Comparing Kihei vs Central Home Markets — August 2017 Maui Market Analysis

August 2017 – Maui Market Quick Look — 

Before we look at comparison of Kihei vs Central home markets, just a quick look at the overall Maui.  Sales are up for both condos and residential units.  Median prices have slowed a bit in the last few months and average prices are up for condos (more new condo developments) and mixed for residential.  Across the board, the days on market is down, showing a strong seller’s market.  

Kihei Vs Central Area Home Markets

I am loving the new ShowingTime tools available to Maui agents.  I was the one on the Technology committee that led the selection and by that, am one of the early adopters.   The tool helps answer many questions but with most data-it is only as valid as the questions you ask.    I’m going to start addressing some of the most common questions that people ask and over the next few months I’ll have a great array of valuable charts.   

Please note that the data that shows is Live – up to date data.   So even though I put this post together in September 2017,  if someone viewed it in 3 years, the data may be very different!  So my blog post comments are a snapshot of now now where the chart will change. 

Many new buyers think they want to live in Kihei.  Kihei offers close proximity to beautiful beaches and is where many vacationers have stayed.   Kihei in South Maui is significantly less expensive to buy a house (median price is $704,000) than West Side ($1,192,500) where the rest of the vacationers have stayed.   Once they start looking though, some buyers ask “Well what about over where the airport is? “.   The airport and all our big box stores are located in Kahului.  Kahului is a “sister city” to Wailuku and in the real estate markets, we call it “Central Maui”.    Kahului and Wailuku are both interesting historic towns with their own culture.  Both have newer “California-style” developments that are back to back — Maui Lani (in Kahului) and Kehalani (in Wailuku).  Looking at the media sales price, you can see that both are less expensive than Kihei.  

Many locals like to live in “town”.  They don’t want to deal with tourists all the time!  And in central, many home still have great ocean and mountain views and are still just 10-15 minutes to the beaches.  

Kihei Vs Central – A Look at the Availability of Homes

As far as availability of homes, it is a mix that changes driven mostly by the availability of new homes.  There are new housing developments in Kahului and Wailuku much of the time.  In Kihei most new development is condos.   A brand new house does have appeal to many with better building, dual pane windows and better insulation.  

The chart below shows the actual number of closed sales over the last 3 years.  There have been a lot of sales in Kihei this year!  When you add Kahului and Wailuku together, though the total numbers soar over Kihei.   There are great home in all areas.  I do encourage buyers to look and compare areas.  If you don’t know Maui well don’t get locked into one area too soon.  Consult with an agent who is familiar with the areas you want to live! 

 

 

Contact Kathy today – 808-344-0469

Questions or comments? Need help with Buying or Selling or just understanding the market?
I am offering FREE real estate reviews. You don’t need to be thinking of buying or selling now to benefit. Often your home is a primary asset, so meet with a real estate professional to find out what your property is worth and what your options and strategies may be! Please ask below or call or text Kathy at 808-344-0469.

View the Detailed Maui Real Estate Market Reports for March 2017

Click on the report and it will be brought up in a new window.

Maui Full Trends Report. 12-page PDF report showing trends for each Area of Maui.
Maui Market Foreclosure Trends – month by month summary of REO and short sales in the Maui Market.
Maui Market Snapshot. 1-page PDF report showing trends for each Area of Maui.

June 2017 Maui Market Report

New Statistics and Trend Reports

This is one of many reports included in the reports that the Realtors Association of Maui (RAM) releases each month. Click here or on image to see the full report. The report includes Single Family Market Overview, Condominium Market Overview, New Listings, Pending Sales, Closed Sales, Days on Market Until Sale, Median Sales Price, Average Sales Price, Percent of List Price Received, Housing Affordability Index, Inventory of Homes for Sale, Months Supply of Inventory and a 1-page summary of all of that!

Click on the image or here to view the full report.

There are also extensive reports for each area of Maui. I’m working to find how I can incorporate them into my site for easy access – hopefully next month!  Here is an example for Kihei.

I serve on the Technology committee at RAM. This was our big project last year as we looked at several different reports for generating statistics. I was the team lead so know this tool capability very well! These are the summary reports but I’m more excited about the more detailed reports it offers! With it we can look just at high end properties, or compare two different condos, compare prices of 1 bedrooms and 2…The abilities are pretty endless!

