In support of the housing market and pending deals nationwide, the House and Senate have pushed through a three-month closing extension for the homebuyer tax credit.
On Friday July 2nd, President Barack Obama this morning signed HR 5623, the “Homebuyers Assistance and Improvement Act of 2010,” a three-month extension on the closing deadline for first-time home buyers to receive the tax credit.
Potential homeowners with offers currently under contract now have until September 30 to close the deal, instead of the original June 30 deadline. The tax credit remains at a maximum of $8,000. Read entire post →
I was reading an article at Inman News regarding the Tax credit extension titled, Senate OKs new tax credit closing deadline where they provided some “Clarification” on the issue:
“While the Senate has amended HR 4213, the “American Jobs and Closing Tax Loopholes Act of 2010,” to extend the closing deadline for the tax credit, it has not held a vote on the amended bill itself. Senate Democrats have reportedly trimmed $60 billion in spending from the bill in hopes of passing it this week. The House and Senate must resolve differences between previous versions of the bill passed in both chambers before it can become law.” Read full article →
It shouldn’t be surprising that there seems to be a bit of confusion regarding why the June 30 closing deadline has not been extended, but it was accepted as an amendment. The Senate’s amended bill gives homebuyers who were under contract on a home purchase by April 30 an additional three months until September 30 to close the deal and claim the federal homebuyer tax credit. The amendment does not extend the deadline for homebuyers to qualify for the tax credit.
Read entire post →
Posted by Cheryl Gillotti, RS on May 18th, 2010 |
Tags: Big Island, Hawaii, Honolulu, Kauai, Lanai, Maui, Molokai, News, Oahu, Obama Tax Credit
Military and certain other federal employees have until April 30, 2011 to buy a home that qualifies for the federal first-time homebuyer credit.
Joint Base Pearl Harbor-Hickam
You may be aware that the Worker, Homeownership and Business Assistance Act of 2009 extended and expanded the first-time homebuyer credit allowed by previous Acts so long as eligible taxpayers bought, or contracted to buy, a principal residence on or before April 30, 2010. Read entire post →
The Honolulu Board of Realtors’ April 2010 stats are out and once again sales volume is up. Continuing on strong momentum from March, single family home resales were up 52% and condos up 48.3% from last year!
Buyers took advantage of discounted prices as the median sales price for homes were down 6.2% and condos down 2.2% on Oahu. This has been a healthy market as buyers realize now is a good time to buy. Now that the government’s tax credit is a thing of the past, it will be interesting to see if this momentum carries into summer, which has traditionally been our strongest season of the year both locally and nationally. Read entire post →
The sales volume on Oahu continued to gain steam outpacing 2009 again. Single family home sales were up 32.1% and condo sales were up 36.4%. Prices were also slightly up with 4.2% appreciation on homes and 3.3% appreciation for condos. While volume and prices were heading up, inventory was down 23.8% across the board compared to March of last year.
Read entire post →
If “the economy helps housing,” Honolulu’s housing market may be in for a rebound.
Honolulu Now Ranks 6th in the Nation for Economic Growth
According to an article in today’s paper, Honolulu is ranked 6th in the nation for metro areas. The report was composed by the Brookings Institution. Coupled with low inventory, it will be interesting to see what happens. Will this drive our housing market or not? When the government money for first-time homebuyer credits is shut off at the end of this month, will housing slow and take the economy with it? Only time will tell…
Posted by Beth Thoma Robinson, R(B) on April 9th, 2010 |
Tags: Big Island, For Sale, Hawaii, Hawi, Kapaau, Kohala Coast, Land, Luxury, Obama Tax Credit, Puakea Bay Ranch, Sales Stats
At least 33 homes have already sold in Kohala since July 2009, compared with only 7 in the previous 12 months.
The Kohala Coast—the area surrounding the rural towns of Hawi and Kapaau on the Big Island—will always be a desirable place to live. After a slow year, more and more buyers are finally able to buy land or a home here.
