HonoluluHawaiiHomeInfo.com

Now you can search for homes listed for sale in Hawaii by neighborhood. This resource also has a mapping feature, you can narrow your search down to the specific details that you want and find exactly what you’re looking for quickly and easily. Click here to search for homes listed for sale in Hawaii by neighborhood

Hawaii home search mapping feature

It has been a long journey with mostly spooky news about the economy, foreclosures, under-water mortgages, ever changing loan requirements and unemployment.  Consumers are working hard to rebuild their lives, their assets, and start saving.  If you are a Buyer, and thinking of purchasing a home, to take advantage of the abundance of home inventory, foreclosures, short sales or just the super low interest rates; you need all the resources and guidance to make your purchasing experience a smooth sailing to home ownership.

You have your unique circumstances and needs; you know it more than anyone else.  To start your housing exploration search, try to understand financing as much as you can , the  different types of lending institutions, and borrowing rules and terms.  You may say why, all I need is to contact the expert in the field.  You are right, but, to be sure that this person or entity is the expert not the one promoting predatory lending, or slick fast talking scammer, knowing a little about finance will come handy.

It is becoming a known fact that, FICO score is now extremely important, and depending on the type of finance; one may need a minimum of 680 to 720 FICO score, and that is step one.  Purchaser may also know that  cash for down payment as well as closing cost is to be available and addressed as well.  The down payment again can vary from 5% of the purchase price for FHA Loans to 20% for a conventional loan (this excludes the VA loans).

Closing cost varies depending on the lender, and the interest rate one selects.  To control the amount of lender’s closing cost,  explore interest rate with no points or origination fee. Another option is to discuss with your agent  negotiating with the Seller on your behalf for a credit to help with Buyer’s closing cost, that is, if  there is not enough cash to cover closing cost, proration and down payment.

This is very dry and complex topic, and having a realtor agent that understands finance may be helpful to hold hands with you during the process.  Fannie Mae and Freddie Mac has been revising, changing, altering, and eliminating common sense lending rules that worked for many years.   There is a new disclosure law to protect you, the consumer from lender’s excessive fees, it is called  good faith estimate (GFE).

The officials that came up with that GFE four page complicated formula, in my opinion, made it tougher for the Buyers to understand or shop around for a loan, and actually, defeated its purpose of saving the  borrower from excess fees.  The predatory lenders have their similar forms to play with, and take advantage of the innocent Buyer.  So, some hard work and understanding of financing options is a must.

Now, to find the right property is another challenge.  Many Buyers are starting to familiarize themselves with the inventory on the Internet.  It is a great starter point, if you know your preferred neighborhood.  Some of these buyer’s are extremely concerned about committing to a Buyer’s agent due to lack of trust, or knowing what to expect from that agent, or not knowing how much added value there will be.

The Buyer’s agent can provide you with Homebuyer’s Toolkit, a quick reference guide that answers most questions pertaining to the home buying process and home ownership issues;  and will help clear up any misconceptions about agency relationship to protect buyer’s interest. It is to the Buyer’s benefit to have a Buyer’s agent early in the process.  It will save the prospective home purchaser a lot of time and effort.

Open and direct communication is the key, let your agent know your time frame, your needs and wants, various home feature preferences, size, style of home, proximity to transportation and schools if needed.  Discussing your home ownership goals, affordability, the monthly payment one would be comfortable with will make the home selection a lot easier.

We all know that availability on internet of information on homes gives some prospective home purchasers the impression that they should check out the sites and homes on line, then when ready, decide on an agent.  Many times, clients that went through this process, are very surprised when they look at the actual property they fell in love with on line.  Pictures can be enhanced and  misleading. there are a lot more issues than just the photos  and virtual tours you see on line.

What do I need to do if I want to buy a home?

Be sure about my job stability, savings above and beyond my down payment and closing cost, be realistic about expenses, and work very hard to learn as much as you can about issues related to home buying, take advantage of your option to select a Buyer’s agent, and have that agent give you all pertinent and education material that may come handy.

