Kauai Real Estate Market UPdate #kauai #realestate #homeforsale

 

Monday Market update

MLS stats and information from Hawaii Information Services on the morning of November 6, 2023.

Active listings (homes, land, and condos), today we have a total of 313 ⬇ (down from last week).
Of those, there are 121 ⬇ homes, 86 ⬆ condos and 106 = land listings on MLS today
In Escrow there are 172 ⬇ listings (contingent and under contract status)

Of those, there were 55 ⬇homes, 97 ⬇ condos, and 21 ⬇ land listings
SOLD/CLOSED In the past month (since October 7) a total of 57 ⬆ listings

Of those, there were 23 ⬆ residential, 23 ⬆ condo, and 11 ⬆ land listings

Listing activity update

New Listings = 85 in the past 30 days

Back on Market: 12 listings – this means they either fell out of escrow or were removed from the market for various reasons then re-released

In Escrow: 46 listings went contingent; 3 went under contract

SOLD/CLOSED: 60 listings

ADDITIONAL LISTING CHANGES

3 listings expired

18 were withdrawn

2 changed to temporarily off market

PREVIEW STATUS (aka coming soon): 4 listings

PRICE CHANGES: There were 55 price changes in the past 30 days, all of which were price reductions.

The total number of listings, also known as inventory, continues to hover just over 300. Many listings are still coming out of the gate too high for this newer market of fewer buyers. This has resulted in a high rate of price changes and longer days on the market. Despite that, the total number of sales closed in the past 30 days has trended up slightly as compared with my prior update.

For more information about the market or for an analysis specific to a Kauai property, please contact me.

It is never too soon to connect!

📞Call or Text: 808-634-2011

📩 Email: Info@OnorNeartheBeach.com

💻 www.OnorNeartheBeach.com

 

Monday Market UPdate for Kauai Real Estate. Number of homes, land, and condos for sale, number of properties in escrow, number of sales over the past month. Jamie Friedman, Real Estate Agent, Kauai, Hawaii

Plantation Hale Condos - Kauai Real Estate #plantationhale #kauaiacondos...

New Video! Today let's get to know about Plantation Hale Condos on the Garden Island of Kauai.
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Search Kauai Real Estate

Your time is valuable! Why waste it searching the web for Kauai real estate listings ~ often searching incomplete or inaccurate lists ~ when you can have a professional set you up to receive the exact properties and information you need for a successful Kauai Real Estate purchase. Put my experience and knowledge to work for you and save valuable time and efforts!

I can set you up to receive current, accurate, and detailed property information for today's available home, land, and condo listings.  In fact, if you aren't ready to leap to working with an agent, you may enroll yourself for updates at: www.emailmeKauaiRE.com

Buyers searching on their own may miss great opportunities or not get the exact and best information for their specification and intended use.

A general internet search may not provide you with enough information and enlisting my Buyers Agent services may benefit you!

When you are ready to make the leap and begin your search for properties, get an experienced, knowledgeable, buyers representative on your side!

I'm looking forward to hearing from you and matching you with the perfect property!

Mahalo, Jamie

 

Jamie Friedman (RA)   Prudential All Star Realty  direct (808) 634-2011

jamiejoy@aloha.net   www.MyKauaiProperty.com 

Follow Kauai Real Estate on Facebook! www.facebook.com/KauaiRealEstate

 

 

Another Happy Buyer!

Congratulations LP, CP, and TP on your Halelani Village at Puhi condo purchase! Wahoo!

Ready to find your perfect piece of paradise? Just give me a call or take a look online at: www.SearchKauaiProperties.com

Mahalo!

Jamie Friedman (RA) Prudential All Star Realty direct (808) 634-2011 jamiejoy@aloha.net

Find me, Follow me! www.FollowJamie.com for Facebook, Twitter, Blogger and more

Lend a Hand to Raise the Roof! http://www.lendahandtoraisetheroof.com

 

 

Buyers Closing Cost Categories

Below is a chart of closing cost categories when purchasing property on Kauai.

The first section, Buyer Closing Costs, lists the items as stated on our purchase contract.  Though all items are negotiable, the distribution of costs in the pre-printed section of the purchase contract tend to stay the same in most transactions.

The second section, Additional Costs, lists the items that typically are incurred or may be incurred by your selection of services, lender requirements, or association requirements. While condo documents, survey or staking, and termite inspections are generally at the seller's cost, if you select to purchase a short sale or bank sale, these items will generally not be paid for by the bank or approved by the lender (short sale).

The third section, Loan Fees, lists the items likely to be incurred as a result of obtaining a loan to purchase the property. This is a general list as your number 1 resource for loan costs and data will come from the lender you select.

As many costs are directly related to the purchase price, type of property (home or condo) and type of sale (short sale, bank sale, regular sale), I have not included figures or costs. However, when you have decided the estimated price point of your offer, I would be happy to provide an updated and more detailed list.

Keep watching my blog for additional information, details, and updates on Closing Costs.

