Too busy to blog

Is the Kauai real estate market turning around? I have experienced a surge in showings this month, as compared to May 2008. The lower prices are attracting more buyers, especially in the $200,000-$500,000 price range.

Just this month, I now have sales pending on two Apopo Hale homes in Kapaa, which are listed at $212,000 and $224,900. I also have a sale pending on a Hanapepe town plantation house listed at $332,000. All three of these listings are Fannie Mae owned properties. The fourth escrow opened this month was cancelled because the buyer couldn't qualify for a loan. A lot of buyers are concerned about whether or not they can qualify, and it is a simple process to find this out prior to getting your hopes up on a home that is too expensive. Kauai buyers are welcome to comment here with questions.

Land is a challeng to sell right now, because the investor/spec house builder has run for cover. Many local banks will not loan on vacant land, and those who do are requiring over 50% cash down. Sellers of homesites and raw land, who do not owe the bank, will be able to step ahead of the competition by offering owner financing to buyers.

The real estate market is very localized and I am still advising sellers with condos in the $600,000+ price range in condominium resorts which are oversaturated with listings, to leave their condos off the market if they do not need to sell right now. If they do need to sell, the condo market is still showing signs of declining prices, so it is imperative to price correctly. Price sells in this market, as there is a lot of competition for buyers.

I have been showing a lot of property and am too busy to blog during daylight hours, so good morning, and good night. It is 12:10 AM HST.

Aloha,

JJ Leininger, RA

KauaiFineHomes.com