Jack Tyrrell specializes in Kakaako, Honolulu, Hawaii luxury condo projects.

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Industry News: Oahu condo sales, prices post gains in February, Locations report says

Photo: property of Jack Tyrrell and Company

Photo: property of Jack Tyrrell and Company

The condominium market remains busy, as sales on Oahu rose 50 percent in February 2018 as compared to February 2017. 395 units were sold last month, compared to 377 units sold in February last year. The median price of a condo rose 5 percent to $411,000 in February 2018, from $390,000 during the same month last year.

Read more from Pacific Business News, below: 

Sales of condominiums on Oahu rose 5 percent in February, as prices rose by the same percentage point, while single-family home sales recorded a slight decline in sales and a slight increase in prices, according to a report from Hawaii real estate firm Locations.

The median price of a single-family home on Oahu last month was $770,000, a 1 percent increase from $760,000 in February 2017, based on Locations’ summary of Multiple Listing Service data. Sales of single-family homes in February dipped 1 percent to 225 homes sold, from 230 homes sold last year.

Sales of condominiums, however increased by 5 percent to 395 units last month, from 377 units sold in February last year. The median price of a condo rose 5 percent to $411,000 in February, from $390,000 during the same month last year.

“February was another solid month for Oahu’s housing market,” Scott Higashi, president and CEO of Locations, said in a statement. “Rising mortgage rates have not yet reached the point of impacting affordability; however, we do expect rates to move up this year.”

Single-family homes spent the same amount of time on the market in February, 23 days, as last year, but condos sold faster — days on market were 18 compared to 24 days in February last year.

“The increase in condo sales, coupled with low days on market, indicates that climbing interest rates have not yet lessened demand; rather, they may have heightened urgency among future homeowners,” Higashi said. “Those in the market for a new home would be wise to get prequalified and be ready to act when the right home comes on the market.”

The Honolulu Board of Realtors will release its February market report next week.

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Industry News: Oahu condo price hits all-time high in January, Locations report says

Photo: view of Waiea from Ala Moana Beach Park. Property of Jack Tyrrell & Company, Inc.

Photo: view of Waiea from Ala Moana Beach Park. Property of Jack Tyrrell & Company, Inc.

2018 is starting off with a bang, with median price for a condo on Oahu already hitting an all-time high this past January. January's median price of $439,000 beats the previous record set in July 2017, which was $425,000. Pacific Business News reports on data from Locations Hawaii, below:

The median price of a condominium on Oahu reached an all-time high of $439,000 in January, beating the previous record set in July, while the median price of a single-family home rose by 7 percent, according to monthly sales statistics from Honolulu real estate firm Locations.

Sales of single-family homes on Oahu reached a 12-year high for January of 258 houses sold, from 255 sold in January 2017. The median price of a single-family home rose to $779,000, from $730,000, the Locations report said.

The number of condos sold on Oahu last month declined by 4 percent to 382 units sold, from 399 units sold during the same month last year. The median price of $439,000 was a 12 percent increase from $393,000 in January 2018, and eclipsed the record of $425,000 set in July.

“The market is off to a healthy start in 2018,” Scott Higashi, President and CEO of Locations, said in a statement. “January single-family home sales were the highest we’ve seen in 13 years, and condo median prices reached an all-time high of $439,000.”

Homes sold more than 30 percent faster in January as well, with the number of days on market dropping to 21 for single-family homes and 20 for condos.

New listings for condos grew 13 percent last month to 763 units for sale, from 675 in January 2017, although new listings for single-family homes declined by 6 percent to 450, from 479 last year.

“With an increase in both new and active condo listings, we can expect to see more sales and increased prices throughout the spring,” Higashi said.  “Additionally, interest rates — while still historically low — are ticking up toward a three-year high.”

Locations compiles its figures by filtering data from the Multiple Listing Service daily. The Honolulu Board of Realtors will release its report this week, based on MLS statistics taken on the last day of the month of everything sold during that month.

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Industry News: Oahu home sales rise 6% in 2017 as prices gain 3%

Lobby of Park Lane Ala Moana, completed in 2017. Photo is property of Jack Tyrrell and Company, Inc.

Lobby of Park Lane Ala Moana, completed in 2017. Photo is property of Jack Tyrrell and Company, Inc.

As we wrap up the end of 2017, we reflect on a big year in real estate. Read more from The Pacific Business News, below: 

Home sales on Oahu increased by more than 6 percent in 2017, while prices gained 3 percent, pushing the median price of a single-family home to $755,000 and a condominium over $405,000, according to the Honolulu Board of Realtors.

