Here are your June 2023 Residential Market Statistics by island

Curious about Hawaii’s luxury real estate market? Check out the latest stats. 🏡

For details on the luxury residential real estate market in Hawaii, and the top residential markets throughout Canada and the US, view our full report by clicking here:   https://bit.ly/3NseWof

Dreaming of owning a piece of paradise in Hawaii? The good news is that if you're a qualified military service member or veteran, you can make that dream a reality by leveraging a VA loan to purchase leasehold properties in the Aloha State. In this article, we'll explore the advantages of using a VA loan and delve into the specifics of acquiring leasehold properties in Hawaii. Get ready to discover how you can seize the opportunity to call Hawaii your home.

Understanding the VA Loan Advantage:

VA loans are a powerful financial tool exclusively available to military members and veterans. With their flexible terms, competitive interest rates, and no down payment requirements (up to a certain loan limit), VA loans provide an enticing avenue for homebuyers. Armed with a VA loan, you can embark on your journey to own a leasehold property in the tropical paradise of Hawaii.

The Leasehold Property Concept:

In Hawaii, leasehold properties differ from their freehold counterparts. Instead of owning the land outright, you enter into a long-term lease agreement with a landowner, usually ranging from 10 to 50 years. It's important to carefully review lease terms, including lease rent, expiration date, and possible lease extensions. While leasehold properties may require additional considerations, they often offer a more affordable entry point into desirable locations like Hawaii.

Finding the Perfect Leasehold Property:

Hawaii boasts a range of leasehold properties, including condos, townhouses, and single-family homes. With the help of a knowledgeable real estate agent, you can identify leasehold properties that meet your preferences and budget. Remember to consider factors like location, proximity to amenities, and future development plans when making your selection.

The VA Appraisal Process:

One crucial step in purchasing a leasehold property with a VA loan is the appraisal. The VA appraisal ensures that the property meets the program's minimum property requirements and determines its market value. It's important to engage an experienced VA-approved appraiser who understands the nuances of appraising leasehold properties.

Leasehold Loan Considerations:

When using a VA loan for a leasehold property, there are a few additional factors to bear in mind. The remaining lease term should generally exceed the loan term to satisfy VA loan requirements. Furthermore, lease rent escalations and the potential for lease extensions must be considered during the loan approval process.

Conclusion:

With a VA loan in hand, you have the opportunity to make your Hawaiian dreams come true by acquiring a leasehold property in this enchanting archipelago. The combination of a VA loan's benefits and the affordability of leasehold properties in Hawaii presents a unique opportunity for military members and veterans. As you embark on your homebuying journey, work closely with a trusted real estate agent and lender who are well-versed in the intricacies of using a VA loan for leasehold properties. Prepare to savor the beauty, tranquility, and vibrant culture that Hawaii has to offer as you settle into your very own piece of paradise.

Honolulu, Hawaii, known for its pristine beaches, stunning landscapes, and vibrant culture, has long been a sought-after destination for tourists around the world. In recent years, the rise of short-term rentals (Airbnb, VRBO, etc.) has revolutionized the accommodation industry, offering visitors a unique and often more affordable alternative to traditional hotels. However, this growing trend has also brought about various challenges and debates, prompting the local authorities to reassess and regulate the short-term rental situation in the city.

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The Rise of Short-Term Rentals:

The advent of online platforms such as Airbnb, VRBO, and HomeAway has facilitated the rapid growth of short-term rentals in Honolulu. Homeowners and property investors have seized the opportunity to capitalize on the city's thriving tourism industry by renting out their properties to vacationers. The allure of a home-like experience, local neighborhoods, and cost savings have made short-term rentals a preferred choice for many visitors.

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Regulatory Measures:

In response to the surge in short-term rentals, the local government of Honolulu has implemented stricter regulations to maintain a balance between tourism and residential needs. These regulations include mandatory registration and licensing, limitations on the number of rental days per year, and requirements for property owners to reside on-site. The aim is to prevent the conversion of residential neighborhoods into transient vacation areas, preserve the community fabric, and address concerns regarding housing affordability and availability.

