Today's GuamHome November 2019

ISSUE 11 | NOVEMBER 2019

WHAT’S INSIDE

Market Report | Meet Our Agents | Closed by Today’s Realty | On the Cover | Just Listed Assuming Mortgages

CONTENTS 02 03 05 07

MARKET REPORT Residential Market Snapshot from January 1, 2019 to November 1, 2019

MEET OUR AGENTS

SOLD BY TODAY’S REALTY

A collection of recent homes sold by Today’s Realty

It is our honor to present this collection of beautiful homes for your review.

Our team of over 20 agents and associatebrokers are all members of the Guam Association of REALTORS®, the National Association of REALTORS® and the Guam Multiple Listing Service (Guam MLS).

Our team at Today’s Realty has ranked #1 for many years running in top sales reported to the Guam MLS. Buyers, Sellers and Renters know when it’s time for real estate... It’s time for Today’s!

We are never too busy for your referrals!

ON THE COVER

175 Roberto Street, Mangilao

Assuming Mortgages

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W

elcome to the November 2019 issue of Today’s Guamhome newsletter.

Anthony Godwin Principal Broker / REALTOR®

Jun “John” Lin Vice President / REALTOR®

JUST LISTED

Recently listed properties in the market.

FOR THOUSANDS OF LISTINGS VISIT

WWW.GUAMHOME.COM

RESIDENTIAL MARKET SNAPSHOT JANUARY 1, 2019 - NOVEMBER 1, 2019

HOMES SOLD

337 Single family homes sold from January 1, 2019 thru November 1, 2019 vs. the 318 homes sold in 2018.

HOMES RENTED

Year to date saw a decrease in the number of single family homes rented at 693 in 2019 and 695 in 2018.

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UNITS SOLD

198 Condominium units have been sold from January 1, 2019 thru November 1, 2019 vs. the 188 units sold in 2018.

UNITS RENTED

Year to date saw a decrease in the number of condominiums, townhomes, apartments rented from 1,030 in 2018 to current year at 967.

The strength of the Guam real estate market continues to be residential rentals

AVERAGE SALE & RENTAL PRICE HOME SALES

The average year-to-date home price of $362,844 was significantly higher than the $338,560 reported during the same period in 2018.

HOME RENTALS

Average single family monthly rentals so far this year decreased from $2,395 last year to current year at $2,355.

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UNIT SALES

The average condominium sale price of $253,233 in 2019 was higher than the $244,928 reported during the same period in 2018.

UNIT RENTALS

The monthly rental rate for condominiums, townhomes, apartments increased from $1,690 in 2018 to $1,728 for the same period in 2019.

AVERAGE DAYS IN THE MARKET HOME SALES

On average, single family home sales in Guam take about 5 months to sell from date listed to date closed vs. the closings for the same period in 2018 at 4 months.

HOME RENTALS

In 2019, home rentals took about 8 weeks from date listed to date closed vs. the closings for the same period in 2018 at 9 weeks.

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Interest rates are still very attractive with fixed rates hovering above four percent (4%). The inventory of homes on the market provides buyers with a good selection of properties to choose from. Coupled with low interest rates, it’s a great time to buy. ~ Anthony Godwin, Principal Broker

UNIT SALES

Unit sales in Guam took about 3 months to complete transactions in 2019.

Compare this to the closings for the same period in 2018 at about 3 months.

UNIT RENTALS

In 2019, unit rentals took about 8 weeks from date listed to date closed. Compare this to the 8 weeks for closings during the same period in 2018.

*Statistics from Guam Multiple Listing Service from January 1, 2019 through November 1, 2019. **Statistics from Guam Multiple Listing (MLS) from January 1, 2018 through November 1, 2018. Transactions not reported to the Guam Multiple Listing Service (MLS) are not included in this presentation. Information deemed reliable but not guaranteed.

Entire contents, including but not limited to, content, design and concept Copyright ©2019 by LG&G Corporation.

All rights reserved.

