Author Archives: The Hansen Ohana

Step up to the plate while interest rates are low! See interesting article below

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 Stabilizing  the housing market as Ben Bemanke projects 

“Armageddon won’t occur” according to Jim Cramer yesterday.  Jim Cramer is the well-known host of Mad Money on CNBC, but is also a widely recognized market primer.  He sells his advice to banks, hedge funds, and investors around the World.  He has been a long-time critic of real estate investment and Ben Bernanke. 

 

The actions of the Federal Reserve yesterday by lowering the Federal Funds Rate by .75% to a target range of 0% to .25%, and also lowering the Discount Rate by .75% to .50% to historic lows, was followed by news that the Fed was also going to purchase large amounts of Mortgage Bonds and this was called  “HUGE HUGE NEWS” by Cramer.  “Housing will be solved by the end of 09”.   “It’s time to get back in the game”, he said.  “Ben Bernanke will do whatever it takes to stabilize the housing market”.  

 

A question was posed to him about how to protect the value of the dollar.  His response was to buy real estate or bank stocks.  He further said “This is a once in a lifetime opportunity to buy in a reduced mortgage environment”.  “The Fed has given a green light to investing in real estate”.  Cramer advised his listeners to “buy a house within the next 3 months”. 

 

I thought this important to pass along to you.  Although Jim Cramer has been criticized at times for his TV. antics, he is a well regarded expert in market timing in the stock market, real estate market and commodities markets.  Perception of the real estate markets is changing.  It seems like most experts agree that the Hawaii market will be one of the first to recover. 

****Information above obtained through Tricia & the Premiere Mortgage Team  tricia@mortgagemaui.com 

CALL THE Hansen Ohana at 808-280-1650 or email us dad@MauiRealEstate.NET 

 

Suda Seafood & Deli Opens Sat 8am

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Maui Natives fondly remember Suda Store in North Kihei. The popular stop for construction workers and canoe paddlers, once known for its chow fun (noodles), closed its doors in 2003 after 39 years in business.

2008, Suda is back! This Saturday December 6- SUDA SEAFOOD & DELI OPENS at Blackie’s Pitstop Shell gas station on Piilani.

Come enjoy a taste of classic Maui! Fresh Island Sashimi, Poke, Saimin, burgers and of course Suda’s famous chow fun.

Hansen's Annual Toy Drive

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The Hansen’s Annual Toy Drive is on! If you are blessed enough to be on Maui, you can drop off your toy donations at the Coldwell Banker office at the Shops at Wailea. Last year we collected thousands of dollars in toys & gift cards. This year it looks like we will top that!

 These toys are given to Maui’s abandoned, neglected and abused children. The ages of the “gift” children range from babies to 18 years of age, and for many it is the only Christmas gift that they will receive. The teenagers really enjoy receiving gift certificates, which allows them the opportunity to “shop” for themselves. All the monies received will be used to purchase Christmas gifts for these children. With the economy at its lowest point in many years, this will be an important year for all to be as generous as possible.

If you would prefer to send a check, please make it payable to Friends of the Children’s Justice Center.

You may also send a check to:

PO Box 294

Kihei, HI 96753

Friends of the Childrens’s Justice Center


Please be sure to include your name and contact information.

Randy Echito
Phone: 808.243.8686
Fax: 808.243.8688
Email: randy@mauicjc.org

http://www.mauicjc.org/volunteer.htm

Mahalo & Mele Kalikimaka

Interest rates Dropping

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IF YOU HAVEN’T HEARD, INTEREST RATES HAVE DROPPED SOME.  THAT MAY BE THE BREAK WE HAVE ALL BEEN LOOKING FOR TO PICK UP SOME AWESOME PROPERTY VALUES ON MAUI.  

Just want to inform you that rates on our 30 year fixed conforming products have dropped to 5.625% with 0 pts today.  This is a 0.5% drop from yesterday.  This is an unprecedented drop and I want to make sure you have an opportunity to take advantage of these great rates.  Please call me if you or any of your past clients could use this opportunity to drop their monthly payments right before the Christmas holidays.  

 

On top of these great conforming rates, remember, we are still offering rates below 6% on loans up to $3,000,000.  

