Bizwala July 2024 Newsletter

Preston Whitaker
Bizwala | RS-83446 | 608-385-7003
pw@bizwala.com | bizwala.com

Dude… I Have To Pay An Agent Now?

As a Buyer looking to buy a property in Hawaii, you must sign a Buyer’s Representation Agreement with a real estate agent, even before seeing a home or property. As cited from the NAR website: “Beginning August 17, 2024, an MLS Participant “working with” a buyer will be required to enter into a written agreement with the buyer prior to touring a home, including both in-person and live virtual tours.” While it is still pending approval, this could be a game-changer for Buyers and Sellers. As a Buyer, you can choose to pay your real estate agent for their services. Just to be clear, Buyers have always had the option to pay real estate agents for their services, but typically the real estate Buyers' fees are paid by the seller-side agent Brokerage. Don't worry if you're confused, we are too. There are so many questions, but we hope to stumble through them together.

What we know is: first an agreement must be signed with the following terms. Who is going to pay for the Buyer’s agent fees? The Buyer can choose to pay the fees, or the Buyer can choose a Seller to compensate the Buyer’s representative. If the Buyer chooses to pay for the fee... What amount will that be? How long is the agreement, and what will be provided for the services? Again, a lot of this is new information to us as well, and we hope to get more information and clarity as we get closer to the date. For further information you can check out the NAR website for a more detailed article.

Contact us for any questions you have. 808.339.1313.

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Discover a one-of-a-kind off-grid property on three lush acres in Fern Forest Vacation Estates. This estate includes three separate houses, each designed for sustainable living with modern conveniences:The main house is 1,128 sq. ft., with 3 bedrooms, including one all cedar, and 1.5 bathrooms. The second house is 240 sq. ft. with 1 bedroom and 1 bathroom.

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Big Island real estate market remains hot

Realtor: Real estate sales remain strong on the Big Island, however, the number of available units in North Kona and South Kohala continues to plummet.

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Big Island Real Estate Report

The June 2024 Big Island Real Estate Report reveals a mixed market. Median home prices rose by 25% to $642,000, while condo prices dropped by 8% to $552,000 compared to June 2023. Sales activity decreased significantly, with home sales down 23% and condo sales down 59%.

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Green announces return of leased Moloka'i land back to state, DHHL

Hawaii Gov. Dr. Josh Green recently announced the return of more than 363 acres of leased land in Hoʻolehua and Pālāʻau, Moloka’i, back to the state and the Department of Hawaiian Home Lands (DHHL).

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Navigating the Real Estate Market: Dos and Don'ts for Homebuyers

Purchasing a home is one of the most significant decisions in life, involving substantial financial planning and strategic thinking. The question "Should I buy a house?" often arises when individuals or families consider their long-term residential needs and financial goals.

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Did you know? Hawaii’s Big Island is one of the youngest of all the islands, out of all the islands making up the state of Hawaii. The Big Island is only 800,000 years old. The only one that is younger is the island of Loihi. This new island is forming with lava erupting from its peak underwater, building it closer to the ocean’s surface. The top of Loihi is still 3,000 feet underwater.

Real Estate Tip of the Month: Choose your real estate agent wisely. Make sure you vet a potential real estate agent, to make sure the person you choose will represent you in a way that meets all of your needs. There are many excellent agents to choose from, in your area of choice.

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