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Sales Expected to Jump Dramatically in 2012

According to the Mortgage Bankers’ Association economists existing-home sales, which are expected to be about 8 percent lower this year than last, are expected to grow by less than 2 percent next year before increasing by 16 percent in 2012.

New-home sales, which will probably drop 13 percent this year from last, are expected to bottom out in the third quarter of this year and grow by 20 percent in 2011 and 40 percent in 2012.

Mortgage rates are probably headed up, but may still be below 6 percent in two years, the forecast said. MBA economists expect fixed-rate mortgages to average about 4.4 percent in the fourth quarter of this year, increasing to 5.1 percent by the end of 2011 and reaching 5.7 percent in 2012.

Have a wonderful week! Mahalo Nui Loa,

The Smith Team

P.S. In discussion with a client this morning, he reminded us of Warren Buffet’s philosophy. He doesn’t try to buy at the bottom. He buys on the way down. Likewise, he isn’t greedy and sells on the way up. Here are more Buffet witticisms. How do we relate this to real estate? Well, we can’t say it is the bottom, but we do feel it is a good time to buy. He also said, “Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”

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About The Smith Team

Ken Smith, a Maui resident for 35 years, brings his extensive local knowledge and passion for the island to his successful real estate career. Alongside his daughter-in-law, Melissa Smith, and Lindsey Taylor, the Smith Team provides a wealth of experience and dedication to clients seeking to buy or sell property in Maui.

Melissa Smith, a third-generation Maui native, combines her deep understanding of the island's growth with a commitment to exceptional service. She empowers clients with knowledge to make informed decisions in finding their dream homes. With a background as a top agent and a Broker's license, Melissa's expertise is invaluable.

Gregory P. Smith, a lifelong Maui surfer, channels his passion for the island and its natural beauty into his real estate profession. His enthusiasm, deep market knowledge, and dedication to exceeding client expectations make him an exceptional agent.

The Smith Team's combined local expertise, commitment to client service, and understanding of the unique Maui real estate market make them an ideal choice for those looking to navigate the island's property landscape. Their proven track record ensures a smooth and successful experience for both buyers and sellers.