There were a total of 3,908 homes sold on Oahu last year, which was 6.3 percent more than in 2016. The median price of $755,000 was 2.7 percent higher than in 2016, when it was $735,000, the board said.

The median price of a condominium was 3.8 percent higher than in 2016, when it was $390,000, while the 5,824 sales represented a 6.9 percent increase from the 5,449 sales in 2016.

For December, however, sales fell 12.2 percent to 461 sales, compared to 525 sales in December 2016. The median price of a condo in December was $405,000, an increase of 3.8 percent from $390,000 in December 2016.

“The 12 percent decrease in condominium sales last month is a bit misleading, since the market experienced a nearly 24 percent spike in December 2016; overall condo sales were still very robust in December 2017,” Sue Ann Lee, president of the Honolulu Board of Realtors, said in a statement.

Single-family home sales increased 5.9 percent in December to 361 sales, from 341 sales in the same month the previous year, while the median price increased 2.7 percent to $750,000, from $730,000 in December 2016.

“In terms of inventory, it’s encouraging to see more condominium and townhome units being actively listed,” Lee said. “While Oahu’s residential real estate market experienced record median prices in 2017 for both single-family homes and condos, demand continues for housing at all price points.”

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Industry News: Oahu condo sales rise 14% in October 2017, Honolulu Board of Realtors says

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The Honolulu Board of Realtors has released Oahu real estate sales statistics for October 2017, finding a 0.4% increase in the median price for a condo as compared to October 2016. There was a 14.3% increase in closed sales in October 2017, signaling the continued demand for condo properties.

Read more from Pacific Business News, below: 

Oahu’s residential real estate market saw single- and double-digit increases in sales of single-family homes and condominiums last month, compared to October 2016, while median prices for both categories posted only slight gains, according to statistics released Monday by the Honolulu Board of Realtors.

Sales of condominiums rose 14.3 percent in October to 489 units, from 428 units during the same month a year ago.

The median price of an Oahu condo was $397,500 in October, which was just 0.4 percent higher than $396,000 in October 2016.

Sales of single-family homes rose 6 percent to 355 homes sold in October, from 335 sold during the same month last year.

The median price of a single-family home in October rose 1.3 percent to $752,000, from $742,000 last year.

“Oahu’s housing market continues to be strong with consistent sales and steady median prices,” Sue Ann Lee, president of Honolulu Board of Realtors, said in a statement. “The fall is traditionally a slower time for home sales, but demand is still robust as there are double-digit increases in pending sales for single-family houses, as well as condominiums and townhomes.

"However, even with a rise in new listings, we still need more inventory to meet the pent up demand for housing,” she said.

The numbers differ slightly from those released last week by Honolulu real estate firm Locations LLC, which bases its monthly statistics on daily compilation of data from the Multiple Listing Service, while the Honolulu Board of Realtors takes a snapshot of the data following the end of the month.

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Anaha at Ward Village Welcomes First Residents

Anaha has officially welcomed its first residents! It was an honor to join The Howard Hughes Corporation team, Anaha's new homeowners, and our friend and clients for the blessing ceremony, which was beautifully led by Kumu Hina.

97% of the 317 units in Anaha have already been sold, but please contact us for our listing, which are some of the best and most desirable in the building.

Read the full press release, below:

HONOLULU--(BUSINESS WIRE)--The Howard Hughes Corporation® (NYSE: HHC) announced today that it has begun welcoming residents to Anaha®, the second residential tower to be delivered in Ward Village®, the 60-acre coastal master planned community located in the heart of Honolulu. Named “Best-Planned Community in the United States” by Architectural Digest, Ward Village includes a thoughtfully curated mix of retail and dining experiences set among dynamic public open spaces and walkable streets. The milestone was celebrated with a traditional Hawaiian blessing ceremony.

Upon completion, the community will supply over 4,500 new residences in a market where the availability of new housing continues to fall short of demand. To date, the community has contracted to sell more than 1,200 residences, including 97% of Anaha’s 317 homes.

“The completion of Anaha is another significant milestone for Ward Village as our vision for the community to become a vibrant live-work-play destination continues to come to life,” said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. “With its striking architecture, the building is a transformational addition to the Kaka’ako skyline and, along with Waiea®, a symbol of the level of design and quality we aspire to bring to each residence at Ward Village.”

