Charles McMillan, the 2009 president of the National Association of Realtors, who is visiting the island, said now is the best time to keep real estate or buy one on the island.
He said Guam is a unique marketplace because of its size and the anticipated increased military activities that would create more traffic for its tourism industry.
“Because the lenders and realtors in this marketplace have done more of the correct things than has been done in many places in the mainland, Guam is blessed and privileged to have some of the lowest figures. The figures are almost statistically insignificant in terms of foreclosures and short sales,” McMillan said. “I just feel Guam has a bright, bright future.”
Guam Association of Realtors 2010 president Chris Felix said with the impending military buildup, hyperinflation is subsequently a substantial concern.
“When you dump $10 to $15 billion on this small island and our economy with that kind of growth and then leave in seven to ten years that is in fact a concern,” Felix said.
He said GAR has worked with both local and federal agencies to map out a seven to 10-year program that would help resolve problems associated with hyperinflation.
GAR statistics showed the current average single home price on Guam is $251,000 while a condominium sells for $170,000 on the average.
A total of 128 of the 253 single homes listed and 69 condominium units were sold this year.
Felix said the real estate market is showing signs of improvement as indicated by the growing number of homeowners.
With the reasonably priced homes, coupled with record low interest rates, Felix said now is a great time to buy a property.
Various financing programs are available for first-time homebuyers, including a 100 percent financing.
Felix said there are also many federal grants available to assist first-time homebuyers with down payments.
He added that mortgage companies, title companies, and those in the construction industry, are all working together to make homeownership possible for everyone on Guam.
“Our job as realtors is to try to help anyone find a home they can’t afford,” he said.
