The four greatest words you sometimes hear in this business are “I sold my house.” For many people affected by the crash and doldrums of the Hawaii housing market (and nationally as well, of course), selling your house isn’t nearly as easy or painless as it used to be. Let’s look at some of the most obvious reasons why:
1. Loss of Home Equity. Probably the most common reason today for not being able to sell your house is that it’s worth a fraction of its value of just a few years ago. Without going into the blame game and the banks (which is another post entirely, right?), the drop in home value has created a true buyers’ market which can force many homes to sit on the MLS or FSBO sites unsold.
2. Upside Down Mortgages. Along with #1, the drop in home equity put many homes in negative equity situations. This turned regular home sales into longer and more intricate (convoluted, in some cases) short sales.
3. Tight Lending. In the wake of the bank outage bank fiascos, lenders heavily tightened their wallets and lending criteria. Sure, you’ll read about low interest rates, but how many people do you know who are actually getting those rates? When banks aren’t lending, buyers can be hard to find.
4. Unemployment. Less of a problem in Hawaii than in other states, but when people aren’t working they’re not buying houses. Plain and simple.
Want to be able to say “I sold my house” instead of unnecessarily being stuck in a rut? Need to sell today instead of incurring more debt or face a foreclosure? Give my team a call at (808) 377-4379 or contact us HERE. No matter the situation, you’ll get a quote and solution on your home – FREE OF CHARGE. Remember, you pay NO 6% REALTOR FEES and you won’t have to wait 6 months or longer hoping a buyer shows up and chooses your house among all the others. Call for your no-obligation quote today!