MEET OUR AGENTS

Angie Camacho 671.687.0483 angie@guamhome.com

Beverly Brady 671.688.8550 beverly@guamhome.com

Carmen Mesa 671.777.6372 carmen@guamhome.com

Chad Knapp 671.777.6520 chad@guamhome.com

Fiona Hocking 671.988.9982 fiona@guamhome.com

Fumiyuki Takahara 671.488.5502 fred@guamhome.com

Hui Gallagher 671.689.4881 hui@guamhome.com

Jackie Calvo 671.687.5050 jackie@guamhome.com

Michael Kumar 671.988.6900 michael@guamhome.com

Ray Rupley 671.685.5070 ray@guamhome.com

Sandy Yow 671.687.6006 sandy@guamhome.com

Sharmila Sahni 671.483.7125 sharmilasahni@yahoo.com

Anthony Godwin 671.688.8198 anthony@guamhome.com Principal Broker | REALTOR®

John Lin 671.688.8518 john@guamhome.com Vice President | REALTOR®

Work with the Proven Market Leader

Christine Campos 671.682.2412 christine@guamhome.com

Clariza Samaniego 671.747.7440 clariza@guamhome.com

Dennis Couzijn 671.727.3815 dennis@guamhome.com

Duane Pahl 671.689.7777 duane@guamhome.com

Janet Calvo 671.687.1841 janet@guamhome.com

Jason Young 671.685.2059 jason@guamhome.com

Julie Paxton 671.687.6900 realestate@guam.net

Kimberly Ada 671.489.5232 kima@guamhome.com

Shawntel Techaira 671.483.7368 shawntel@guamhome.com

Suzanne Naputi 671.482.6426 suzanne@guamhome.com

Vicki Anderson Estes 671.687.3558 vicki@guamhome.com

Yumiko Blaisus 671.688.7791 yumiko@guamhome.com

Thinking about a career in real estate?

We can help!

Contact us at 671-649-4361 or broker@guamhome.com 4

CLOSED BY TODAY’S REALTY

Tamuning Home | $535,000 Days on market: 224 | MLS ID: 19-767

Dededo Home | $315,000 Days on market: 125 | MLS ID: 19-2156

Yigo Home | $2,800/mo Days on market: 112 | MLS ID: 19-2475

Royal Gardens Townhome | $1,600/mo Days on market: 129 | MLS ID: 19-2469

Yona Unit | $2,205/mo Days on market: 61 | MLS ID: 19-3295

Mangilao Home | $2,200/mo Days on market: 81 | MLS ID: 19-3271

Entire contents, including but not limited to content, design and concept Copyright ©2019 by LG&G Corporation. All rights reserved. Anthony R. Godwin • Principal Broker

A collection of recent properties closed by our REALTORS®

Tumon Condo | $4,800/mo Days on market: 110 | MLS ID: 19-2585

Apusento Gardens Condo | $2,205/mo Days on market: 94 | MLS ID: 19-2796

Flora Pago Condo | $190,000 Days on market: 62 | MLS ID: 19-3144

Dededo Home | $1,900/mo Days on market: 94 | MLS ID: 19-2787

Yigo Home | $2,450/mo Days on market: 12 | MLS ID: 19-3925

Mangilao Home | $1,200/mo Days on market: 14 | MLS ID: 19-4110

Entire contents, including but not limited to content, design and concept Copyright ©2019 by LG&G Corporation. All rights reserved. Anthony R. Godwin • Principal Broker

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ON THE COVER 175 ROBERTO STREET, MANGILAO For Sale $585,000 This is a home built with character, style, and flow. Equipped with a two-car garage, awesome appliances, split inverter A/C units in every room and an automatic gate to enter and exit your fully fenced perimeter. Custom BLACKOUT shades installed throughout all the windows. Do you enjoy entertaining friends and family? Throw a BBQ and have the kids shoot hoops on a nearly regulation-sized, PAVED, half-court. This spacious home tucked in a quiet Mangilao neighborhood will not last long in today's hot market. $10,000.00 Credit towards Buyer's Closing Costs on full price offers! Call your Realtor to schedule.

MLS ID# 19-3871

ASSUMING MORTGAGES Even though most mortgages contain what is called a “due on sale” clause which states that a mortgage cannot be assumed by a new buyer, it is not uncommon for parties to take over payments when purchasing real estate. Contracts of Sale, seller financing and wrap around mortgages are all examples of creative financing in which the existing loan is assumed without the knowledge of the lender. While not in compliance with the terms of the loan, assumptions are not rare. In most cases the lender does not have any idea that the loan has been assumed and as long as the payments are made, no red flag is raised.

Before it starts to appear that I am advocating assuming another persons mortgage (I don’t!); let me say that there are a number of good reasons that mortgages prohibit assumption, for example: • Lender cannot confirm that the new buyer qualifies to repay the loan.

• Lender loses the opportunity to adjust interest rates to current market levels.

