Short Sales, Bank Owned (REO’s) and New developer offerings….

If you are wondering how to sell your home on Maui right now here is what is selling.  Short sales, Bank Owned Properties and New Developer Homes are taking over the market sales.  They each attribute about 1/3rd of the actual sales right now.  What does this say to the Sellers who are serious about selling right now??? It says that if you are serious about selling your home or condo on this island PRICING is EVERYTHING.  Take a look around.  The media is warning buyers to be fearful of the current market conditions and the reality is “the only thing we have to fear is fear itself!”

 If you have a Seller who is not serious (Seller’s take a long hard look at the supporting comps and make the right decisions) about pricing then take the property off the market.  This will in-turn lower the inventory and stimulate the market for those Buyers and Sellers who are ready and willing to buy and sell. 

Maui is selling along all three fronts. 

 Short Sales:  What has changed though, in spite of Act 137, short sales are closing and are beginning to be quite significant in our current marketplace.  If you need market information about helping you price and market your home contact a Realtor for help.

REO’s (Bank Owned): The banks are not in business to own houses they are in business to lend money.  They don’t want this inventory sitting on the market.  Make offers, be patient and see what great deals you can get now!

New Housing Developments: These guys are not wanting to sit with inventory and accounts payable.  They are offering great incentives, loan packaging and often times a larger commission for the Buyers agent.  Buyers out there….you can use any Realtor you want to represent you for free. The Sellers and or Developers pay for their services. 

Buyers if you are waiting for the bottom…..you may only see its been the bottom once the indicators show the pricing going up again.  Interest rates are still low but I am guessing we may not see them stimulate the market again with 4.5% or less for a while.  This bogged down the financial system with too many refinances and now the banks are unable to respond within the time frame that consumers are used to, the que for refinancing is weeks in waiting to hear for approval and the lenders are requesting at least 45 days to close a tradtional home purchase.

Get off the fence. Get prequalified. Go shopping.  Make offers.  And Sellers if you are not willing to move on your pricing then take your home off the market and let some of the inventory absorb prior to relisting your home.  This will help Maui, its residents and the investors who are trying to accomplish buying!

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