Real Estate: The Good News

Contact Laurie Lowson for information on Kapalua Golf Villa 25T6-7 (above). Kapalua is one of the top-selling areas on Maui.
2020 and 2021 are years few people could have ever imagined, with the pandemic once again raising its nasty head and not letting us forget about social distancing, masks, vaccines…
Real estate continues to be the good news everyone is talking about. Homes are selling as fast as they come on the market. On West Maui, in the first six months of 2021, there were 766 closed sales (131 Residential Homes, 545 Condos, 95 Vacant Lots) that accounted for 35 percent of the sales island-wide. It was second only to South Maui with 781 sales (160 Residential Homes, 614 Condos and six vacant lots) accounting for 36 percent of the sales on Maui.
Forty-eight percent of the homes sold at or over list price. Forty-two percent of the condos sold at or over list price. West Maui had the second highest sale price for both a home and a condominium. Forty-three percent of the condo sales were Cash closings, and 36 percent of the homes were Cash closings.
What does this mean for you? If you are thinking of selling, now would be a good time. Meet with your Realtor and figure out a game plan to get your property on the market. Today’s buyer is looking for “move-in ready.” Homes are selling quickly, so you need to have a plan on what comes next. Do you want to upsize or downsize? Do a 1031 tax deferred exchange or retire on your proceeds?
Once you decide selling is what seriously want to do, ask your Realtor to introduce you to an escrow agent and order a preliminary title report, so there are no surprises during the escrow period. If your buyer will be securing a loan, the time frame for closing, once you are under contract, is generally 60-75 days. You will need to fill out a seller’s real property disclosure (disclose, disclose, disclose).
The buyer will have a qualified home inspector check out the systems (electrical, plumbing, drainage, roof, A/C, pool…) in your home. There will be a termite inspection. If your property has a homeowner’s association, the buyer will have a review period to read over the documents, ask questions and accept them. As the seller, you will feel like you are in a whirlwind the first couple of weeks with all of the activity.
Once all of the contingencies of the sale are met, there may be a period of calm before the final closing papers are signed, the sale recorded and the keys turned over to the new owner.
In Hawaii, closing actually takes place at the Bureau of Conveyances on Oahu. Often sellers and buyers think that they have to be “at Closing.” In Hawaii, this is not the case. All of the documents, cash funds, deed and mortgage paperwork are sent to the bureau, where the actual recording (closing) takes place between 8 and 10 a.m. on your designated day of closing. You receive a call from your Realtor with the good news shortly after 10 a.m. On to your next adventure!
Considering buying? Please check out Maui properties at www.Lowson.com.
If you would like to discuss selling your home or get an estimate of the value of your property, please call, e-mail or text Laurie Lowson, Realtor, at (808) 276-8001 or Laurie@Lowson.com; Lowson & Associates RB-16475.