latest rates.  Right now you'll notice that a 30 year fixed rate (assuming you put 20% down) is comparable to a 1 year arm and at times can beat out the 1 year arm with a lower rate.  Depending on your situation you can get a 30 year fixed in the high 4% range.  That's fantastic and it sets the stage for the perfect buying opportunity.

I've got 3 reasons as to why, if you are a buyer, you should be ecstatic about real estate in Hawaii right now.

1.  Their is a good amount of property available for sale that exceeds the number of available buyers.  That leads to the development of pricing competition. 

2.  Where did all the buyers go?  More appropriately the question should be "Where did all the lenders go?".  With some lenders shutting their doors for good and others revamping their lending standards it's going to limit the number of potential buyers in our market.  Simply, buyers now need to save up a down payment to purchase properties.  Gone are the days where anyone can walk in and get a stated income loan or zero down loan.  Our market has willing buyers who just can't get loans which in my mind brings the market artificially lower than it really is.  Less buyers equals less competition for you buyers which can only bring a smile to your face.

3.  Mortgage rates are LOW which increases your buying power and makes owning a home or condo more affordable.  Less cash out of your pocket to pay the mortgage is always a good thing! 

 P.S.  PROTECT YOUR CREDIT!!  Our credit rating system still needs to be revamped, but being late on a credit card payment can literally cost you thousands upon thousands of dollars when you get a mortgage.  Our system is heavily dependent upon the credit rating system.  In a time with defaulting loans becoming more and more prevalent it definitely pays to keep your credit score in good condition (lenders will generally reward you with a more favorable rate).

If you are a seller there are still ways to get your home sold.  Whether you're a buyer or seller, contact me for a free consultation and I can work with you to put a plan together to solve your real estate needs.

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