Home Buying in 96816>Question Details

Mimi Dizon, Real Estate Pro in Honolulu, HI

With low Oahu inventory and continued low interest rates, are you ready to sell?

Asked by Mimi Dizon, Honolulu, HI Mon Dec 17, 2012

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2
Robert Adams Broker NV, RI, MA’s answer
We are experiencing low inventory here in Vegas too. The decrease is a direct result from AB284 that has caused banks to stop foreclosing. Since it was passed in Oct of 2011, REO inventory has decreased dramatically. The bill is up for reconsideration (possibly adding some amendments) when the Legislature meets again in Feb 2013. It will be interesting to see the new affects on the market once additional inventory is reintroduced to the market here. I for one think the market will soften slightly but not free fall like it was before. Right now with inventory being as low as it is buyers are in bidding wars often times competing with more than a dozen offers. With that being said people are paying above appraisal value and homes are appreciating again at a temporary rate that is way higher than it should be. A new wave of inventory would return the Vegas market back healthy growth with perhaps 2 or 3 offers on each property not a dozen.

Please tell me what is driving the major decrease in the inventory in the Oahu market? How long do you predict the shortage will continue? Also, is this on all the islands or Oahu specifically? Thanks in advance for your time.

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Mon Dec 17, 2012
The question should also be, if they remove the mortgage interest deduction will you be ready to buy? It has been a Buyer's market because of low interest rates but December 31st could determine whether Buyers will still be so readily available when a key benefit to home ownership could be taken away or severely weakened.

Two weeks to see what happens...
0 votes Thank Flag Link Mon Dec 17, 2012
Thanks for the info.

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
Flag Mon Dec 17, 2012
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