At Least 10% of U.S. Home Sales Are DIY
The number of homes for-sale-by-owner was up nationwide in 2022. Several local companies offer to list the homes on MLS and handle the closing for a flat fee, but you do most everything else.
Janis Magin Meierdiercks
Janis Magin Meierdiercks reports each week on local real estate for Hawaii Business Magazine’s weekly email newsletter, Hawai‘i Real Estate News, and hawaiibusiness.com. Previously, she wrote and edited stories on real estate for 15 years at Pacific Business News.
Email tips or story ideas to her at HawaiiRENews@gmail.com.
Articles
Weak Yen Helps Curtail Japanese Investment in Hawai‘i Real Estate
But a local expert expects Japanese investors – and tourists – will eventually return because their passion for the Islands remains strong.
Lawsuits Challenge a Central Part of the Real Estate Business
The actions test the assumption that sellers must pay the commission for a buyer’s agent.
Your Hawaii Home Insurance Rates Have Probably Gone Up. Here’s Why.
The reasons are numerous, including rising construction costs, leaking pipes and Florida’s Hurricane Ian. But there are ways to reduce your premiums.
As House Prices Fall, Condo Prices Are Up in Seven Regions of O‘ahu
But just about everywhere on the island, fewer condos were sold in the first quarter of this year compared to last year – much fewer.
Bill Might Require Training for Volunteers Who Serve on Condo Boards
But it’s already hard to recruit people to the boards, says one critic, and such a requirement would make it even harder.
Update on Real Estate Bills Alive or Stalled at State Legislature
Bills about converting cesspools and reclassifying agricultural land have been sidelined, but other real estate legislation is either still alive or has been sent to the governor.
Maui Is Hawai‘i’s Least Affordable County for Homeownership
A national report and a local index show that affordability has gotten much worse in the past two years.
In the Former Foreclosure Capital of Hawai‘i, Most Owners Are Not Selling This Time
Condo sales are way down in North Kona and South Kohala, but a lot has changed since the 2009 downturn.
Is Your Home Worth a Million or More? Yes, for Over a Third of O‘ahu Homes
That's according to a report from real estate company Redfin, which includes both single-family houses and condos in the assessment.
The Pandemic’s Frenzy is Over, so Buyers Have Time to Study Homes and Bargain
Last month, single family homes typically took 47 days to sell. In February 2022, it was 13 days, and two years ago it was just nine.
Decrease in Home Prices Varies by Area on O‘ahu
Kailua-Waimānalo’s median price fell only 3% in January, but Pearl City-ʻAiea’s was down 24%.
Tracking Hawai‘i Homeowners Who are Equity Rich or Seriously Underwater
It appears counterintuitive, but the number of people in each category has grown, according to a new report.
“It’s Not Quite as Doomsday as People Think”
Report from Hawaiʻi Life details the 2022 market for luxury real estate in the Islands and anticipates strong demand for $3 million-plus homes in 2023.
Hawaiʻi Realtors Legislative Agenda: Affordable Housing and Cesspools
The statewide association supports a bill that would allow the counties to reclassify up to 100 acres of nonessential agricultural land if at least half of it is for affordable housing.
Region by Region: Most Sales and Biggest Price Gains on O‘ahu
The biggest median price gain in 2022 was on the North Shore; most sales were on the ʻEwa Plain.
Homeownership Can Be One of Many Casualties of a Divorce
Start planning early, because once a divorce decree is issued, it can be too late to arrange necessary financing on the house or save both spouses’ credit scores.
New Leader Says Realtors Have to Pivot with Changing Housing Market
Fran Villarmia-Kahawai, 2023 president of the Honolulu Board of Realtors, outlines her three priorities for the year.
Hawai‘i and U.S. housing markets to slow further in first half of 2023, economists say
After two years of rapid growth, Hawai‘i can expect to see a gradual reduction in interest rates, a slowdown in dropping sales, and a leveling off — or maybe even a decline — in prices.
