Archive for the ‘Hawaii Home Buyer’ Category

Crucial Pricing and Creative Planning for an Up and Down Oahu Housing Market

Thursday, July 8th, 2010

I don’t know about other markets, but it’s been quite the chore in some Oahu neighborhoods to determine pricing for the sale of the property. It’s been just as hard for an appraiser to get a grip on some neighborhood markets as well…..in our Up and Down Oahu Housing Market.

For most of the listings I’ve had this year,  I’ve literally had to beat our MLS to death for comparable properties as some of the short sales and foreclosures have closed; yet our market wants to recover as well.  It’s been mind boggling to present to the seller an approximate in between for pricing.  I’ve come to the conclusion that using the ‘in contract’ prices may just be what I need to use for the ‘high’ price as well as other factors……..

The Oahu Housing Market  has gone up and down in numbers and sales prices since the beginning of the year and I incorporated a “Strategic Plan for Pricing and Marketing” the property being listed.

After preparing my listing packet with supporting comparable properties, crucial pricing information, graphs and so forth, I sit down with my clients and discuss their options.  I listen to their wants and needs and most of the time they are open to listening to my plan to sell their home too.

  1. Get the home in tip top shape for the first Open House.  I ask if they want my suggestions to get their home ready. If they are willing,  I go through the home with the client and make a list of things that need to be done before that first showing.
  2.  Price the property aggressively to attract the consumer.  After going through the comps and holanikuinformation we discuss options. It’s not only about getting the top price but how you get that price too!  Read on………..
  3. My crucial and creative plan:  While they’re still doing their last minute touch ups and cleaning to get ready for the First Open House, I list the property at the attractive list price with notice that the first showing will be at the first Open House.  If the property is priced well, this will allow time for the public and agents to view the listing….and make time to attend that first showing.
  4. The first few days on the market:  …and before that first showing/open house)….Listing the property in every available internet site that I subscribe to and create the property virtual tour with www.realestateshows.com   Here’s an example>> Mililani Townhouse for Sale!
  5. Get all flyers, brochures and property highlights and upgrades sheet done.  Making a flyer and brochure attractive along with pertinent information about the property to hand out gives a personal touch.  I take notes during my first interview and walk through of the property. I ask questions about any highlights, upgrades and so forth so I can make an additional sheet going room to room to hand out as well.

Open Houses may not work in your area but they sure do in our market!  Our Hawaii Open Houses ARE the Sunday event and when using this ‘technique’ along with the right pricing…. I’ve had 20-50 people attending at that first showing and Open House.

This Mililani Townhouse for Sale!  was aggressively priced at $369,000.

We sold for an appraised price OVER the listing price of $383,000.

 

 

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Celeste “Sally” Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client’s needs  she serves all Hawaii Home Buyers and Sellers on the island of Oahu (Honolulu County) including all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents.

 

Website: www.hawaiihomesmarket.com

  

Posted in Hawaii Home Buyer, Hawaii Home Seller, Hawaii Homes Market | No Comments »

Hawaii VA Loan | Hawaii Home Buyer | Hawaii Military Relocations

Monday, July 5th, 2010
HAWAII MILITARY RELOCATION TO PARADISE

HAWAII MILITARY RELOCATION TO PARADISE

Active Duty or Veterans of the Armed Forces have VA Home Loan benefits for their Hawaii home purchase that have proven beneficial for when it comes to little or no money down loan program. (provided their credit is satisfactory) VA guarantees the Local Lender that they will reimburse the lender a percentage should the veteran default on their loan.  

 *Across the Ocean to Paradise: Military Relocations Hawaii* has loads of information for your Military Relocation to Hawaii so you will have pertinent information on what to expect in your relocation to our island

The following steps are what this Real Estate Professional does in order to make the Hawaii Home Buyer and their Relocation to Hawaii and Hawaii VA Loan  as smooth as possible.

