Here is a nice chart put together by the Honolulu Advertiser…….Highlighting October 2007 Oahu Home Sales:
Archive for November, 2007I am often asked for some simple rules to remember when buying real estate. Here is a list of some of my do’s and don’ts to keep in mind. DO take time to analyze the important features you really want in a home and hold on until you find them. If you need eating space in the kitchen, be sure you get it in the next home. DON’T purchase a home that is considerably more expensive than other homes in the neighborhood. The surrounding homes will drag your value down rather than lift it up. DO investigate the quality of the local school system. Whether you have school age children or not, school systems do can have a dramatic effect on the value of residential real estate. DON’T be too quick to purchase a home on a busy street or one that adjoins any non-residential structures. The reason that you may be able to purchase one of these at a good price is the same reason that a subsequent buyer will expect a price concession from you. DO study the floor plan to be sure that it has the number of bedrooms and bathrooms that are normally desired in this price range. Will the traffic pattern be livable on a daily basis? DON’T buy a home because of the decor alone. Does it also have the features that you need? I have seen buyers emotionally flip over decor and furnishings and overlook the lack of some important essentials. DO investigate the ongoing costs of owning this particular home including taxes, utilities, and maintenance. You may be able to buy it but unable to keep it up over the long run. DO seek the help of a competent Realtor® (like me, ha!) who can guide you through all the phases of the home buying process. The Pacific Business News > reported today that Oahu’s residential resale market stayed fairly stable last month, with a slight increase in price for single-family homes and relatively flat sales. The median price of a single-family home on Oahu in October was $655,000, up slightly from the same month a year before, when it was $645,000, according to figures released by the Honolulu Board of Realtors on Thursday. “The statistics are showing us that Oahu is not following the softening in Mainland markets, proving the National Association of Realtors position that real estate is driven locally,” said board president Berton Hamamoto. “Sales in October were similar to last year and we’re looking for a continuation of this pattern in the upcoming holiday season and into 2008.” Sales of single-family homes dipped 10 percent to 265 houses sold last month, down from 296 houses sold in October 2006. Condominium sales in October were near even with the same month last year, with 423 units sold compared to 425 units sold in October 2006. The median price of a condo on Oahu rose 4 percent to $322,500, up from $310,000 during October 2006. Year-to-date condo sales are running 13 percent behind 2006, with 4,767 units sold. The number of single-family homes sold during the first 10 months of the year, 3,142, was nearly 8 percent fewer than last year. Year-to-date prices are running slightly ahead of last year, with a single-family home at $649,000 and a condo unit at $325,000. |
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