Century 21 All Islands Hawaii Real Estate Blog

Homebuilder Confidence Moves To 5-Year High

Posted on May 16, 2012 by CENTURY 21 All Islands

NAHB HMI Homebuilder Confidence is on the rise once again.

After a brief dip in April, the National Association of Homebuilders reports that the Housing Market Index rose 5 points in May to 29. The increase marks the sharpest climb in homebuilder confidence on a month-to-month basis in 10 years, and raises the index to a 5-year high.

The Housing Market Index is scored from 1-100. Readings above 50 indicate favorable conditions in the single-family new home market overall. Readings below 50 indicate poor conditions.

The HMI has not been above 50 since April 2006.

The Housing Market Index itself is a composite reading as opposed to a straight-up homebuilder survey. The published HMI figure is a compilation of the results of three specific questionnaires sent to NAHB members monthly.

The survey questions are basic :

  1. How are market conditions for the sale of new homes today?
  2. How are market conditions for the sale of new homes in 6 months?
  3. How is prospective buyer foot traffic?

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Home Affordability Getting A Springtime Boost From Greece

Posted on May 15, 2012 by CENTURY 21 All Islands

Greece affects U.S. mortgage ratesHome affordability is receiving a boost from across the Atlantic Ocean this spring.

For the third time in as many years, a weakening Eurozone is pushing May mortgage rates to new lows nationwide.

The story centers in Greece and begins in 2010.

2 years ago, it was uncovered that successive Greece governments had purposefully misreported the nation-state’s economic statistics in order to meet European Union standards. The fraudulent data had permitted Greek governments to spend beyond their means while hiding deficits from EU auditors.

The realization that Greece was heavy in debt with little means to repay its creditors resulted in a massive bailout from the IMF and the rest of the Eurozone nations. The terms for Greece said that, in order to receive its €110 billion aid package, Greece would be required to enact strict spending controls.

This is known as “austerity” and the deal was met with outrage by the Greek public. There’s been general social unrest ever since and, on May 6 of this year, Greece held a special “early election” to elect all 300 members to its legislature.

No party won majority in the elections.

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Posted in Mortgage Rates | Tagged , , | Leave a comment

How To Seal A Granite Countertop

Posted on May 14, 2012 by CENTURY 21 All Islands

Seal granite countertopsAmong homeowners, granite countertops remain a popular kitchen and bathroom finishing choice. Granite boasts a combination of natural beauty and durability that’s unmatched among most commercial options.

But different from many other countertops choices, granite is a natural material; mined from the Earth. It is porous and highly absorbent.

To protect the granite in your home, therefore, and to ensure its quality over time, you’ll want to seal your countertops at least once annually. A proper granite sealing will prevent stains and damage that can ruin your countertops’ appearances.

Sealing your granite countertops is a simple job, but one that requires a little bit elbow grease.

First, you should make sure your granite is actually ready to be re-sealed. To do this, soak a white cotton cloth in water and leave it on the corner of your countertop for a 10 minutes.  Lift the towel and check whether the area under the towel is discolored, or dark. This will indicate that your granite is absorbing liquid and needs sealing.

If the area is not disclored, your granite is already sufficiently sealed.

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Posted in Around The Home, DIY | Tagged , , | Leave a comment

Mortgage Rates Make New All-Time Lows (Again)

Posted on May 11, 2012 by CENTURY 21 All Islands

Mortgage rates

Conforming mortgage rates continue to drop.

For the second straight week, the 30-year fixed rate mortgage fell to a new, all-time low nationwide. According to Freddie Mac’s weekly mortgage rate survey, the average 30-year fixed rate mortgage rate dropped 1 basis point to 3.83% this week for borrowers willing to pay 0.7 discount points plus a full set of closing costs.

The 15-year fixed rate mortgage also set a mortgage rate record, registering 3.05% with an accompanying 0.7 discount plus closing costs.

Discount points are a one-time, up-front closing cost, based on loan size. 0.7 discount points is equal to 0.7% of the borrowed amount. A home buyer opening a $200,000 mortgage and paying 0.7 discount points, therefore, would be subject to a one-time $1,400 fee paid at closing.