  • Speak to a Local Hawaii Lender (if you do not have one I can refer you to a few who are well qualified in the State of Hawaii) to submit your information and get prequalified. While talking to the Loan Officer make sure and let him/her know what you are comfortable with for monthly mortgage payments. After getting prequalified your Realtor® will now know in what price range to search for properties for you.
  • Let your agent know what other criteria you are looking for as far as # bedrooms/ # of baths, sq. ft. interior/land, parking, single family or condo/townhouse. Just remember to go over the  *Across the Ocean to Paradise: Military Relocations Hawaii* because this gives pertinent information on what to expect in your Hawaii Relocation.
  • Get all your financial paperwork together so you will have it with you when you arrive.(Do not pack your bank statements, W-2’s, LES’s and important documents you will need to submit for your loan!)
  • If you have a couple of months to spare you may order your Certificate of Eligibility from the Veterans of Affairs office. It is not necessary to do so though, because our lenders order them online once you start your loan process and if anything is held up we have a VA office centrally located on Oahu for your convenience and it takes just minutes.
  • Start your loan process before you get here so you will have everything in place when you submit an offer for a loan. The loan process is the lengthy and important part of the transaction so it is better to be proactive in your process. Your funding fee can be included with your loan but you will have some closing costs to close with.
  • Appointments are made and off we go in search of your new home!  When you decide that you would like to put in an offer we will go through the whole 12 page (plus addendum’s) contract and submit it to the sellers agent to present to the seller. 
  • After the offer is accepted the loan process begins. You will meet with your Loan Officer to submit your complete application and submit all documentation needed for your VA Loan process packet. Then it goes to Underwriting to process the initial packet and order the appraisal with their VA approved appraisers.
  • The Condominium and/or Subdivision Association Documents should be ordered immediately after acceptance of the offer and in the buyer’s hands within 10-14 days after acceptance. This agent will make copies of the Budget, last three Association minutes and the Property Information form (RR105C) and submit it to the lender. They need this for the VA Loan Guidelines and process for your loan.  (these documents will show how the Association budgets their money in reserve. % of owner occupants, any pending concerns or litigation going on and so forth.
  • Provided your loan process goes smoothly you should have a Conditional Loan Commitment Letter within the first three weeks in contract. This is an approval of your loan with Conditions. Maybe you need to submit a couple of more documents or the appraisal is not in yet or the survey and termite inspection are not done yet. These are the types of conditions that will be listed on this letter.
  • Within two weeks after the Conditional  Loan Commitment letter is issued all the conditions should be complete for signing documents with escrow and the loan officer. Not to worry! I attend all signings with you.

In Hawaii, we do not sign at the same time as the Seller due to conflict of interest and we sign approximately four days before recording. After the signing, the loan officer takes the notarized and signed documents to go through processing and within 2.5 days the Lender should have funded the money for your loan to the escrow company. When escrow receives all monies then they will take the documents to the Bureau of Conveyances in Honolulu to record. By the next business day it will record and we usually get word between 8-10am. At that time, the home is legally yours and I will have already made arrangements and have your keys in hand to open the doors to your new home.

Congratulations!

Posted in Hawaii Home Buyer, Hawaii VA Loans, hawaii military relocation, hawaii va loan | No Comments »

Hawaii Home Buyer | SOME Military Qualify for Extended Tax Credit

Sunday, May 2nd, 2010

Yup, the Home Buyer Tax Credit ended yesterday, April 30, 2010 but there are some “Qualified service members” (which means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community) that may still qualify for the extension of this Home Buyer Tax Credit.

Qualified service members who are ordered on a period of official extended duty are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011. 

READ THE DETAILS HERE:

http://www.federalhousingtaxcredit.com/service_mem.php

Posted in Hawaii Home Buyer, Hawaii Homes Market, Hawaii VA Loans, army air force navy marines relocation hawaii, hawaii military relocation | No Comments »

Hawaii Homes Market | Real Estate Market Report Nov 2009

Sunday, December 13th, 2009

Honolulu County Real Estate Market Report- November 2009

 As the saying goes…the only thing constant in this world is CHANGE. The same goes for our Honolulu County Housing Market Statistics for November 2009 which showed yet again the continued up and down numbers in sales numbers and sales prices!

Honolulu SF nov09Single Family Resale Numbers: Our sales numbers for single family homes showed a slight decrease in sold single family homes from 281 to 249. The Median Sales price also had a slight decline from $605,000 in October to $590,000 in November. This is decrease of 0.75% from November 2008 to 2009 and also shows a decrease of 2.4% from October to November of 2009 in sales prices.

