mauireal // Aloha! E Komo Mai! (Welcome - Come on in) Are you interested in buying, or selling real estate on Maui? If so, you've come to the right place.
My Name is LULU Williams and I specialize in helping my clients find the perfect home, apartment, condo or land and listing and selling my clients' properties. Please allow me to be your guide as my aim is to provide astounding service
Short Sales Rising, Foreclosures Falling
Local Foreclosure Hunters: Listen Up!
For quite a while now, bargain hunters have been able to take their time combing through Maui foreclosure listings. They’ve been looking for the kind of terrific real estate bargains that the last few years have provided -- and there have been plenty. But recent signs show that it may be time for them to step up their efforts.
According to RealtyTrac, the outfit that reports on current real estate activity of all kinds, banks are increasingly leaning toward short sales as a way to handle defaulted properties. There are good reasons why they would prefer short sales over the foreclosure track. You would expect that if that trend is for real, we should see a decline in the number of foreclosure-related notices being issued. Last month, that is exactly what happened.
In April, fewer than 190,000 of the notices were reported. That makes it the lowest monthly total in 5 years (and a decline of 5% from March). In other words, although it takes some time for a foreclosure to occur, the writing seems to be on the wall: the high water mark in foreclosures may well have been passed.
Another sign: the average price of completed foreclosures rose from the year’s average of $226,953 to $256,027. Lower supply, higher prices -- if the early trend continues, local foreclosure bargain hunters may soon find themselves having to hunt a bit harder.
There are many online resources that provide foreclosure lists: properties that are in good shape as well as distressed foreclosure properties, pre-foreclosure properties, REO foreclosures and foreclosure auctions. Anyone thinking about taking advantage of the bargains that are still out there (and they ARE still out there) should consider consulting an experienced Maui agent to help with the process.
First and foremost, we can provide you with a current and accurate foreclosure list. There are many web sites out there that claim to list foreclosed properties, but most of them charge fees for their listings, and sometimes contain little or no contact information for accessing a property (or worse, are inaccurate). Licensed real estate agents have the resources to obtain an accurate, timely list, as well as the experience in targeting the correct contact people.
Your agent can also be a guide through the sometimes tricky process of purchasing a foreclosed house. Many properties on the foreclosure list have not been well maintained; the lender may try to get more for the house than it is actually worth. If you intend to improve a property through your own sweat equity, our first-hand knowledge of local market values can help you project a property’s future value, too…either as an income-producing rental or to sell for profit.
To get the most bang for your buck, make sure to put your search in the hands of a professional. Call me anytime!
Lulu Williams at 808-283-3783 http://www.mauiluluforproperty.com check here for Maui MLS listings and other Maui information
With more than 1,000,000 members the National Association of Realtors® is the nation’s largest trade association. It’s no wonder that what it says carries a lot of weight. When a gargantuan outfit like NAR makes a prediction, its words may not always make headlines, but they do influence everyone whose job it is to forecast the future of the nation’s economic activity.
That’s why their most recent report dealing with pending home sales put smiles on many of those one million members’ faces.
“The spring home buying season looks bright,” according to Chief Economist Lawrence Yun. “If activity is sustained near present levels, existing-home sales will see their best performance in five years.”
Like all statistics, those he was describing can be looked at in more than one way. We know that some numbers are more reliable than others. This particular index is based on an unusually large sample: about 20% of all transactions for existing home sales. It’s a forward-looking indicator: in the past, it has signaled coming trends before they materialize. This index seldom produces a straight line of activity because of seasonal and monthly ups and downs, but this time a trend is evident that is “notably above the pattern from a year ago.”
Our local home sales patterns are not invariably tied to national trends -- but they aren’t impervious to them, either. So we are pleased when our own impression that the spring market is looking up is borne out by the experts who deal in the broader picture. “Based on all of the factors in the current market,” Yun went on, he expects to see “sales rising 7 to 10 percent in 2012.”
Real estate is a famously local phenomenon, and although we keep an eye on the national and state markets, our real attention is always centered right here in Maui. If you have questions about your own real estate outlook, call me anytime for a consultation focused on your neighborhood.
For property information on Maui and also for all other relevant information about Maui check my website at http://mauiluluforproperty.com
When mortgage rates began to rise in January, it caught the attention of a lot of future homebuyers. If they had been enticed by the record-breaking low mortgage rates that had been headline news for so long, many of them began to reconsider their leisurely home-hunting pace. Now we have an interesting turnaround , the FHFA reported yet another reversal. They say that rates fell again: either nine or ten basis points, or --depending on how it’s reported-- five.
It may seem a little difficult to sort that one out. The difference between five basis points and ten basis points is, after all, 100%. But mortgage rate reporting can be like that. As the FHFA (it’s the outfit that regulates Fannie Mae) points out in the fine print, interest rates are typically determined 30 to 45 days before a loan is closed. So even when you have last week’s report in hand, the apparent trend might be misleading. Even if it were clear what the exact size of the rate dip was -- and it isn’t.
All this is an indicator of a basic residential real estate truism: in addition to using a Maui agent a house-hunter will be well served to enlist the help of a Maui mortgage broker, too. Your Maui mortgage broker will be on top of what is happening, what they are looking for, and what the latest timing realities are. Your mortgage broker will paint a clear picture of what to expect based on your individual financial picture, and will work with you to shape a loan package that works for you, the buyer, and the lender alike.