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Posted in Mortgage News, Mortgage Rates | Tagged , , | Leave a comment

Kauai Market Update

Posted on May 10, 2012 by Nathan Smith, RA

Spring is almost over and Summer will be here before you know it.   We are seeing a huge shift in the market over here on Kauai.  The real estate market here is really heating up.  We are seeing huge decreases in the inventory, and pending sales, and sale are growing every month.  One of the biggest changes I am seeing is inventory in certain condo complexes or price points are getting low or disappearing all together.  For example the development I live in, in Princeville,  6 months there were 11,  2 bedroom units for sale,  now there are 0 (zero) for sale.   There were 6 homes for sale in Princeville below $600,000 now there are 0 (zero).  Another big change I am seeing is that the new listings that are coming on the market are coming on at a higher price point.  As we have worked through the majority of the distressed inventory the next set of Sellers are not willing to sell at the distressed level prices.   There are still some really good deals out there you just have to look a little harder to find them.  As always I am here to help let me know when is a good time for you to start looking for your own little slice of paradise.

Below are a couple good articles about the current trends and moods about Real Estate in America right now.





 
 
MLS # Type Sub Own Status Taxkey Tnr Price Land Area  Location Lv. Area Bd/Ba Unit
254153 CND AT CPR Active DOM:10 4-2-8-20-3-39 FS $250,000  Makahuena #IIA307 1,113 2/2.01 #IIA307
 
 
MLS # Type Sub Own Status Taxkey Tnr Price Land Area  Location Lv. Area Bd/Ba Unit
246638 CND AT CPR Active DOM:290 4-5-4-15-21-40 FS $185,000  Sandpiper Village I #203 1,173 2/2.01 #203
 
MLS # Type Sub Own Status Taxkey Tnr Price Land Area  Location Lv. Area Bd/Ba
251002 RES DT FL Active DOM:132 4-2-8-28-36 FS $797,000 6,477 sqft  1753 Kelaukia St 1,283 2/2.00
 
MLS # Type Sub Own Status Taxkey Tnr Price Land Area  Location Lv. Area Bd/Ba
252390 RES DT FL Active DOM:59 4-5-4-21-10 FS $649,000 10,018 sqft  3836 Kaweonui Rd 2,016 3/3.00
 
MLS # Type Sub Own Status Taxkey Tnr Price Land Area  Location Lv. Area Bd/Ba
254180 RES DT FL Active DOM:6 4-5-5-2-116 FS $1,795,000 7,178 sqft  5283 Malolo Pl 2,939 5/4.01

 

This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.

 

Copyright ©5/6/2012 by Hawaii Information Service

Aloha,

 

Nathan Smith RA

Century 21 All Islands

808-651-9855

www.luxurykauairealestate.com

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Posted in Hawaii, Hawaii Real Estate, Housing Analysis, Kauai, Real Estate Information | Tagged , | Leave a comment

Rising Home Prices: Coming to a Market Near You

Posted on May 10, 2012 by Nathan Smith, RA

Many experts are saying that the real estate market has hit bottom and that we are starting to see an increase in asking prices.  This seems to be a trend not just a blip in the market.  As more non distressed Sellers bring their homes on the market they are not listing them at the distressed price levels.  Sellers are beginning to realize that they can list their properties for more than the last sale and are able to get more as prices begin to rise.  One word of caution is that the Buyer out there is very savvy and has been tracking them market and is willing to pay more for a non distressed sale but no a whole lot more.  As the inventory continues to dwindle Buyers have less options and are having to pay a little more for want they want.  Another interesting trend is that rents are continuing to rise which is making a lot of potential buyers go ahead and jump into the housing market and buy something at these low prices and low interest rates.   Below is a great article detailing this and breaking it down by some of the larger Metro areas in the United States.  Good reading!!!

http://pro.truliablog.com/industry-2/rising-home-prices-coming-to-a-market-near-you-2/

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Posted in Real Estate Information, Real Estate News, The Economy | Tagged , , | Leave a comment

8-Fold Increase In “Improving Markets” Since September

Posted on May 10, 2012 by CENTURY 21 All Islands

Improving Markets IndexThe economic recovery continues nationwide, but the recovery’s an uneven one.

