All the reports on home prices use the term “median home price”. Even for those that know what the term means, do you know how that reading reflects the current trends in home prices? Today we’ll explore median vs. average, how it corelates to home prices, and even more important, appreciation. First let’s define the…

Since the beginning of the year, I’ve written stories of how hot the real estate market has become. Sellers are receiving multiple offers on the first day of a listing – and most, if not all, above the listing price. There’s also a real scarcity of properties for sale. As we move through our 4th…

I love answering questions from readers! Carol wrote: Can a Condominium Board affect a loan approval? Or does the Board have no say in the “type” of buyer: investor, owner occupant with a pet, or a buyer who uses a conventional loan but ends up not living in the condo? Does the lender even care…

If you have any desire to buy a property in Hawaii right now you know how crazy it is. Local residents are competing against mainland and foreign buyers. We are now unfortunately seeing record low inventories of properties to buy coupled with higher than usual demand. Foreign buyers are coming into our market because the…

Despite the recent rise in rates, homes are going into escrow quicker than I have ever seen in almost 25 years of mortgage lending. Also, those late to the refinance party are still trying to get it done before rates move any higher. What that means is that lenders are flooded with mortgage applications. If…

With the rise in interest rates, everyone who has not refinanced, along with those contemplating buying a home, are now diving in to make sure they don’t miss the last opportunity on record low mortgage rates. I want to take the opportunity this week to give a quick overview of the qualification process. Because especially…

Think of the mortgage industry as a factory that makes stuff. I like the example of automobiles because everyone knows a little about cars. At the auto factory, the raw materials are brought into one side of the plant and after many predefined steps a car is produced and rolled out the other side. Within…

I wish more people asked that question when shopping for a mortgage loan. Here’s how too many conversations start with someone calling to inquire about the rates I could offer them: Caller: “What’s your rate today?” Me: “Rates are based on credit score, loan amount, equity in the property, occupancy, and a few other criteria.”…

Are interest rates going to drop further? Will Hawaii see a drop in home values? Those are the 2 most asked questions I’ve fielded recently, so I thought I would share my insight for this week’s article. Interest Rates: There are have been numerous articles published recently that forecast even further drops in mortgage interest…

People are suffering due to the economic mess we put ourselves into. It’s no more obvious than watching the local news at night seeing people line up for hours to get handouts of free food. If you noticed, these people aren’t bums. These are proud people driving nice cars – a sign that they were…