This time one year ago, the market for homes and land was frozen. In the first quarter of 2009, only ONE parcel of land sold–and that one had owner-financing. In the same quarter, only FOUR homes were sold. These included a little bit of everything: a bank-owned foreclosure at $155,900 on Kynnersley Road, a limited service listing (essentially for sale by owner) for $430,000, and two homes in upscale Maliu Ridge for $750,000 and $990,000. Even more telling of the deadened real estate market, there was little or nothing in escrow at the end of the quarter, as four parcels of land closed in April and no sales at all were recorded in May and June! Read entire post →
In just one month, Waikoloa Village homes saw their value go up by 20%.
March sales numbers are in for homes in this Kohala Coast community. While the overall number of sales—five for the month—was on track with January and February, the average price increased from $333,722 for the 1st two months of 2010 up to $400,000 in March.
This Waikoloa Village home (MLS# 219391) features hardwood floors throughout as well as stunning mountain and coastal views
The most notable change in March sales was the absence of any homes selling in the $200,000 range. Rather, sale prices ranged from $334,000 all the way up to $510,000. As the the average sales price of $400,000 was only $10,000 less than the average asking price, buyers apparently found little negotiating room. Read entire post →
Posted by Ron Margolis, RA, ABR on January 22nd, 2010 |
Tags: Deals, Escrow, First Time Buyers, For Sale, Homes, Kauai, Loans, Obama Tax Credit, Short Sales
Register for our seminar entitled HOME OWNERSHIP 101 on Kauai:
I’ll be facilitating a seminar for 1st time homebuyers and homeowners entitled Home Ownership 101, for those who wish to learn about purchasing a home. We’ll also cover the state of the Kauai real estate market and the types loans available including FHA and VA loans . The seminar will feature presenters from four dynamic companies including:
101 Financial
Title Guaranty Title and Escrow
Wells Fargo Home Mortgage
Hawaii Life Real Estate Services, LLC
This is a fantastic time for 1st time home buyers and all types of buyers. Interest rates are still low (but may be trending up later in 2010). There is a 1st time homebuyer’s tax credit which can save you up to $8000. The Kauai real estate market is hovering near or around its bottom. There are many distressed sellers and bank-owned properties which are bringing prices down.
There’s a lot to know about purchasing a home and a Kauai buyer’s agent can make it an easier process for you. Key points we will be covering at the seminar include:
- Reducing your debt, improving your credit score, and getting your financial house in order
- Taking advantage of the 1st Homebuyers tax credit which expires April 30th
- Getting prepared to purchase a short sale or bank owned property – risks and rewards
- Current financing options for 1st time buyers including FHA loans.
- Understanding the process of escrow which is what you go through when you purchase property in the state of Hawaii.
Attendees will receive binders with lots of FREE Valuable information.
We’ll be having two sessions: Registration begins at 6:30 PM
Tuesday January 26th 7p.m.
Hilton Kauai Beach Resort
Lihue, HI
Thursday January 28th 7p.m.
Waimea Neighborhood Center
Waimea, HI
Register Online or for further information contact me, Ron Margolis, at 808.346.7095
Wednesday morning our local newspaper’s front page reported that for the month of November 2009 real estate sales on the West side of the Big Island were stronger in most areas and categories than in the same month a year ago. I know the Hawaii Life Big Island team contributed to those statistics! Some of the real estate market trends we have blogged about recently are the predominance of foreclosures and short sales, the renewed activity in luxury properties at Hualalai and Kukio, and the effects of the first time homebuyer tax credit. Reading the news article on the real estate market reminded me that a year ago, in November 2008, was the first time I noticed a different trend: buyers who are trading up!
Halii Kai Direct Oceanfront Condo
At the time I had a listing on a direct oceanfront condominium at Hali’i Kai…and the buyers already owned the same floorplan farther back without the view. They loved the community and had the money, hence they made an all cash, quick close offer…which convinced the seller to take a substantial loss, even though, compared with recent foreclosure and short sales at the same property, with 20-20 hindsight this seller did quite well. A buyer who has inside knowledge of a location or property sometimes sees value that someone who is strictly thinking “deal,” rather than lifestyle and long-term appreciation, might miss. Read entire post →