Mahalo

Kay F Osman – CRB, CRS, GRI, SRES HAWAIIN REALTOR®
Del Osman Realty, Inc.

Website: AllHonoluluHawaiiHomes.com
Email: dosman888@aol.com
Phone: (808) 523-6421
Fax: (808) 523-6423

Address: 733 Bishop St., Suite 1800, Honolulu, HI 96813

*I love referrals! Thank you for your trust.

Click Here: Full Screen Mapping of all Hawaii MLS Listings
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Click Here: View Today’s New Hawaii real estate Listings
Click Here: View This Weeks New Hawaii real estate Listings

Del Osman Realty, Inc. Teams With National Website TopTenRealEstateDeals.com To Provide The Oahu condominium Top Ten Real Estate Deals.

TopTenRealEstateDeals.com is a new independent website offering exciting and unique Top 10 lists of today’s best deals on real estate for sale.

The Hawaii list features the 10 best deals on Oahu Homes and Condos for sale!

Oahu is a market without which no Top Ten listing site would be complete,’ states Jason Wakefield, the Internet Marketing Director for TopTenRealEstateDeals.com.

The Oahu Top Ten Concierge Agent is, Kay F Osman, R, ABR, CRB, CRS, GRI, SRES, member of the National Association of Realtors & Hawaii Association of Realtors, to mention a few. Kay show cases condominium apartments that provide Convenience living close to Beaches, resort living at Ko Olina and Turtle Bay, as well as ones in Waikiki, Kailua and other neighborhoods.

Click here to view the Hawaii Top Ten Real Estate List . You can click on “condominium” or on “homes”. This list is a welcome addition to their already extensive list of regional markets.

To view a full list of their regional real estate markets visit http://www.toptenrealestatedeals.com

The site also offers a Weekly Real Estate Top 10 list of national deals mainly in the United States.

In addition to the best home and condo bargains, the Top Ten research team looks for fun, eye catching deals. Recent Top Ten listings have included Nick Cage’s Bel Air mansion, Trump Condos, North America’s Tallest Residence, and Scarlett Johansson’s home.

For further information, or to add your property to the top Ten Best Deals, or to request an interview with a company representative, please contact Kay F Osman R (808)-523-6421 -E-mail:  Dosman888@aol.com

Go here for our main Hawaii real estate Website

No housing market recovery in sight with booby traps abound.

The HVCC Looks like a conspiracy against home owners, structured to keep home values low, lower and lowest over time in a legal, convenient way by controlling the appraisal process, interfering with professional appraisers, in fact terrifying them if they do not follow the new policy enacted May 1, 2009 by Fannie Mae and Freddie Mac.

The Home valuation Code of Conduct (HVCC) will hinder any positive market recovery, it is done without vision, planning, goal or concern about its impact on the housing market throughout the United States of America.  These regulators enacted laws with sharp teeth; an agent who is trying to convey, point out, or provide helpful valuations to the appraiser, may be charged with class 6 Felony (refer to Board Statute, A.R.S. § 32-3633 undue influence).

Often, competent appraisers come to different conclusions of value, because appraisers do not have a uniform valuation approach. A professional appraiser may give $15,000 credit for a home with an extra car garage, and another licensed, professional appraiser will just add $10,000.

Hawaii economic experts thought that we have resilient real estate market, until the appraisal rules started being enacted, and having its impact.  Hawaii has limited land, limited inventory, and with the higher cost of homes, a slower market and limited comparables.

The mortgage GIANT said new rules for appraisals don’t require that appraisers select distressed properties — including short sales, foreclosures or real estate-owned properties when identifying “comparable properties” for valuations.

Ask the GIANTS, Fannie and Freddie:  Did you tell appraisers what they can use in the absence of market recent sales? In the absence of a guide line, the appraisers are using exactly that, the short sales, bank owned properties and foreclosure.

