This is the time of year when I start thinking about my next year's personal and business plans. How about you? If you'd like to have a discussion about your real estate goals, I am all ears!! I'm happy to help strategize with you whenever you're ready to talk about them.

Have a SPOOKTACULAR HALLOWEEN!!

Fast-Paced O'ahu Housing Market Shows Signs of Leveling

The O'ahu housing market continued at a fast clip in September, challenging buyers to move quickly to secure the most desirable properties. However, despite continuing to be a seller’s market, there are signs that the market is beginning to stabilize.  There were 424 single-family home sales in September, which was nine percent higher than the same period last year but was roughly the same number of sales as August. Condominium sales were also significantly higher than last year, but the pace eased somewhat from the surge in sales seen in August. There were 615 condominium sales in September, up 35 percent compared to the same period last year, but down nine percent from August.

Sales prices leveled off in September after seeing sharp increases from the year prior. The median single-family price came in at $1,050,000, matching the record price set in August. This represents a year over year increase of nineteen percent. Meanwhile, the median condominium price, while up over thirty-five percent from last year, fell four percent from the prior month to $478,000.

Low interest rates continue to make the market attractive to many, but the surge in prices and the lack of inventory has forced some buyers to take a pause. Higher prices and easing of COVID related restrictions are having more homeowners consider putting their properties on the market. Single-family inventory has increased for the fourth straight month to 437 active listings at the end of September. This represents a five percent increase from the prior month. Likewise, the condominium market saw an eight percent increase to 1,030 active listings. Active inventory for both markets remains below historic averages, but recent increases in inventory give hope for a more balanced supply and demand in 2022.

Buying Land to Build a Luxury Home

A primary or second home by the ocean, lake, mountains, or desert could be heavenly, but hard to obtain in today’s warp-speed real estate climate. So why not build the home of your dreams on your own land?

You may already have a favorite vacation spot or a location in mind. Your Berkshire Hathaway HomeServices network professional can help you acquire the lot or acreage you want or refer you to a qualified rural specialist. This is important because experts know what you can and can’t do on your land. They research easements, deed restrictions, zoning laws, pre-construction permits, floodplains and appropriate building sites, among other services.

According to Rliland.com, the main difference between buying land for building a home and buying a house is financing. Terms are brief compared to fixed-rate mortgages for existing homes, down payment requirements are much higher (as much as 50%), interest rates are higher, and types of loans available aren’t as plentiful. Buying land with cash is a good idea because the land can then be used as a down payment towards your construction loan.

Finding a builder could be tricky, too. If you want to build a luxury log cabin, for example, you’ll need a builder who is familiar with not only building with logs but with permits, fees and running utilities to the site.

Become familiar with nearby towns and what services they offer, including medical and educational facilities and opportunities for culture, entertainment and philanthropical participation.

Tree Trimming Basics

If you’ve got dead limbs, branches growing into power lines, branches overhanging your house, or tree growth that obstruct visibility for vehicles and pedestrians, it’s time to do some tree trimming.

Home insurer Allstate.com says there are three basic reasons for trimming your trees. In order of importance, they are:

1. Falling tree branches are dangerous for anyone on your property and can cause damage to your home.
2. Tree health. Dead or diseased branches harm the tree. Pruning helps the tree develop core strength.
3. Trimmed trees are more attractive and grow healthier fruit, flowers and leaves.

You can trim trees yourself with the proper tools, such as loppers, 12-14-and 16 foot tree pruners, hand pruners, etc., as long as you don’t need to get on a tall ladder, but trees taller than your extension pole are best left to professionals.

According to Homeserve.com, you can expect to pay an average of $460 but up to $1,500 for professional pruning of a tall tree such as an oak or pine. Tree removal begins at $750, but make sure that any quote you receive includes stump grinding, cleaning up and hauling away debris. 

If you choose to trim your trees by yourself, an excellent resource is the USDA.

publication How to Prune Trees. It provides a safe-sized guide for cutting branches no larger than four inches in diameter. Anything larger, contact an arborist. A good rule is that if you wonder whether to cut a branch, don’t.