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I just closed on a transaction where the buyer was represented by one of those "lesser qualified" agents and I couldn't help but asked the question, "who is representing the best interest of the buyer in this transaction?" The agent certainly wasn't. Prices fluctuate but I believe the biggest problem in real estate is agents like "Jack of All Trades" but "Master of None."
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
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I just found this eye-opening item in the Honolulu Advertiser.
http://honoluluadvertiser.com/apps/pbcs....90347/1071
Big Island home prices in June of '07 were down about 20%, as were total sales. Sales were only 161, which is a small sample, so that 20% drop could be a one-time statistal quirk. It is interesting, none-the-less. Condo prices were up over 10% on an even smaller sample size of 46.
Cheers,
Jerry
Edited by - JerryCarr on 07/19/2007 12:59:19
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An East Hawaii specfic analysis of the data:
http://www.hawaiitribune-herald.com/arti...ures02.txt
John Dirgo, R, ABR, e-PRO
Aloha Coast Realty, LLC
808-987-9243 cell
http://www.hawaiirealproperty.com
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The "only" problem with the article is that it refers to the "median price" which means half of the home sold for more and half of the homes sold for less. It's a very misleading number.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
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quote:
The "only" problem with the article is that it refers to the "median price" which means half of the home sold for more and half of the homes sold for less. It's a very misleading number.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
So what are saying? Prices have actually gone up? Now that would be misleading.
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quote:
So what are saying? Prices have actually gone up? Now that would be misleading.
Well, Mr. Negative, since you think the article data is accurate and correct, you should at least read the article. Condo prices have gone up.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
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The statistics game with real estate transactions is just as prone to interpretation and manipulation as things like opinion polls and consumer prices. As a graduate student, I had to suffer through several statistics courses since I was doing a research survey for my master's thesis. The use of a median instead of an average in the Advertiser's report is actually considered more accurate given the relatively small sample. The reason for this is that with an average, a few extremely large sales in a relatively small pool of transactions will have an impact out of proportion to their importance in the everyday range of occurences.
As I mentioned earlier, the relatively small number of transactions in the relatively short span of one month causes me to question if this is big trend or not. If these sorts of numbers hold up for another month or two, it could be significant. My own very non-professional opinion is that the local real estate market may finally be finding its bottom and stabilizing point before some normal long-term appreciation increments kick in. In any case, the boom has been over quite a while now. JMHO.
Cheerfully enjoying my Puna home,
Jerry
Edited by - JerryCarr on 07/19/2007 15:45:24
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Im sorry but this thread is making me dizzy can we start a new on with less circles
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I have to admit I have a complete lurker in this post, I have read it all hoping for a silverlining so that I can possibly be inspired...(still trying to sell here in the east coast so that i can buy and finally relocate to my favorite place in the world) but I am still confused. Are the prices in Hawaii being affected? If so is it to the buyers benifit or not? Here things have not changed much. Starting to show signs of change but at an extremely slow pace!
Lenny
Lenny
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With interest rates going up, fewer people are buying nation wide. The only RE selling well is the millon dollar plus propety. Prices are coming down, but people hate to loose money on recent purchases so it is a slow process, next year I bet the prices will have dropped considerably.
Always do what evers next.
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