Elena Roud, Hawaii Russian Speaking (R) East to West Oahu Fine Homes Specialist

The Oahu Real Estate stats continue to show an active market with sales increasing, days on market low, and extremely low inventory levels. Normally, those stats indicate upward price pressure for Oahu real estate , and would be giving us climbing median prices. Median prices have remained unusually, almost inexplicably flat!!!

The reason could be a combination of the way median prices are calculated, and the high number of first time home buyers. First, median price calculation. Median price measures changes in choices, more than it measures changes in market value. This is because to calculate median, you list all of the sales by price from low to high, then choose the sales price that is in the physical ‘middle’ of the list of prices. Median Oahu Real Estate price is not technically a mathematical calculation. Add to this the high number of first time home buyers who purchase at the lower end of the price spectrum. When taken together, we have a large number of Oahu buyers choosing to buy at the lower end of the price spectrum, so the “middle” number will tend to be a lower sales price. This would explain why condo prices appear to be falling….. First time home buyers disproportionately purchase condos.

We see Oahu single family home median prices drifting upward, and Oahu condo prices drifting downward.

Are you looking for a home near a particular Oahu school in a specific price range? Use our easy Oahu school search ( please make sure you register first ).

The key to finding the right home on Oahu for you and your family is locating the school that you are comfortable with your children attending. This may be a great selling point when it comes time to sell your home. This also narrows your Oahu home search search, and keeps you focused on what's important to you and your family.

When you find a potential home, make sure you check with the school district to determine the specific school you are assigned to (your home school), since there may be several schools in the community. For instance, in some neighborhoods, like Kaimuki, it is possible for two houses on the same street to be assigned to different elementary schools. The home may be on the border between schools and the year the home was built may also be a contributing factor in which school you have been assigned to.

Just how does one determine which Oahu schools are of the best quality?

One way is through data — objective and subjective — gathered from the State of Hawaii. Each year, Honolulu Magazine ranks Hawaii’s public schools using performance and satisfaction data obtained from the state Department of Education. This information consists of Hawaii State Assessment test scores in reading and math, as well as information obtained from surveys taken by teachers, parents and students.

You will find that the quality of schools may vary even within a school district. For instance, a district may have many high-quality elementary schools, but a weak middle or high school. While another district may have a strong high school and weak elementary schools.

Assuming that homebuyers seeking quality education for their children are beginning at the elementary school level, we have identified the Oahu neighborhoods with top-ranked elementary schools.

Using the Honolulu Magazine rankings, certain communities stood out as having stronger schools. These six communities are not listed in any particular order, but listed with each community are their top-ranked elementary schools followed by the school’s ranking in parentheses:

Top Neighborhood School Districs on Oahu:

Aina Haina/Kuliouou/Niu Valley/Hawaii Kai

· Aina Haina (7th)

· Koko Head (10th)

Kaimuki/Kahala/Waialae/St. Louis Hts.

· Liholiho (3rd)

· Wilson (6th)

· Hokulani (9th)

· Aliiolani (11th)

· Kahala (13th)

Manoa

· Manoa (4th)

· Noelani (5th)

Nuuanu/Puunui/Alewa Heights

· Maemae (8th)

Mililani

· Mililani Mauka (2nd)

· Mililani Ike (14th)

Pearl City

· Momilani (1st)

· Pearlridge (12th)

Keep in mind that even if you don’t have children and don’t intend to have any, owning a home in a desirable school district can be beneficial if you choose to someday sell your home. Good schools can increase your home’s resale value.

I will be glad to provide you with information on particular schools and school districts .

The Internet is also a great source for information. Websites such as www.education.com, www.greatschools.org and www.schoolmatters.com provide some valuable information and reviews on specific schools by zip code.

Oahu HomePath Financing - Why HomePath maybe a good Option for you

If anyone is looking to buy Oahu foreclosed home, any home with the HomePath logo means that it is available for HomePath financing.

HomePath financing is great for investors or 2nd home buyers to get 90% financing with no MIP

The lack of MIP will wash the difference in rate in some cases, plus no appraisal

ONLY 3% DOWN IF OWNER OCCUPIED
ONLY 10% DOWN IF INVESTOR PROPERTY (the usual down payment is 20% down)

However, the more you can put down the lower the loan cost/interest rate. The less you put down the higher the rate.

