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% of Total Inventory For Sale with Just Accepted Offers (ACS) 12/21/06
Oahu SFH 21%
Oahu Condo 20%
Kailua SFH 16%
Kailua Condo 54%
Kaneohe SFH 14%
Kaneohe Condo 29%
North Shore SFH 5%
North Shore Condo 1%
Waikiki Condo 14%
Hawaii Kai SFH 19%
Hawaii Kai Condo 17%
Mililani SFH 23%
Mililani Condo 37%
Ewa Beach Area SFH 23%
Ewa Beach Area Condo 12%
Pearl City SFH 36%
Pearl City Condo 43%
Makakilo SFH 15%
Makakilo Condo 19%
Aloha All:
This month's article is going to be little different, short but sweet. No other data or graphs, so if you need some on any neighborhood, just email me at
mikeg@hawaii.rr.com.
I've got a bunch of 'things' running around in my head this month after looking at the latest Honolulu Board of Realtors Sales Data Report issued Jan. 2nd. ' 07.
Overall, there is a huge shift occurring in sales from Condo's TO Single Family Homes! Inventory is again INCREASING in both categories after declining all December'06 and the rate of %'s just in Escrow (ACS) are dropping all over the place. In short, Inventory For Sale is rising again while sales are dropping! Bummer!
Sunday Newspaper Front Page Home Section ArticlesI would like all of you to understand... .These feature articles in "The Advertiser" every Sunday in the "Home Section" are SPONSORED BY A REAL ESTATE COMPANY. Often the data presented is mis-sku'd so that you do not receive, in my humble opinion, the TRUE PICTURE. Like last weeks, for instance showed a graph of Median Sold Prices going UP accompanied with an article about how great the Market is and prices are Rising.
NOT TRUE folks! The latest Honolulu Board of Realtors Sales Data Report shows a graph from 1987 to Current showing both Single Family Homes and Condos are DECLINING IN PRICE!
YOU GOTTA WONDER... ... ..IS THIS FEATURE TELLING ME
WHAT 'THEY' WANT TO ME TO HEAR?
THE ANSWER IS "YES!"
Be careful what you read and make sure you 'get the facts' and 'the full picture.' If you are not sure... ask me!
WITHDRAWN AND EXPIRED LISTINGSI have recently been tracking EXPIRED AND WITHDRAWN LISTINGS with great interest. They are both very much on the Rise! As of Jan. 4th.'07:
FOUR DAYS OF THIS MONTH ONLY
Single Family Homes: 82
Condo/Town Homes: 148
THAT'S A HECK OF A LOT !
I see this trend increasing over the next few months with no abatement till around April, when 'I think' Inventory will go down for Summer and Sales will pick back up.
NOW YOU ARE NOT GOING TO BELIEVE THIS!........In checking out these Expired and Withdrawn Listings... ... .I am finding several consistencies:
1) Realtors have put your Home into the MLS WITH NO PHOTOS! The darn things are on the Market for over 100 Days and NO PHOTOS! I am sure you all are well aware that about 80% of all Buyers shop the INTERNET before contacting a Realtor to see a property!
2) Most of these Listings For Sale that haven't Sold because, in addition to NO Photos THE SELLING PRICE IS INCORRECT. Often by a lot! Your Realtor is supposed to tell you what the Home will SELL FOR... after all, isn't that THEIR JOB?! Some Realtors of course will take the listing no matter if the price the SELLER wants doesn't make any Marketing Sense. Some of us figure 'What the heck... eventually the Seller is going to have to lower the price!' 'In the meantime I can do Open Houses and get Buyers for OTHER PROPERTIES!'
3) Cooperating Brokers Commissions: Ohhh... . This is a 'Touchy Subject.' According to Federal Rules ... THERE IS NOT SET COMMISSION STANDARD FOR LISTINGS... other wise it would be 'Anti Trust?' So that being said whether or not you list your property for 6%, 5%, 4%, etc. OR TRY TO SELL THE HOME YOURSELF... .There is One Thing you HAVE to Remember...
THIS IS A BUYER'S MARKET!This means that 'if' you are going to Sell it yourself and 'hopefully' save yourself usually up to 3% in Commission Costs or List it with a Realtor in the MLS at 5%, 4%...what ever... gee, I wonder how many showings you are going to get?
AND... if you are going to try and Sell it yourself... and YOU ARE NOT EVEN GOING TO PUT INTO THE MLS???? Good Luck!
"Doctor I need a Heart Transplant"
"Do you offer any DISCOUNTS for the Operation?"
hummm...
"I WONDER... ... ... .IS IT TRUE?"
"DO YOU GET WHAT YOU PAY FOR?"
"YES!"
Anyhow... enough said on that RED HOT TOPIC!
4) What IS the Track Record of your Realtor? How many Sales? How many Listing For Sale do they have? How many Expired and Withdrawn Listings do they have?
DOSE ANYBODY CHECK BEFORE LISTING THEIR PROPERTY?
Very Often the Answer is... NO.
ASK!
Nothing against New Realtors... Everybody has to Start Some Where! Me Too!
It is also fairly consistent to see Listings For Sale where the Agent ... .has NO Prior Sales.
"Everybody has to start somewhere... Do you want to start there too?
5) Oh... Let's see, let's go back to those PHOTOS again. 'If' there were Photos of your Home For Sale in the MLS was it ONLY the OUTSIDE OF THE BUILDING? You would Not BELIEVE how many listings show this ONE PHOTO for over 100 days on the Market... Gee... I wonder why it didn't sell?
Or if there are Photos... were they PROFESSIONALLY DONE?
How about those often dark photos, hardly any Color or Detail?
How about that 'Great Mirrored Flash' Off the glass in the Bathrooms?
How about that shot where there are NO LIGHTS ON in the Room?
I promised my Editor I would END this on Page #5 ... so here it is!
Anyhow, I think these are ALL Good Tips to consider when trying to Sell your Home! Please use them. Ask questions and Above All... GET WHAT YOU ARE PAYING FOR!
ONE LAST TOPIC THAT IS 'BUGGING ME! PROPERTY TAX ASSESSMENTSWow... I recently got mine. Now, I live in what I think is a nice home. I like it here. I bought my home for $150,000... .years ago. Glad I did! I live in a $700,000 to $800,000 Neighborhood on the Windward Side.
My Property Tax Assessment was... $950,000.00... !!! YOU HAVE GOT TO BE KIDDING ME?!
I definitely will be filing an Exemption with the Tax Office. I think they are going to get BURIED this year in Exemptions!
Even if you don't want to Buy or Sell Anything...
IF YOU NEED A MARKET VALUE via Comparables For your Home...
Let Me Know...
I will be Happy To Help!