Challenge me with a scenario and see if I can help!

Contact Kathy today – 808-344-0469

Questions or comments? Need help with Buying or Selling or just understanding the market?
I am offering FREE real estate reviews. You don’t need to be thinking of buying or selling now to benefit. Often your home is a primary asset, so meet with a real estate professional to find out what your property is worth and what your options and strategies may be! Please ask below or call or text Kathy at 808-344-0469.

 

Memorial Day Weekend on Maui

May has flown by for me with 4 escrows and many school garden activities. As I thought about the “long weekend”, I recognize that Memorial Day doesn’t feel the same on Maui. There are many good reasons:

  • We don’t have much military presence on Maui. That isn’t a good excuse for not honoring those who have given their lives to protect our great country and what we stand for. But many Memorial Day events are often organized by the military organizations. We have lots of events but they aren’t all “memorial type events”.   
  • While it is a good weekend for o’hana (family) to gather, it’s not like in many areas where families drive several hours to the lake or mountains or beach. We gather on the beach which is rarely further than 45 minutes away. Memorial Day isn’t much different than other weekends!
  • In most areas, Memorial Day is seen as the kickoff to summer. With our average 72 degree temps we have no reason to kick off summer!
  • There is no prepping the summer garden! In fact most of us think about resting our gardens during the hot summer. Our fruit trees continuously produce through the summer. For me that mean mangoes, sweet pomelo’s, calamansi and lemons – Every Day.   
  • We are driven by the tourist industry and many people don’t get holidays off. Memorial Day weekend is NOT a big holiday here but there are definitely more people here than last week.

This week has been VERY busy and I’m looking forward to a few minutes off. I’m getting ready to go on vacation “off-island” the first week of June for my brother’s wedding. I have again proven that if you want lots of business, you go on vacation. I have 4 properties in escrow with planned closing all between June 14 and July 14. It is much better to be busy than not!

We should all take a few minutes to HONOR those who have given their lives, souls, limbs and loved ones for our country.
Aloha and have a fabulous Memorial Day weekend.

April 2017 Maui Market Analysis

April 2017 – Maui Market Trends

April gave us another strong month of sales although down from March.  Prices generally are trending up – condos 6% over last year and residential about 10% higher than last year

It’s been a busy spring!  Please take time to review the details for each area of Maui! 

 

Contact Kathy today – 808-344-0469

Questions or comments? Need help with Buying or Selling or just understanding the market?
I am offering FREE real estate reviews. You don’t need to be thinking of buying or selling now to benefit. Often your home is a primary asset, so meet with a real estate professional to find out what your property is worth and what your options and strategies may be! Please ask below or call or text Kathy at 808-344-0469.

View the Detailed Maui Real Estate Market Reports for March 2017

Click on the report and it will be brought up in a new window.

Maui Full Trends Report. 12-page PDF report showing trends for each Area of Maui.
Maui Market Foreclosure Trends – month by month summary of REO and short sales in the Maui Market.
Maui Market Snapshot. 1-page PDF report showing trends for each Area of Maui.

Maui Property Tax Rates — 2018

A question that is often asked is  “How much will I pay for Maui property tax?”  Maui offers some of the lowest property taxes around – especially for owner occupants.  Property taxes in Maui are paid in 2 installments a year. In most cases, if you have a mortgage, taxes are paid by mortgage holder.

Property Value Assessments

Properties in Maui are reassessed every year and are based on generalized market conditions.  The assessments are usually pretty close to the market value at the time the assessment was performed.  There is often a 18-24 month lag between the time of the assessment and time of payment.

Owners get a assessment statement around March 15.  Property taxes are due in 2 installments in August and the following February.  

Maui Property Tax Rates 

Here are the County Council’s approved property tax rates for fiscal 2018:

Type New Rate Current Rate
Residential $5.54 $5.30
 Apartment $6.32 $6.00
 Commercial $7.28 $6.60
 Industrial $7.49 $6.69
 Agricultural $6.01 $5.66
 Conservation $6.37 $5.80
 Hotel & Resort $9.37 $8.71
 Homeowner $2.86 $2.70
 Time share $15.43  $14.31

The rates are multiplied by each $1,000 of net taxable assessed valuation for properties.

