Buying vs Renting. Is it a good time to Buy?

Why is it a good time to buy? What are some of the key factors in renting vs owning a Maui home?

The key factors in deciding to rent vs own should be based on sound financial analysis of the buyers employment stability, the buyers ability to make a payment that not only includes a mortgage, but the taxes, insurance, and the ability to pay for any repairs to a home. A buyer has to have the ability to budget for things from termite tenting to a new roof. The buyer should have a clear goal of home ownership, their "5-7 year life plan" and receive professional advice from a REALTOR, mortgage lender, and a tax advisor prior to purchasing or even looking for a property. Too often renters make the error of comparing what they are paying in rent as compared to a mortgage and don't factor in all the other costs associated with buying a home. I want to look back with a client and have them thank me 5 years from now that they made a sound financial decision as well as an emotional one.

Interest rates are at HISTORIC lows. I recall refinancing on one of my homes and thinking I was lucky to get a 7% rate. People need to realize that if they can lock in now to a 30 year fixed rate under 5% that this is a huge benefit that won't last forever. It is rare in Maui Real Estate to have both the interest rate and prices both be this low as they are today. Home ownership can lead to security and stability for a buyer. It is a great piece of mind to know you can live in your Maui home for as long as you want to and not to have your landlord sell or renew your lease. You are able to personalize your Maui home or your Maui condo and receive the benefit of a mortgage interest tax deduction, and appreciation & something tangible for your investment. If you invest in the market and your stocks go down you don't have a tangible asset like a home. As FDR stated, " A nation of homeowners is unconquerable." Home ownership not only brings personal satisfaction it builds community, and creates jobs. Many studies including a Harvard study on The Social Benefits and Costs of Home ownership and the National Association of Realtors August 2010 Social Benefits of Home ownership and Stable Housing bear this out.

For more about Maui Real Estate including Maui MLS search visit our website at http://www.fineislandproperties.com/

Aloha, Gina Duncan

Hawaii ranks 3 times in top 10 for Vacation Adventures

We know Hawaii is special but its nice to see other folks think so too. US News just ranked 3 Hawaiian islands in their Top 10 Vacation Adventure Sites. Kauai came in at #3 and Maui right behind at #4. The Big Island of Hawaii was at #7.

Beyond the toes in the sand and swimming in the warm Pacific waters the islands offer everything from Kayaking to Zip Lining across lush cliff tops. Hiking is great on all the islands and Kauai with its "Grand Canyon of the Pacific" has spectacular scenery and what can be as spectacular and peaceful as Hiking in the dormant Volcano of Haleakala on Maui. The Big Island boasts one of the largest cattle ranches in the country and Horseback riding can be enjoyed there and on all the islands. Maui and Oahu even have Polo.

Let us not forget snorkeling, boogie boarding and diving too and my husband Doug's favorite fishing.

Come and visit and see why we choose to make Hawaii our home and year round vacation spot.

If you want more information on Maui or Maui Real Estate check out our website: www.FineIslandProperties.com

Aloha, Gina

808-250-9858

The REO Market has recently had changes in Hawaii due to Act 48 which was enacted in May of 2011. The Act stipulated that there be a moratorium on foreclosures and that the lenders had to meet with homeowners prior to foreclosing on their homes. If foreclosure went forward they would have to file a Judicial foreclosure which costs time and money for the lender.

We had inventory "shadow inventory" that the lenders are still able to process and sell as long as the Maui foreclosure happened prior to the new law's date. Currently there are 55 Residential Foreclosures showing active on Maui's MLS and 36 Condos compared to short sales at 68 for Residential and 62 for Condos.

Many owners knowing that the courts are tied up are waiting it out. Others who once tried to get a loan modification and were turned down are now trying again. Leverage is there now that the banks have to go through the Judicial foreclosure process.

I've represented over 75 Maui short sale owners and I am encouraging folks to modify if they can. If not short sale is an excellent option. The Judicial process may be slow but one bad potential outcome is that they lender asks for a deficiency judgement for the balance owed. In the non-judicial process lenders for the most part forgave the difference, but if they have to spend time and money they may not be as willing.

For further information please visit our website: www.FineIslandProperties.com or email me at Mauigina@gmail.com

I look forward to assisting you with your Maui Real Estate needs.

Maui County Property Taxes for Homeowners May Rise

Tax Exemption to be Lowered &
Property Tax Totals Up for Owner Occupants

The Maui County Council Budget & Finance Committee approved last Tues to look for revenue in the current Property Tax Homeowner Exemption. Currently resident owners are given a 300k deduction of the tax basis and a lower per $1000 rate for calculating their property taxes.
The rate recently went from $2.00 per 1000 to $2.50 per 1000.


