The Hawaii Real Estate Report – April 2009 Real Estate Marketwatch

The Honolulu Board of Realtors said sales and prices of existing homes on Oahu fell in March.

The median sale price for single-family homes was $600,000, down 4.5 percent from $628,000 in the same month last year. However, the decline in March was the smallest this year compared with an 8.2 percent drop in February and a 10.1 percent drop in January.

For the first three months of this year, the single-family home median price is down 8.1 percent to $570,000.
There were 188 single-family home sales in March, down 33.3 percent from 282 a year earlier.

The median price for condominiums sold last month was $305,000, down 7.4 percent from $329,300 a year earlier. For the first three months of the year, the median is 9.1 percent down to $300,000 compared with the same period last year.
There were 248 condo sales in March, down 36.7 percent from 392 a year earlier.

The sales represent purchases closed in March, which typically reflect sales contracts signed one to three months earlier. The median price is a point at which half the sales were for more and half for less.

~Honolulu Advertiser April 2, 2009

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Purchase a home, get an $8,000 Tax Credit

The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser’s income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

Click here for more information
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FORECLOSURES

Right now we are seeing foreclosures at all time highs. We are seeing home values decrease and properties over-leveraged. Could this be the time for you to buy a foreclosed property? Deciding to invest in foreclosures is an important step, and investing in a foreclosure may be right for you. Regardless, take the time to prepare yourself for the process of purchasing a property in foreclosure. It is important to learn the risks and rewards associated with the foreclosure property market.

We have put together a comprehensive list of updated foreclosures that you can access anytime!

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Fixing Up Your Home: Protect Your Housing Investment
Your home is an investment in living as well as in savings. If neglected, it will pay no dividends. If properly maintained and improved, it will pay a high yield in comfort and usefulness for your family and in avoidance of costly repair bills. Home improvements also tend to raise neighborhood standards and, as a result, property values. From an economic standpoint, home improvements mean higher employment, increased markets for materials and home products–and therefore a more flourishing community.

If You Do It Yourself
If you are handy with tools and have the experience, you can save money by doing many jobs yourself. But unless you are skilled in wiring, plumbing, installing heat systems, and cutting through walls, you should rely on professionals for such work.

When you buy the required materials, it pays not to skimp. Good materials are not necessarily the most expensive. What you need are products that look good, are easy to maintain, and last a long time. Buy only from reliable dealers.

If You Use a Contractor
If you plan to use the services of a dealer or contractor, take care to choose one with a reputation for honesty and good workmanship. There are several ways to check on a contractor:

• Consult your local Chamber of Commerce, the Better Business Bureau, or Local Consumer Protection Agency.
• Talk with people for whom he has done work. 
• Ask your lender about him, if you plan to finance the project with a loan. 
• Check his place of business to see that he is not a fly-by-night operator. 
• Find out, if you can, how he rates with known building-product distributors and wholesale suppliers. 
• Ask friends and relatives for names of firms that they could recommend. 

Compare Contractor Offers
Before deciding on a contractor, you may want to get bids from two or three different firms. Make sure that each bid is based on the same specifications and the same grade of materials. If these bids vary widely, find out why.

Many contractors offer package plans that cover the whole transaction. Under such a plan the contractor provides all materials used, takes care of all work involved, and arranges for your loan.

Your contractor can make the loan application for you, but you are the one who must repay the loan, so you should see that the work is done correctly.

Understand What You Sign
The contract that both you and the contractor sign should state clearly the type and extent of improvements to be made and the materials to be used. Before you sign, get the contractor to spell out for you in exact terms:

• How much the entire job will cost you. 
• How much interest you will pay on the loan. 
• How much you will pay in service charges. 
• How many payments you must make to pay off the loan, and how much each of these payments will be. 

After the entire job is finished in the manner set forth in your contract, you sign a completion certificate. By signing this paper you certify that you approve the work and materials and you authorize the lender to pay the contractor the money you borrowed.

Beware of Fraud
Most dealers and contractors conscientiously try to give their customers service equivalent to the full value of their money. Unfortunately, home improvement rackets do exist. Here are a few common sense rules to follow:

• Read and understand every word of any contract or other paper before you sign it. 
• Never sign a contract with anyone who makes fantastic promises. Reputable dealers are not running give-away businesses. 
• Avoid wild bargains. The best bargain is a good job. 
• Never consolidate existing loans through a home improvement contractor. 
• Do not let salespeople high-pressure you into signing up to buy their materials or services. 
• Be wary of salespeople who try to scare you into signing for repairs that they say are urgent. Seek the advice of an expert as to how urgent such repairs are. High-pressure and scare tactics are often the mark of a phony deal. 
• Avoid salespeople who offer you trial purchases or some form of bonus, such as cash, for allowing them to use your house as a model for any purpose. Such offers are well-known gimmicks of swindlers. 
• Never sign a completion certificate until all the work called for in the contract has been completed to your satisfaction. Be careful not to sign a completion certificate along with a sales order. 
• Proceed cautiously when the lender or contractor demands a lien on your property.

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  ________________________________________________________________________________________________________________________________________   The Hawaii Real Estate Report advantage. Contact us if you have questions on any of the items below:

• New way to build with Autoclave Aerated Concrete: termite proof, fireproof, soundproof, hurricane and earthquake resistant at affordable prices. More information here 
• Affordable condos in town at: www.2765Kapiolani.com
• Do you know of anyone looking to buy or sell a home soon? Let us know and you could earn thousands of dollars through our referral program
• FREE Real Estate Pre-licensing Class - Contact us for more information
• Want to learn about foreclosures in Hawaii? Click here
• We’ll contribute 25% of our commission to your favorite charity

Watch our show: The Hawaii Real Estate Report on OC16 – Saturdays @ 9:30 PM
Repeats: Sunday 3:30AM & 12:30 PM; Monday 11:30 PM; Tuesday 5:30AM & 9:30 AM; Wednesday 1:30 PM and Friday 11:00 AM
www.HawaiiRealEstateReport.com  

Jeff Orig (Realtor-Associate)  & Scott Sakata (Realtor)
Abe Lee Realty
1585 Kapiolani Blvd., #1533
Honolulu, HI 96814
Phone: Toll Free 1-888-587-9362
Fax: 808-356-0414
Email: team@hawaiirealestatereport.com

Jeff Orig, RA – Mobile Phone:  808-561-1651
Scott Sakata, R – Mobile Phone:  808-228-4916 

The Hawaii Real Estate Report, Abe Lee Realty, or any of its associates is not a law firm or investment firm, and does not provide legal, tax or investment advice.  Use of these materials does not guarantee that the outcome of your real estate transaction will meet your individual needs and expectations.  Rates of return are shown for illustrative purposes only; no rate of return on your real estate is implied or guaranteed.  This investment is potentially high-risk, high return and not insured; you could lose some or all of your money

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