As approved by the Maui County Council for 2017-2018 tax year.

Property Tax Classification

  • Property is classified based upon its highest and best use.
  • Properties receiving homeowner exemptions, condominiums, permitted bed and breakfasts and permitted transient vacation rentals are exceptions.
  • Properties which have been granted a homeowner exemption are classified as Homeowner.  Here is the form to complete for Homeowner Exemption.
  • Condominiums are classified upon consideration of their actual use (Apartment, Commercial, Hotel / Resort, Timeshare, Homeowner). Here is the condominium use declaration form
  • Properties which have been granted a bed and breakfast permit, a transient vacation rental permit, or a conditional permit to operate a transient vacation rental are classified as Commercialized Residential.

Understanding the tax year and timing is important when purchasing a property.  As the buyer, you assume the rate that the previous owner had for the current tax year.  If the previous owner had the homeowner exemption, that is great for you for the remainder of the tax year.  If you qualify for exemptions, they  must  be filed according to strict schedules and exceptions are rare.

Please refer to the Maui County Tax pages form more information.   You can check the status and assessed values of any property on this website http://www.mauipropertytax.com/

 

 

The Up Swinging Market! March 2017 Maui Market Analysis

March 2017 Maui Market SnapshotMarch 2017 – Maui Market Trends

March was a super month for real estate. It is traditionally a strong month and with increases in sales and prices almost across the board, it may be seen as the peak!  The median residential sales price was $769,000! A few months back everyone was talking about being over $700k for first time since 2007.  The average price was over $1.1 million. There tends to be occasional peaks but 8 of 12 months the average residential price has been over a million. We haven’t seen more than 2 months over a million since I started collecting data in 2008.

March Condo Analysis

There is not quite as much strength in the condo market but sales are strong and prices are relatively stable. Number of units sold last month was 130, the highest since April 2014. Average price was $619.6k and median was $407.5k. Comparing to March of 2008, when sales were 91, average price was $975k (Hoolei and Kai Malu were 20 of the sales!) and median price was $527,000.

Predictions

I suspect we will have a strong April, then start seeing activity slow a bit. But everything will stay on an upward path for awhile as long as a world crisis doesn’t happen.  When will the peak happen and we’ll start seeing declines?  I don’t know but it will happen.  My best guess is in a year.  But we will not see the declines of 2008!  Expect some correction of 10-15% max.   
Hey, did you hear MECO is opening the grid again? If you want solar connected to grid, now is the time!

Contact Kathy today – 808-344-0469

Questions or comments? Need help with Buying or Selling or just understanding the market?
I am offering FREE real estate reviews. You don’t need to be thinking of buying or selling now to benefit. Often your home is a primary asset, so meet with a real estate professional to find out what your property is worth and what your options and strategies may be! Please ask below or call or text Kathy at 808-344-0469.

View the Detailed Maui Real Estate Market Reports for March 2017

Click on the report and it will be brought up in a new window.

Maui Full Trends Report. 12-page PDF report showing trends for each Area of Maui.
Maui Market Foreclosure Trends – month by month summary of REO and short sales in the Maui Market.
Maui Market Snapshot. 1-page PDF report showing trends for each Area of Maui.

What to Know About the Maui Luxury Real Estate Market – February Market Analysis

February 2017 – Maui Market Trends

This month, I’m going to dive a little deeper into the Maui luxury market.  I’ll define what is luxury and that not all “luxury properties” are very luxurious!  First, let’s take a quick look at the market for February.   As expected this part of the season, we saw an increase in condo sales.   The prices are a little down though; it feels that most buyers are bargain hunters.    Home sales were slow but predict seasonal increases going into June.  We are still in a seller’s market and prices are slowly increasing.  Today’s announcement of an interest rate increase by the feds is no surprise and real estate rates have already adjusted so we don’t see a big impact.   

Maui Luxury Properties

The classic definition of luxury in the real estate industry is usually defined by the top 10% of sales in a market.  In the last year across Maui, that makes our luxury price point $1,340,000. When you look at the 259 sales over the luxury point, the average  price is $2,8640,000. That includes condominiums, land and homes.

117 condos  – average price $2.388 million

13 pieces of land – average price of $2.026 million

129 homes with average price of $3.380 million

Where are Maui’s Luxury Properties? 