Now the government is looking to the deduction portion and wants to lower the 300k to 200k.
Initially the 300k increase came about due to skyrocketing real estate prices on Maui. Now that we are back to pre increase for average sales prices they want to take that back down to the lower level. Maui currently has much higher exemption and rates than Oahu.
While good in theory I would argue that the job situation was a little different back then and people were not struggling so hard. We do have some of the lowest property tax rates in the nation and state so I would look for this to pass.




Aloha, Gina

Serene Tropical Maui Estate

Serene Tropical Estate Home

2600 Kanakanui Rd Kihei

Stunning doesn't begin to describe this one of a kind luxury executive gated estate. Just past lush tropical landscape this exquisite, very private, & serene property features furnished main home, cottage, 4 car garage, tropical oasis pool & tennis court. Appointments incl travertine tiling w/custom accents, mahogany trim, custom lighting, rain forest granite, surround sound system, & more.

The gracious living room is past granite columns w/room for the piano. A sunken media area, dining area and kitchen are part of the great room concept.



The custom pool has waterfall feature, rock accents, & a walk in beach entry.
Outdoor living to love incl. limestone counters and Jenn Air BBQ, hot tub, & an outdoor shower area featuring Bali artwork designed right in the lava rock walls. The 2nd level Master Retreat has sweeping ocean & outer island views. Sunsets year round, a sitting area, and the master bath is everything you can desire. Jacuzzi tub w/from the ceiling bath filler, walk in shower, dual glass bowl sinks on granite counters, & a walk in closet 2- 1/4 acre lots are included so you can build your own retreat, Bed and Breakfast, or add another home.

New HI Foreclosure Law: What you should know...

Act 48: Hawaii Relief has arrived in the form of our new foreclosure law just enacted. This gives real power back to the people and makes lenders meet face to face with the borrower prior to foreclosure.

Many of our short sale clients have complained (and rightfully so) that they felt disenfranchised from the process of negotiating with their lender for a loan modification. In some instances they were told by their lender unless they were late in payments they wouldn't get modified. So late payments equalled bad credit and the banks still didn't modify their loan, and many times claimed paperwork was "missing" or not turned in. These were the same excuses from lenders that we have seen for years working with short sales.

Overseen by the Department of Commerce & Consumer Affairs, Office of Administrative Hearings, with assistance from Judiciary this new law will require lenders to file with the Department prior to foreclosure process beginning. The Dept will then notify all parties and if an owner occupant (having lived in home for 200+ consecutive days) wishes to mediate then both parties are given date/time to meet. There are minor fees involved required from both parties.

If the Mortgagee is pursing a non-judicial foreclosure both parties are required to participate. The program is slated to begin on or before Oct 1, 2011 and not end until Sept 30, 2014.

Certain requirements from the owner are required including list of items to bring to the negotiating table.

To read more on Act 48 click on the link below.

http://hawaii.gov/dcca/oah/mfdr/mortagage-foreclosure-dispute-resolution-mfdr-program

Maui Dream Hacienda w/Ocean Views

Maui Upcountry Dream Hacienda Home

You would think with all the homes that agents view we would have so many to recommend to buyers. Unfortunately that sometimes isn't the case. However this Baldwin Ave Hacienda is one of the homes on Maui I can truly recommend. I recently visited Century 21 agent Becky Hanna at her open house on Baldwin Ave. I was taking the scenic drive home from church and had always wanted to get a closer look at this particular home situated on 2 acres in Makawao Upcountry Maui. Set off the main road with a gated entry that featured tumbling purple allamanda flowers this home welcomes you with a circular drive up to the charming entry. The understated entry belies the homes casual elegance just inside.

The main entry features double glass doors that welcome you to the fabulous U shaped floorplan (one of my personal favorites) that features main living and 2 bedroom wings. The main living area is warm and inviting with a custom chefs kitchen w/ koa cabinetry, granite counters, built in eating area in the kitchen and top of the line appliances. There is a separate dining area and the living area is cozy with built ins, and stereo system for the wall mounted tv. The details of the home are very special and include trayed ceilings, expansive sliders to take in the views, moldings, elegant wood interior doors, custom flooring, arched entries, gorgeous lighting, zoned A/C, monier tile roofing, copper gutters, and so much more. All of the living areas enjoy overlooking the pool/spa area out to Central Maui views of the ocean and city lights at night.

