You know about the three “R’s” in terms of education—Reading, Writing, and Arithmetic.  Mastering these three disciplines prepares you to graduate to college or your new career.

There are also three “R’s” in real estate.  When all three are present, then it could be time for you to graduate to your first or next home.

Rates.  Interest rates play a critical role in how much home you can afford.  Interest rates are incredibly low now, and there’s not much room for them to go any lower.  And it’s certain, that these rates will go up.  We just don’t know when.

Reduced Home Prices.  For the month of May, 2009, the median sales price for a single family home was $550,000.  Compare that to the recent peak of $685,000 in June of 2007—that’s almost 20% lower!  The story for condominiums is similar.  There are incredible properties on the market at bargain prices.

There’s a Reason to Move.  Maybe your family is growing or the kids are leaving home.  Changes in your life are perhaps the most important reason to own a new home. And homes have historically been a very attractive long term investment that you get to enjoy every day.

If you’re sitting on the fence, I urge you to investigate the market so you don’t miss out on great homes prices and low interest rates.  These two factors just don’t come together very often!

Please feel free to contact me.  Just a brief chat could help you determine whether you are ready to graduate now.  If you’re not, I can help you develop a game plan to make your first or next home possible sometime in the future!

For Oahu overall, we saw a 9.5% decrease in the median sales price of single family homes sold in May, year-to-date:  $570,000 versus $630,000 in 2008.  The number of sales dropped 27.8% versus the same period in 2008.  Examine the chart below to see how individual markets performed.

The median number of days on the market in May was 49 for single family homes and 52 for condominiums.  Many homes that are priced well are receiving multiple offers and selling extremely quickly!

Total inventory was 1.739 for single family homes in May, lower than it’s been in more than two years.  May’s condominium inventory of 2,438 was lower than in May of 2008 and lower than it’s been this year.

At Coldwell Banker Pacific Properties, our mission is to provide you with a real estate experience that
exceeds your expectations.  Whatever the market, we deliver.   

For more information, visit coldwellbankerpacific.com