Monday, May 5, 2007

Published by... Oleg Potemkin (RA) Hawaii Realty Associates LLC Cellular: (808) 398-9987 Fax: (808) 538-8081 http://www.HawaiiRealEstateNews.com  E-mail: oleg@hawaii-realty.com

Aloha Friends and welcome to May's issue of Hawaii Real Estate News - your greatest source for latest real estate information on Oahu, Hawaii. My free Hawaii real estate online newsletter published monthly and sent to 3200+ subscribers who have chosen to receive it. Your name and e-mail address is kept strictly confidential and never traded or sold to any outside entity.  Thank you for joining us! Not a subscriber yet? Click here to start your free subscription!

In this issue...

1. Featured properties on Oahu, Hawaii.
2. Oahu real estate market update.
3. Median sales prices on Oahu, Hawaii (1st Quarter 2008)
4. Free professional home valuation on Oahu, Hawaii.
5. Article: 7 Deadly Mistakes Home Sellers Make
6. Oceanview & beachfront vacant lots on Oahu.
7. Current mortgage rates by Central Pacific HomeLoans.
8. Humor: Buy Me Out
9. Subscription information

I am proud to present the finest luxury homes on Oahu, Hawaii. If you see anything that looks interesting and need more information, please feel free to contact me at oleg@Hawaii-Realty.com  or call me at (808) 398-9987  I look forward to helping you with your real estate needs here in Hawaii!

$4,988,000	$3,900,000	$1,449,000	$829,000	$11,900,00	$6,285,000
from $855,000	from $519,900	from $350,000	from $1,600,000	from $445,000	$146,000

Oahu Real Estate Market Update

HONOLULU - Released: Thursday, May 1, 2008 

Today, the Honolulu Board of REALTORS® released resale figures for the month of April. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During April, sales of 256 single-family homes and 384 condominiums were reported through the Board’s MLS, decreases of 25.1 percent for single-family homes and 27.1 percent for condominiums, compared to the same month last year. This brings total single family home sales on Oahu to 929 for the first four months of 2008, a decrease of 23.0 percent over the same time period one year ago. Total condominium sales through April were 1,421, a 24.7 percent decrease from last year. The median prices paid for Oahu properties in the first four months of 2008 were $625,000 and $329,000, respectively, a decrease of 0.8 percent for single-family homes from the same time period in 2007 and an increase of 2.2 percent for condominiums. The total dollar sales volume generated in the housing market for the first four months of this year was $1.311 billion, a decrease of 21.2 percent, or $352 million, compared to the $1.663 billion produced one year ago.

“Median prices are holding pretty firm in the current Oahu housing market, at $639,000 and $327,000, in April,” sad Dana Chandler, President of the Honolulu Board of REALTORS®. “This contrasts with the significant losses of home values in Mainland cities tied mostly to the continuing credit crunch. We continue to be fortunate that this is still a stable environment for both buyers and sellers.”

“April’s data shows that there is enough demand, albeit lower than last year, to maintain our residential price levels,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “The U.S. Federal Reserve cut overnight interest rates this week by only 25 basis points, but this is seen as a positive move for the housing industry.”

You can visit the Board's Internet web site here.

Mistake #1 -- Pricing Your Property Too High

Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.

Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value

Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your Realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.

Mistake #3 -- Forgetting to "Showcase Your Home"

In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.

Mistake #4 -- Trying to "Hard Sell" While Showing

Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.

Mistake #5 -- Trying to Sell to "Looky-Loos"

A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a Realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.

Your Realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your Realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new Realtor.

Mistake #6 -- Not Knowing Your Rights & Responsibilities

It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws will affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money.

Mistake #7 -- Limiting the Marketing and Advertising of the Property

Your Realtor should employ a wide variety of marketing techniques. Your Realtor should also be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your Realtor is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch with many potential buyers.