 

Honolulu Condo nov09Condo/Townhouse Resale Numbers: Our Honolulu Real Estate Housing Market sales numbers for condos/townhouses increased slightly from 381 in October to 407 in November of 2009 and we can attribute the sales number increase for the past couple of months due to the lowering inventory on the island of Oahu. Honolulu County Median sales prices increased 102.5% from November of 2008 to November of 2009 and also increased in sales prices from $295,000 to $320,000!

I believe these ups and downs will continue as our market tries to find a happy median. With the FIRST TIME HOMEBUYER TAX CREDIT EXTENSION approved, interest rates still lower and inventory considerable down in all neighborhoods the shifting is evident with more homebuyers in the market.

 These Honolulu County Market Statistics vary from neighborhood to neighborhood and I continue to experience multiple offers on homes and townhouses in all areas in Honolulu County including short sales. Stay tuned for more neighborhood market statistics.

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 Celeste “Sally” Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client’s needs, she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com Supporting Hawaii Local Businesses!

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HAWAII VA LOANS, REAL ESTATE -What’s the FACTS!

Wednesday, May 13th, 2009

WooHoo! You have orders to your next duty station and it’s all you’ve ever dreamed of…..going to that tropical paradise you saw on TV shows and the movies. It’s a HAWAII PCS and RELOCATION for you and your family!

It’s a magical mystical wonderland with fairies in the woods watching over you and fluttering from each exotic flower to the next. You can live on the beach in a grass shack and drink those Blue Hawaii drinks with the little umbrella in it in the evening while watching the sun set. The hula girls will automatically pop out of nowhere and start doing the hula dance on the beach while in the near distance the surfers are catching their last waves of the day.

ZAP! You awaken to the true reality of it all. You’re being proactive in your search for a Hawaii Home or Condo and you don’t know where to start. You know it’s going to be hard looking for just that right Hawaii Real Estate Agent and Hawaii Loan Officer so just be aware of some myths and facts regarding your Hawaii Home Buying Process.

Myth: The first Hawaii Realtor® you come across while searching the internet is your ‘lucky’ pick …therefore, that one just has to be the one who is going to fulfill all your needs. You fairy tale come true!
Fact: Search the internet for Real Estate Agents that not only have a strong internet presence, but have articles and information that know what they’re talking about. Contact and interview a couple of the agents so you know if you will be comfortable with them and if they really know what they’re talking about.
Myth: You search for information on Hawaii VA Loans and it appears that all the websites you come across are loan officers who are seemingly working with the Veterans Administration. GONG!
Fact: A VA Loan means that the Veterans Administration guarantees the lender a % should the vet default on their loan. They are not working in the VA Office. Make sure your loan officer is a seasoned loan officer who KNOWS the Hawaii Real Estate Laws and the Hawaii Real Estate Contract as well as their VA Guidelines for your loan.
Myth: If the company has other ‘affiliated’ entities (i.e. if it’s a real estate company and they use a loan company that is based right in their office…or vice versa) in their office they must be good because they do it ALL. NOT!
Fact: It’s a conflict of interest to have real estate, loan company and escrow company that are all in the same office. The buyer is ENTITLED to have a separate entity for all and should not be pressured to use their affiliates. It’s like having a loan officer /real estate agent (wears both hats) represent both sides in a transaction. How are they thinking in your best interests?????

It is in your best interests to know who you’re working with and get the correct information before you start with your Hawaii VA Loan Process and Buying Your Hawaii Home or Hawaii Condo. There are many things to be aware of before jumping right in. Choosing the RIGHT Realtor® & Hawaii VA Loan Officer, & Hawaii Military Relocation Information may enlighten you just a bit more. Just know that being proactive WAY AHEAD of your scheduled Hawaii PCS will ensure you getting educated and finding the perfect fit for your Hawaii Home Buying with your HAWAII VA Loan Experience.

Note:
The 2009 Honolulu County VA Loan Limit is $625,500. Using the table for your Honolulu County BAH Rates and my Hawaii Home Mortgage Calculator you can let the loan officer know what your budget is for a monthly mortgage. Just because you have great credit and qualify for x amount does not mean you want to afford those monthly payments.
For more information click on the following link to the VA site with their brochure>>>> What VA Does For the Home Buying Veteran
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Want the whole scoop about Hawaii Real Estate & Hawaii Military Relocations?


