Oahu home inventory rises to meet demand

 

HONOLULU ADVERTISER , July 10 2005

BY LISA SCONTRAS

Custom Publishing Group

 

Increased inventory levels on Oahu in both single-family home and condominium categories is good news for buyers.

 

Statistics gathered by the Honolulu Board of Realtors in September show an increase in the number of active listings by nearly 20 percent. And while Harvey Shapiro, research economist at the HBR, believes that the increase is likely a seasonal adjustment, additional homes on the market offer more choices for prospective homebuyers and will no doubt encourage previously unsuccessful buyers to renew their hunt.

 

 

A few practical steps can distinguish successful buyers from terminal lookers. Begin by gathering resources and establishing a wish list. But before getting into the car, take some time to get organized.

 

Realtor Michael Koyama recommends meeting with a loan officer to establish a price range first, and then lists several critical steps to take before going to open houses.

 

“Shopping for a home in the current real estate market is like shopping for gifts during the Christmas season,” says Koyama, an agent and partner at Prudential Locations. “You have to be mentally and physically prepared, have your wits about you, and have a good plan to accomplish your goal in a specific time frame.”

 

Realtor Susan Onishi Andrade also places tremendous value on meeting with a loan officer and advises her clients to get “pre-approval” rather than just “pre-qualified.”

 

“A pre-approval is when the loan officer has verified credit, possibly cash funds available and income,” says Onishi Andrade, a Prudential agent and partner with 18 years of extensive experience working with buyers. “A pre-approval letter strengthens all offers and gives the buyers credit worthiness to complete the transaction.”

 

Buyers are also urged to check out neighborhoods, schools, and even amenities — recreation, golf, jogging or biking paths.

 

“Figure out what are the two most important factors that will impact your decision on where you will live,” suggests Onishi Andrade, who adds that some clients have found Prudential’s Web site a good place to gather market information. “School districts for kids, commute time to work, bus lines, different neighborhoods ... however, bear in mind that you may need to alter your priority list depending on the outcome of your pre-approval.”

 

 

A Realtor will help to assess your needs, determine a sound plan of action and educate you on general market conditions.

 

The current market’s fast pace requires buyers to fine-tune their wish lists, be flexible and be prepared to take action once the right property is found.

 

“This is a market that rewards decisiveness, perseverance, and an unrelenting desire to experience the American dream,” Koyama adds.

 

And because typically, it’s the seller who pays the Realtor commission, advice and representation for a buyer is no charge.

 

 

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