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Oceanview Vacant Lots on Oahu

Here is some excellent ocean view land buys for your consideration. If you need more information on any of the lots below, please e-mail me at oleg@hawaii-realty.com

$715,000	$3,350,000	$740,000	$2,300,000	$1,075,000	$2,300,000
12,292 SQ. FT	20,001 SQ. FT	10,008 SQ. FT	30,831 SQ. FT	87,120 SQ. FT	14,711 SQ. FT

Current Mortgage Rates

Attached below you will find current mortgage rates of Central Pacific HomeLoans  Interest rates Effective 5/2/2008

Program	Rate	APR	Points	Monthly Payment Per $100,000
Conforming 15 Yr Fixed	5,500%	5,633%1	0.125%	$817.08
Conforming 30 Yr Fixed	6.000%	6.072%2	0.000%	$599.55
Jumbo 15 Yr Fixed	5,750%	5,867%3	0.000%	$830.41
Jumbo 30 Yr Fixed	6.125%	6.222%4	0.250%	$607.61
FHA 30 Yr Fixed	5,875%	6.290%5	0.000%	$600.41

1 Conforming 15 Yr Fixed - The Annual Percentage Rate (APR) is based on a loan amount of $200,000.00, a loan term of 15 years (180 monthly payments), with $707.50 of lender fees and 25 days of prepaid interest. This calculation assumes a minimum down payment of 20% with an occupancy type of owner for a single family dwelling purchase with full income documentation in the state of HI with a lock period of 30 days and no prepayment penalty. Maximum loan amount is $625,500.00 for a single family dwelling.

2 Conforming 30 Yr Fixed - The Annual Percentage Rate (APR) is based on a loan amount of $200,000.00, a loan term of 30 years (360 monthly payments), with $707.50 of lender fees and 25 days of prepaid interest. This calculation assumes a minimum down payment of 20% with an occupancy type of owner for a single family dwelling purchase with full income documentation in the state of HI with a lock period of 30 days and no prepayment penalty. Maximum loan amount is $625,500.00 for a single family dwelling.

3 Jumbo 15 Yr Fixed - The Annual Percentage Rate (APR) is based on a loan amount of $650,000.00, a loan term of 15 years (180 monthly payments), with $707.50 of lender fees and 25 days of prepaid interest. This calculation assumes a minimum down payment of 20% with an occupancy type of owner for a single family dwelling purchase with full income documentation in the state of HI with a lock period of 30 days and no prepayment penalty. Maximum loan amount is $1,000,000.00 for a single family dwelling.

4 Jumbo 30 Yr Fixed - The Annual Percentage Rate (APR) is based on a loan amount of $650,000.00, a loan term of 30 years (360 monthly payments), with $707.50 of lender fees and 25 days of prepaid interest. This calculation assumes a minimum down payment of 20% with an occupancy type of owner for a single family dwelling purchase with full income documentation in the state of HI with a lock period of 30 days and no prepayment penalty. Maximum loan amount is $1,000,000.00 for a single family dwelling

5 FHA 30 Year Fixed - The Annual Percentage Rate (APR) is based on a loan amount of $200,000.00, a loan term of 30 years (360 monthly payments), with $3,873.06 of lender fees and 25 days of prepaid interest. This calculation assumes a minimum down payment of 20% with an occupancy type of owner for a single family dwelling purchase with full income documentation in the state of HI with a lock period of 30 days and no prepayment penalty. Maximum loan amount is $544,185.00 for a single family dwelling

These rates are only available to qualified applicants and assume excellent credit. Rates and terms are subject to change or cancellation. 

Humor - Buy Me Out

A very successful Real Estate Broker had a meeting with his new son-in-law. "I love my daughter, and now I welcome you into the family," said the man. "To show you how much we care for you, I'm making you a 50-50 partner in my Real Estate office. All you have to do is go to the office every day and learn the business."

The son-in-law interrupted, "I hate office. I can't stand Agents."

"I see," replied the father-in-law. "Well, then you'll work in the office and take charge of some the paperwork."

"I hate paperwork," said the son-on-law. "I can't stand being stuck behind a desk all day."

"Wait a minute," said the father-in-law. "I just made you half-owner of my Real Estate office, but you don't like office and won't work in a office. What am I going to do with you?"

"Easy," said the young man. "Buy me out."