Celeste “Sally” Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii & serving all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents with the understanding that a listening ear is the key to understanding client’s needs.
Hawaii Real Estate and Relocations Blog

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Hawaii VA Home Loan Transaction Specialists….The Scoop

Wednesday, March 25th, 2009

ALOHA!
Back in the day, there were Realtors® and Loan Officers that did not want to deal with VA Loans. Why? Because they’re strict with their guidelines and criteria. When overpricing and overbidding were running rampant in all cities, VA remained the ever conservative loan for the Veteran of the Armed Forces.
I say Woohoo! Yeah! Great! It is with this criteria that has kept the VA Guaranteed Loan going and the only 100% financing loan in Hawaii that remains a good loan for the military and vet of the US Armed Forces. Remember, the VA Guaranteed Loan means that VA guarantees the lender a portion of your loan; they do not fund the loan.
Now a days you’ll have everyone trying to solicit your business with advertising that they are the “VA Expert” or like me I say, “VA Home Loan Transaction Specialist”. There are many pertinent parts to a VA Home Loan and Purchasing a Property in Hawaii so be sure your Realtor® and Loan Officer know their stuff!
  • The Realtor® HAS to know the VA Transaction Process. Right now, they are so back logged with appraisal reports and so forth (because it is the one loan that is running rampant here due to our high volume of military presence) so we structure our contracts to accommodate the timeline. This agent keeps on top of all involved in the process.
  • The Realtor® HAS to know which lenders and loan officers KNOW their VA Loans. Chances are the incoming member does not know a good loan officer and it is up to us to refer them to one that KNOWS THEIR VA LOAN. Just because someone has signs all over the place displaying their expertise in the field, does not mean it is so. The seasoned Realtor® has worked alongside experts in the field and will refer you to a couple who know their stuff.
  • The Loan Officer HAS to be punctual and keep on top of the lender to get all parts of the transaction together. Ordering the appraisal quickly so they can get notice of a VA appraiser being assigned to the case is a start. For incoming personnel there are loads of other documents to retrieve as they are just arriving and their Honolulu County BAH will not automatically be in their LES (pay statement).
  • The Escrow Officer has to know the process as well in case other parties need something from the other. We do not communicate with the buyer if representing the seller and do not sign documents all together. It’s a conflict of interest and everything should be complete before signing anyway.
  • The VA Buyer has to be realistic in their part of the process. If you are serious about buying your Hawaii Home, then keep an open mind. If the sq/ft is smaller than you’d hoped but you are able to buy at that lower price then it may be something to consider. Waiting for a later time and the interest rates may go up, the prices may start going back up or circumstances may not allow purchasing in ‘hopes’ something will pop up. We don’t have crystal balls but if you are seriously ready then hop off that fence.
  • The Seller (or bank) has to be realistic in their part of the process as well. Prices are not going up! Sales numbers are down. Overpricing or being stubborn on the price may just lose a serious buyer. Your home may be the same floor plan as the another but your property is definitely not nicer….what do you do? You aggressively price your property to meet the needs of the market and get that home sold! And remember….VA loans are one of the best 100% financing loans out there!

Times have changed in the housing market nationwide. The VA Loan is now the most popular 100% financing loan for incoming military personnel to Hawaii and by far the most secure for lenders. Remember though, you still have to have money for closing costs (escrow & title fees, lender fees, prorated property taxes and so forth) but you may be able to have those covered by a seller credit if they are open to negotiating and getting off the fence too!

Let’s all work together as a team to make each VA Loan Transaction go through smoothly for the Military Member and Veteran Relocating to Hawaii!

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More Information for the Armed Forces Member or Veteran:
*Across the Ocean to Paradise: Military Relocations Hawaii* Don’t be shocked when you arrive…get the scoop on the environment, jobs, house hunting, BAH current rates and more!
A Honolulu Hawaii Relocation: Getting Ready With Your “To Do” List Be proactive in getting ready for the big move. A great simple list with to do’s to get started!
The Art of Hawaii Relocations Expect smaller, different and of course paradise.
VA Loans & Hawaii Military Relocations: This Realtors® Process Know the process for your VA benefits and the VA loan process.
Honolulu-Hawaii Pet Quarantine: Prepare For Your Hawaii Move! Hawaii is Rabies Free so our laws are strict with incoming pets.
Oahu and Surrounding Neighborhood Search: Relocations Hawaii A look into how I set you up to receive automatic listings with your own personal webpage to fine tune your criteria for your home purchase
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© 2007-2009 Celeste “Sally” Cheeseman’s Hawaii Real Estate and Relocation Blog. All rights reserved.

