When the Great Big Giant Real Estate Boom Balloon hit Hawaii it hit HARD! Sellers were overpricing their homes for sale and they were selling like crazy! Buyers were overbidding and there was a bidding war like you wouldn't believe! And prices kept skyrocketing and buyers kept buying and sellers kept selling! And then.....there came a point when buyers could not afford the payments for a $600,000 home with 20% down! And...interest rates went up a little as well.
To give you an example of our market from 2003 to 2006 compared to our current market of 2007 the following statistics will show you what it "used" to be like.
Single Family: Median / Average 
Condos: Median / Average
The Real Estate Market on Oahu, Hawaii has cooled off a little in 2007 although the median prices are still going up in certain areas. The inventory for all areas is higher than the "norm" of the last few years and some areas are considerably higher in inventory and lower in sales/market prices.
For instance, in Ewa, Makakilo, Kapolei, Waianae, and Salt Lake (just to name a few) the inventory is triple what it was two years ago! (and this is after one third were withdrawn because they would not sell....gee, wonder why?) The prices have gone down a little and some seller's are starting to price their properties more accordingly. Some seller's are chasing the market (meaning, they would not listen to the great advise of their Professional Real Estate Agent and wanted to price it over top dollar)
In Central Oahu, such as Mililani, Waipio Gentry, Waikele, Royal Kunia the Median Prices for single family homes AND condos/townhouses have gone up a little for the month of June 2007 by a smidgen. Seller's are getting a little more realistic and buyer's are able to pick and choose their dream home. It's fluctuating from month to month and that's the reality of it.
"Sally's Tipsters for Sellers in Hawaii's Current Market:
"Sally's Tipsters for Buyers in Hawaii's Current Market:
good ones. Speak with them and see which programs are available to suit your needs. The reason I suggest Local lenders are because all loan companies can match or come close to interest rates, closing costs and programs. Local Lenders will also be here...FACE to FACE to guide you through the transaction and if there are any problems they can take care of it promptly. You will also need to have a lender handy for any questions that arise and a pre-approval letter quick once you walk into that dream home that you want to put in an offer on.Bottom line for "Sally's" Info, Advise, and Tipster's for Buyers and Sellers who are seriously considering purchasing a home or marketing their home. The most important decision you will make will be choosing the right professionals for your real estate transaction. It will make all the difference for making your dream home come true. It will make all the difference in moving on in life after the sale of your home.
Happy House Hunting!
Happy Home Selling!
EDIT: For current information please click on a more recent post Be Part of the Solution For Your Market; Because "Shift" Always Happens
* All content and photos are the property of Celeste "Sally" Cheeseman
Celeste "Sally" Cheeseman's Mililani Hawaii Real Estate Blog 2007
Century 21 Liberty Homes, Mililani, Hawaii 96789
Contact: 808.375.1404
Hawaii Relocations, Hawaii Military Relocation Move PCS. Listening to YOUR needs for your Hawaii Home Buying or Hawaii Home Selling experience for a smooth & successful landing! © 2008
Baby You Can Drive My Car: Waikele Hawaii Neighborhood from the Dashboard
Ewa Gentry- Market and Area Report - Honolulu County Hawaii
Bathroom & Kitchen Leaks- Responsible Condo Living in Hawaii
Buyer & Seller Guidelines: Code of Ethics or Fantasy?
The Legend of the Spouting Horn
Waimea Canyon on Kauai - It Took My Breath Away....Literally
Launani Valley Mililani Condos Homes-Hawaii Relocation Schofield Barracks, Wheeler AAF
Presentation for the Hawaii Home Seller (The Epiphany) UPDATED
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
Sally - Excellent information. Sure looks like your market has been growing steadily. Good news for homeowners and those thinking about buying their first homes!
Marlene: Can you believe I actually wrote one like this? Now I know how hard it is to do like Lenn does EVERY day!
very nice submission - great points and nice format
Your market looks a lot like ours... while we have seen a certain amount of slowing the market remains pretty steady.. must be the water...
Sally, I sure wish I had bought in 2003...such a deal. Always good info for both Buyers and Sellers and love the photos.
Excellent Post!! Great set of tips for people looking to enter the market in Hawaii.
Our market is much better than most on the mainland, but is not the same market we had a couple of years ago and we need to adjust.
Sally, I use to hear stories that people would just knock on doors of Hawaii residents and ask to buy their homes. Any truth to that ?
Excellent TIPSTERS!!! I love your lingo Sally...it's truly all your own!!
See Sally, I told you you could do it. "Just write it".
Great article.
Sally, all excellent points and my favorite? If you LOVE it, BUY it. There are many consultants who would disagree with me but I believe that can overcome anything. I always advise people that who call me for advice. (I had heard Hawii was expensive, I also heard it is probably the most beautiful place to live!)....
Hi Sally, what an informative post for consumers - and your pictures are great!
Sally--Wow! Now this is a market report that both buyers and sellers can really use! Great statistics and tips! You would be my choice for a Realtor in Hawaii!
Good job Sally! Those are very good tips for buyers too and sometimes they are so unaware of the free representation they can get from a professional agent. I look at hot sheets daily and view the "sold" listings. The ones that make me scratch my head are the ones that closed dual agency and the difference between the asking price and the sold price is a HUGE difference. Sometimes there me be credit given or maybe there was a price adjustment because there was dual agency but I also beleive it was a matter of "Boy, if I get this house sold I am gonna get a big fat commission check."