It’s worth noting that mortgage brokers are no longer allowed to pay referral fees to any Realtor. That tends to work in your favor, since it solidifies the fact that at the end of the day it's solely by doing a great job for you that a Maui mortgage broker stands to earn repeat business.
If you are considering buying a Maui home, please don’t hesitate to call me for a complimentary buyer’s consultation. If you like, I can introduce you to a great mortgage broker, and you can decide if now is the time to make your new home a reality!
Call me Lulu Williams 808-283-3783 or email me at lulucw@maui.net
Once you decide that the time has come to sell your house Maui’s open houses are one of the most promising ways for you to show off its fine points. Despite the fact that April can bring unpredictable weather, it’s undeniably prime time to use an open house to market your home.
Open houses are popular for the simple reason that they provide maximum exposure to house-hunters, whether they are casual or more highly motivated. Particularly when a home is occupied, open houses invite easy access to a property, side-stepping all the normal hurdles of appointment making, phone tag, calendar syncing, etc. Since vacant homes are easy to show any time, they tend to get more exposure (especially since prospective buyers frequently phone at the last minute to request a tour).
Open houses are a way to even the competition. Held on a Saturday or Sunday afternoon, they provide the easiest way for potential buyers to browse. Prospects can casually pursue their search without having to commit to a day full of appointments. For them and for the seller, it’s a handy tradition.
But what if it turns out to be one of those rainy days?
Ideally, everyone plans their open houses with a bright, sunny day in mind. But when the clouds gather, you don’t need to let a little inclement weather wreck the opportunity. When it turns gloomy outside, think of it as the perfect opportunity to make your home shine on the inside. Open all the blinds, turn on the lights, throw some upbeat jazz on the stereo, and crank the heat up – depending where on Maui your house is! Another nice touch (especially if you want to come home to a clean house) will be to place towels or mats by the front door so that attendees can wipe their feet.
Looking to go the extra mile? Provide hot chocolate or hot tea in disposable cups for your agent to offer browsers. At the very least, they’ll be sure to remember your open house!
If you are considering listing your Maui home and are looking for solid marketing support and exposure, today is the day to call me to schedule your consultation…rain or shine!
Call or email me Lulu Williams 808-283-3783 lulucw@maui.net
If this catches your eye, contact me for information
Any Vets on Maui, needing to be educated on purchasing a home using VA financing, please email me at lulucw@maui.net or call me at 808-283-3783 for information on the next free seminar for Vets on Maui.
OWNERS POLICY
Insures an owner of any type of real property against loss by reason of those matters covered under the policy of insurance for as long as they own the property. There are several versions of each policy.
LENDERS POLICY
Insures the priority of the lender's security interest over claims that others may have in the property.
RISKS COVERED BY TITLE INSURANCE POLICYThe following are risks covered by title insurance policy (subject to insuring provisions and the conditions and stipulations)
Further information can be obtained from Old Republic Title and Escrow company
Wailea Gateway Center, Kihei/Wailea
TITLE SERVICES
Insured ownership is at the heart of every transaction. We work to remove any recorded encumbrances which are inconsistent with the terms of the transaction. We offer traditional, fully-insured products like ALTA policies, as well as innovative products and insurance policies in the refinance, second mortgage and equity markets. We respond quickly to unique circumstances with flexible, creative approaches to title insurance
ABOUT TITLE COMPANIES
Title companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders and others who have an interest in the real estate transfer. Title companies make sure that the transfer of title take place efficiently and that your interests as a home buyer are protected under the terms and conditions of the policy.
Title insurance is dfferent from many other types of insurances (casualty, auto, etc.) These other types of insurances assume risks by providing financial protection for losses arising from an unforeseen future event suich as a fire, theft, or accident. In(or with) title insurance risks are examined and mitigated before the property changes hands.
WHAT IS TITLE INSURANCE?
Title insurance is an agreement to indemnify against damage or loss from a defect in title as evidenced by a policy of title insurance to a specific parcel of real property. Following a search and examination of public records and in exchange for a premium paid, title insurance companies will assume the risk that title to a parcel of real property is as stated to be in the policy of title insurance.
In a 1031 exchange, the taxpayer must acquire all replacement property by the earlier of the date that is 180 days from the date the relinquished property closes, or the date the taxpayer’s federal income tax return is due, including extensions. This means that for exchanges where the relinquished property closes late in the year, the calendar-year taxpayer may need to get an extension of the tax filing deadline in order to benefit from the full 180-day exchange period.
For example, if the taxpayer is an individual who closes the sale of his relinquished property on December 1, 2011 and he does not get an extension, he will only have until April 17, 2012 to acquire all replacement properties. If he gets an extension, however, he will have until May 30, 2012 to acquire all replacement properties. For corporations on a calendar-year tax basis that close their sale late in the year and do not apply for an extension, they will only have until March 15, 2012 to complete their exchange. Even though the granting of the extension is “automatic” remember that you must still file with the IRS to claim it. (Form 4868 for individuals)
Once a tax return is filed, it cannot be amended to include the exchange or to obtain an extension of time to complete the exchange. If the exchange is incomplete, the sale will need to be reported as a taxable event.
COMPLIMENTS OF ANTHONY ALOSI
FIRST AMERICAN EXCHANGE