Posted in Hawaii Home Buyer, Honolulu Real Estate, hawaii military bases, hawaii military relocation, hawaii va home loan, living in hawaii, mililani condos homes, moving to hawaii | No Comments »

Hawaii Relocations – Choosing the RIGHT Realtor® & Loan Officer

Thursday, March 19th, 2009

First of all there are plenty of Realtors® in Honolulu County to choose from. Hmm, last I looked there were about 6,000 on this island alone. So how do you choose a Realtor® who is knowledgeable in Military Relocations & Real Estate and VA Loan/Transaction process?

There are plenty of Loan Officers in Honolulu County as well. Hmm, not sure about the numbers there but I can bet you half are gone since the closing of many loan companies. So, how do you choose a loan officer who is knowledgeable in Military Relocations & experienced in Hawaii Real Estate Contracts, the VA loan process and knows Hawaii Real Estate laws too?
Trick questions? I think not.
Just know that everyone is claiming to be a “VA expert”, “Military Relocation Specialist”, “Multi Million Dollar Producer” and claims to be an expert in just about anything when it comes to Hawaii Real Estate. Just know one thing -experience in Real Estate first. The caring and understanding and knowing what it’s like to Relocate is another. Personality plays a big part in your connection with both Realtor® and Loan Officer.
Just because they advertise so doesn’t make it so. Remember that.
I have written many articles on the VA Transaction Process “through THIS Realtor Associate’s® eyes”and I yes I do claim to be an expert as well. What I’m trying to get across here are there are certain criteria to look for when looking for that special Realtor® or Local Lender that you will choose to purchase that special home for you and your family once you Relocate to Hawaii.
To start with:
  • If the Realtor® or Loan Officer is promising the world and it sounds too good to be true…it probably is. Question it and get a second opinion.
  • If that Realtor® is not showing you property that is in your criteria then you know something is wrong. You usually can pick up on that sort of stuff while looking online and inquiring with different Realtors® (i.e you are qualified for 350k and they’re showing you up to 600k)
  • If that Realtor® or Loan Officer is playing any other role besides their title (i.e. Loan Officer telling the client what to put in the purchase contract and a Realtor® promising an interest rate that is absurd) then you know it’s time to get a second opinion.
  • If that Realtor® or Loan Officer continuously brags about ’self’ and doesn’t bother to listen to your needs, then it’s time to move on and interview someone else. You need someone who will listen and give you sound advice. Not someone who keeps talking about themselves.
  • If that Realtor® or Loan Officer is not thinking in your best interests and is continuously pushy even though you’ve told them you’re working with someone else; then you know this person is only thinking of one thing. That paycheck.
  • If that Realtor® or Loan Officer is trying to sway you to a different loan program besides the VA Guaranteed Loan program question why and get a second opinion. For the military vet there is no question that a VA loan is literally the best 100% financing program there is for the Military Relocating to Hawaii who are serious about Hawaii Home Buying.
  • If a Realtor® or Loan Officer is bad mouthing another peer for no reason…just know that there is most likely an ulterior motive to that scenario and you’re not looking to judge their peer but buy a home!

Okay, so we all are out to work and make a living, but there is certainly a difference between making a living and walking all over someone just to make that living. If it’s one thing most people have is common sense and they can ‘feel’ when someone is just talking a good game or being real and genuine in their quest to help you acquire that American Dream of home ownership.

If you’re not sure, then keep asking and inquiring until you feel comfortable with your choice for a Realtor® and your loan officer. Remember, this is most likely the most important decision you’re making in your lifetime (besides asking her to marry you :) so be sure you’re in the right hands.

For more information on the VA Loan Transaction Process, being proactive for your relocation and the Hawaii Housing Market:

Hawaii Real Estate and Relocations Blog

Posted in Hawaii Home Buyer, hawaii real estate agents, hawaii va home loans, military relocations hawaii, realtor code of ethics, va loan process hawaii | No Comments »