For Homeowners and Investors, Now is a Great Time to Consider Trading Up!
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For homeowners that have been thinking about upgrading to that dream home or moving to a more desirable neighborhood, now may be the opportune time with interest rates still at historic lows.
Now is the best time in many years for home owners or investors to consider trading up!!! The compression in the current market is creating opportunities for homeowners and investors to transition into more expensive neighborhoods or upgrade to a more desirable home or investment. Simply put, its cheaper to buy up now than it was a year ago since the gap between the mid range homes and the higher end homes has closed in.
Most of the Oahu real estate market has been relatively insulated from the plummeting property values that many mainland markets have experienced during this economic downturn. On Oahu, the median price averaged annually for a single family home from 2005 to 2008 fluctuated less than 11% year to year. Year to date, the average monthly median price is now $566,416, which is only an 11.4% difference from the high in 2007 of $639,416.
While the median price for a home on Oahu has not dropped significantly, the average sales price in some of the more expensive areas has come down significantly in value from 2008. For example, Kahala’s average sales price for 2008 was $2.488M. Year to date, Kahala’s average sales price has dropped 27.5% to $1.803M.
Furthermore, for many owners who have held their homes for more than 5 years, there are still significant tax exempt capital gains to be earned.
Given how complicated selling or buying real estate is and how important having market knowledge is for making a good investment decision, hiring an experienced, full time Realtor to represent you makes a lot of sense. When selling a property, Realtors will advise you on the most cost effective way to prepare your home for sale, advise you on proper pricing, and design and implement an aggressive marketing program to sell your home for the best terms and highest possible price. When purchasing, Realtors will search the market for the ideal property and negotiate the best terms and lowest possible price once the property has been identified. In both cases, the Realtors guide their clients through the complicated escrow process which includes professional inspections and extensive documentation that is required in a home purchase.
Allan and Soomi Crooks are both Brokers, come from a family of Real Estate Practitioners, and have 14 years of combined experience. This year, Soomi was recognized in the Hawaii Business Magazine as one of the “Top 100 Realtors” in the state of Hawaii, and she is also a recipient of the Chairman’s Circle award, the highest National Award given by Prudential to the top 2% in sales nationwide. Allan is the Broker-In-Charge for Prudential Advantage Realty. This hardworking Real Estate Team prides themselves on providing the highest levels of client advocacy, thorough knowledge and unmatched service.
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