Buy or Sell Real Estate on Oahu or Just Wait?

By
Managing Real Estate Broker with eXp Realty RB-19250

This is the question on many people's minds.

Here is a few of my observations. 

  1. Oahu prices are fairly stable compared to most parts of the country.  We have seen a slight slippage overall in median prices.  A few areas have seen larger drops like Ewa Beach, which has short sales, foreclosures and developers in the area competing with resale homes.  Areas like Kahala have seen price increases.
  2. Although sales units are down, homes are still selling if priced correctly and in proper condition.
  3. Interest rates are fairly low.  Immediately after the Freddie and Fannie announcement, rates took a quick dip and are still down.
  4. We live on an island.  There is only so much real estate available.
  5. We are looking like a great place for out of state investors.

If you have been waiting for the bottom or are nervous about the lending industry, you may want to make a move soon.

Our market real estate prices seem to be somewhat stable.  Mortgage money is available and at pretty good rates.  We do not know how long that will be the case.  The lending industry is changing daily.  Anyone who predicts what will happen is crazy or being dishonest.

If you are thinking of selling your home, interest rates are down and buyers can buy.  You will be competing with many others so pricing and condition are very important.

If you are thinking about buying, there is a good selection of inventory and the lower interest rates will allow you to buy more for less.

In any case this is a time of change and working with top professionals is a must if you are looking for success.  You want a real estate agent who is experienced and an expert in that community.  You want a loan officer who is good at what they do.  I personally prefer working with the funding lenders.  That is an entire blog post of its own.

If you are a buyer, mine and most REALTORS® services are normally free to you, so get the best you can find.  If you are a seller, I and most top REALTORS® will give you a free evaluation of your home and make recommendations for getting it ready for sale.

Times are a little uneasy, but there are many opportunities out there.

Posted by

 

--------------------------------------------------------------------------------------------------------

Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Hawaii Honolulu County
Groups:
Realtors®
Almost Anything Goes
Hawaii Real Estate Professionals
Market Updates
POSITIVE ATTITUDE for the Weary Soul
Tags:
home buying
oahu
real estate buyers
home sellers
reale estate market
honolulu county

Spam prevention
Show All Comments
Rainmaker
662,746
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Lenn - Glad to hear you market is doing better.  I am also concerned that some of my buyers won't lock their loans while rates are still down.

Sep 22, 2008 10:52 PM #4
Rainmaker
594,298
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Randy,

Not sure about your market but here it seems like buyers are still waiting looking at all the inventory and and sellers are still holding their prices unless they are up side down.

Sep 22, 2008 11:21 PM #5
Rainmaker
558,115
Jeremy Blanton
Myrtle Beach Homes Blog - Myrtle Beach, SC
Myrtle Beach REALTOR®- myrtlebeachhomesblog.com

Randy, your points are phenomenal in this post.  You are right on it!  You need the professional service more than ever right now!

Sep 22, 2008 11:24 PM #6
Rainmaker
1,543,127
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Randy - Lot of truth in that post. Yep, the opportunities are there for the taking!

Sep 23, 2008 12:52 AM #7
Rainmaker
1,956,480
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Randy

I have got to believe that the rates are pretty good by you.

Sincerely

Tom BRaatz

Sep 23, 2008 01:08 AM #8
Rainmaker
3,985,569
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Randy, I agree that now is the oppertunity to buy.  When the likes of Warren Buffet and Donald Trump are buying now, you tell them that they are wrong!

Sep 23, 2008 02:36 AM #9
Ambassador
1,091,707
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

We are still doing okay and I suppose doing something right as well. I know one thing....out in Ewa I'm getting my clients some great deals lately.....

Sep 23, 2008 04:09 AM #10
Rainmaker
662,746
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Neal - I am hearing that from agents from other areas too.

Jeremy - With all that is happening in the news clients are looking harder for someone who knows what they are doing.

Gary - I agree, it is a time of opportunity.

Sep 23, 2008 05:58 AM #12
Rainmaker
662,746
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Tom - The rates are lower than they have been in a long time.

William - Trump is also building and selling.  He recognizes the opportunity.

Sally - I tell everyone the same thing.  The traffic is tough but they can sure get a lot of home for the money in Ewa.

Sep 23, 2008 06:01 AM #13
Rainmaker
662,746
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

David - Thank you.

Sep 23, 2008 06:01 AM #14
Ambassador
3,998,049
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Randy, I agree, right now is ALWAYS the best time to buy, because right now is the only thing you know for sure, no one knows what is in store for tomorrow.

Borrowers, always ask me what I think the rates will do.  My response is always, "if I knew that I would be sitting on a beach in a nice warm place."  Sort of like a friend of mine, Randy Prothero ........ LOL

Sep 23, 2008 10:13 AM #15
Rainmaker
662,746
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

George - I may not know what the rates will do, but I do know living and owning a home in Hawaii is the closest thing to paradise I can think of.

Sep 23, 2008 01:03 PM #16
Rainmaker
337,635
Thesa Chambers
Fred Real Estate Group - Bend, OR
Principal Broker - Licensed in Oregon

Randy - we are seeing a very strange market - nothing makes sense in it - homes that have sold are not always the best price - they are not always the nicest - it is just flat crazy -

Sep 23, 2008 04:05 PM #17
Rainmaker
662,746
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Thesa - What is crazier is what is happening in New york and Washington with the lending industry.

Sep 23, 2008 08:32 PM #18
Rainmaker
59,047
George Thoma
Island Lending Hawaii, LLC | Equal Housing Lender - Wailea-Makena, HI
Branch Manager / Broker

Just like to add!

Since the Currency dropped ,,,, Foreign Nationals lost out ,,,,,, for them to wait was not for their best interest . 2 Month ago i wrote a biog ,, stating ,,,, since the Euro is on the rise , we will get lots of European Home buyers . 

Now  ,,,,,, it changed for the worse , Lets just see what is going on .

Sep 23, 2008 10:48 PM #19
Rainmaker
662,746
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Georg -  I am not as effected as some in other communities.  I do not normally work with foreign investors.  My business is primarily owner occupants and non-foreign ivestors.

Sep 25, 2008 07:56 AM #20
Rainmaker
484,502
Trey Thurmond
BCR Realtors - College Station, TX
College Station , Texas Homes

Randy

I will say that this financial crunch crisis will most likely create a temporary  interest in investment properties.

Sep 25, 2008 04:29 PM #21
Rainmaker
662,746
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

It will be interesting to see how investors react to this once we see the bailout plan.

Sep 26, 2008 01:01 PM #22
Rainmaker
76,381
Ronnie Margolis
KW Kauai - Kapaa, HI
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloh

Randy, though you work the urban market more than we on Kauai, i feel like most everything you said is true for the neighbor islands too. And yes, the low rates may not stick around indefinitely.

Sep 27, 2008 10:50 AM #23
Rainmaker
662,746
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Ronnie - I do not think anyone can say what the rates will do at this point.

Sep 27, 2008 03:40 PM #24
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
662,746

Randy Prothero

Hawaii REALTOR, (808) 384-5645
Ask me for a free valuation of your Oahu Home.
*
*
*
*
Spam prevention