How Is The Maui Market?

On Maui, we're seeing some interesting shifts in the real estate market.

  • New listings for single-family homes have increased by 17.0%, and for condos, they're up by 9.8%. This means more options are becoming available for buyers.
  • However, pending sales have taken a hit, dropping by 25.4% for single-family homes and 40.4% for condos. This indicates that fewer homes are going under contract right now.
  • Inventory levels have also risen significantly, with a 25.8% increase for single-family homes and a whopping 198.2% increase for condos. More homes on the market can be great news for buyers, giving them more choices.
  • Interestingly, while the median sales price for single-family homes has jumped by 30.8% to…

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Rate vs. APR:

Understanding Mortgage Interest Charges

 Knowing the difference allows borrowers to accurately compare the true cost of different mortgage offers. While the interest rate shows the cost of borrowing the principal alone, the APR includes additional fees, giving a fuller picture. Understanding both metrics helps borrowers assess the total cost of their mortgage, including fees that might not be obvious at first glance. This ensures they are not surprised by hidden costs later.

Interest Rate:

  • Definition: The interest rate is the annual percentage charged by a lender on the principal amount (the initial amount borrowed).
  • Purpose: It represents the cost of borrowing the principal amount alone.

Annual Percentage Rate…

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