The master suite is a focal point of the home with his and her walk in closets & a spa retreat like bath. Beautifully appointed w/wood cabinetry and the shower is a full walk in with shower, and spray heads. The double sink areas are designed at the higher height that is a must in a home today & they are separated by a accent cabinet for extra storage. Travertine tiling completes the luxury feel. The spa tub has an architectural wave that is a feast for the eyes. No expense was spared and the suite overlooks the pool courtyard area. Click on the link to view the MLS information for this one of a kind home:

http://maui.fnismls.com/publink/default.aspx?GUID=67e36dee-c719-4bd8-a312-21167e6b0d3e&Report=Yes

Please contact me for more about this stunning home and other luxury Maui properties. The Fine Island Properties Team is "Your Guide to Maui Real Estate"

Aloha, Gina Duncan, R (S) ABR, e-Pro

http://www.fineislandproperties.com/

Wailea Living at Kai Malu New Listing

Kai Malu 78 Kai La Place #24B $1,500,000.

All the best Wailea Maui offers can be yours at this stunning Honua model at Kai Malu. Kai Malu is located on the Wailea Blue Golf Course and is only blocks from The Shops at Wailea and Maui's best beaches including Wailea Beach, Ulua Beach and Keawakapu which was voted number one beach in the world by Dr. Beach.

This home features include 3 bedrooms and 2.5 baths. The main living level features gorgeous hardwood floors flowing from the entry into the master suite. The master suite features a suptuous bath with his and her sinks and a large soaking tub accented with tumbled marble.

The home is perfectly situated to take in the blue Pacific ocean just over the tropical landscape. Kai Malu kitchen features maple cabinets, granite counters, a generous pantry and stainless appliances.

Kai Malu community features are second to none and the disappearing edge pool/spa that are perched to take in 180 degree views of the outer islands and ocean will take you away to total relaxation. Tropical breezes blow over the community pavilion perfect for entertaining, workout, and sauna and meditation areas complete the spa like atmosphere. Call this one of a kind property home by contacting the Fine Island Properties Team at Keller Williams Realty Maui.

Aloha Gina Duncan, R (S) ABR, e-Pro, SFR

Fineislandproperties@gmail.com

http://www.fineislandproperties.com/

FHA Insurance on Loans to Increase in April 2011

FHA to Increase Mortgage Insurance Rates: If you are a first time homebuyer this is important news for you. FHA loans that originate after April 18th of this year are going to have higher mortgage insurance rates. The rate will increase by $250.00 for every $100,000. that you borrow. For first time buyers this increase can be significant so if you are on the fence and want to buy now is a good time if you are a first time homebuyer. Aloha, Gina

Buyers Market on Maui-Think Again

BUYERS MARKET ON MAUI- THINK AGAIN:

We have all been lulled into the "market is falling" and will continue to go down, shadow inventory, the bottom hasn't arrived thinking.
If you are looking for a condo under 200k in Kihei you may need to rethink that.

In today's search on MLS 0 yes I said 0 condos came up. Doesn't sound like rock bottom pricing and lots to choose from to me.

If you raise the bar to 250k you only get 7 properties. We have people with cash in hand searching on Maui right now for deals, so if you are a buyer you are competing for one of 7 condos. This means you can't underbid and chances are you will be in a competing bid situation.
Condos that have been on the market for months have been claimed now.
Be prepared to know the market prior to shopping for a home.

If you are thinking of buying a home and want to work with a professional team that will look out for your best interests, make the buying process fun/easy, and want to get you that best buy contact The Fine Island Properties Team at Keller Williams Realty Maui.

Aloha, Gina Duncan, R (S) ABR, e-Pro, SFR
www.FineIslandProperties.com
Mauigina@gmail.com
808-250-9858

View actual Maui neighborhoods that you are interested in

Aloha

We have a great tool from Google that will allow our homebuyers to view the neighborhood for the condo or home they are searching for. Ck out the sample below to Wailea Palms.


View Larger Map

Home Sales Up

According to the Recent Article by The National Association of Realtors many areas of the country are seeing a jump in home sales. (see link to full article below)

Maui is no exception to this trend. Our market is showing healthy recover indicated in our statistics (available at http://www.fineislandproperties.com/) and the movement we are experiencing as Realtors on the street. In the last month there has been an upward movement for showings and offers on our listings. REO (Foreclosure) listings and listings below the 450k can expect multiple offers if priced well.

Our luxury market is a little slower but it picking up nicely as well. REO and Shortsales are not as prevalent but showing up slowly and there are very well priced for our luxury markets.

Aloha, Gina

http://www.realtor.org/press_room/news_releases/2011/01/sharp_rise