Mortgage rates dropped again last week when the 30 year fixed rate was at 5.12%, the lowest level in 3 months. Add the low mortgage rate with lowering home values and now could not be a better time to buy in Kapolei or anywhere on Oahu for that matter. If deciphering the Kapolei real estate market seems difficult contact John Riggins. John RIggins is a Certified Distressed Property Expert located on Oahu and can use his expertise to not only decipher the Oahu Real Estate Market for you but also to help you find the best bang for your buck. If you have been interested in owning real estate on Oahu there could not be a better time to start looking.
Real Estate Information Archive
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Oahu real estate prices, whether they have reached bottom or not have fallen significantly. Often those who are waiting for an absolute bottom miss the boat because the bottom isn’t known until it is passed. A recent article in the Star Bulletin has experts giving their opinions on Hawaii real estate. John Riggins was quoted in the article as saying “In Ko Olina we’ve seen properties that sold for $1.5 million a year ago sell for $825,000 today, and some Kapolei properties that changed hands for $900,000 are now closer to $600,000.” Hawaii real estate experts don’t appear to fully agree on whether we have hit bottom or still have a ways to fall. Mainland real estate sales are seeing a rebound but Hawaii’s real estate market is not expected to be on the rebound yet. What does this mean if you have been interested in Oahu real estate? Now might be the time to start looking before the market rebounds and you can get a deal on Kapolei real estate.
According to Kapolei real estate reports on Trulia.com people trying to sell property in Kapolei on the island of Oahu have been reducing their asking prices. Home prices are down by an average of -2.9% per square foot compared with a year ago and the sector showing the biggest drop in value is in the larger properties of 4 bedrooms or more. What does a drop in home values mean? It may not be a great time to sell a property in Kapolei but it certainly is a great time to buy. Contact John Riggins today about Kapolei real estate. Kapolei will always be a desirable place to own property and taking advantage of today’s decrease in prices is a prudent move for a long term investor.
Kapolei real estate could be a true real estate bargain these days as record foreclosures hit Hawaii. A recent article in the Star Bulletin recognizes the dramatic increase of foreclosures in Hawaii and the fact the the numbers increase Hawaii’s national ranking from number #40 in 2007 to #15 today. The number of foreclosures is certainly disappointing for the home owner as well as the lenders involved but it opens a new door for the real estate investor, making Kapolei real estate more affordable than in recent years. On the flip side, if you are a home owner who thinks he is facing foreclsoure contact John Riggins today. John Riggins is a CDPE (Certified Distress Property Expert) and can help save you from foreclosure. Whether you are looking for a real estate bargain or looking to save your home in Kapolei, John Riggins is the Realtor to call.
Sales were up in June on Oahu and recent reports say that July was up too. According to national real estate reports, presented by NAR (National Association of Realtors) real estate sales have been on the rise and June was the 5th month in a row where pending real estate sales were on the rise. Great news for the real estate market in Kapolei, Oahu and the United States in general. There were 265 single-family homes sold in July, compared with 251 in July 2008, according to the Honolulu Board of Realtors. Ewa Beach and Kapolei have been leading the charge in sales of single family homes, demonstrating the desirability of the area.
On Oahu single family home sales were up 9.5% in June 2009 compared with June 2008, according to statistics from the Honolulu Board of Realtors. The median sales price is down from a year ago, $569,000 compared with $625,000. Lower home prices mixed with low interest rates and tax incentives could be the reason for the increase in sales for single family homes. There couldn’t be a better time to buy real estate on Oahu. For an in-depth look at what is selling on Oahu contact John Riggins. John Riggins can help you find the real estate you are looking for, whether it be in Ewa Beach, Kapolei or Ko Olina Resort. Take advantage of the Oahu real estate market today.