Its the newest trend-skipping the vacations and staying close to home...and having a STAY-CATION!!!! As gas prices, airline fees, and declining income and the dollar overseas....planning vacations close to home is the right for the travelers on a budget! We live on the worlds best island so why not stay put and let what money you do have stimulate our economy. The next thing you have to do is look for resident discounts....take advantage of Kamaaina rates at local restaurants, hotels, tours and more. The ocean is our backyard and we need to do what we can to keep the local businesses here on Maui during this hard time. We are all budget concerned and right now if we spend a little with our neighbors we can help keep everyone earning a living. So-ask your local favorite place if they have Kamaaina discounts-take advantage of staying close to home and enjoy our fabulous Maui days!
Mary on Maui
Short Sales, Bank Owned (REO's) and New developer offerings....
If you are wondering how to sell your home on Maui right now here is what is selling. Short sales, Bank Owned Properties and New Developer Homes are taking over the market sales. They each attribute about 1/3rd of the actual sales right now. What does this say to the Sellers who are serious about selling right now??? It says that if you are serious about selling your home or condo on this island PRICING is EVERYTHING. Take a look around. The media is warning buyers to be fearful of the current market conditions and the reality is "the only thing we have to fear is fear itself!"
If you have a Seller who is not serious (Seller's take a long hard look at the supporting comps and make the right decisions) about pricing then take the property off the market. This will in-turn lower the inventory and stimulate the market for those Buyers and Sellers who are ready and willing to buy and sell.
Maui is selling along all three fronts.
Short Sales: What has changed though, in spite of Act 137, short sales are closing and are beginning to be quite significant in our current marketplace. If you need market information about helping you price and market your home contact a Realtor for help.
REO's (Bank Owned): The banks are not in business to own houses they are in business to lend money. They don't want this inventory sitting on the market. Make offers, be patient and see what great deals you can get now!
New Housing Developments: These guys are not wanting to sit with inventory and accounts payable. They are offering great incentives, loan packaging and often times a larger commission for the Buyers agent. Buyers out there....you can use any Realtor you want to represent you for free. The Sellers and or Developers pay for their services.
Buyers if you are waiting for the bottom.....you may only see its been the bottom once the indicators show the pricing going up again. Interest rates are still low but I am guessing we may not see them stimulate the market again with 4.5% or less for a while. This bogged down the financial system with too many refinances and now the banks are unable to respond within the time frame that consumers are used to, the que for refinancing is weeks in waiting to hear for approval and the lenders are requesting at least 45 days to close a tradtional home purchase.
Get off the fence. Get prequalified. Go shopping. Make offers. And Sellers if you are not willing to move on your pricing then take your home off the market and let some of the inventory absorb prior to relisting your home. This will help Maui, its residents and the investors who are trying to accomplish buying!
To Buy or Not to Buy Now that is the Question....
If we only had a crystal ball. If we may have been able to prevent what the US is seeing in the housing crisis....but we don't and we have to look at statistics, facts and figures to make our best educated guess on when and how this is going to turn around. Currently what we are seeing is an inventory which keeps growing and is currently at a surplus meaning its a buyers market.
Interest rates that are falling. Expected to go as low as 4% or lower....now may be the right time to start planning the future for your family or just your investment portfolio. What buying power does that reduced interest rate give you...the numbers below are a guideline but they WILL HELP YOUR BOTTOM LINE!
The information is 6.5% interest vs 4.5% interest on a 30 year fixed loan. This means that you can save money on a monthly payment or just simply afford a home that may not have been in your price range prior to the rates dropping.
Loan Amount of $500K: $3,160.34 Vs $2,533.43
Loan Amount of $250K: $1,580.17 Vs $1,266.71
Interest rates are low, now is the time to look at buying...your dollar goes much further.
Have a safe, happy and fabulous New Year.
Much Aloha.
Mary on Maui Your Wailea Real Estate Agent.
C21 All Islands-Wailea
As the world is seeing the worst mass layoff's since 1974 with 533,000 jobs lost in Nov and now over 10 million out of work its time to not order online, stop going to large coffee chains, and supermarkets and start supporting our local business owners. Buy buying local you are probably saving a bit of cash as well as helping your neighbors. Some analysts predict that between now and 2010 that 3 million more jobs may be lost. Batten down the hatches and plant a garden, help out a friend, recycle those used clothes and give them to Big Brothers Big Sisters....with a record 1 in 10 Americans with mortgages late or facing foreclosures we can only predict more pain ahead. We need to support our politicians that are wanting to explore efforts to ease housing, credit and financial stresses. If you need assistance call a tax professional who can legally guide you to your best solution. Consult with a Realtor about where the current value of your home is...listen when someone is offering assistance. There is no quick fix or easy equation to make this disappear...but take the time find out your best option. Time may be the only thing we all have on our side.
Be well
Mary on Maui
c21 All Islands-Wailea Your Wailea Realtor
www.maryonmaui.com
The country's "bailout" sparks a future for Maui's Solar Energy!
Solar Tax Credits are growing as the 2008 Emergency Economic Stabilization Act (EESA) is getting established. Prior to this solar credits maxed out at 30% or $2000 max and was due to expire at the end of this year. However, with the interest of reducing the fossil fuel dependence that Hawaii is extremely dependent on the new legislation has provided much more appealing tax credits....there are important exceptions such as you can not install solar/photo voltaic systems to heat pools and still get the tax credit, check with your tax professional for all tax credit details. Residential dependence of fossil fuel is costly and now the future of solar seems to be a little brighter with possible credits of a residential system that may cost $27,000 for a single family dwelling with up to $9000 or 30% be tax deductible. Solar may be one of the safest investments right now!
Mary on Maui
C21 All Islands Wailea-Your Wailea Realtor
If you don't dare to dream...how can you make a dream come true? When getting ready to buy or sell Maui real estate look to Maui Realtor Mary M Kerstulovich as your trusted advisor 808-283-4688
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
© 2013 ActiveRain Corp. All Rights Reserved