 

Buyer Closing Costs

Title Insurance 40%

Drafting Mortgage

Buyer Consents

Notary Fees

Recording Fees

Escrow Fees 50%

Condo Transfer Fees

All fees associated with loan

Mailing Fees

Additional Costs

Property Inspection

Condo Docs

Attorney Document Review

Survey or Staking

2 months maintenance fees

6 months insurance

6 months/1 tax installment

Termite Inspection

Home Warranty

Mold Inspection

Cesspool/Septic Inspection

Loan Fees

Processing

Underwriting

Appraisal

Credit Report

Flood Cert

Tax Service Fee

 

Jamie Friedman (RA)

Prudential All Star Realty

direct (808) 634-2011

fax (808) 356-1342

jamiejoy@aloha.net

www.MyKauaiProperty.com

Follow me on Facebook, Twitter and more! http://www.FollowJamie.com

 

 

What's a Short Sale

What's a short sale?

A short sale is when an owner isselling a home for which the current loan balance (pay off amount) exceeds the current market value of the property. Occasionally, though not kindly, referred to as being "upside down" or "under water" ~ i.e. owing more than it is "worth".

Generally owners would opt for a short sale when they can no longer afford the mortgage payment and re-financing and/or loan modification (reducing payments via the lender) are not an option. Though there are other reasons an owner may have to sell (for example to relocate for a job or personal reasons), for which refinancing or modifying the loan would not work for their circumstances. Regardless of the circumstances, a short sale can only be completed with the lenders consent and all sales are subject to lender's terms and conditions.

The advantages to a seller considering a short sale:

· Avoiding foreclosure

· Potentially preserving their credit report as, in theory, delinquent payments to the lender and a completed short sale will appear "less worse" than a foreclosure (*not guaranteed as it does depend on how it is reported by the lender to the credit report companies)

· Potentially avoiding a deficiency judgment (lender pursuing the seller for the remaining balance of the loan: the difference between the loan balance and the net sales proceeds to the lender). This varies amongst lenders, but lenders may pursue a deficiency judgment with both a foreclosure and a short sale, and some will waive the right to a deficiency judgment in the short sale acceptance/approval terms and conditions. *Of note, some states do not permit deficiency judgments or limit the amount that may be pursued.

Why would lenders agree to this?

· Since the owner is no longer paying the mortgage (in most cases), the loan is not bringing the lender any income (aka it has become a non-performing asset), permitting a short sale results in a lender losing less money in the long run

· The foreclosure process can be costly and slow and the value of the property may continue to go down. In addition, once the property is foreclosed on, the bank then has to spend time and money on it (maintenance, other carrying costs, commissions on the sale, and the costs associated with the sale)

Additional resource links:

· Making Home Affordable: Help for America's Homeowners

· Home Affordable Refinance

· Home Affordable Modification

· Home Affordable Foreclosure Alternatives (HAFA)

· Look Up Your Loan

· Find a HUD Approved Housing Counselor

There is a wealth of information on the internet and I am also happy to answer any additional questions you may have.

Please continue to follow my blog as I post additional information for buyers and sellers of short sales.

Mahalo, Jamie

***All owners/sellers and buyers in a short sale transaction should be aware that short sales can have legal, financial, tax and credit consequences and are advised to seek professional advice from an attorney, accountant, and tax professionals prior to entering into a short sale.

Jamie Friedman (RA)

Prudential All Star Realty

direct (808) 634-2011

fax (808) 356-1342

http://www.blogger.com/jamiejoy@aloha.net

http://www.blogger.com/www.MyKauaiProperty.com

Follow me on Facebook, Twitter and more! http://www.followjamie.com/

Free Market Report for Kauai Buyers and Sellers

Fast, Easy and FREE Kauai Market Report for Kauai Buyers and Sellers

kauaimarketreport.com

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Kauai Short Sales

"SHORT SALE" PROPERTIES for sale on Kauai

Important info and Details

A short sale is when the Seller is attempting to sell the property for less than what is currently owed to the bank (lenders). For these properties, offers are submitted to the lenders for approvals as they have the final say in what they will accept or if they will accept a partial payoff on the balance owed (to satisfy the mortgage).

Though these are a great opportunity to purchase a property for less, there are some requirements, timeframes, and concessions often associated with these transactions. Items that the seller usually pays for are often at the buyers expense, like termite inspections, cleanings, and staking of the property (for homes) or condo documents. Also, the processing time for these offers can take anywhere from 6 weeks to 6 months, though you as the buyer could cancel any time prior to full approvals by the lenders/bank.

Also of note, the Sellers may continue to accept offers and submit them to the bank until the bank has approved one. This means if you love the property, you should come in with your highest and best offer to stay competitive.

If you decide to write an offer on this type of listing, the following will be REQUIRED for your offer to be considered.

· Pre-qualification letter: I would be happy give you the names and contact information for multiple loan sources and lenders. Short Sale offers will not be considered and cannot be submitted without the pre-qualification letter.

· Verification of Cash Funds: copy of bank statements or letter from your financial institution on letterhead will be required to submit a cash offer and often required to verify your down payment if financing your purchase

· Earnest Money, short sales will accept a personal check in most cases, the check will need to be made out to the Escrow company and a copy included with your offer to purchase, generally 10% or $5000.00, whichever is greater, is recommended

If you have additional questions regarding Short Sales or would like to see available listings, please contact me directly.

Jamie Friedman (RA)

Prudential All Star Realty

direct (808) 634-2011

fax (808) 356-1342

http://www.blogger.com/jamiejoy@aloha.net

http://www.blogger.com/www.MyKauaiProperty.com