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New Lending Rules for 2014

There are some sweeping changes coming in 2014 to the mortgage industry. As a consumer, you need to be aware of these changes. They can significantly harm your ability to qualify for a loan. As a buyer or a seller this could affect the outcome of your escrow and ultimately cause a deal to fall apart.

The Qualified Mortgage (QM) rule was required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. It was finalized by the Consumer Financial Protection Bureau (CFPB) in January 2013, and will take effect on January 10, 2014. This rule was designed to prevent some of the high risk lending practices that caused the housing market to crash.

Here are some of the most important points of this new regulation...

Market Update: Realtors Association of Maui

Per the October 2013 Statistics released from the Realtors Association of Maui, Inc, the year-to-date prices are rising, with increased showings and sales, multiple offers on "well priced" listings, as hesitant buyers become onlookers. Inventories have declined over the past 24 months in Residential and Condominium markets. The Residential home median price rose to $545,000, while the Condo median price is $360,000 and the Land median price came in at $370,000.

Year-to-date sales compared to January-October 2012, shows 2013 Residential unit sales increased (829 homes sold/+60 units/+8% change YTD), average sold price equals $772,365 (+12% YTD), median price equals $532,500 (+15% YTD). Maui Condominium unit sales also increased to (1,120 units/+109 units/+11% YTD), average sold price equals $544,215 (+20% YTD), with the median price being $375,000 (+7% YTD).

About the Savio Group

Peter B. Savio is President and Chief Executive Officer of the Savio Group of Companies. Peter has more than 40 years experience in real estate development and sales in the Hawaii market; he has been helping his clients realize the maximum return on their real estate investments since he founded Savio Realty Ltd. in 1980.

A letter from
Peter Savio

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Savio Realty Ltd.

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