One of the problems faced for home seller now in Leeward Oahu is the competition with the new home builders. The incentives they are offering are tremendous to buyers. Have you seen some of those lately such as Sea Country? Unbelieveable incentives.
Aloha.
Ms. Woo Hoo more great tips... boy you gals keep rasing the bar on bloggin... <sigh> now i gotta go get some "thoughts" on paper - have a great one... How's the weather? Oh and that photo was at the Kaha Lani Complex near Lydgate State Park on the east shore.
Thesa: WooHoo! I did it...I found it hard...but I did it!
Kaye: I think so....everyone wants to retire near the ocean.
Gena: I'm glad I bought when I did as well. It was in early 2005 but my little townhouse is still selling 80k more.
Randy: Yup! And we sure need to let people know the info and what to do because some just have no clue.
Missy: That's funny! I never heard that but I have seen little signs on the side of the road that say "We buy homes".
Susie: I gotta be be...hahaha
Aw Lenn: (just emailed you) You know, first BB said write one .... and then you said I can do it. I suppose I was in that "No way I can write like those guys" mode. I truly have a better understanding of how hard you write with statistics, maps, info and the whole works. That was really time consuming. Then my internet crashed and I lost some (I really need to do stuff like that in word first) and almost gave up. Somehow your face kept popping up in front of me saying to get cracking. So this I give you the most credit for inspiring me. It may not be the best but I sure have a sense of accomplishment! Thanks!
Carole: Hawaii is definitely my home that I love. And worth every penny!
Peggy: Thanks!
Teri: Aww....shucks. You made me blush. Thanks Teri!
David: I don't do dual's. At all. Not too many client's want to move out that far. I've had a total of 3 client's who bought out there. And trick to that one...(I got a brochure and info) is that my military client's down have money to put down like they were asking.
Desiree: Everyone's style is different. I told myself that if I was going to write...it would definitely look like me. And it does. I like that.
Sally, awesome post. You did a great job. Very informative and useful.
John: Thanks!
Another great post and very well put together. You must have the most popular blog on Active Rain. I subscribe to your blog because I do not want to miss a post. And at night before I go to sleep I look at your blog's Hawaii photos so I can dream at night about moving back. You really gave a lot of great statistics. After reviewing those stats it is not much different than the median prices for condos here in Florida and depending on where in Florida the single family prices are even similar. Naples Florida on the west coast of Florida is the most overpriced in the nation right now and highest prices! In Hawaii there is only so much land so the price of land will increase, supply and demand. However, the drawback to many people to move to Hawaii is the remoteness, being away from family on the mainland, and having to fly to get to another place instead of the option of driving. It is all relative, right? It is SOO hot here right now and I am having hot flashes at the same time so I told Nestor today, don't be surprised if you find me in Hawaii! There I can get the great weather, not so hot as this, great outdoor living, and great mountains and oceans. The only hills in South Florida are the landfills!
Sally, that is a lot of information along with good advice. I particularly like this one "Don't be a killer negotiator. In other words, the market has softened a tad in Hawaii but don't beat down or insult the seller trying to be a killer negotiator on the home you love. It may cost you the home." Let's hope that the good times will be here again real soon.
Nestor/katerina: There is no drawback for people who are looking to retire...military relocates here and I really have no desire to run around the mainland. My immediate family is here...and when they weren't they flew here to not only see me...but Hawaii. For me...I love remoteness. Peace.
George: I think we needed the break for one good reason...it will weed out the bad apples. The good ones are successful and though it may have slowed it is sometimes a good thing. My business is steady....I really didn't like the four/five in one month...and then nothing for a month....so far this year I'm doing a steady pace with referrals, family and even client's that are finally ready. (have time for blogging too! Sure relieves any kind of stress :)
Woo Hoo Sally...
Sorry I am late but I had some ROARING to do.
Love your entry. Like Lenn, I knew you could do this :)
This is some seriously 'Hard Core Real Estate'. Nice work.
TLW...ROAR!
TLW: I don't know about "hardcore" like Lenn and BB...but I was happy I came up with this ...period....I keep coming back to "look" at it....it "looks" neat. I reread it and you know what...it's me ....Thanks for your support!
Sally, a lot of good tips there. Well constructed post. It was easy to read.
Tim: Thanks so much (the tips) and I had hoped it would be easy to read and at least "look" good. I long ago talked myself into believing I could not write this way....it was hard. That's for sure. (but hey, whip a little me in it and it was fine)
Thanks Sally...in my next life I want to live in Hawaii (before prices go up....HA)
Mary: Hey, that was pretty funny....maybe I'll stil be here...haha!
Sally...I agree... you simply know when it's the right house...when it sings to you! If you love it..buy it!
Monika: So often I hear agents (when I'm doing an Open House) trying to coerce their client's either which way ....with a "this is the house you should put an offer in on" or "I wouldn't buy this one".... Let the buyer feel it.
Sally - Love your tipsters! Very nice - Good Luck in the contest!
Paula: We all are winners! (copying what William Johnson said hehe!) Thanks for the cheering!
OMG: Truth really hurts when they check your IP address because you won't show yourself. I as a real estate professional show all sides to situations. If you have any qualms, then by all means join our network and chime right on in. Otherwise, please don't "TAINT" my post with your negative attitude and hiding behind the keyboard. I will continue to delete your comments.