When we think of luxury on Maui the areas of Wailea/Makena, Ka’anapali and Kapalua.  The chart below pretty much shows that breakout.  For people who prefer a more reclusive luxury away from the resort areas, there are some beautiful homes along the North Shore overlooking surf areas and windswept cliffs. The long-timers on Maui often prefer the Upcountry area of Kula with expansive full island views, acreage, cooler temperatures and quiet privacy.   And don’t forget Launiupoko with it’s 2 acre lots, fairly new construction, open views and just 5 minutes to Lahaina.   (Launiupoko. is one area without it’s own real estate district… basically look at Lahaina over 1 million  and most homes not on Front Street are Launiupoko.

Are Maui Luxury Properties Really Luxurious? 

Buyers often call and ask for a little shack on the beach. Well I viewed at least one of those that sold last year. It was the smallest home in the luxury category at just 964 sq. ft. and was a cute piece of history (a little nicer than a shack but far from luxury) on Keawakapu beach which spans between Kihei and Wailea.  It sold for $8 million.

Many Maui homes are truly luxurious.  As with all real estate (and maybe even more so!), you often see the quirks of the previous homeowners.  A few thoughts that come to my mind — the huge home where every bathroom was done in DEEP blue granite/marble,  the home where every bathroom had an outdoor shower,  the wine cellar bigger than the theater and the list goes on.  

In looking at only luxury homes on Maui, the median price is $2.1 million.   So most are toward the lower end.  In the last year  we had 22 sales over $5 million with highest sale being $18 million which was a multi-unit sale right on the beach near the airport.  

Does luxury mean large?  Often yes,  however the median square footage of luxury properties is a “not quite spacious luxury” of 2,344 square feet. Remember this includes condos.   And luxury often requires some major rehab too! 

Does Maui Luxury Mean Buyers Pay Cash? 

Many assume that all luxury buyers are cash buyers. The chart below shows that isn’t true.   About 58% do pay cash but many get jumbo financing (great rates) and/or do 1031 exchanges (investment properties).

Screen Shot 2017-03-07 at 7.37.59 PM

 

 

If you are looking for a luxury home in Maui, there are many to choose from.  This group is often slower to sell (average days on market is 223) and many of the properties have been on/off the market for years.  A great agent will help you look at different areas and the features that are important to you.  Knowing the market is key to making sure you get the best pricing advice.   

Contact Kathy today – 808-344-0469

Questions or comments? Need help with Buying or Selling or just understanding the market?
I am offering FREE real estate reviews. You don’t need to be thinking of buying or selling now to benefit. Often your home is a primary asset, so meet with a real estate professional to find out what your property is worth and what your options and strategies may be! Please ask below or call or text Kathy at 808-344-0469.

View the Detailed Maui Real Estate Market Reports for February 2017

Click on the report and it will be brought up in a new window.

Maui Full Trends Report. 12-page PDF report showing trends for each Area of Maui.

 

 

 

Maui Market Foreclosure Trends – month by month summary of REO and short sales in the Maui Market.
Maui Market Snapshot. 1-page PDF report showing trends for each Area of Maui.

 

January 2017 Market Trends and Maui Median Prices

January 2017 – Maui Market Trends

Last month, many people were talking about skyrocketing prices when the Realtors Association of Maui released information that the median price of a home on Maui reached it’s highest point since 2007 at over $700,500. 

As I had stated, this was a one month anomaly and this month our median residential price was back to $660,000.  In the last year it has hovered between $600,000 and $700,000.  However,  I’m going to dive a little deeper here to show you can’t expect median prices all over Maui!  

Where can you buy a house for $660,000?  

Where can you buy a “nice” house for $660,000. “Nice” will mean different things to different people.  While I would love to apply the logic of not a fixer upper and in a safe neighborhood, I can’t quantify that through MLS records.  Instead I used a “standard” definition of having at least 3 bedrooms, 2 baths and >1300 sq. ft.  I considered throwing out cash and non-conventionally financed because those have a higher likelihood of being fixer uppers but the results were inconclusive.  Just so you know the financing profiles –> Of the 580 homes  sold for under $660,000 in 2017 – 18% cash, 55% conventional, 16% FHA, 6% VA, 3%USDA and 2% other (owner financed, 1031, rehab, etc).  