Designed by Chicago-based Solomon Cordwell Buenz in partnership with Honolulu-based Benjamin Woo Architects, the building is home to a diverse range of stylish residences and well-appointed amenities. Residents of Anaha will be able to enjoy an ocean-view glass bottom pool, state-of-the-art fitness center, a tennis court, a beach volleyball court, a library, an auditorium style movie theater, lounge areas, barbecue cabanas, private dining rooms, a wellness center, a putting green, a dog park, and a keiki play area.

“Anaha is not only a great addition to Ward Village, but furthers the establishment of an engaging, pedestrian-friendly neighborhood that will serve the broader Oahu community,” said Todd Apo, Vice President of Community Development for The Howard Hughes Corporation. “With the dynamic mix of dining, shopping, entertainment, and cultural offerings at Ward Village, such as the first Oahu location of highly-regarded Merriman’s restaurant that will open at the base of Anaha, the neighborhood will continue to attract and serve residents and visitors alike.”

The Information Center and Residential Sales Gallery is located at the iconic IBM Building at 1240 Ala Moana Blvd. For more information, visit www.wardvillage.com.

About Ward Village®

Developed by The Howard Hughes Corporation®, Ward Village is a new 60-acre coastal master-planned community in the heart of Honolulu between downtown and Waikiki in the Kaka'ako district that upon completion will include more than 4,500 homes and 1 million square feet of retail. Ward Village is at the forefront of sustainable community development, integrating architecture, local culture, and public space. New tree-lined sidewalks and bike lanes provide access to an over 100-acre public beach park and the Kewalo Harbor. Ward Village includes mixed-use residential towers—Waiea®, Anaha®, Ae`o®, Ke Kilohana, and Gateway Towers —that are transforming the popular shopping and dining district into a vibrant neighborhood that offers residences island and ocean views and a thoughtfully curated mix of retail experiences set among walkable open spaces. The most recently approved project, 'A'ali'i will continue to expand the selection of new homes at Ward Village and sit at the top of the Central Plaza which will serve as a key public gathering and activation space for the community. Art and culture play an integral role at Ward Village, home of the inaugural Honolulu Biennial, which launched in 2017. Public art is highlighted throughout the neighborhood, including large-scale wall murals, sculptures and locally-inspired exhibits. Ward Village is Hawai‘i’s only LEED-ND Platinum-Certified project and is the largest neighborhood development in the country to receive such a prestigious certification. For more information, visit www.wardvillage.com.

About The Howard Hughes Corporation®

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 14 states from New York to Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC with major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas and Honolulu. For additional information about HHC, visit www.howardhughes.com.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize”, “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

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Industry News: Condo sales hit decades high in August 2017

Photo: Waiea at Ward Village, as viewed from Ala Moana Beach Park. Photo is property of Jack Tyrrell and Company.

Photo: Waiea at Ward Village, as viewed from Ala Moana Beach Park. Photo is property of Jack Tyrrell and Company.

Honolulu condo sales do not show signs of slowing down. Last month, condo sales in Honolulu hit its highest level in more than a decade, jumping 20% as compared to August 2016.

Read the article from the Honolulu Star Advertiser, below:

Oahu’s condominium market stayed hot in August, as buyer demand for condos hit its highest level in more than a decade after a price record set in July.

The Honolulu Board of Realtors said in a report released Wednesday that the number of condo sales on Oahu jumped 20 percent to 575 last month compared with 481 a year earlier.

There hadn’t been as many sales for a single month since August 2006 when 580 condos were sold in the midst of the prior housing market boom on the island. The all-time monthly record was set in August 2005 at 831 sales.

“Although this August’s condo sales did not break the record-high of 831 … it is still the highest we’ve seen in 11 years,” Sue Ann Lee, president of the Board of Realtors and a broker with Properties of the Pacific, said in a statement.

As for prices, condos sold for a median $419,000 last month, up 5 percent from $398,000 a year earlier. The record was $425,000 in July.

In Oahu’s single-family house market, the number of sales rose 5 percent to 362 in August from 344 in the same month last year, while the median price also increased by 5 percent to $786,250 from $747,500 in the same period. The record was $795,000 in June.

Local residential real estate brokerage firm Locations described Oahu’s housing market in its own report this week as exhibiting “strong and steady growth” in August driven by buyers competing for relatively limited inventory.

Condos, which include townhouses and units in high-rise buildings, are generally more affordable than single-family homes and have been in more demand than single-family houses, though both segments in the market have had more sales during the first eight months of this year compared with the same period last year.

