Aloha everyone. Quick post here for homeowners or those in the market. I’m curious what everyone feels is their biggest real estate challenge for 2011. There’s certainly no shortage to choose from. Here’s a list of the most common concerns I’ve heard lately from friends and acquaintances:
- Underwater or upside-down mortgages. Facing a foreclosure or afraid one’s not too far down the road. Lots of these in Hawaii, unfortunately, as the state’s foreclosure numbers increased by 40% compared to 2009 according to the Pacific Business News.
- Rental income from tenants not able to cover the entire monthly mortgage payment. Cash flow comes to a halt. This is especially the case if your monthly payment to your lender has skyrocketed.
- Reduced or terminated employment. Hawaii’s unemployment rate has actually stayed at a normal level compared to the rest of the country, but there are still a lot of folks who’ve lost their job or had their hours cut.
- Short sales in the neighborhood bringing down your property value, even if your property is not “distressed”. True, it can make your property look better in comparison if you’re trying to sell, but it can still bring down overall market value.
- Not knowing whether to sell now and get out or wait for the market to rebound. This is a tough one and it gets into that dangerous zone of trying to time the market.
- YOU TELL ME…..?!
Do you agree with this list? What’s missing? What’s your #6??