In spite of the higher appraisal fees, many appraisers are now earning less per appraisal as the management companies take a large cut for doing a job that is not very involved and provides no benefit to the consumer.

There is less incentive for an appraiser to do the added work/research/ documentation that ensures they have painted a true picture of the subject’s market to an underwriter, since their additional work/ market knowledge is not rewarded with additional business.

It’s sort of a socialist approach to things, definitely not a system in which professionals are motivated by anything other than their good character to give it their all. I find the whole thing a waste of time and money, and extremely detrimental to the industry and the economy.

Both Buyers and Sellers feel devastated, betrayed and used. Buyers pay higher rates for an appraisal, and most often, is required to pay for two, and end up in lost sale and money.

The loss to both Buyers and Sellers is magnified because with a  sale timeline, they made plans , gave vacating notice to landlord, contracted with movers, purchased airline tickets, worked on school selection, sold some of their furnishings, may be sold their car, packed their house hold goods and, got the devastating news ten days or so before scheduled closing date.

Fannie and Freddie’s policy of only buying loans that were appraised under the HVCC code, will add more problems to financial institutions.

So, Fannie, Freddie, now that your Instructions to slice and dice the home valuations are a sure way to foreclosures and short sales and in no way will protect property values; is there anything in the works to move the housing market into positive territory?

Kay F Osman, R, ABR, CRB, CRS, GRI, SRES
Del Osman Realty, Inc.
E-mail: dosman888@aol.com

See the new Hawaii real estate Website that allows you to do comprehensive searches with maps, photos, my MLS number, by district, by neighborhood, by price range, and more. There are also quite a few Hawaii real estate links and resources at this new site. Click here to see the new Hawaii real estate Website today

This is a video about a limited time, unique oceanfront Hawaii housing offering in a new development.

You will see this gorgeous new Hawaii oceanfront development in this video.

Overlooking a spectacular oceanfront lagoon at a world-class Resort and Marina, these elegant two and three bedroom villas feature spacious lanais and luxurious living space.

Disney will also be building in Hawaii in the area where this oceanfront housing development is, and the Disney project is expected to be completed by 2011.

This development has a total of only 247 exquisite villas in two towers and features a private fitness center, lap and lagoon style pools and an owners-only beach bar serving some of the world’s most spectacular sunsets. Take advantage of the huge discounts during this limited offering.

When TopTenRealEstateDeals.com contacted me, shared with me their web site content and explained to me their mission, goals and marketing philosophy, it was refreshing and exciting.  It was like inviting all the top cooks to prepare special, unforgettable feast for the general public. Those top cooks are working around the clock to prepare more unforgettable meals & specials.

The Top Ten Best Real Estate deals a neat concept, it provides the consumer on line information about the best deals, in various States, and it is updated monthly.  It is all about having access to accurate, quality information based on research, hard work of top real estate professionals about their respective States.

Buyers as well as investors searching & looking for properties that may fit their needs have undoubtedly discovered that this process can be daunting and time consuming.  When you check the website for the top best real estate deals , you save yourself a lot of time, energy and stress.  You may read articles about how to find and locate good properties, or investment opportunities.  The reality of how tough this search is does not sink in until you start the search, and discover the endless hours and phone calls to verify the availability of the properties, condition, and the accuracy of the information.

Top Ten Best Real Estate Deals web site provides information about value loaded properties that are available to you, the consumer.  In Hawaii, we have some foreclosure-REO properties available, however, we would high light & present it to you only if it is in a good location, and is offered at good price.  We evaluate all available properties before the selection.  Depending on your needs, contact the respective agent, you will be provided with pertinent information about the type and neighborhood you are looking for.  The professionals contributing to this web site are dedicated agents that value you and would love your business.