For condos, sales this year through August are up 6.2 percent compared with a 3.8 percent gain for single-family houses.

“Condos and townhouses are becoming an attractive alternative for homebuyers due to the affordable price,” Lee said.

A higher pace of condo sale growth also has been aided by developers completing several new condo towers last year that have added inventory to the resale market. Projects completed last year include The Collection, Symphony Honolulu, Waiea and 400 Keawe, with roughly 1,100 units between them. By comparison, developers built far fewer single-family homes on Oahu last year.

Locations said in its report that the 11-year high for condo sale volume was remarkable because the number of units on the market available for sale is relatively low. In August, there were 1,918 condos on the market. That’s the highest inventory for any month in nearly two years, but it compares with 2,707 units on the market in August 2006 when there were about as many condo sales as there were last month.

Because of relatively low inventory, as well as other factors that include low unemployment, record tourism and low interest rates, Oahu home prices are expected to continue rising this year and for the next couple of years, according to projections by the University of Hawaii Economic Research Organization.

This year through August, the median condo sale price is $401,000, up 3.2 percent from $388,500 in the same period last year. The single-family home median sale price is up slightly more, 3.7 percent, and rose to $757,000 from $730,000 in the same time frame.

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Real Estate News: Oahu condo prices climb

Photo: Jack Tyrrell & Company, Inc.

Photo: Jack Tyrrell & Company, Inc.

The Honolulu Star-Advertiser's Monday, August 7, 2017, front-page story reported on the continuous climb in condo prices seen on Oahu. The report looks at data from the Honolulu Board of REALTORS, which shows record high median sales price of $425,000 for Oahu condos in July 2017. The median price in Ala Moana-Kakaako for July spiked 88 percent from $370,000 in July 2016 to $695,000 in July 2017. Prices will only continue to climb, as demand outweighs supply, making it more important than ever to find the right Realtor to help you find the best location and unit, and to guide you through the negotiation process to ensure the unit doesn't slip away.  

Read the Star-Advertiser's report, below:

Oahu’s more affordable option for homeownership is climbing in cost as median sales prices for condominiums hit historic highs, as evidenced in July.

Previously owned Oahu condos sold for a median $425,000, increasing 6.3 percent from $400,000 in July 2016, according to resale figures released Sunday by the Honolulu Board of Realtors. The July median sales price for Oahu condos exceeded the previous record high of $415,500, set in April.

“Median sales prices for condominiums are the highest we’ve seen as prices have continued to soar,” Sue Ann Lee, president of the local Realtors trade association and a broker with Properties of the Pacific, said in a statement. “Condos and townhouses at midrange price points are a likely alternative when there is a lack of affordable single-family home inventory, causing the median sales price to shift up.” 

The median sales price for Oahu condos, which also include town homes, has been at $400,000 or above for five straight months. The median price is a point at which half the homes sold for a higher price and half for a lower price.

In July the sales of 475 Oahu condos closed, a 7 percent increase from 444 in the same month last year. As the number of sales rose, median days on the market declined. Sales of condos closed after 14 days on the market, a 22.2 percent decrease from 18 days on the market in July 2016.

Year-to-date, condos make up 60 percent of home sales, with 3,272 sales closed on condos, compared with 2,124 single-family homes.

The area with the most condo sales in July was Waikiki, with 77 sales, followed by Ewa, with 55. There were 45 condos sold in Ala Moana-Kakaako, according to a Wednesday report released by Locations, a major Hawaii residential real estate brokerage firm.

The median price of those sales in Waikiki was $370,000; in Ewa, $387,000; and in Ala Moana-Kakaako, $695,000, according to Locations. The median price in Ala Moana-Kakaako for July spiked 88 percent from $370,000 in July 2016.

As Oahu’s median sales prices for condos broke records, median sales prices of single-family homes saw a modest change. Single-family home prices rose slightly over the same month last year but came in below recent highs.

Single-family houses on Oahu sold for a median $750,000 in July. The July median price inched up 0.5 percent from July 2016’s $746,000.

“It’s like an escalator. It’s going up and up and up at a really constant rate. It has been doing that for about five years here on Oahu,” said Paul Brewbaker, principal of TZ Economics. “These numbers don’t seem to be that much out of bounds with what we’ve seen for a long time, at least since the summer of 2011.”

