Hawaii Foreclosure Rates Rise and Buyers Benefit
Quick market update: The amount of Hawaii foreclosures rose 340 percent compared to last September. Hawaii is now in the top 20 of all states for amount of foreclosure filings. Prices have steadily been dropping the past two years and this is going to create some great buying opportunities in the months to come.
Both the banks that have to sell these foreclosures and the sellers that actually have to sell their home are going to be competing for the smaller buyer pool we have. This will give buyers more power and leverage when negotiating the price for their new home purchase. Mortgage rates are still at an all time low creating a great time to get a loan as well.
Feel free to contact us to help you find a great property that fits your needs.
Oahu Real Estate March Market Update
During March, sales of 282 single family homes and 392 condos were reported sold by the Honolulu’s MLS, decreases of 14.5% for single family homes and 27.5% for condos, compared the same month last year. There were a total of 673 home sales on Oahu for the first three months of 2008, a decrease of 22% over the same period one year ago. Total condo sales the first three months were 1037, a 23% decrease from last year.
The median prices paid for single family homes and condos on Oahu were $628,000 and $329,500. Single family home prices saw a decrease of 2.4%, while condos saw an increase of 2.6%. The housing market as a whole saw a price decrease in total volume of 18%.
Hawaii MLS Home Finder
Hawaiimlshomefinder.com is a company real estate site that is owned and operated by American Dream Realty. Hawaii MLS Home Finder allows buyers to view properties for sale on all the hawaiian islands ( Oahu, Maui, Kauai and the Big Island of Hawaii). The site is easy to use and will also send buyers new listings as they come available.
When you are ready to make an investment in Hawaii real estate you should contact American Dream Realty. They are ready and willing to help make your buying experiece a pleasure. American Dream Realty is located on Oahu, but has agents on maui, Kauai and the Big Isand ready to help as well.