July 2009

Found 5 blog entries for July 2009.

 The $8000 Federal tax credit for first time buyer is availabe if you close on a purchase by December 1st.  That means you would have to find the house you want by around October 1st to make sure you can close in time, since it takes about 45 days to close, plus any extensions for last minute issues that come up.    So if you need to find a house by early October,you should start looking no later than September 1st, to make sure you have time to find what you need.  That's just one month away now.     Make sure you don't miss out on the free government money!
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Unless you have oodles of cash, months to wait, and are willing to risk 10% of the purchase price being taken away without any recourse, buying a foreclosure in Hawaii is not for you. That's because the process in Hawaii is an expensive process that can often result in failure when the court decides the home owner gets to keep his house. You can lose your 10% deposit faster than you can count it.

The better way to go is to buy a short sale. Let me give you some tips for short sales.

1 - look for a seller who already has lender approval at their list price. This will cut months off your wait time.
2 - get your loan approved, fully approved, before you even make your offer. Again, this will cut down the time it will take to get an approval from the seller's…
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Inflation - a general and progressive increase in prices; "in inflation everything gets more valuable except money".

That's the definition Google gives, and there is a simple correlation - when the prices of things rise, the prices of homes are included.

Now that the Fed has printed $3trillion, with rates down to about zero, inflation is a concern for many. It's not so much 'if' but 'when' this will happen.  While it hasn't come yet, and in fact we are closer to disinflation right now, the threat of hyper inflation is in the near future.

One of the benefits of inflation will be that home prices will rise, along with everything else. Many economists think inflation is what we need to get us out of the mess we are in. Money will lose value while other things

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I just listed this beautiful ocean view house in upper Hahaione, one of Hawaii Kai's most beautiful neighborhoods.front_640 Just a year ago this home was listed for over $1million, and it is now on the market for $700,000 as a short sale. 

 While short sales take a long time to close, this is definitely a house worth waiting for.  It's basically the only house in Hawaii Kai at this price and size.  

 The house has a great ocean view from the large front lanai, and you can see the end of Portlock too.  It has a nicely remodeled kitchen with Bosch and GE Profile appliances.

There was a time when you couldn't get anything in Hahaione for under $800k, even a dump.  This is indication of what the market has done in the last few years.  Want a bagain in Hawaii? 

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On Thursday I drove to Ewa beach at 4pm. That should have been the longest drive time of the day, but I made it from Diamond Head in about 30 minutes, all the way to Ocean Pointe. 

It used to be that once you got off the freeway in Ewa, it took another 30-45 minutes from there to the end of Ewa. Not anymore!  The lane widening project, which is still only 70% done, has COMPLETELY changed everything in Ewa Beach. It's truly amazing. 

Then, I happened to have another client who wanted me to drive down there Friday around 1pm. Guess what?  NO TRAFFIC!  Aloha Friday in Oahu means everyone gets off work around noon, and there should have been at least some traffic, but there was none!  

Both days, I got from the freeway exit in Ewa to Ocean Pointe with

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