May 2011

Found 3 blog entries for May 2011.

For the past 2 years, Freddie Mac’s Super Conforming Mortgages and Fannie Mae’s Temporary High-Balance Conforming loans provided higher maximum loan limits for high cost areas of the country ($793,750 in Honolulu County, versus the conforming maximum loan amount of $625,500).  This was a temporary higher loan limit that is set to expire soon on September 30, 2011.

Right now, an Owner Occupant Rate on these "super conforming" loans are approximately 4.625%, 1.625 points according to Honolulu Home Loans, from whom I got an email this morning on this very topic.

It's unlikely that Congress would extend the temporary higher loan limits, so the impact on the real estate market in Hawaii could be substantial.  However, in the past 2 years I've only

3,764 Views, 3 Comments

makakilo house wai kaloiWould you like 50 people through your first open house?  

Would you like multiple offers over asking price in the first week of your listing?

Would you like to get the market price of your home now, or wait 90 days to get a low ball offer? 

This week I listed this beautiful 2 year old house for $639k, while the comparable sales said we could probably list it $20k-$40k higher.  Had we done that, we would have probably taken 3-6 months to sell, and would have ended up at around a $650k sale price.

As a result of our 'too low' listing, we had over 60 people through the open house, and are now working with buyers on offers that are over asking price. We will certainly get this home in escrow by this weekend.  

The banks have known for a long time

4,944 Views, 1 Comment

The average rate for a 30-year home loan rose above 5 percent this week for the first time since last April — just as Americans are feeling more secure in their jobs and confident about the economy, and just before the big spring home-buying rush.

Freddie Mac said Thursday that the average rate was 5.05 percent, almost a full percentage point higher than in November, when it hit a 40-year low.

Economic signals suggest the recovery is gaining momentum. New claims for jobless benefits came in this week at the lowest in three years, and the unemployment rate has fallen nearly a full percentage point in two months. Americans are spending more and saving less.

The exception is the beleaguered housing market. Record foreclosures have forced home prices down, and…
1,648 Views, 0 Comments