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Did you guys see ABC News's Nightline last night?

By Kengo Ueno

Real Estate Agent with Prudential Locations LLC 12345

November 10, 2006 09:34 PM

Did anyone see ABC News's Nightline last night about the current real estate market? We all know what's going on in the real estate maket in our own backyard but when I saw the report last night on Nightline, it really woke me up and made me think twice about our market here.

I knew Hawaii's market slowed down but I guess I just didn't realize how much it really slowed down for other places until I seen it on TV last night. We're not as slow here compared to some of the places that they mentioned last night but it really opened my eyes and got me rethinking my business plan for next year.

I think that we have a really unique real estate market here in Hawaii and that it hasn't slowed down that much yet but if we're not ready for a slower market, it will be really hard to survive it when it comes. Prospecting and marketing will become more and more important as the market gets slower and slower while showings will become more and more plentiful before putting in any offers. We gotta start taking "slow market" preventatives and put together an emergency "real estate" kit. haha

Has anyone else see the episode? I didn't get to see the whole episode but if anyone else has more information from the show, please share. I'd say we're at about 90 to 120 days on market now before a listing goes into escorw here but there still seems to be a lot of buyer activity. How many days on market now in your town before a listing goes into escrow?

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Scott Gormley

Oak Valley Mortgage-California Home Loans and Refinancing - Chico, CA

Hey Kengo,

60-90 days in California is about right...Nor Cal and So Cal...

I'm approved in Hawaii to do financing and I'm looking for Hawaiian agents to team up with....

I have Beach Town Mortgage...

If you're interested in tapping the California market for second homebuyers and investors, let me know...

You're right, changing your game plan for '07 will be important!

We'll be in Waikiki between Dec 4th-10th for the U2/Pearl Jam concert and having fun :)

Scott

Nov 10, 2006 11:41 PM

Eddy Martinez

Nationwide Funding Group - Highland Park, CA

Kengo,

I havent seen that episode but actually i have 3 clients in hawaii who are currently refinancing, their ARMS have reset.

In southern california actually from what i have seen is 45 -90 days on average

Nov 11, 2006 05:25 AM

Rob Lang

At Home Kansas - Shawnee, KS

Local Expert in NE Central Kansas Real Estate Home

Sales have slowed down but people are still actively looking. I am working with more potential buyers now than I ever have but because it is such a buyer's market, buyers are taking their time to find the best deal.

Michele Connors

The Overton Group, LLC Pitt & Carteret County - Greenville, NC

Your Eastern North Carolina Realtor

Im in the same boat as Rob- alot of lookers-waiting to see if prices drop even more. I say get off the fence!

Nov 11, 2006 05:46 AM

Nana Thain (R)

Locations, LLC. - Honolulu, HI

I didn't see the episode but I did feel the difference in the market for a little while. I've picked up recently but was slower for the last two months or so. It is taking more work to put someone into escrow. Spinnin my wheels.

Nov 12, 2006 08:06 PM

Michael DeMello

Prudential Locations LLC - Honolulu, HI

CRS, ABR, CDPE, e-Certified

I want to see it now. Yeah I'm a little worried but only time will tell. Hawaii is a very different market though in so many ways.

Nov 13, 2006 07:06 PM

Gabriel Silverstein

Angelic Real Estate, LLC - New York, NY

SIOR

This is more of the usual sensationalist "news" performance. Nothing of the economic indicators suggests this (see numerous NAR bulletins and studies, two of which I noted in blogs, from mid-October and again at the end of October). Data doesn't always make its way to what we feel at street level, but in the upper bracket of the downtown Chicago market, I see all the overly marked down spaces disappearing now. That's good news.

Without data on more expensive listings, $500,000+ listings here were on the MLS an average of 108 days last I heard, but that's about a month or so old. It's getting to be winter here (you don't have that weather-wise of course in HI) and that tends to mean a slower market until about March or even April, but I still think the market is in pretty good shape - the 3rd or 4th best year in history per something I saw from NAR, that can't be much to complain about.

Nov 14, 2006 04:04 PM

Judy Kumano

Prudential Locations LLc - Honolulu, HI

I'm still busy. Not too worried just yet.

Nov 17, 2006 10:07 AM

Off the subject. Kengo you need to change your stuff to (R) right?

Nov 17, 2006 07:17 PM

Randy L. Prothero

eXp Realty - Hollister, MO

Missouri REALTOR, (808) 384-5645

I have noticed that most of the homes staying on for 90 and 120 days or more on Oahu are the ones that are either pushing the price or hard to show.

Seller's and their agents need to realize the market has changed and they have to compete with more inventory.

I see too many times where the agent recommends too high of a price to win over the seller to get the listing. Once they have it reality sets in for them and their client.

Nov 18, 2006 03:41 PM

Kengo Ueno

(R)

You are so right Randy!!! If it's priced right, it should go. It's a little slower but still a great market. Good news is I've picked up again.

Mike...it'll change to R next year. I just paid DCCA this past week and they advised me to just wait till next year to activate it. That's only a month and a half away.

And to everyone else, a warm mahalo for your comments!!! - Aloha

Nov 18, 2006 09:11 PM

Did you guys see ABC News's Nightline last night?

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