Mortgages?

[sbartist]

Gotcha! Thanks for the prompt reply.

[honeyimhome]

Is it a good time to buy now? I've been hearing that interest rates are good and all, but what about the actual home price? I'm afraid to pay $400,000 for a home when it's only worth $300,000 ya know?

[whtviper1]

Originally Posted by honeyimhome

Is it a good time to buy now? I've been hearing that interest rates are good and all, but what about the actual home price? I'm afraid to pay $400,000 for a home when it's only worth $300,000 ya know?

We'd all be very rich if we new the answer to that question.

Prices are down 10 - 20% from the 2007 highs and seem to be flat right now - when they will go up is anyone's guess. Tourism is expected to be an all-time record breaker this year - that may be good for the housing market as mainland people look to get second homes.

[Kualoa]

I see a lot of mention of leasehold properties. Be aware they are a small minority of real estate available and consists mostly of smaller older condos in town, especially Waikiki. Almost all properties are "fee simple" standard purchases as you would find anywhere else. When house or condo hunting your greatest challenge after securing financing seems to be available inventory. There's just not that much to choose from in certain price ranges, say 400-600 thousand. I'm speaking about Oahu here. Neighbor islands ?

[hotzcatz]

Prices on this island, Moku Nui (Big Island), peaked around Nov. 2005, I think it was. Oahu would have had price support longer than the other islands, though. They are the first to go back up, too.

Depending on where you want, prices are still low. I can't give you percentages, but they are low. I've been noticing a trend for the past year, though. There have been more daily sales than daily listings, primarily in the Kona district. There was still a huge backlog of listings to go through, but it used to be twice as many listings as sales for several years until about a year ago in November. The sales prices are still usually a little bit below the listing price but not by as much as they used to be.

[Dreaming of Hawaii]

I think we're about to see a whole bunch of foreclosed homes hit the market. The banks have been holding on to them, but due to a new law they will be releasing them soon. So even though inventory on houses under $200,000 is low (on the Big Island where I live) now, that will soon change when these foreclosures come up for purchase.

[honeyimhome]

I met with a realtor and she referred me to their lender which is Wells Fargo. Aren't they one of the banks that had to cut the million dollar deal for homeowners?