1/06/2026 Annual Stats From 2025 - Live W/Core Team Hawaii

And we are live. Welcome back to our YouTube channel, Moving Hawaii. This is the first live. Is this the first live? So second live. This is second live of 2026. I, or first live. No, first live of 26. The last one was the last live of 25. Yeah. First live of 26. So out in podcast land, first podcast of 2026, the Hawaii real estate podcast. As always go to coreteamhawaii.com. Wait, Ken, sorry. I screwed up. So my computer had coreteamhawaii.something else, which is our, like a technology that we use. Okay. Go to coreteamhawaii.com. Scroll to the very bottom for all of your real estate needs. Uh, let me know what you think. I really want feedback on this. I've been considering, you know, we kind of built our brand and even, you know, even like Nike might change their logo a little bit over time, but the swish hasn't changed with the presentation of exchange. Right. Uh, think of the UFC, you know, it evolved or, uh, whatever brands, right. I've, I've thought of evolving this website, freshening it up a little bit to be, I don't know, maybe it's a little more serious. We kind of built our brand on, Hey, we're different. We're not these stuffy, pretentious salespeople who look and walk and quack and talk like all the other ones. And the website kind of reflected that just a different, different look almost looks like more something that like, uh, like, um, Patagonia or like some sort of outdoor company might do or something. It's just a little cooler than most sites, but should it be more serious? Let me know. Go to coreteamhawaii.com. Take a look around the site and let me know what you think. Uh, there's definitely things to, we can improve on the website. Make it more pastel. Could Kenji, could Kenji, could you put a poll in the, the YouTube thing? Can we do polls? Like in the chat? Like you just keep it like if someone joins, I don't know how to do a poll, but yeah, yeah. Well, anyways, uh, and we have Aiden here today. Aiden from our real estate team. Aiden Martin. He, uh, was not prepared. I didn't tell him that I was going to pull him in to go live today. When I had the thought it was, I was like, Hey, you might be walking out the door already, already here. Uh, so I just caught him off guard. Hence the no Allah shirt. Nothing. Coreteamhawaii.com. But we're going to go over today. So we, yesterday Aiden and I shot and we can flash to the screen our December market update, which is kind of an annual review of stats. Uh, Aiden puts this together every month for people who are in our world and our funnel. So if you've come into the website, if you've gone to coreteamhawaii.com and you registered and have future intention of buying or selling, you would receive this, uh, most months, I'd say monthly moving forward. And so something we had lacked in the past and Aiden's helped us, you know, get together. So we shot out a video on this last week and I thought, why not? Uh, why not shoot it on the live again? And make it a topic. So we're going to do that today. Uh, Ken, do we have, um, our safe survey brags? It's on my phone. You got two. Okay. So we have two, we have two safe surveys. Again, our safe surveys are us doing us, uh, surveying our clients who are really active and really, uh, engaged in the process. So they're buying, they're selling, they're writing offers, something along those lines. And, uh, here's the first one about Aiden. I'll explain the, he says he's doing great. He works for his dad and he still makes time for us. He's done a great job and I'll recommend you guys to anybody else. So that I think, uh, Marlo, thank you, Marlo. First of all, thank you for the positive feedback. Aiden does not have a side job working for his dad. Uh, in fact, he couldn't, his dad doesn't employ anyone, have a business, but I think that came from you let her know that you were doing some work for your grandpa. Yeah. So I was, um, I was laying out turf and I did the showing right before because it's my pocket. Yeah. It's too hot to quit. So to like kind of beat the sun, you try to do as much work as you can in the morning. So like first thing in the morning, once the sun went up, showed the house, went to my grandma's house. I was like, Hey, here's a showing video. Uh, just by the way, took a picture of the turf. I was like, I'm going to be laying this out all of today. Give me some, give me some space. Like I I'll pick up my phone intermittently, give me some space, but expect delays. Yeah. Cause I'm working for grandpa and grandma. Yeah. But I'll, I'll check. Yeah. Uh, but maybe she just looked over the grand park. I think she's just running through it real quick. Yeah. But, uh, yeah, that's why. And then I guess the other ones with Aiden and I, again, Dave or Aiden again, and myself, they've been helpful and really good at responding and checking in on me. They're great. That's from Jeff. Shout out to Jeff. All right. Let's refer to the December market update. So this is, this is not a high production. Like Kenji, uh, comes in and we shoot this elaborate video with the lights in the studio. And we're not, we just kind of ate and I ate and makes a slide show, puts it together. And he and I sit in here, uh, without this microphone and we just talk to the computer and we send out a short file. Usually that file is more like eight, 10 minutes. That's the goal. You know, I think sub 10 minutes yesterday. One's a little longer because, uh, we're talking kind of about the whole year. So Aiden, let's get into it. What do we have here? Uh, we got two charts. One of the left hand side is single family home. Right hand side is townhomes