Despite increasing over the year-ago price, July’s median sales price of $750,000 pales next to the record $795,000 hit the month before. June’s record median sales price was $35,000 higher than the previous record of $760,000 exactly a year earlier. Brewbaker said the difference fits with current seasonality patterns, noting June prices are higher than July and May prices.

The number of single-family homes sold was up 4 percent, with 335 homes sold in July and 322 a year prior.

In July the area with the most single-family home sales was Ewa, with 70, followed by Mililani with 25. Tied for third was Pearl City-Aiea and Leeward with 22, according to Locations.

The median price of those sales in Ewa was $681,875. The median price in Mililani was $731,500. In Pearl City-Aiea it was $745,000, and in Leeward it was $517,500.

While the number of single-family home sales saw a slight increase in July, the number of days a home was on the market during that time surged. The number of days a home was on the market spiked 25 percent in July, with sales closing in an average of 20 days, compared with 16 days in July 2016.

In July, 481 new listings of single-family homes were added to the market. Only once in the last 24 months has the number of new listings been higher: in March, when there were 492 new listings. In comparison, the condo market last month saw 674 new listings.

According to Locations’ Wednesday report, the firm said it expects Oahu condo and single-family home prices to continue a steady climb as demand continues to outpace available supply.

“An uptick in new listings for both single-family homes and condos is welcome news for prospective homeowners; however, demand continues to outpace available inventory,” Scott Higashi, CEO of Locations, said in the report.

HOME SALES
The number of homes sold on Oahu in July with the median price and percentage change from the same month last year:

  • SINGLE-FAMILY HOMES

    • SALES MEDIAN PRICE

    • July 2017 335 $750,000

    • July 2016 322 $746,000

    • Change 4% 0.5%

  • CONDOS

    • SALES MEDIAN PRICE

    • July 2017 475 $425,000

    • July 2016 444 $400,000

    • Change 7% 6.3%

Source: Honolulu Board of Realtors

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The No. 1 reason home inventory is so low, according to Trulia

Photo: Jack Tyrrell and Company, Inc.

Photo: Jack Tyrrell and Company, Inc.

In industry report by Trulia has found that the number one reason  home inventory on Oahu is low is due to the lack of inventory. This fact highlights why becomes increasingly important to find a Realtor working to ensure they utilize all of their resources to find you exactly what you need and make the deal quickly work in your favor.

Read the full report from Pacific Business News, below:

The low number of single-family homes and condominiums for sale has helped keep Oahu’s housing market hot this summer, but a new report by Trulia found the main influence on housing inventory may not be what most real estate experts think.

Trulia reports there are five theories as to why there are so few homes on the market — investors are holding homes as rentals, high prices have made buying unaffordable, owners are reluctant to sell if they can’t buy another home, baby-boomer homeowners can’t or don’t want to move and owners looking to trade up can’t find a home they can afford.

But the No. 1 impact on inventory: Homebuilding, and not enough of it.

Trulia says that every one percentage point increase in housing stock in a market between 2010 and 2016 correlated to a 13 percent increase in inventory.

Trulia also found that investor ownership correlates with lower inventory, with every one percentage point of housing stock owned by investors driving inventory down by 2.8 percent.

According to Trulia’s data, 46 percent of homes in Honolulu are owned by investors, the eighth-highest percentage among the cities in the study. That figure was higher than 53 percent in New York, Los Angeles and San Francisco.

Here on Oahu, the latest report by the Honolulu Board of Realtors found there was 2.7 months of remaining inventory for single-family homes and 2.8 months of remaining inventory for condos, meaning that if no more listings came on the market, the homes would sell out in that amount of time. Those numbers have been less than three months for nearly a year.

Economist Paul Brewbaker of TZ Economics has been saying for years that developers are not building enough new homes to keep up with demand.

He told Pacific Business News earlier this month that the supply of housing “is as constrained as ever” but also questioned whether the demand was as strong as commonly thought, since prices have not risen as high as they should in such a tight market.

Other common reasons often given for constrained inventory don’t correlate as much to actual low inventory, Trulia found.

For example, the share of homeowners in a market who are age 55 or older has some effect on inventory, but not nearly as much as adding new homes to the existing housing stock. For every one percentage point increase in the share of homeowners 55 and over, inventory increases 3.4 percent.

Honolulu’s share of baby boomer owners — 57.4 percent.

The price spread between a homeowner’s current home and the trade-up home has a negligible effect on inventory. For every one percentage point increase in the price spread, there is only a 0.2 percent increase in inventory.