Looking at just the homes that met my “standard” criteria, I had only 283 (49% under median price) homes left.  That tells you that over half of the homes sold under the median price may be what we call in real estate functionally obsolete.  Many buyers have a dream of having a “shack on the beach”; they don’t realize that even a “shack not on the beach” is a median priced home in Maui. They still may be great homes but having 1 bath or being very small  is not what most people think of when looking for a “median-priced” home. 

In what areas can I buy a Maui median-priced home?  

Median priced standard homesThis chart pretty much tells you where your best bets are:  

  • Central – Median home price is $572,778
  • South Maui – the Median home price is $735,000 (just Kihei is $720,000!)  
  • Upcountry – Median home price is $670,000.
  • North Shore – Median home price is $1,192,000.
  • West Maui – Median home price is $1,140,000. 

If you are looking for a home in Maui in this category, be prepared!  Most sell fast and there are also multiple offers.  You may not get a “perfect” home and have to do some upgrades but you will be in Maui – what could be better! 

What you should know about Mortgages!  

Screen Shot 2017-02-16 at 8.57.22 AM
I wanted to take a minute to give you the updates on mortgages. We’ve seen rates come down a little bit but all the analysts expect them to go up by year end. This does reduce your buying power. Prices are predicted to continue up at 2-8%. So make sure to not delay in getting talking to a great mortgage professional!

Low Down Payments

Did you know that only 4% of buyers surveyed realized that there are loans available with <5% down? 69% fear they don’t have the down payment. The average first time homebuyer in the U.S. only put down 6%. That is average! The average for upgrade buyers is only 14%. And yet 39% of homebuyers polled, thought they needed 20% down. Screen Shot 2017-02-16 at 9.04.29 AM 

Mortgages are Getting Easier

The chart at the right shows the Mortgage Credit Availability Index and generally shows how easy it is to get a mortgage.  We are not going back to the times before the mortgage meltdown but it continues to get easier to qualify for a mortgage.  If you want to own a home, and haven’t checked for a year, don’t delay!  

Contact Kathy today – 808-344-0469

Questions or comments? Need help with Buying or Selling or just understanding the market?
I am offering FREE real estate reviews. You don’t need to be thinking of buying or selling now to benefit. Often your home is a primary asset, so meet with a real estate professional to find out what your property is worth and what your options and strategies may be! Please ask below or call or text Kathy at 808-344-0469.

View the Detailed Maui Real Estate Market Reports

Click on the report and it will be brought up in a new window.

Maui Full Trends Report. 12-page PDF report showing trends for each Area of Maui.

 

 

 

Maui Market Foreclosure Trends – month by month summary of REO and short sales in the Maui Market.
Maui Market Snapshot. 1-page PDF report showing trends for each Area of Maui.

 

2017 Maui Market Predictions — and November Market Trends

Real Quick November 2016 Update

Before I get into the 2017 Maui Market predictions, let’s look at the November numbers.  December is not done yet but my quick look shows no major changes.

The fall market usually shows slowing down in sales, particularly condo sales. We have seen this in West Maui  condos where unit sales are down 13% from last year and the median price is trending down about 11%.   Everywhere else is either up, steady or not enough data to really determine! Generally, sales in the residential market are stronger than in the past 2 years.  And prices are up too.

screen-shot-2016-12-23-at-3-12-21-pmHome ownership is a key wealth indicator! Here is a great chart that shows,  on average over history of the U.S. Real Estate markets what impact owning a home will have on your family’s wealth.

2017 Maui Market Predictions

The primary market influences are interest rates, new developments, lack of  affordable housing and supply and demand. 

Market Influences

Interest Rates

screen-shot-2016-12-28-at-6-15-40-pm
Hawaii 30 year mortgage rates from Bankrate.com

Interest rates have “skyrocketed” since the election. They are changing daily and changing fast. Generally,  I believe the days of uber low rates are over. This rapid change makes people considering purchasing a property be more cautious.  I listen to the analysts and a few say the highest rates will get to by the end of 2017 is “pushing 5%”.   Most say they will hit 4.5 and hang around there. Historically, 5% is still a very good rate. Here is a chart that shows 30 year mortgage rates in Hawaii over the last 5 years.  We’ve been blessed with lower rates but rates right now are still lower than in 2013.  Yes, it will possibly make it so that some 1st time homebuyers won’t be able to qualify.  There is plenty of money out there to lend, and I think if interest rates go up, the lenders will find more ways to make mortgages work for qualified buyers. One thing that teamed with higher interest rates could make  a difference is if the Mortgage Interest Deduction is removed; the threat has been there for awhile. Please support keeping it!  It makes a difference – especially to first time homebuyers. If you question that, ask me about my first home! One more factor to recognize is that for Maui almost 39% of purchases are cash.   Interest Rate Change Significance to the Market:  LOW. 