and condos, uh, for median sales price throughout the year. So each one of those bars represents the month and what the median price was for that month. And then kind of tracking the correlation from January, December. Um, can you, can you, does everyone, how many people we have in the chat right now? Okay. Uh, just the 13 people. Okay. Usually it builds, it starts slow and then it grows. Do you, does everyone know median versus average? Cause I said, I hadn't thought about that in a long time and went to look at stats one day and Aiden was like, oh, median average different. And I'm like, oh yeah. So median is take the cheapest home, take the most expensive home and then put all of the different homes in a row and find the one in the middle. Where, whereas it's not like find the price on the top, the price on the bottom of factor and all the prices and average them. The reason for doing that is that average is if you sell a $20 million condo or a $40 million house, whatever average would be highly skewed, right? Yeah. The, the value that you come up with might be skewed in either way on how extreme the smallest and highest value are. Yeah. But I would, I would really, I would still like to, I wish that the board put out data on averages and I could overlay it and compare them over time. No, they do. They do. Do it. Can we? They do. Okay. But it's, it's yeah. I just started on median and I was like, we're running. Okay. No, no. And median is what the board typically puts out in their memos. And if you follow the Honolulu board of realtors on Instagram or something, usually they're always putting out median, median, median. So that's what you, but we saw townhomes, townhomes and condos. So attached things with maintenance fees go down by 5%. Where a single family is a little more stable. In fact, about a 1% increase on median. Uh, and then you see two outlier months, September and October. And what do you think, what do you think is going on there? Um, the first like, Hey, we're actually going to cut rates coming up. It's like the news of it, not the actual rate cuts themselves. Cause I think it was September, October. And then we had another one in December, November. We didn't have one. Right. The other thing was we started the year and look from January, it goes down in February on condos, but actually interesting single family. Up in value on the median con on yeah. Median value goes up in February, but just what we saw in volume of sales, uh, us, other real estate teams, the industry is the year didn't start out super strong with Trump, you know, with the president changing and Trump coming into office and impending tariffs, uh, and then in the spring, the stock market, I think, bottomed out in April or may, uh, we saw a pretty drastic reduction in, you know, the value of the SMP, et cetera. But then it just went on a run. Uh, and so what we saw was after summer, so like September, October, which makes sense here, September, October, even in November, December, we just had more buyers, more active than in even like made August. And that's not how that usually goes. I feel like it's a confidence thing with the market, with tariffs, with Trump. Uh, they correlate too strongly, but other thing could have been just existing inventory built up over the first half of the year. Uh, and then there was just kind of like this pent up energy that happened because we were selling a town home in Milani at that time. That's how it was rough. And it was tough because we thought we priced it in, right. We thought we priced it in maybe even a little lower based on comps and even the situation that we had with the HOA. Yeah. And to our surprise, it kind of just sat there and then out of nowhere, it was like, and the data around town homes, especially in Milani in that May, June, July timeframe was crazy. Like it was just, the market was dead. No one was buying. Yeah. And the parameters we had set, there were, uh, what was it? 28 active listings, one under contract. Yeah. That's crazy. Crazy ratio, especially in like late July, August timeframe. Yeah. We'll just think. So I'm going to, uh, get out of the slideshow, go to the map, show you guys Milani and my local people are already familiar with this, but you know, Schofield barracks is here. Wheeler army airfield is here. There's Nick Tams, another, you know, another base up there. And then even in comparison to ever beach, et cetera, it's better traffic or not as bad traffic going towards town, all the other stuff, simply put. It's just, that's PCS season. That's people moving season. Local people often want to be in Milani school districts over others. It's just surprising to see something in an affordable price range around not sell in this area and to have 20 something active and one under contract. The ratio wasn't ratioing. Yeah. That just was, that's not a ratio you think you would see. I don't think you could go back to June and find the same in any June since maybe 2010 and find that many listings. Like find that ratio again, maybe 2011, but by 2012, I don't think you find that again. Yeah. It's kind of crazy. All right. Back to the slideshow and let us know if you have questions. There's two questions already. Two questions. What do we, what do we got? Can you read it to me? Yeah, sure. Um, first one we got is, um, a little state of mind. Thanks for being with us again. What nuances are different from buying a condo in Hawaii versus mainland? Hmm. I've never been an agent on the mainland. Uh, I imagine in the condo world, disclosures are, could be very, maybe there's added disclosures here versus there. I don't, I don't know, but I do know