 

I hope you have a great Thanksgiving holiday, hopefully these rates will provide a little relief in these tough times.  

 

Aric Saunders 

Vice President 

Pacific Island HomeLoans 

161 Wailea Ike Pl.

, Ste #A-104 

Wailea, HI 96753 

Cell: 808-298-1621 

Fax: 1-866-433-4070 

asaunders@pacificislandhomeloans.com 

www.pacificislandhomeloans.com 

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Check Out the First-Time Homebuyer Tax Credit

If planning to buy in the next 10 months, take advantage of fed’s latest effort

By Marcie Geffner, bankrate.com | Published: 10/28/2008

If you’re planning to buy a home in the next 10 months, you may be eager to take advantage of the federal government’s latest effort to jumpstart the nation’s moribund housing markets: a tax credit of up to $7,500 for certain homebuyers. The credit may appear to be an attractive opportunity, but you should be sure you read the fine print before you elect to claim it on your federal tax return.

Here’s a summary of the rules:

     

  • The tax credit is not a deduction, but rather a true credit in the sense that your federal income tax liability will be reduced dollar-for-dollar up to the amount of the credit you’re entitled to take. 

     

  • The tax credit is repayable to the federal government. The total credit is divided into small bites of 6.67 percent, each of which is due annually for 15 years. That means if you claimed the maximum credit of $7,500, you’d have an additional tax liability of $502.50 each year for 15 years. No interest is charged. 

     

  • If you sell your home before the 15 years are up, the remainder of the credit that you haven’t yet repaid will become due. If you sell your home at a loss, the government will write off the balance of the credit that you still owe. 

     

  • The credit also will be written off if you die before it’s repaid. Special rules apply to transfers of property between spouses or incident to divorce; or if the home is subject to “involuntary conversion” such as being destroyed by a natural disaster; or is seized by a government authority though the exercise of eminent domain. 

     

  • The tax credit is restricted to “first-time homebuyers,” but the definition includes anyone who didn’t have an ownership interest in a principal residence during the prior three years. If you’re married, both you and your spouse must fit that definition. An ownership interest in an investment property or vacation home is not a disqualification. 

     

  • The tax credit may be taken only for the purchase of a principal residence, which means a home where you plan to live most of the time. The home may be a detached house, condominium, townhouse, manufactured (aka mobile) home or houseboat. It must be located in the United States. A home purchased from a “related party” (e.g., a parent or sibling) is not eligible. 

     

  • Your modified adjusted gross income, or MAGI, on your federal tax return must be less than $75,000 if you’re single or a married head of household, or $150,000 if you’re married and filing a joint tax return with your spouse. MAGI is a technical term that’s defined by the IRS, so you should consult a tax professional if you’re not certain as to whether you meet this test. 

     

  • If you’re single or a married head of household and your MAGI is more than $75,000, but less than $95,000, you may get a partial credit, subject to a complicated formula. The same is true if you’re married, filing jointly, and your MAGI is more than $150,000, but less than $170,000. If your MAGI is more than those limits, you’re not eligible. 

     

  • Technically, the credit is equal to 10 percent of the purchase price of the home, up to a maximum of $7,500. Thus, if the home is worth less than $75,000, the maximum credit is 10 percent of the price, and if the home is worth $75,000 or more, the maximum credit is $7,500. Married couples who file separate tax returns can claim half the credit on each return. 

     

  • The home must be purchased after April 9, 2008, but before July 1, 2009. Since the law was enacted July 30, 2008, part of that timeframe is retroactive. That means if you already bought a home after April 9, 2008, but before July 30, 2008, you can still take the credit. 

     

  • If you buy a home in the first half of 2009, you can elect to claim the credit on your 2008 tax return. That way, you’ll receive the money sooner, but the payback schedule will begin sooner as well. Tip: If your MAGI is over the limit for the full credit in either 2008 or 2009, you can claim the credit in the other year to maximize your benefit. 

     

  • The credit cannot be used with mortgage-revenue bond financing or the Washington, D.C., first-time homebuyer tax credit. 

Distributed by Scripps Howard News Service, http://www.scrippsnews.com