Archive for September, 2011

Hawaii Residential Condos

For many potential buyers of Hawaii real estate, the term ‘Residential Condo’ is new and unfamiliar, as many parts of North America do not have a similar form of ownership. Residential condos are regulated by Hawaii State Law 514B, which dictates how condominiums are created, managed, governed, and operated in the state of Hawaii.

The critical components shared by condos and residential condos are common elements (pool, recreation area), limited elements (actual unit, assigned parking space), have an individual tax-map key number, can be sold independent of each other and have a conforming use of the land as per applicable zoning codes. However, residential condos are assigned a limited common element such to appear and function as a single-family residence, enjoying exclusive right/use of fixtures within said element. These can include a pool, garage, and other features; further defined by fencing the appurtenant area if so desired. Some residential condos share many common elements such as driveways, pool, water meters, while others are fairly autonomous of other ‘apartments’ within the same development. Furthermore, some residential condos will have CCR’s in place, HOA’s collected, Board meetings, etc. while others have minimal (if any) collective participation. Compare properties in Launiupoko, which is on land zoned as agricultural and have strict criteria to the size of the structure but are fairly independent of each other apartments, to those in Makena Place, which are luxury estates on apartment-zoned land and are tightly governed/maintained by the HOA.

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Posted by: Alex Cortez on September 21st, 2011 under HomeGain, Regional

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HomeGain Releases 3rd Quarter 2011 National Home Values Survey Results

Forty-seven percent of surveyed real estate professionals nationwide expect home values to decrease over the next six months; Seventy-two percent disapprove of Obama’s performance as President; Rick Perry, Mitt Romney and Ron Paul lead GOP hopefuls

HomeGain, one of the first companies to provide free instant home valuations online, announced the results of its nationwide third quarter 2011 home values survey. Over 500 real estate agents and brokers and over 2,200 homeowners were surveyed. We also released the regional results of the third quarter 2011 HomeGain home values survey.

Most real estate professionals and homeowners continue to expect home values to decrease or stay the same through the middle of the year. Forty-seven percent of agents and brokers and 45 percent of homeowners think that home values will decrease over the next six months.

In the second quarter 2011 HomeGain National Home Values Survey, fifty percent of agents and brokers and 30 percent of homeowners thought that home values would decrease over the next six months.

Forty-two percent of real estate agents and brokers and 43 percent of homeowners think that home values will remain the same in the coming six months.

Eleven percent of real estate professionals expect home values to increase in the next six months, down one percent from last quarter. Twelve percent of homeowners expect home values to increase in the next six months, down three percent from last quarter.

According to surveyed agents and brokers, 75 percent of homeowners believe their homes are worth more than the recommended agent listing price. In contrast, 68 percent of home buyers believe homes are overpriced.

“Homeowners have joined real estate professionals and now share their dour view on the direction of home prices. Last quarter only 30 percent of homeowners expected home prices to drop in the coming six months while 50 percent of real estate professionals expected price declines. In the current survey 45 percent of homeowners and 47 percent of real estate professionals expect home price declines in the next six months,” said Louis Cammarosano, General Manager of HomeGain.

Fifty-five percent of agents and brokers surveyed indicated that they “strongly disapproved” and 17 percent “somewhat disapproved” of Barack Obama’s performance as President, earning him a 72 percent disapproval rating, an increase of five percent in the disapproval rating of agents and brokers surveyed in the third quarter last year. Last quarter the President had a 65 percent disapproval rating among agents and brokers.

Forty-seven percent of homeowners “strongly disapproved” and 16 percent “somewhat disapproved” of the President’s performance, earning him a 63 percent disapproval rating. The President had a 56 percent disapproval rating last quarter among surveyed homeowners with 39 percent “strongly disapproving”. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain Third Quarter 2011 Home Values Survey indicated that the President’s average disapproval rating was 51 percent with an average of 36 percent “strongly disapproving” of his performance.

Below are the top states where real estate professionals and home owners think home prices will rise and fall over the next six months.

Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Up in the Next Six Months:


Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Down In the Next Six Months:


Top 10 States Where Real Estate Agents and Homeowners Approve of Barack Obama’s Performance as President:


Top 10 States Where Real Estate Agents and Homeowners Disapprove of Barack Obama’s Performance as President:


The survey was conducted from August 25 – September 4, 2011.

View all prior HomeGain national and state home prices surveys.

The third quarter 2011 regional results are available by clicking here.

Set forth below are the results of the second quarter 2010 and 2011 national home prices survey as well as the results of the first quarter 2011 survey. Also set forth below for selected questions is the national home owner response data for the second quarter of 2011. Click on each question to see complete results:

Questions and National Results:

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?
  11. If the Presidential election were held today, who would you vote for?

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Posted by: Louis Cammarosano on September 11th, 2011 under Home Prices, Home Values, Home Values Surveys, HomeGain

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HomeGain Releases 3rd Quarter 2011 Regional Home Values Survey Results

Below are the regional results of the entire survey, categorized into four regions*, Northeast, Southeast, Mid-West and West. You can also check out the national results of the HomeGain 2nd quarter 2011 home values survey.
Questions and Regional Results
  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?
  11. If the Presidential election were held today, who would you vote for?
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Posted by: Louis Cammarosano on September 11th, 2011 under Home Prices, Home Values, Home Values Surveys, HomeGain

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Real Estate Radio with Louis Cammarosano 8/29/11

On Monday August 29, 2011, Louis Cammarosano, General Manager of HomeGain, was a guest on the Real Estate Radio show on The Big Talker 1580 AM, hosted by Ryan Sloper.

Listen to the show.

Part 1 (15:06)

Louis and Ryan discuss the recent earthquake in the DC metro area and Hurricane Irene. Ryan and Louis discuss Ben Bernanke’s Jackson Hole speech. Ryan notes that the housing sector is normally the driver of economic recovery but this time the rate of new home construction is low. Ryan advocates that the Fed looses up credit. Louis notes that the Fed sets monetary policy but not the credit standards. Louis notes that the central banks are trying to put the burden of fiscal stimulus on the congresses of the various countries. Louis notes that the President will announce a stimulus package with infrastructure projects when he comes back from vacation. Louis notes that the Fed is saying we have to address our long term debt problems but that we also have to address our short term liquidity issues. Louis argues that the solution to the housing problem is to let it go and not try to prop up the market and notes that the homebuyer credit worked only during the time that the credit was in effect. Louis also notes that home builders have little incentive to build new homes in areas where those new homes would compete with foreclosures and short sales. Louis points out that Jackson Hole was not the place last year where they announced QE2 and notes that the next Fed meeting in September will be a two day meeting to discuss “various tools” to stimulate the economy. Louis asks Ryan whether it makes sense to buy a home now where the mortgage payments would be less than your current rent payments even if you think the value of the home will decline in value.

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Posted by: Louis Cammarosano on September 9th, 2011 under HomeGain, HomeGain on Real Estate Radio, Louis Cammarosano on Real Estate Radio

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