that the insurance issue that has caused a lot of the strife and this, this 5% drop in Hawaii has to do largely with insurance, uh, deferred maintenance, which equates to assessments and increased maintenance fees. So maintenance fee, monthly fee for condo ownership go up, value of condo may go down. And so we see that reflected in these stats. Uh, and you see that more, I think you're more vulnerable to that in Florida, uh, coastal cities, fire places where there are fires and floods. And so I know in New York you have a lot of co-ops. You don't have so many co-ops here. And so typically a co-op situation is where everyone shares a front door. It's a simple way to think about it. So in New York, I heard Ryan, sir, him in New York, you have all these buildings where you go into a shared front door and now you go up to stairs and, and elevators or whatever, but everyone's like sharing a one front door. And so it makes sense if you all have the same porch, you know, if a hundred people have the same porch, maybe you want a co-op situation where, uh, you have to interview the incoming people and make sure they're, you know, there's some discrimination sort of allowed, probably not on, you know, protected classes, but you have an interview and get approved. Right. And so, but in a regular condo building where, you know, there's a common elevator and multiple doors and whatever, it's just, there's not as many co-ops here, uh, that could be a difference. We also don't have buildings as old as like a Boston or New York. Uh, so that could be another difference fire codes. I imagine a different, but yeah, sorry. I don't have a better answer for a comparison to mainland. One, one of the things that I know is that in a lot of places, I'm talking about big cities, that's where condos are found, but in a lot of cities, a lot of just the landmass of the United States, condos just aren't very common. Oh, all who we, we kind of disguise ourselves as a small town, but we're actually, um, you know, like a second tier us city. And, uh, so we have a lot of condos, but most places across the 48 states or 49, I guess, including Alaska just don't have a lot of that could be a difference as well. And I kind of glazed over it, but important to note that one of the biggest reasons, the reasons for this decrease in value are that fees for condo ownership went up through increased insurance costs, uh, deferred maintenance. Someone reached out to us recently to sell a condo and they're experiencing like a $30,000 assessment for rerouting their main sewer line on the building and spalling. So maintenance fee increase and assessment. And here's a, another thing to point out too, is that this negative 5% is the island as a whole. And because a lot of buildings were affected, you know, how many sales were done of properties that had large assessments or, uh, insurance issues that people just needed to offload because they couldn't afford it anymore versus very healthy individuals and healthy buildings that they're like, Oh yeah, it's just my time to sell because X, Y, Z, you know, I just want to move to the land or I just retired this year versus my HOA just skyrocketed. I can't afford it. I just have to move out. And that could also contribute to what these numbers are. Um, not actually reflecting that as a market as a whole, but what are the, I guess, what are the ratio of like the insurance is good. Everything checks out with this building versus not. Yeah. Can I see your water bottle? Yeah. If you're watching and not listening, you'll see, I have two water bottles. They look almost the same. My kid, my kid picked out the blue. Aiden had his first, I'd actually copy him, but my, my son got me that for Christmas, but imagine you have two buildings or they almost look the exact same, but one has a different maintenance fee issue. One has different insurance issue than the other in the same time. Like, and they're next to each other. I mean, A to one South, you have building A and B and they're two different maintenance, two different associations. And they perform differently because one could get VA lending and one couldn't. And so if this building has a thousand dollar maintenance fee and it just went up from a 500 to a thousand for a two bedroom, 800 square foot or whatever. But this building has a stable $600 maintenance fee, then same exact unit, same builder, same format, same everything. This is going to sell for more for the same thing than this. And so that would be a extreme example of what Aiden's saying, but, but yeah, you have to look at condos individually, I think is the main, the main point, right? The more nuanced you get more, and this is just a, a generalized update. We send out to our clients who are in our system. So if you're not in our system, you need to get into it. If you want to get these, um, cause we're not going to come on here and live and go over them every single time. But, uh, yeah, this is a more nuanced, um, or sorry. It's a, it's a less nuanced. It's a general, it's for everyone. And when you're buying and selling, we get into the specifics. So like that guy who called and, uh, he's having those assessments for his main sewer line. Did you know he was on the market previously and he didn't know from his last agent. Uh, I won't say names. I'll throw a shade without saying names. His former agent never informed him that the building wasn't lendable. But within minutes, I, I was like, okay, let me pull up your property. I said, the last several sales are all cash. That leads me to believe lending is not possible. Another red flag will be if it's cash or VA. Cause if you can, there's times