Homeowners Feel Lucky If They Manage to Sell Without Facing Foreclosure or Short Sale
Posted on May 22, 2009
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Things have come to such a pass that homeowners feel lucky if they manage to sell without facing foreclosure or short sale. It is especially hard on the elders about to retire or already have retired. The situation is so grim that many sellers have to bring cash to the negotiating table to clinch the sale deal. This is on top of having to sell it far below the original price of the property.
The Wheeler couple sold their house in Mililani in April for $48,000. During the peak years they had bought it but now they need to go to Virginia. At first they decided to hold on and let it out on rent. But seeing the rapidly declining trend of the real estate in Oahu market they decided to sell it. Jill Wheeler is unhappy that one has to pay to sell the house but has accepted the reality and thinking of a new start. The story of the Wheelers point to what has happened to the once-booming housing market in Hawaii. The majority of those who are selling are getting far less than what they paid during the boom years.
The Honolulu Board of Realtors said that the prices of condos and single family units have continued to drop. This indicates the weak economic condition of Hawaii – it being a reflection of what is happening in USA as also the rest of the world. The resale of single family units fell by 26.2% numbering 189 sales and condo sales fell by 33.1 % registering 257 sales in comparison to the previous year. The median price dropped by 8.5% for single family homes and by 5.2% for condos.
The number of pending sales increased and this has made many affordable properties available. It has not brought in the expected rush of buyers for many are waiting and watching to see if the prices drop further.
Chason Ishii of Coldwell Banker Pacific Properties said, “Pending sales were up about 8 percent for the first time in many months. This gives us a positive indicator for the future. In 60 days we may see a lack of decline in comparison to the prior year.”
Not all the foreclosed houses have been listed and this is boosting sales. But these units are waiting in the wings to flood the market any moment.
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