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Impact on the Local Community:

The short-term rental boom in Honolulu has sparked debates among residents and policymakers. Supporters argue that it stimulates the local economy, provides additional income for homeowners, and enhances tourism experiences. However, critics express concerns about the diminishing supply of affordable housing, increased housing prices, and disruptions to the social fabric of neighborhoods. The city's efforts to regulate short-term rentals aim to strike a balance between these conflicting perspectives.

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Looking Ahead:

The future of short-term rentals in Honolulu remains uncertain. As the local government continues to refine its regulations, finding the right balance between economic benefits and community well-being will be a key challenge. Stricter enforcement measures, improved data collection, and community engagement will play crucial roles in shaping the evolving landscape of short-term rentals in the city.

Conclusion:

Honolulu's short-term rental situation reflects a global trend that has disrupted the traditional hospitality industry. While these rentals offer unique experiences for tourists and additional income for homeowners, they also present challenges for the local community. As Honolulu navigates this evolving landscape, finding a sustainable approach that preserves the essence of its neighborhoods while fostering a thriving tourism industry will be vital. By striking the right balance through effective regulations and community involvement, Honolulu can ensure a harmonious coexistence between residents and visitors in this tropical paradise.

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Here are your May 2023 Residential Market Statistics by island

Residential statistics provided by the Honolulu Board of Realtors and Title Guaranty Hawaii.

Aloha🤙

Preparing a home for sale can be an overwhelming and time-consuming process. From minor repairs to cosmetic enhancements, sellers often find themselves struggling to get their property in top condition. However, with the introduction of the Realvitalize program from Corcoran Pacific Properties, sellers now have access to a valuable resource that streamlines the home improvement process, maximizes the property's value, and ultimately accelerates the selling process. In this blog post, we will delve into the benefits of the Realvitalize program and explore how sellers can leverage its features to optimize their home's appeal and attract potential buyers.

Understanding the Realvitalize Program:

The Realvitalize program is an innovative offering from Corcoran Pacific Properties that helps sellers address repairs, renovations, and other home improvements that may be necessary before listing a property. It provides sellers with financial assistance and a network of trusted service providers to ensure a seamless and efficient home improvement experience. The program aims to alleviate the stress and financial burden associated with preparing a home for sale, giving sellers the opportunity to focus on other aspects of the selling process.

Identifying Areas of Improvement:

To make the most of the Realvitalize program, sellers should begin by identifying areas of their property that require attention. Conduct a thorough walkthrough of the house, paying close attention to both cosmetic and functional aspects. Look for issues such as outdated fixtures, peeling paint, leaky faucets, or damaged flooring. Taking note of these areas will help you create a comprehensive list of improvements that can be addressed through the Realvitalize program.

Leveraging Financial Assistance:

One of the key advantages of the Realvitalize program is the financial assistance it offers. Corcoran Pacific Properties provides a budget for repairs and improvements, which can significantly reduce the out-of-pocket expenses for sellers. This financial support can be utilized to cover a wide range of improvements, from minor repairs to more extensive renovations. By taking advantage of this financial aid, sellers can enhance their property's market value without straining their own resources.

Partnering with Trusted Service Providers:

Corcoran Pacific Properties has established a network of trusted and vetted service providers to ensure sellers have access to reliable professionals for their home improvement needs. These service providers have been thoroughly evaluated for their expertise, quality of work, and commitment to customer satisfaction. When using the Realvitalize program, sellers can choose from this network of professionals, ensuring that their home improvements are carried out by trusted experts who understand the specific requirements of selling a property.