where the building can't get a conventional loan, but it can't be a veterans can buy with a VA loan because it's on the VA approved list and they don't look at insurance once it's approved. And so, yeah. And they don't audit the approved list. But every 10 years, I forget there'll be a better question for a lender, but I know it's a long period of time. Yeah. They don't just like every single month updating this list. Yes or no? Yes or no. It's like approved. And then for years it's, it's good. Yeah. And so a building if approved and then it goes bad all of a sudden. So for our veterans, especially you have to be careful when buying, because if you're not aware of that and you buy in a building, you could be buying a major liability that when you go to sell, you can only sell to cash in veterans unless they fix these issues. All right. Days to sell. These are the fluctuations. Just know that it was not zero days to sell for town, town homes and condos in September. We don't know why that data error anomaly is there. Uh, but yeah, that, huh? I think, Oh, this is, Oh, that's permanently there. Oh, no worries. No worries. Interesting though, that days to sell is lowest in October for condos. And then price is second highest median of the year. So that makes sense, right? Yeah. The, the shorter it takes a median days to sell what, what that means is how long is it taking from a property to get listed to the day that it gets changed to active under contract? So how many days for an accepted offer? So not the days that it takes for it. To switch hands from the buyer to the seller or from the seller to the buyer. So in October condos, 20 days on average to get an offer and accept it. This, this correlates and matches up with our experience. And June things started to go up. And then in July and August were some of the longest, uh, days to sell took longest to sell things with maintenance fees, town homes and condos. Uh, cause we had a heck of a time selling this town home, uh, back in June into July and July was the most desolate time. Um, but single family doesn't, doesn't match. And so things were moving a little quicker in the, in the summer months. Yeah. All right. Close price to original sales price. So this one thing to be aware of when I first looked at this chart that Aiden put together, I'm like, Oh, big differences. But look to the left, only half a percent per block. And so these are actually small differences. They're just demonstrated in a very way. Yeah. And so list to sell price. So sometimes people list the property for, there was one recently, they listed it for 900 something. I think they're under contract for like 1.2. Yeah. That is with a lot of these stats is like, Oh, there's another one where another data point of, uh, um, different prices and this, but that was another point to make is like original sales price. Like, are you listing higher? And how much does that skew the data? Yeah. Well, one thing to look at, so you see fluctuations over time. Uh, these actually aren't big fluctuations. They're, they're relatively small, but single family homes on average sold for less than they were listed for. And, and a 2021 market, for example, homes were always selling for more than they're listed for by a lot. Part of that was the velocity of that market going up, but the other part was, it was a strategy back then. You never listed for what you wanted. You had just starving sharks and you chum the water with blood and chum. And you made multiple offer situations. Appraisers got accustomed to, okay. Whatever you listed for is irrelevant. You have 20 offers and show me a couple of the other ones just so I can validate this insane number you ended up getting. But in a more stable market, you know, you see somewhere closer to a hundred. Uh, does this surprise you, Aiden, that we were about 2% under, so of home of home listed for a million on average, then it's sold for nine 70, nine 70, nine 80, almost nine 78. Yeah. Kind of makes sense. Townhomes and condos. They're kind of right around that same range. You know, what's interesting is this, this doesn't factor in credits. That's yeah. I was, I was thinking about that. Yeah. It doesn't factor in credits. Yeah. So it might be lower outcome is probably 95% it's kind of big, maybe 96. Yeah. But net, the actual net outcome of closed or listed. If I listed a million and I expect it to net a certain number and I sell for nine 80, but I issue a bunch of credits to the buyer. So I do a two, one buy now and I pay their closing costs, whatever. My net actually lowers further than what this number represents. And I bet you it would be even lower if that were somehow able to be factored in. I think the spread between townhome and condo would be bigger and the townhome and condo would be the bigger one to get, take hit, take a hit. Hmm. I feel like single family held a pretty okay. Yeah, fair. And then the townhome and condo would see like maybe like a 94, 93. Yeah. Well, that would tell you was it was a potentially a time for opportunity, but here's the thing. So you could say, well, that was a time for opportunity where if I were a buyer in 2025, I should have been getting everything under list price and I should have been getting deals. But also what that tells me is sellers were typically listing too high, you know, sellers were, but I remember it wasn't so long ago, the days of I named my price and I get it, I want to list high and they go for it and list high. And then there were, this tells me that there were thousands of conversations of, well, we've been on the market for this long, maybe we've even got an let's talk about adjusting