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Where are the Sellers?

The biggest challenge for a buyer in this market is finding a home to purchase.  At the end of January 2010 there were only 1,202 homes for sale on the island of Oahu. That is the lowest level in more than half a decade.
Even though the number of homes for sale are higher than the number of buyers each month, the homes which are not selling are not attractive to buyers because they are not in livable condition (no financing is available for those homes) or those sellers have priced their homes above the appraisal value. This creates a situation where the homes for sale which are in good condition receive multiple offers and are able to sell at a price close to asking. Last month homes sold for 94.9% of their asking price compared to Dec. 2008 when they sold for 90.8% of the asking price. For the average home on the island that means the seller gets to pocket an extra $24,497.
In the last 6 days, I have been on the road logging in over 300 miles on our little island with buyers, trying to find their perfect little island home. They are not familiar ... more

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