Just like the Bob Dylan song the Real Estate Times are a Changin in many ways. It is starting to ADD UP to be a great time to buy.
1. Tighter Lending Guidelines, Longer time to be approved, but the good news is its a GREAT TIME TO BUY: Yes especially for First Time Buyers because not only are there great rates, home prices, but there is FHA(3.5% down), USDA (100% financing) and an 8k Tax Credit from the US.
2. Sellers still are a little in denial about the economy and are a little above correct pricing for the most part in my opinion for Maui. I think we will see pricing especially in the mid range and high ranges coming down a bit more. Remember timing the market is like dropping a rubber ball. When you see it hit bottom it is already back on the way up.
3. Buyers who think they will get a "steal" might be in for a surprise. When a home is priced right there are many chances that you will be competing w/other savvy buyers and some homes are selling for over asking price.
4. REO and Short Sales can be a nightmare. In some cases, but use an "experienced" agent who knows what to ask for up front and the deal may go smoother than the horror stories you are hearing about. We closed 1 Short sale this month, and will close 2 short sales and an REO next month.
For further information and Maui MLS search visit: http://www.fineislandproperties.com/
Aloha, Gina
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