Please check out my Hawaii Real Estate: Luxury & Condo Top Ten List
Kay Osman, Principal Broker
Del Osman Realty, Inc.
(808) 523-6421

At our new blog you will find videos on Hawaii real estate from the Hawaii Real Estate Roundtable video series that we are putting together. You will get insights, information, tips, and the steps needed from an escrow officer, from a home inspector, from a loan officer, from a home insurance expert and from a real estate broker.

In later videos you will hear from additional professionals that will give you important information that can save you money, save you time, help you to materialize your real estate goals and that can help you to prevent encountering costly mistakes.  Click this link to watch our new Hawaii real estate videos

As Realtor, I have many investor clients with great credit, incredible knowledge about finance, investment, rate of return, present value of money and a lot more. Now, at no fault of investors, the banks are making it extremely difficult for investors to participate in real estate purchases. There seems to be more regulations and rules to make it less favorable & costly. I think, this is a new round of more mistakes and devastating decisions that will affect the United States economy & housing markets and values for ever.

When I am shopping around with lenders for investor loan, I hear a long list of new requirements and rules that eliminates most of the investors. It appears that the lending entities are now set, whether knowingly or not on damaging the real estate market and the housing rescue efforts.

So much attention and talk have been given to how Fannie & Freddie have designed lending guidelines to make getting a loan more difficult. Fannie & Freddie’s new “Risk Based Scoring” along with their change in rebate pricing is causing major changes to closing costs. As an example, a consumer could elect to receive a higher rate to offset higher point costs. Many clients would elect to get a higher interest rate with zero point loan. For many years one-point in rebate fees equated to about one-half percent in rate. Today one-point in rebate fees would send the interest rate up by one full percent. In effect, it is in actuality elimination of rebates to offset loan fees.

The add-ons based on the scenario below on Fannie/Freddie interest rate sheet is:

Purchase condo – 695 credit score – 10% down. The add-on would be 1.25 points

Same scenario Investor – add-on would be 4.50 points. On the bright side, if the investor put 5% more (25% down) the add-on would be 2.50 points. The investors who believe in liquidity can go to another country to invest, Fannie and Freddie care no more.

Couple weeks ago Fannie/Freddie added another 0.75 points add-on for condos unless the borrower puts more than 25% down. This is for all types of buyers, owner occupant, 2nd home and investor. Why!!

All this is due to the troubled loans and properties in the mainland which is being carried over to Hawaii’s lending market. Our Hawaii market is very local, we have limited land, and the foreclosure rates even though high by our standards, is almost at the bottom of the list of other states.

Investors: Be aware

Fannie / Freddie is Driving Up Costs On Loans

What Fannie and Freddie is quietly saying

Get rid of & eliminate investor loans,

And Make it difficult for consumers with less than perfect credit.

Newly listed 3 Bedroom, 2 bath property with spacious interior, two stories, large balcony, yard, beautiful wood floors, shows beautifully. Click below to see a video of this great Hawaii property.

When Is The Best Time? When Should You Consider Buying a Home In Hawaii?

1.    When you are financially able to afford comfortably your mortgage payment; in addition to all your other personal expenses with some funds set aside for emergencies.

2.    When there are real opportunities such as motivated sellers, non inflated prices, a Buyer’s market, and reasonable supply of properties to select from.

3.    When the interest rates and mortgage options are easily available and at competitive rates.

4.    When you and your family want to enjoy stability, freedom, joy of home ownership and the possibility of building up equity overtime.

5.    When your income is high enough, then your tax shelter, due to home ownership, is very rewarding and makes sense.  As you know, as an owner occupant, all the interest you pay as well as the real property taxes you are charged, are tax shelters to you as long as you own the home & make the payments.  It reduces your tax liability and makes your monthly payment more reasonable & affordable.

6.    This has been a brutal real estate melt down in some States, fortunately, Hawaii is not as impacted by this crises.

7.    There are two reasons, in my opinion, that is contributing to our home price stability in Hawaii:   One is the scarcity of land to build or develop new housing subdivisions, and the second is the huge impact of the military presence in Hawaii.  I heard that between direct and indirect military spending, our State economy enjoys infusion of close to $12.5 billion US dollars per annum.