Some metropolitan areas are faring very well this year, posting measurable gains in both employment and housing. Other metropolitan areas, by contrast, are struggling.

To help identify those markets in which growth is occurring, the National Association of Homebuilders created the Improving Market Index, a metric analyzing three separate, independently-collected data series “indicative of improving economic health”.

The IMI’s three collected data series are :

  1. Employment Growth (as published by the Bureau of Labor Statistics)
  2. Home Price Growth (as published by Freddie Mac)
  3. Single-Family Housing Growth (as published by the Census Bureau)

A metropolitan area is considered to be “improving” if all three indicators show growth at least six months after the respective area’s most recent trough, or “bottoming out”.

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With LIBOR Low, Don’t Rush To Refinance Your ARM

Posted on May 9, 2012 by CENTURY 21 All Islands

Pending ARM Adjustment

Is your mortgage scheduled to adjust this season? You may want to let it. This year’s ARM-holding homeowners are finding out that an adjusting mortgage may be the simplest way to get access to today’s low mortgage rates — without paying the closing costs.

Currently, conventional adjustable-rate mortgages are adjusting to near 3.00 percent.

If your home is financed via an adjustable-rate mortgage, you’re likely cognizant of your loan’s life-cycle. At first, your ARM’s initial mortgage rate is agreed upon between you and your lender, a rate that both parties agree will remain in place from anywhere from one to 10 years, with periods of five and seven years being most common.

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Reverse Mortgages : Pros And Cons

Posted on May 8, 2012 by CENTURY 21 All Islands

Despite several big-name banks pulling the product from their respective home loan offerings, reverse mortgages remain a popular mortgage choice among homeowners aged 62 or over.

A reverse mortgage is exactly what it sounds like — a mortgage in reverse. Rather than borrow a fixed amount of money then pay that loan balance down to zero as with a “forward” mortgage, a reverse mortgage starts at a given loan balance and works its way up as scheduled payments are added to the existing loan balance.

This 4-minute piece from NBC’s The Today Show highlights a few pros and cons of reverse mortgages, and the reasons why you may want to consider one, including :

  • No mortgage payments are ever due on your home
  • There is no credit check required for a reverse mortgage
  • There is no income requirement to qualify for a reverse mortgage

There are some basic qualification standards for the reverse mortgage program including a requirement that all borrowers on title must be 62 years of age or older; and that the subject property be a primary residence. Loan fees can also be higher than with a conventional-type mortgage.

If you meet the qualification standards, though, with a reverse mortgage, you have flexibility in how your home equity is distributed to you. You can receive a lump-sum payment, elect for monthly installments over time, create a line of credit, or a combination of all three.

Like all mortgages, reverse mortgages are complex instruments. That’s one reason why all reverse mortgage borrowers are required to attend counseling — the government wants you to be certain that you understand the nuances of the reverse mortgage program.

Your lender will want you to understand the program, too.

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Posted in Mortgage Guidelines, Mortgage News | Tagged , , | Leave a comment

Small Repairs That Can Raise Your Sales Price

Posted on May 7, 2012 by CENTURY 21 All Islands

Leaky faucet

If you’re actively preparing to list your home for sale, resist the temptation to make major home improvements. Nationwide, home improvement projects recoup just 58 cents on the dollar, says Remodeling Magazine.

Rather, for a better return on your time and money, focus on the minor projects instead. It’s the smaller projects that tend to have a bigger, long-term payoff.

So, how do you determine which projects are the “smaller ones”? It’s obvious when you think like a buyer.

Consider : Home buyers don’t always notice when your home is in working order. In fact, they expect it to be that way. What they do notice, however, is when things are “broken”. When a buyer sees torn screens in your windows or burnt out light bulbs, it makes him wonder what else in the home has not been cared for.

This is one reason why — especially during warmer months — it’s sensible to hire an exterminator prior to selling your home. If a prospective buyer uncovers bugs in your bathroom, it can leave a lasting, negative impression — one that won’t likely lead to a purchase contrast.

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