Maui Real Estate Report

Laurelee Blanchard, R(s)

Maui Island

Real Estate News

Volume 17

In this Issue:

Real Estate Market Statistics

Evaluating a Purchase Offer

Coldwell Banker Island Properties

1043 Makawao Avenue

Makawao, Maui, HI 96768

Phone:

(808) 298-8544

E-mail:

Laurelee@MauiResidences.com

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www.mauiresidences.com

Real Estate Market Statistics

As of October 31, 2008, there were 786 home sales on Maui, compared to 972 a year ago - down 19%. The average sales price was $857,066, compared to $937,543 a year ago - a 9% decrease. The median price was $584,250, compared to $634,478 a year ago, an 8% decrease. Total dollar volume declined 26% during this twelve month period.

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Evaluating a Purchase Offer

1. Buyer's financial situation

• Is the buyer qualified?
• What is the buyer's annual income and employment history?
• How much down payment and closing cost cash is available and what is the source?
• What type of financial debt does the buyer have? Car loans? Credit cards?

2. Financing method

• Is the loan type and interest rate realistic for current economic conditions?
• Is the length of time requested to obtain a loan realistic? 30-45 days is a typical time frame. It allows enough time to process papers, but also allows you to put the home back on the market promptly if things fall through.

3. Your costs

• How much does the buyer want you to contribute toward closing costs?
• What will your net proceeds be? Add up any points, taxes or fix-up expenses requested and deduct them from the contract price to determine if your final profit is what you need to make your move.

4. Your calendar

• Does the buyer's proposed settlement date give you enough time to select your next home and obtain financing?
• If you can't move to your next home promptly at settlement, can you rent back from the buyer?

5. Contingencies

• Must the buyer sell a home before buying yours? You may not have the time to wait while the buyer sells.
• What add-ons does the buyer want? Curtains, lawn equipment, swing sets? All of this can affect your final net proceeds, be used as bargaining chips, or both.

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