Down Payment may be gifted - A relative can help you get into a home

No Appraisal Required - Appraisal issues can disrupt or even kill a purchase. Save money and potentially even your transaction by not having to complete an appraisal.

No Mortgage Insurance Required - saves you money by not having the cost of mortgage insurance added to your monthly mortgage payment.

HomePath Interest Rates are determined by 3 factors:

Credit Score: While the minimum credit score required is 660, the higher the credit score the lower the loan costs (or lower the interest rate).

Type of property purchased: Condominiums have additional loan costs. Single Family homes do not have price add ons.

If there is a bidding war over foreclosure - HomePath financing may win over FHA or even Conventional.

Ask me for a list of homes that qualifies for Oahu HomePath Financing

VA Approved Condos in Hawaii, Oahu, Honolulu

Are you currently looking for a condo in Honolulu , Oahu, Hawaii and will be using a VA loan?

Are you having a difficult time finding VA approved complexes?

By now you must realized already that the tricky part is to actually find VA approved condo's in Honolulu, Hawaii.

Not all condo's are approved, or even "approvable".

Before making an offer you will definitely want to know if VA financing is even possible. Assuming the Hawaii Veteran has already been PreApproved for a VA loan, they will want to narrow their condo search to properties on the VA approved list.

Did you know that The Department of Veterans Affairs has a searchable database of VA-registered builders across the United States, including Hawaii

Here is the link to the section of the VA website that allows you as a homeowner to search for VA approved condo projects: Veterans Affairs VA Registered Condominiums and or PUDS

Keep in mind some projects may have never been submitted for approval, so not all condo projects are shown.

Getting into close communication with a realtor who understand VA financing is good place to start the home search.

I'm an experienced realtor who had many successfully closed transactions with VA financing and I'm happy to respond to your questions.

Issues with short sale in Hawaii buyer need to know

The risks of looking to buy a short sale in Hawaii are substantial, but if you have the Time, Persistence, Flexibility in price and cash reserve.., and determination to see short sale go through, a short sale can be a win-win situation  for Buyer and the Sellers, but could end up with less commission for both agents

Short sales are no fun for anyone involved, but they'll be around for quite some time that is why we need to better understand the Pitfalls and the Rewards of Short sale

To make the process less painful, make sure you are using an experienced short sale agent, whether you're on the buying or selling side. A special designation is not necessary, but make sure you inquire how many short sale transactions the agent has successfully closed.

 At Prudential Locations we have a Short Sale team of agents who specialize in Short sale and my web site will show you which property is a short sale or REO - banked owned real estate.

Before the lender will agree to a short sale, the seller has to prove to his lender that they are unable to keep the property. There must be a hardship, typically things like divorce, unemployment, or overwhelming medical bills. Wanting to sell your house because you're underwater is typically not a hardship. The buyer may wait for 2-3 months for an answer only to have the lender deny the short sale because they determine the seller should be able to make payments and keep the home.

 Unfortunately, you don't have much control over these things happening but you can prepare yourself. If you're considering purchasing a short sale, ask your agent to gather as much information as possible from the listing agent about the seller's situation.

Have the sellers truly suffered a hardship?

How many lenders are involved?

Is the seller committed to a short sale?

 

Some of the other risks faced by buyers of short-sale properties include:

 Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you'll have wasted months. Or the lender could make a counteroffer, which will lengthen the process.

Terms of a counter offer. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you've already negotiated, which may not be agreeable to you.

No repairs or repair credits. You will most likely be asked to take the property "as is." Lenders are already taking a loss on the property and may not agree to requests for repair credits. If the home is in need of serious repair, one option for those needing financing is to obtain an approval for an FHA 203k "rehab" loan, which allows for repairs to be financed with the loan.

Seller can change their mind ...The sellers can decide to pursue a loan modification rather than do a short sale...

Buyers should keep looking at www.ElenaRoud.com for properties since they don't know if the one they made an offer on, will be approved by the bank.

My site will show you history of sale and price change on the property , and has a list for foreclosed homes on every Hawaii Island ..