New Developments

Everyone loves to buy a “Brand New Home“.  Right now, Maui has more new developments available than we have seen in years. The lead time from signing for a property until it is ready is usually very long – 18 months is my guess.  The developers complain about the county permitting process. Hearing about some of the reasons for delays makes me take the developer’s side. The nature of Maui makes many citizens not want any development which makes it even harder on developers.  Will the developers be able to add enough housing to the mix to meet the housing needs? I don’t think so. Nationally growth rates have grown much more than Maui. I don’t encourage all growth but it will happen. It is better to responsibly manage growth than to fight it and have it happen anyway. New Development Significance to Market: Low

Affordable Housing

Even in the new home “affordable housing” arena, the prices of new builds are higher than similar resale properties. There is some good reasons to consider – better building means more energy efficiency, the “new factor” and better management of associations. The lack of affordable housing on Maui is significant. It will stay significant as there are not enough rentals and rents are going up faster than housing prices. I could write a whole blog post just on affordable housing. I think our government needs to look realistically at the solutions which include attracting better jobs, better education and providing an appropriate mix of affordable housing.

One of the biggest aspects of Affordable Housing is our Jobs Market. Because so much of our real estate market is 2nd homes and vacation properties, jobs don’t play as big of a role as in many markets. That said, it is an impact. There are lots of jobs and unemployment is low. What our state doesn’t report on is “underemployment” as many people need 2-3 jobs to survive. Typically those people are not buying homes. Here is a quote from the State on the County of Maui economic condition

Maui County saw a net gain of 2,200 jobs or a 3.0 percent increase in the third quarter of 2016 over the same quarter of 2015. Jobs gained the most in Arts, Entertainment & Recreation (500 jobs), followed by Health Care and Social Assistance (400 jobs), Food Services & Drinking Places (300 jobs), Natural Resources, Mining, and Construction (300 jobs), and Transportation, Warehousing, and Utilities (300 jobs). The largest private sector job losses occurred in Accommodation (200 jobs lost). Government added 100 jobs in the quarter.

Affordable Housing Significance to Market: Low

Supply and Demand

There are always people arriving and leaving Maui. It is actually a market that changes fairly fast. Some areas are definitely more isolated with long-time residents. Many renters are tired of escalating rents and/or having to move frequently. Inventories are relatively flat  at 8.5 months overall, 5.7 for single family houses. Prices fluctuate a lot but there are no clear trends.  Last month the average sales price for all property types was $731,798.  The median was $502,000.  For the last 2 years, the median range has been  $476,750 (Dec 2015) to $565,000 (Oct 2016) without much logic to the ups and downs except that all of 2016 has been in the $500’s except January. So I have to go with the national analysts and say I don’t see a big change coming.  Steady markets maybe with a little growth.  In general, although there are exceptions, we still aren’t seeing many Canadians buying because the exchange rate is .74 where it has been hovering for months.  There are a few more Asian buyers but nothing too drastic.  Affordable Housing Significance to Market: Low

Summary Predictions for the Maui Real Estate Market

Mainland markets that Maui tracks with (see California summary) have experienced some slowing meaning growth has slowed however growth is still happening. Many West Coast agents talk that they see the beginning to a decline in markets. We do know that markets shift very quickly; blink and you missed it so stay aware if you are considering a move.

screen-shot-2016-12-23-at-3-52-18-pmWe do see more Gen-X’ers and Millennials getting into the market; here is an interesting chart from Business Insider that shows that many Millennials are unaware that there are some great low-down payment options. screen-shot-2016-12-23-at-3-15-33-pmI’d also like to share a great chart that shows that you don’t need perfect credit to qualify for a loan. This year is a great year for 1st time homebuyers to buy.