While assuming a sellers mortgage may seem like a simple and straightforward way to quickly close the sale of a property, the ramifications can be disastrous to both the buyer and the seller.

• If the buyer fails to make the mortgage payments in a timely manner or if the loan goes into foreclosure, the sellers credit score is affected since they are still responsible for the loan.

• If the seller wishes to purchase another property, the existing loan still shows as a debt for which they are responsible.

• If the bank discovers that a loan has been assumed they can immediately call the note due and payable, and the buyer will need to quickly seek alternative financing.

Other mortgages allow for the mortgage to be assumed, but only with the lenders consent. In order for the lender to consent, they process the buyer as if they were applying for a new loan (to determine if they qualify to repay). If the lender approves the assumption, an assumption of mortgage document is signed by the new borrower and recorded as required under the mortgage. At this point the debt is removed from the original borrowers credit and our buyers and sellers are in compliance with the terms of the loan.

BY KIM ANDERSON YOUNG PRESIDENT, SECURITY TITLE, INC.

KIM@SECURITYTITLE.NET | 671.647.8100 FINDING SIMPLE SOLUTIONS TO COMPLEX REAL ESTATE TRANSACTIONS.

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LISTED BY TODAY’S REALTY

331 LAS PALMAS PH. III, DEDEDO

136 NAPU CT., TALO VERDE ESTATES

Nice 3 bedroom, 2.5 bath townhome in a super location, just minutes to shopping, Anderson Air Force Base, schools, airport.

Granite countertop. Las Palmas III has amenities galore too such as pool and BBQ area.

The home features marble flooring throughout; open concept kitchen includes granite countertops, loads of cabinet space, wall oven, stove top, refrigerator and dish washer; double height ceilings in the dining and living areas bring in an abundance of natural light.

128 PEACOCK ALLEY, PITI

CASIMIRU STREET, M-T-M LAND

For Rent $2,200/mo | MLS ID: 19-3067

For Sale $1,288,000 | MLS ID: 19-4107

For Sale $675,000 | MLS ID: 19-4275

For Sale $235,000 | MLS ID: 19-4320

Fine living on top of the hill! 4 bedroom, 4 bathroom home with family quarters on the first floor. Second floor boasts the view, the living areas and Kitchen. Beautiful floors and open spaces. Tenant occupied. Call your favorite Realtor today for a showing.

Expansive lot located in M-T-M area off Roy T. Damian Street (Biang St. intersection close by). Adjacent lot also for sale (added 4,505+/square meters) increases development opportunities for you to consider.

Entire contents, including but not limited to content, design and concept Copyright ©2019 by LG&G Corporation. All rights reserved. Anthony R. Godwin • Principal Broker

A collection of properties featured for Rent or Sale by our REALTORS®

180 F CRUZ HEIGHTS, TALOFOFO

162 US ARMY JESUS T. IRIARTE ST., BARRIGADA

This two story, 2 bedroom, 2 1/2 bath is a spectacular rental. Each upstairs bedroom has it's own bathroom, plus another 1/2 bath downstairs. The house gets LOTS of natural light, and the grand room downstairs overlooks the beautiful and private garden.

Own this newly built 4 bedroom, 4 bath home along US Army Jesus T. Iriarte Street in Barrigada. Well planned floor plan... spacious living/dining area featuring high ceilings, huge kitchen with custom cabinets, indoor laundry and bedrooms with lots of closet space.

225 ACHO LATTE STREET, DEDEDO

CHALAN JOSEFAN FELIX GALLO, YIGO

For Rent $2,205/mo | MLS ID: 19-4251

For Sale $550,000 | MLS ID: 19-4316

For Rent $4,400/mo | MLS ID: 19-4322

For Sale $1,795,000 | MLS ID: 19-4327

4 bedrooms, 3 baths are yours to enjoy in this two story, homeaway-from-home. Upscale kitchen with brand new fridge, high ceilings, high-end cabinetry and floors, and good storage. An outside patio provides a place to play and BBQ when needed.

Just over 13 acres of property fronting Chalan Josefan Felix Gallo in the fast growing village of Yigo. Property is adjacent to a 26 lot subdivision and just past Ricky's Loop road. Nearby schools, restaurants, bases, markets. Access to Route 15.

Entire contents, including but not limited to content, design and concept Copyright ©2019 by LG&G Corporation. All rights reserved. Anthony R. Godwin • Principal Broker

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