Enhancing Curb Appeal and Staging:

First impressions are crucial when it comes to selling a home. The Realvitalize program can help sellers improve their property's curb appeal, making it more enticing to potential buyers. Enhancements such as fresh exterior paint, landscaping, or new entryway fixtures can significantly impact the initial perception of a property. Additionally, the program can also assist with staging, helping sellers present their home in the most appealing way possible. Proper staging can make a significant difference in creating an emotional connection with buyers and increasing the likelihood of a successful sale.

Streamlining the Selling Process:

By utilizing the Realvitalize program, sellers can streamline the home improvement process and ensure that their property is ready to hit the market in optimal condition. This not only saves time but also eliminates the hassle of coordinating repairs and renovations independently. With the support of the program, sellers can confidently navigate the selling process, knowing that their property has been thoroughly prepared to attract potential buyers and secure a successful sale.

The Realvitalize program from Corcoran Pacific Properties is a game-changer for sellers looking to maximize the value of their home and expedite the selling process. Call one of our agents today to learn more about how you can utilize Realvitalize to get your home sold at a higher price in s shorter amount of time.

Here are your April 2023 Residential Market Statistics by island

Residential statistics provided by the Honolulu Board of Realtors and Title Guaranty Hawaii.

Aloha🤙

As a local resident of Oahu, it can be easy to fall into the routine of day-to-day life and forget about all the incredible activities and sights that the island has to offer. If you're looking for some inspiration on how to spend your time on this beautiful Hawaiian island, here are ten of the best things for locals to do on Oahu:

1. Visit the North Shore: The North Shore of Oahu is a must-visit destination for anyone looking for a more laid-back and natural side of the island. It's home to some of the world's best surfing spots, and the small towns of Haleiwa and Waialua offer plenty of unique shops and restaurants to explore.
2. Hike to the top of Diamond Head: The Diamond Head State Monument is a popular hiking destination for locals and tourists alike. The hike to the top of the crater offers stunning views of Waikiki and the surrounding coastline.
3. Go snorkeling at Hanauma Bay: Hanauma Bay is a protected marine sanctuary that offers some of the best snorkeling on the island. The bay is home to a wide variety of colorful fish and other marine life.
4. Visit the Honolulu Museum of Art: The Honolulu Museum of Art is a world-class museum that features a wide range of art from different cultures and time periods. It's a great way to spend a rainy day on the island.
5. Take a sunset sail: There's nothing quite like watching the sun set over the ocean, and taking a sunset sail is one of the best ways to experience it. There are plenty of sailing companies on the island that offer sunset cruises.
6. Explore Chinatown: Honolulu's Chinatown is a vibrant neighborhood that's full of unique shops, restaurants, and street art. It's a great place to go for a walk and discover something new.
7. Visit the Polynesian Cultural Center: The Polynesian Cultural Center is a living museum that showcases the culture and history of Polynesia. It's a great place to learn about the island's history and traditions.
8. Go on a food tour: Oahu is home to some of the best food in Hawaii, and going on a food tour is a great way to experience it all. There are plenty of food tours on the island that offer a wide range of cuisines.
9. Go for a drive along the East Side: The East Side of Oahu is full of scenic drives and beautiful beaches. Taking a drive along the coast is a great way to see the island's natural beauty.
10. Attend a local festival or event: Oahu is home to a wide range of festivals and events throughout the year. Whether it's a music festival, food festival, or cultural celebration, there's always something going on.

These are just a few of the many things that locals can do on Oahu. The island is full of hidden gems and unique experiences, so get out there and start exploring! What's your favorite thing to do?

Curious about Hawaii’s luxury real estate market? Check out the latest stats. 🏡

For details on the luxury residential real estate market in Hawaii, and the top residential markets throughout Canada and the US, view our full report by clicking here: 

When it comes to applying for a mortgage, remember that there's no such thing as a little “white lie.” Saying fibs that you think are harmless, as well as exaggerating, playing down, or failing to disclose certain information, can all jeopardize your chances of getting approved for a loan.