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6 Reasons You Should Never Buy or Sell a Home Without an Agent

Photo: Credibly.com

Photo: Credibly.com

This article originally appeared on REALTOR.com.

It's a slow Sunday morning. You've just brewed your Nespresso and popped open your laptop to check out the latest home listings before you hit the road for a day of open houses.

You're DIYing this real estate thing, and you think you're doing pretty well—after all, any info you might need is at your fingertips online, right? That and your own sterling judgment.

Oh, dear home buyer (or seller!)—we know you can do it on your own. But you really, really shouldn't. This is likely the biggest financial decision of your entire life, and you need a Realtor® if you want to do it right. Here's why.

1. They have loads of expertise

Want to check the MLS for a 4B/2B with an EIK and a W/DReal estate has its own language, full of acronyms and semi-arcane jargon, and your Realtor is trained to speak that language fluently.

Plus, buying or selling a home usually requires dozens of forms, reports, disclosures, and other technical documents. Realtors have the expertise to help you prepare a killer deal—while avoiding delays or costly mistakes that can seriously mess you up.

2. They have turbocharged searching power

The Internet is awesome. You can find almost anything—anything! And with online real estate listing sites such as yours truly, you can find up-to-date home listings on your own, any time you want. But guess what? Realtors have access to even more listings. Sometimes properties are available but not actively advertised. A Realtor can help you find those hidden gems.

Plus, a good local Realtor is going to know the search area way better than you ever could. Have your eye on a particular neighborhood, but it's just out of your price range? Your Realtor is equipped to know the ins and outs of every neighborhood, so she can direct you toward a home in your price range that you may have overlooked.

3. They have bullish negotiating chops

Any time you buy or sell a home, you're going to encounter negotiations—and as today's housing market heats up, those negotiations are more likely than ever to get a little heated.

You can expect lots of competition, cutthroat tactics, all-cash offers, and bidding wars. Don't you want a savvy and professional negotiator on your side to seal the best deal for you?

And it's not just about how much money you end up spending or netting. A Realtor will help draw up a purchase agreement that allows enough time for inspections, contingencies, and anything else that's crucial to your particular needs.

4. They're connected to everyone

Realtors might not know everything, but they make it their mission to know just about everyone who can possibly help in the process of buying or selling a home. Mortgage brokers, real estate attorneys, home inspectors, home stagers, interior designers—the list goes on—and they're all in your Realtor's network. Use them.

5. They adhere to a strict code of ethics

Not every real estate agent is a Realtor, who is a licensed real estate salesperson who belongs to the National Association of Realtors®, the largest trade group in the country.

What difference does it make? Realtors are held to a higher ethical standard than licensed agents and must adhere to a Code of Ethics.

6. They're your sage parent/data analyst/therapist—all rolled into one

The thing about Realtors: They wear a lot of different hats. Sure, they're salespeople, but they actually do a whole heck of a lot to earn their commission. They're constantly driving around, checking out listings for you. They spend their own money on marketing your home (if you're selling). They're researching comps to make sure you're getting the best deal.

And, of course, they're working for you at nearly all hours of the day and night—whether you need more info on a home or just someone to talk to in order to feel at ease with the offer you just put in. This is the biggest financial (and possibly emotional) decision of your life, and guiding you through it isn't a responsibility Realtors take lightly.

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News: Property Tax Rates Effective July 1, 2017

Courtesy of First American Title - Hawaii

Attached is the current schedule of real property taxes for the various counties in the State of Hawaii. The most significant change from the previous fiscal year is the adoption of a two tiered tax rate applicable to the Residential A classification on Oahu. The new Residential A tax rate tiers are as follows:

  • $4.50 per $1,000 will be applied to the net taxable value of Oahu Residential A property up to $1,000,000; and
  • $9.00 per $1,000 will be applied to the net taxable value of Oahu Residential A property in excess of $1,000,000.

There were no other changes to real property tax rates for the County of Honolulu (Oahu). There were no changes to the County of Kauai real property tax rates. There were incremental increases to all County of Maui real property tax rates, and incremental increases to all County of Hawaii real property tax rates except the Affordable Rental Housing and Homeowner tax rates.

Attached for your convenience are the 2016-2017 and 2017-2018 rate schedules for all counties and a flyer setting forth the criteria for the new two tier Residential A classification for Oahu.

Please feel free to download these flyers or to contact any First American Title – Hawaii representative for color copies.

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