For my prediction for Maui, I see a continued stable market.  The spring season of 2nd-home and vacation rental investor will be strong because buyers want to take advantage of interest rates before they creep higher. The summer and fall will be slower but steady.  The end of 2017 is truly hard to predict as our nation and the global economies see what happens with the new president and congress in place. I anticipate changes but I’m not sure what direction and how much it will impact Maui.

What other things do you think may impact our real estate markets in 2017? Please share you thoughts and solutions!

Questions or comments? Need help with Buying or Selling or just understanding the market?

 
I am offering FREE real estate reviews. You don’t need to be thinking of buying or selling now to benefit. Often your home is a primary asset, so meet with a real estate professional to find out what your property is worth and what your options and strategies may be! Please ask below or call or text Kathy at 808-344-0469.

View the Detailed Maui Real Estate Market Reports

Click on the report and it will be brought up in a new window.

Maui Full Trends Report. 12-page PDF report showing trends for each Area of Maui.

Maui Market Foreclosure Trends – month by month summary of REO and short sales in the Maui Market.

Maui Market Snapshot. 1-page PDF report showing trends for each Area of Maui.
Maui Market Snapshot. 1-page PDF report showing trends for each Area of Maui.

7 Budget-Friendly Staging Ideas to Boost Your Home’s Appeal

You don’t need to be selling your home to benefit from these staging tips!   If you are selling, home staging has become a common step in the real estate process, with many realtors strongly recommending it to sellers or even considering it necessary for securing an offer. While staging does tend to help a home sell more quickly and at a higher price, the cost of hiring a professional can be staggering.

7 Great Budget Staging Ideas

Consider these easy, do-it-yourself staging shortcuts that capture your buyers’ interest without busting your budget:

  1. Enliven drab rooms with vibrant accents. While neutral paint colors are typically the best bet for appealing to a wide variety of buyers, they may cause the home to appear bland and impersonal. Adding inexpensive touches, such as brightly colored towels, pillows, or flowers creates an alluring contrast and help the room stand out in buyers’ minds. Another option is to consider painting an accent wall with an eye-catching color. Since a quart of paint should cost under twenty dollars, this simple solution can quickly transform a room.
  2. Find creative ways to highlight your home’s best features. For example, if you have an impressive master bath, update lighting, buy luxurious towels and assemble a basket of lotions to make it feel like a luxurious spa. This will draw buyers’ eyes toward the features that you want them to see.
  3. Ensure that the entrance to your home is welcoming. First impressions can be pivotal—particularly when you are selling your home. If the entrance to your home is lackluster or in disrepair, potential buyers may not even bother to see the interior. Spur interest from the start by purchasing a new welcome mat, planting some cheerful-looking flowers, and fixing any damaged paint on or around the front door.
  4. Give your kitchen and bathrooms a facelift with new hardware. Kitchen and bath remodels carry exorbitant costs and are impractical when your home is already on the market. However, by applying fresh paint to cabinets and replacing faucets and drawer pulls, you can quickly give these rooms an updated appearance without generating substantial costs.
  5. Employ accessories to help buyers envision themselves living in your home. Remember that the main purpose of staging is to transform your home into a blank slate upon which buyers can picture their new lives—and often, this effect may be achieved with simple, everyday objects. For instance, set a bag of high-quality coffee next to the coffee pot, place empty shopping bags from trendy stores in the master bedroom closet, or stage the dining room table with placemats, cloth napkins, and a bottle of wine and glasses.  One thing I do when staging (and I do it in my own home at least once a year!) is to gather all my accessories on the dining room table.  Then I group and see how I can redeploy them in interesting and often functional ways. Too many accessories is distracting so pack or give away any that don’t make a room more appealing. 
  6. If you have couches or chairs that are worn or have distracting patterns, conceal them with slipcovers. These guises are relatively inexpensive and will neutralize the room so that buyers can focus their attention on your home’s most important features.
  7. Visit consignment and thrift stores for furniture if you need to round out an empty room. Often, these outlets are troves of low-cost furniture in surprisingly good condition.

Best Tip of All

Last but certainly not least, use an agent who is willing to help you make decisions and guide you through staging.  I’ve gone through home staging courses and this is one of my favorite parts of the home selling process.   Call Kathy today 808-344-0469.