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August 19th, 2009 John Riggins Posted in Kapolei real estate, Oahu real estate |
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.
For more information about Kapolei Real Estate please contact John Riggins, Certified Distressed Property Expert. Click here for access to the Oahu MLS and all available listings in the Kapolei area.
August 16th, 2009 John Riggins Posted in KAPOLEI REAL ESTATE NEWS, Kapolei real estate, Oahu real estate, oahu |
The time is ripe for purchasing 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.
August 14th, 2009 John Riggins Posted in KAPOLEI REAL ESTATE NEWS, Kapolei real estate, Oahu foreclosures |
Foreclosures are on the rise in Hawaii
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.
August 6th, 2009 John Riggins Posted in KAPOLEI REAL ESTATE NEWS, Kapolei real estate, Oahu real estate, oahu |
Oahu at Sunset, courtesy of Creatas Photos
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.
August 3rd, 2009 John Riggins Posted in KAPOLEI REAL ESTATE NEWS, Kapolei real estate, Oahu real estate, oahu |
Oahu Palm Trees at Dusk
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.
Kapolei Real Estate: The Truth About Short Sales
July 7th, 2009 John Riggins Posted in KAPOLEI REAL ESTATE NEWS, Kapolei real estate, oahu, short sales 1 Comment »
Across the country real estate is changing and Kapolei is no exception. Short Sales have a stigma of being impossible to get completed and approved, yet in actuality nothing could be further from the truth. Short Sales offer the seller an opportunity to get out of an upside down mortgage as well as the buyer an opportunity to buy a home at a lower price. The most important thing to remember when looking at Short Sales on Oahu is to use a CDPE (certified Distressed Property Expert). John Riggins is one of only 4 CDPEs in Hawaii and can help a difficult process move along as smoothly as possible. These are the most common Short Sale Myths:
1. Short Sales are Impossible and Never Get Approved Nothing could be further from the truth!
Are short sales more difficult? Yes. Do you need to learn a new process? Yes. Are they impossible? No, No, No! John Riggins, who has presented you with this report, is a Certified Distressed Property Expert (CDPE) who has undergone extensive training in helping homeowners in distress and processing short sales. The CDPE membership organization nationally is made up of agents who receive thousands of short sale approvals on a monthly basis – don’t think for one minute this is an impossible process. While there are no guarantees in any transaction, more and more short sales are being approved monthly.
2. Banks are Not Accepting Short Sales; They are Waiting on a Bailout Really? You may have heard this; the reality is that banks (and the government) are trying to do anything they can, within reason, to avoid foreclosing on property. To think that they would deny a Short Sale in hopes that some future legislation will pass and pay them for their loss is preposterous. The reality is that more banks are aggressively pursuing Short Sales and agents (like the one who gave you this report) who understand how to process them. Freddie Mac® recently hosted a national training webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale”.
3. You Must be Behind in on your Mortgage in Order to Negotiate a Short Sale While it is true that initially some lenders wanted you to be in default (missed a payment) before they were willing to consider a short sale – this trend has almost all together reversed. Today lenders are looking for verifiable hardship, monthly cash flow shortfall or pending shortfall and insolvency.
If you meet these three requirements and are in a position where you will soon not be able to afford your mortgage, act now! Don’t wait until the countdown clock to foreclosure has started and you have even less time left.
4. Buyers are Not Interested in Short Sales and Avoid Them This is a myth that potential sellers hear all the time – thankfully the reality is that today it is not. In fact many agents are getting calls from buyers who say “I only want to look at foreclosures and Short Sales!”
Short Sales and Foreclosures have become synonymous – not with issues – but with GOOD DEALS. International buyers specifically are interested in these properties. If you list with the educated CDPE agent who gave you this report you have a very good chance of seeing a contract on your property, soon. 5. Listing my Home as a Short Sale is an Embarrassment It is understandable that you may have reservations about letting the world know that you owe more on your home than it is worth however, understand that according to recent estimates, 1 out of 5 homeowners in the US is in your exact situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you towards a solution.
With 40 to 60% of the sales in the US predicted to be Short Sales or foreclosures you are not alone!
6. The Bank Would Rather Foreclose than Bother with a Short Sale We know you have heard this; you may have even heard it from an overzealous collections agent working for a lender. The reality is that banks do not want to foreclose on your property. Banks, investors and event the federal government have all publicly said that if a person is qualified for a short sale the deal needs to be considered.
The qualifications are:
Financial Hardship – There is a situation that is causing you to have trouble affording your mortgage. Monthly Income Shortfall – You have more month than money! A lender will want to see that you cannot afford or will not be able to afford your mortgage soon. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
7. There is not Enough Time to Negotiate a Short Sale Before My Foreclosure This is a myth that probably hurts homeowners the most. Many don’t realize that foreclosure is a process and there is time.
The foreclosing party (in most cases a lender) can stall a foreclosure up to the final day of the process. These days many lenders will stall a foreclosure with as little as a phone call from you letting them know that you are trying to sell. Almost all lenders will stall a foreclosure with a legitimate contract, in our view there is time until the foreclosure process is complete.
Sit down with John Riggins today to see what options you have and get on the path to recovery, there are options and he can help!
July 20th, 2009 John Riggins Posted in KAPOLEI REAL ESTATE NEWS, Kapolei real estate, oahu, short sales No Comments »
There are three main qualifications that a seller must have to qualify for a short sale: 1) Financial Hardship, 2) Monthly Shortfall, 3) Insolvency. If you are hoping to qualify for a short sale with your Kapolei real estate keep reading.
For information on short sales on the island of Oahu contact John Riggins today. John Riggins is one of only four Certified Distressed Property Experts (CDPE) in Hawaii and can help you with all of your real estate concerns. If you are looking to purchase a Kapolei short sale call John Riggins today.
June 29th, 2009 John Riggins Posted in KAPOLEI REAL ESTATE NEWS, KO OLINA RESORT, Kapolei real estate, Ko Olina real estate No Comments »
Photo courtesy of J Winfred
It is no surprise to anyone’s ears that it is a buyer’s market when it comes to real estate and Ko Olina Resort is no exception. If you have ever been to the Ko Olina Resort on Oahu there is no doubt that you would want to return. Perhaps you even said to yourself “someday I am going to own a home here.” Well there could not be a better time to buy real estate in Ko Olina Resort. Not only is inventory up but prices are down. In this type of a market the buyer has a great deal of bargaining power. There are plenty of sellers that not only want to sell but they need to sell. If you are interested in looking at property in the Ko Olina resort area contact John Riggins today. John Riggins knows the market and can help your realize your dream to own the best real estate on Oahu.
For more information about Ko Olina Resort Property as well as Kapolei Real Estate please contact John Riggins, Certified Distressed Property Expert. Click here for access to the Oahu MLS and all available listings in the Kapolei area.
IR-2009-14, Feb. 25, 2009
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WASHINGTON — The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.
Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.
“For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. “This important change gives qualifying homebuyers cash they do not have to pay back.”
The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.
This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.
The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their 2008 tax returns, the maximum credit remains 10 percent of the purchase price, up to $7,500, or $3,750 for married individuals filing separately. In addition, the credit for these 2008 purchases must be repaid in 15 equal installments over 15 years, beginning with the 2010 tax year.
I’m often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don’t know where the bottom is until you see it in the rear view mirror, meaning until you’ve missed it!
Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!
While a home is a major investment, it is also the center of your personal life. It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.” To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.
Please give me a call if I can be of any assistance in determining how much home you can afford in today’s market.
