Aloha from Sunny and Richard - here are the detailed sales statistics released by our Maui Board of Realtors for October, 2011 http://www.ramaui.com/UserFiles/File/Stats/All-Oct2011.pdf
Personally, we are seeing some stronger interest from prospective purchasers by way of more inquiries from our existing clients, as well as from new inquiries, primarily through our website. We are looking forward to our Winter Season which is usually when a good number of our sales occur.
Please let us know if you have any questions about real estate, or have a special area of interest that we can help you with.
Some excerpts from this month's report from Terry Tolman, Chief Staff Executive are as follows:
Strong buyer-showing activity is now evidenced in actual reported sales, with multiple offers competing for wellpriced properties. Inventories have declined 18% over the past 12 months in Residential and Condo classes. Many short sales and REO (bank owned) properties will need to be absorbed as sales before we can move ahead to a more normal marketplace. Interest Rates are remaining near historic record lows which may help motivate would-be Buyers to go ahead and purchase.
FOR SELLERS: Sellers who don’t really need to sell (just “fishing?”) should stay off the market, and clear the marketplace for those who REALLY have to sell. UNLESS- you are motivated to Upsize, Downsize or Upgrade – While selling now will net less, your next property will cost less. Sharpen your pencil, talk to your CPA and Realtor® to explore the hidden benefits or consequences. Make no assumptions that will
sting later.
FOR BUYERS: Very Low interest rates prevail, however could inch up. Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans). More "short-sales" and foreclosures are happening in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6 months) to close, if at all. Be prepared but be realistic. Lenders are much more stringent now on requirements for loan approval.
First-Time Home Buyers – Many programs are available….. Attend a First-Time Home Buyers workshop, get
familiar with the process, get qualified/approved, do your homework to get your own home. Many current owners
never thought they would be able to own until they attended a workshop, discovered they could own a home,
and are glad they did. This low point in the market is your rare chance, so check it out carefully.
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