Homeowners:

If you are watching the news, then you have probably heard that this is a "Buyers Market."  So, what does that mean for Sellers?

2008 is shaping up to be an excellent year for Hawaii Real Estate-against all odds!  The drops in the federal lending rate have made it possible for Hawaii's prime lenders to offer excellent loan packages to buyers.  The opportunity to refinance your home at an excellent fixed interest rate makes it possible for homeowners with assets to begin prospecting for investments.  Rates are low, but rumor has it, they may get even lower.

The volume on Oahu's market is high, meaning Buyers have a lot of inventory to choose from.  Over 1000 houses and condos were sold in February 2008, compared to 4400 listings on the market that month.  The translation for you, Seller, is that in general, in February you had a 1 in 4 chance of selling your Oahu home.

I know what you're thinking:

ONE IN FOUR!!!!  THAT'S TERRIBLE ODDS!

The thing to bear in mind is that prior to our 2002-2005 real estate bubble, it was not unusual to take 90 days or more to sell a home.  So, calculating that out, our "buyer's market" is going to make homes take 120 days to sell on average (real data varies by region).  Considering the usual length of a Listing Contract (one year), these odds aren't so bad.

Now consider that Buyers are starting to gain confidence.  More and more shoppers are taking advantage of the low mortgage rates, and an increased availability of buyers will translate into faster sales for you.

In other words: Get Ready, the Buyers are Coming!

In an earlier article, I emphasized the importance of preparing your home for sale.  If you want your house to be the one to sell this month, you've got to make it the most desirable.

The keys to having a desirable home are:

•1) PRICE IT RIGHT-if you want a fast sale, the price has got to be attractive.

•2) GET IT LOOKING GOOD-work with your realtor on fixing the nitty-gritty stuff and adding some attractive   trimmings such as yard work, paint, flooring, etc.  The amount of work required to beautify a home varies from house to house.

•3) GET IT WORKING RIGHT-make sure the faucets, appliances, windows, screens, electrical outlets, fire alarms-all the bells and whistles-are in proper working order. 

•4) STAGING-your realtor can help you set up your house to emphasize its strengths by positioning nice looking (and not too extravagant) furniture and accents to give the house a ‘homey' touch.

When your home is the best house with the best price, you will have loads of people expressing interest in your house! 

Listing your home today will mean that you are poised to take advantage of the excellent market conditions we have today.  Buyers are starting to shop.  Don't you want to be there when they buy?

Give me a call and we can talk about the market conditions in YOUR NEIGHBORHOOD.  Things are getting sunny here in Hawaii again!