Home Equity Gains Slow in Hawai‘i, But Owners Are Still Building Wealth
From a first-quarter high of $139,000, equity gains fell to $61,500 in the third quarter, which is still better than every other state except Florida.
$1 Million-Plus Mortgages Go Mainstream Next Month
A federal agency raises the limit on conforming mortgages in Hawai‘i and other high-cost markets.
Condo Flips: We Just Got the Keys, Let’s Sell
More than 50 units in one Kaka‘ako tower are up for sale, just weeks after the owners got possession of units in the newly completed high-rise.
Interest Rates are Up, So Number of New Mortgages is Down
The total of home loans issued in Hawai‘i through the end of October dropped 38% from the same period last year.
Condo Sales Dip Only 3% on O‘ahu as Prices Keep Climbing
The median price for condos rose in 20 of 21 real estate regions on the island during the first three quarters of 2022.
Each Part of O‘ahu Has a Unique Real Estate Market
All 21 regions have higher median prices this year for single-family homes, with the two priciest markets seeing the smallest percentage increases, and two rural regions the largest.
Hurricane Ian’s Aftereffects May Impact Hawai‘i in a Few Years
Sharilyn Tanaka of Atlas Insurance Agency says tens of billions of dollars in payouts by global reinsurance companies will likely ripple into premium increases here down the road.
Got $20 Million or More to Spare? Sorry, Hawai‘i Has Only a Few Homes for You
After a flurry of ultra-high-end sales over the past few years, just seven homes in that rarified price range are up for sale now.
Another Endangered Species in Hawai‘i: Starter Homes
Young people used to be able to buy a small single-family home or townhome as the first step on their homeownership ladder, but today they are priced out of that market.
Fewer Mortgage Delinquencies Now than a Year Ago
Lenders have been stricter on loans since the Great Recession, which would likely limit the number of delinquencies in any new recession, one local expert says.
Rents up 8% on O‘ahu This Year, Study Says
The report from Ricky Cassiday covers rents for condominiums, townhouses and apartments.
Rising Interest Rates Sideline First-Time Homebuyers
Bidding wars are now rare, but the highest mortgage rates since 2008 put homeownership out of reach for many who thought it was possible at the start of the year.
Homeowners’ Omissions Provide More than $30 Million to Honolulu Treasury
More than a third of all owner-occupied homes on O‘ahu are not covered by property tax exemptions because owners did not submit the paperwork. You have until Sept. 30, 2022 to fix that oversight.
Inspections Save Homebuyers from After-Closing Nightmares
A national survey found that 94% of home sellers admitted they didn’t disclose problems such as unpermitted repairs before they sold.
Fractional Ownership Puts You on the Deed for a Quarter of the Price
In Hawai‘i, it’s a way for the rich to buy luxury properties that they only want to use a few months of the year.
Higher Mortgage Rates and Fewer Sales May Finally Be Affecting Prices
In half of the 12 real estate regions on O‘ahu, asking prices have been reduced on at least 30% of the current listings.
More Homes Available for Sale on O‘ahu
A bigger inventory of homes for sale is usually good news for buyers but other data suggests they should not break out the champagne.
Records Broken as the Rich Buy Hawai‘i Homes
During the first half of this year, 424 homes, condos and vacant land parcels sold for $3 million or more. The top price: $36.1 million for an oceanfront estate on Kaua‘i.
Sell Your Hawai‘i Home and You’ll Likely Make a Big Profit
One analysis says there were huge gains statewide, with the biggest average profit during the second quarter of this year at 110.5% on Hawai‘i Island.
Yen Is Weaker, But Japanese Investors Still Bullish About Hawai‘i Real Estate
Tourists from Japan are coming back, with lots more expected this fall, and some will be looking to buy a piece of paradise
First-half Report: Number of Homes Sold on O‘ahu Higher Than Each of Last Four Years
But June’s numbers plus some leading indicators suggest a softening in the real estate market
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