8.    When we are in a down cycle, there is a good chance, over time, that values will appreciate.  Building up equity is very rewarding, for two reasons:

a.    provides security to you and your family & helps in emergency

b.    And when you sell, if the current law does not change, a single property owner can have up to $250,000 non taxable gain and a couple up to $500,000 non taxable profit.

For any questions in this regard, please  e-mail or call kay F Osman R, ABR, CRB, CRS, GRI, SRES at:  dosman888@aol.com or call me Free at http://tinyurl.com/yc7d3s (808)523-6421.

Beautiful landscaped surroundings and pool in this very nice newly listed Hawaii 2 bedroom, 1 bath Townhouse. Large walk-in closet, living room opens to the courtyard, spacious living room, upgraded kitchen and much more

Diamond Head and Ocean views. 4 Bedroom, 2 Bath single family home with double garage, 2,690 square feet, built in 2004. Open balcony, beautiful wood floors, spacious floor plan, beautiful covered lanai that is open to the garden. Master closet with built-in organizer, spacious master bathroom. Large loft area and more.

Video of Hawaii home for sale

Real Estate is very local in many aspects.  News about the sub-prime, and foreclosures are very confusing, where is the market going, do I stay on the sideline, read, watch, evaluate, wait, and stay safe by not  struggling with decisions.  Who do you trust, the national reporting and media stories, or the actual statistics provided by the local Board of Realtors.  There is evidence in the endless reporting about both declining neighborhoods, as well as prospering ones.  Confusing, yes, but, let us try to figure out how it can affect you, the prospective home Buyer.  My knowledge is limited to the Hawaii real estate market, however, some general rules apply to many neighborhoods.

Pessimistic outlook is prevalent at:

* High sub-prime loans neighborhoods

* Where ARM loans scheduled to reset or were reset

* Prices continue to decline

* More foreclosed homes are becoming available continuously

* Homes owned by real estate speculators are in default as well

* Job cuts and decline in employment opportunities

* Abundant inventory of homes that may take one year or more to absorb.

If you are in this type of market, you are also hearing about multiple offers on foreclosed properties with incredibly attractive, low prices & superior locations.  Economists are saying this situation may continue for another year.  Others, are saying, the government is coming to the rescue.

Do you stay pessimistic?

More in part 2 of this series

Click here to research homes for sale in Hawaii

Let us find out the impact of interest rate on the monthly payment, and that will help you decide what is more beneficial for you; lower home cost or higher interest rate.

A home price of $625,000 with loan amount of $500,000, 30 year fixed rate:

Interest %       Principal & Interest       Interest %        Principal & Interest

6%                       $2,997.75                     6.5%                   $3,160.34

6.75%                  $3,242.99                      7%                     $3,326.51

7.5%                    $3,496.07                      8%                     $3,668.82

Let us assume you waited until the home value is 8% lower, that is what you are hoping for, let us assume you waited a year for the right house at the lower price, and it is similar to the one above that you could have purchased for $625000 @6.5% interest.  The price of that home is a steal at 8% lower, only 575,000.  You are all excited, and you check the interest rate, and it is 8% for the 30 year fixed rate.

However, now, you are borrowing a lower amount, only 460,000, hopefully it will help.  Your principal and interest under that particular scenario is $3,375.32.  You waited a whole year to get a lower price, however, your monthly principal and interest payment is $215.00 higher.

The cost of waiting can be unpredictable.  There is no guaranty that:

* You will find the house and location that fits your needs

* That the interest rate will be still attractive

* That it will not turn into a Seller’s market with lower inventory.

Having said that, it is important to discuss your particular needs with your trusted professionals and be sure you are not over extending yourself, you should be comfortable with your monthly payment.