Unfortunately, though, about 1 in 131 applications contained some form of fraud, according to the 2022 Mortgage Fraud Report from CoreLogic. Industry experts and risk managers are particularly on the lookout for an increase in income fraud risk.

Here we've touched on some of the things borrowers might think it’s okay to lie about during their mortgage application, and why it’s not worth risking your chance to finally buy a home.

1. Your source of down payment funds

For many first-time home buyers, especially younger ones, saving for a down payment is one of the most challenging. Most lenders need to see that you have genuine or regular savings towards a deposit. 

If you've received help from your parents or any family member for your house deposit, whether it was a gift fund or you borrowed it and plan to pay it back, don’t ever think it’s harmless to declare it as part of your genuine savings. You will have to disclose the source of your down payment to avoid the risk of being questioned, or worse, being denied on your loan. 

For down payment gift funds that don't need to be repaid, lenders may ask for a letter signed by that person, saying that the money doesn’t need to be paid back. But if you’re short on cash and the fund is a loan, lenders will want to know about it because it’s part of your other financial obligations, even if it’s a personal agreement between you and your family member or friend.

2. Who will be living on the property

Unfortunately, occupancy misrepresentation, or lying about who will be living in the property, is common in mortgage applications. You may think it's okay to claim that the property will be your primary residence when you actually plan to rent it out as an investment property. After all, a loan is a loan and you will be responsible to pay for it, so what difference does it make?

The problem with this, though, is that if you have an investment property, you need an investment home loan instead of an owner-occupied home loan, which comes with lower interest rates and fees. Lenders deem investment properties to be higher risk than residential, as people will usually work harder to repay the mortgage if their own home is at risk. Minimum down payments are also significantly bigger on rental properties.

From the lender’s point of view, you’re stealing money from them by making them take on more risk than they agreed to. So spill the beans on who will be living on the property, as it could amount to occupancy fraud which has serious consequences.

3. Income and employment details

Most lenders require proof of at least two years of stable, long-term employment before granting borrowers a mortgage. So don't be tempted to say you’ve been working at a company for longer than you do or claim to be employed even when you’re not. Likewise, don’t exaggerate your income to make yourself look more financially stable, or switch employers at any point in the buying process. 

Lenders will easily find out because, during the application process, they will request various proof of income documents, including a couple of recent paycheck stubs or tax returns. If something doesn’t add up, be prepared to have to explain. You might still be able to go ahead with your application if you’ve simply made a genuine mistake. But if they’ve found out you’ve downright lied, expect your application to be declined.

4. Credit cards, loans, and other debts

Whether it's a car loan, credit card debt, or student loan, you need to be upfront about all of your current debts. This is because lenders need to know all your financial burdens to properly assess your financial situation. Failing to disclose your debts, no matter how small, could prove to be a problem later and can hurt your chances of getting a mortgage.

5. Financial history

Lenders will want to make sure that you've been consistent with your past payments to deem you trustworthy and make sure you can handle another financial obligation. But if you’ve got a history of late payments, whether it’s missed credit card payments or late loan bills, it’s a must to share that information. Late payments will also remain on your credit report, which the lender will pull during the application process. Likewise, you also need to disclose any bankruptcy, even if it was from years ago.

Even if you think those lies may seem harmless, they come with some serious and expensive consequences. So what happens if you're found out? Here are some scenarios you might face:

• The lender could downright deny your application.

• If you’re already under contract, your earnest money deposit could be forfeited.

• If the truth comes to light after the deal is done, the lender could decide to call the loan payable. This means you have to pay the full amount of the mortgage, or face foreclosure.

• The lender could increase your rate as a penalty, leading to higher interest and monthly mortgage payments.

• Worst case scenario: you’ll be charged with mortgage fraud, with a penalty that can include a maximum of 30 years prison time and a $1 million fine.

The biggest lesson: Just be honest from the start so you’ll have a better chance of getting approved for a mortgage.