Kay F Osman R, CRB, CRS, GRI, SRES
Accredited Buyer’s Representative & PB
E-mail: dosman888@aol.com
Phone:  (808) 523-6421

Kay Osman

You should start by finding a knowledgeable realtor you trust.  You will need to put all your questions & concerns on paper and request answers from your Realtor.  Ask your agent the names of reputable lenders and loan officers.  After selecting the one you trust most, your loan officer will be able to determine your approximate price range, type of finance, down payment and closing cost.  This is step one, very important to get figures under different interest rates, in the event there is a sudden interest rate hike.  You may need to check with your loan officer if there is an easy formula as to the actual impact of interest rate increases on your monthly payment, and how you can keep track of the directions of the mortgage rates.   Loan cost can eat up any savings you think you are realizing by waiting for the home prices to go down.

Kay F Osman R, CRB, CRS, GRI, SRES
Accredited Buyer’s Representative & PB
E-mail: dosman888@aol.com
Phone:  (808) 523-6421

You are asking yourself and your loved ones this question, and the answers are never reassuring.  Is there a crystal ball to guide you and help you make the right decision, buying at the wrong time, or paying too much for your dream home can be painful and is definitely unacceptable to you and a risk to your family.   Who can you trust for advice and guidance?

You read that the consumer confidence is at its lowest, and you want to be safe and secure by not making decisions.  Or do you think it is smarter to jump right in the market place, study the inventory, locate and identify the good values and keep an eye on it.  The million dollar question:  how long should you continue to keep track of these homes, and when should you and your family make the tough decision? You may be uncomfortable with the rent payment, the lack of security in the event your landlord decides to sell and gives you notice to vacate; but, it is a lot safer than making the wrong investment decision.
continuous

Kay F Osman R, CRB, CRS, GRI, SRES
Accredited Buyer’s Representative & PB
E-mail: dosman888@aol.com
Phone:  (808) 523-6421

Kay Osman of Del Osman Realty

Initially, you do not know where to start, you are not sure if you have what it takes to purchase a home, or how to go about it.

Start by selecting a seasoned real estate agent you feel comfortable with, that has the patience to educate you about the process, and willing to wait until you are ready.  Your agent can provide you with educational material, and names of few loan officers as well as names of other needed professionals.

How much will these services cost you?

Usually, it is free, as long as when you purchase the property, you will use that agent or loan officer to represent you.  If you are not satisfied with either, you have no obligation to pay anything, or to continue working with them.

Contacting a loan officer in the initial stage is very important.  To borrow money, the bank evaluates the borrower as well as the property and makes the decision to lend you money or not accordingly.  There are strict guidelines.  Some basic requirements:

1.    You must be employed and have a secure job.

2.     Your credit score preferably at 720 or more

3.    You need to show the bank that you have the down payment and the closing cost

4.    You need to prove to the bank that you can afford making the monthly payment.

5.    In the event your cash funds are limited, your real estate agent can guide you as to the type of finance, such as FHA, that required low down payment, and also can negotiate on your behalf for a credit from the Seller at closing to cover your closing cost.

6.    Evaluate the unsolicited advice you receive from co-workers or friends that may be giving advice that is not factually true and will affect you negatively.  This happens often, just be sure to verify with the professionals assisting you before jumping to conclusions.

7.    Your loan officer will give you a good faith estimate reflecting closing cost to you and the loan amount you will be able to borrow with your current income.

8.    If you want to borrow a higher mortgage amount, you may explore having family member co-sign the loan with you.
9.    The loan officer may recommend debt consolidation, or may inform you that the bank wants to see reserve in your account to cover couple months of mortgage payment for emergency.

10.    Just remember, whenever there is a challenge, there is a solution and remain positive and patient during the process.

Have a fun and very successful home shopping

Kay F. Osman, R, ABR, CRB, CRS, GRI, SRES
Principal Broker- http://kayosman.com
Del Osman Realty, Inc (808)523-6421

Kay Osman, Del Osman Realty