our mindset around this and whether or not the number that we sought to achieve, we're actually going to, and Hey, if the seller has the resilience of look, it doesn't matter. I could sell next summer. It doesn't matter to me. I'm married to my price, more power to you. That's why this is America. You can do what you want with your property. Uh, but then in some situations sellers like, I gotta be an escrow by next month. If I'm not, it's insane. Well, then we do need to talk about price reductions probably. So there was a lot of that going on. If we were selling, uh, undervalued or under list price on average interest rates. Well, let's pause for some questions. We have more questions. Yeah. We got the question. Big Kahuna 33. How far in advance should the search begin for a single family home looking to possibly move in July from a rental? Uh, we should connect now. Yeah. We're only about six months out. Uh, we should talk to lender, maybe not run credit yet, but talk to lender and be aware. So for example, I didn't prepare today, but we, at any given time, we probably have like 10 plus listings that are on our radar floating around calls. I've gotten like the aforementioned condo earlier. Uh, single family in Makakilo, single family in Merirani, condo and townhome in Merirani, like there's, uh, Waikiki, uh, let me think there's, there's more. Right. And so we may have what you want to need. Uh, and Ho'opiri, I'm thinking of one, one's popping up on the East side in my head, punch bowl, punch bowl, you know? And so one, we may have what you need coming up and we may be able to make it work off market where the seller is more than pleased and you didn't have to compete. Uh, there could be a situation where we have what you want. You lock it in now, give the seller a rent back and then have what you want when you're ready. Maybe, you know, any number of circumstances. Uh, but also it just, it's good to be geared up a few months in advance. So I would say reach out to us now. Now you can't start writing offers. If you're getting a loan, you need to occupy the home within 60 days of you closing on the home. Now you can do whatever you want. I mean, I'm not encouraging or condoning, but that is what the loan paperwork says. You should be occupying the home by the 60th day of closing. If you close on March 1st, then March, April, or however those months work out around May 1st or April 30th, you need to be living in that home. However, the 60 day math works out, which means you can write an offer about 30 to 45, maybe 60 at the most days in advance of that. So potentially three to four, probably not four, but like three, three and a half months prior to the time that you want to occupy the home. That's the soonest you could write the offer. And so it'd be good to be good to gear up now about six months in advance is great. So assuming you, your lease ends in July, um, you need to be accepted on a home 30 days prior. So at the beginning of July or June, what is it? June, the end of June, July, but then you think, Oh, I got to vacate my rental. I got to clean my rental and I got to move all my stuff from my rental to my home. Give me, you want to be at least three days if you're ambitious, but probably five days for that. Are you working during that time? Are you a full-time job? When are you going to do that? Um, and then how long is it going to take for you to search? Right. Is it the first property that you're going to see that you're going to get and you're going to offer on it and you're going to get it, or are you going to take three weeks to find something that you like offer on and get accepted? And then before that, you have to figure out the numbers. You have to figure out neighborhoods interest. Well, assuming you're here, you probably have some neighborhoods in mind. There's a lot of things that come up and if your expectation is July, it'd be better to do it earlier rather than later. I mean, it's kind of later already. Um, but like Derek said, uh, 60 days to occupy, you know, you're probably within that range pretty, pretty soon. Yeah. It's I'm a, I'm a wait to the last minute type of guy, but, uh, you're going to find out that if you wait till the last minute on this, you're not going to have enough time. Yeah. Pre-approval getting, just getting, for some people getting their loan documents in might take two weeks. Cause that's just a pain, you know, some guys, some guys, guys. All right. Oh, I had, I saw one that I liked this one. Can I choose to tackle the principal first? That way the interest not eating me up. If I do this on six to 800 home in Hawaii with a decent down payment, can it still be around two K monthly? I'm assuming a decent down payment. 2000 a month. We can do that math for you. Easy. 2000, 2000 a month is six or 18, about 300,000 in loan amount without a maintenance fee. 330. Yeah. So if you're getting an 800 thousands dollar single family home, which would likely already have an association fee maintenance fee, but assuming that you could do an $800,000 home and you wanted your monthly to be around two K you would need to put down 465,000 rough math. Yeah. To keep that monthly round two games. Well, that's not including principal or sorry. Taxes and insurance. No, no. Yeah. That'd be around, around six 50. Yeah. I did 600. Huh? I did 600. Oh, Oh, I see. That's why I said 300 and said 335. Yeah. But yeah, I have about a $300,000 loan left somewhere around there. Yep. And so, uh, yeah, that's what he had a question previous prior to that. I think we answered that one. It wasn't a question. So it was a statement. Yeah. Sure. I think I should read it instead of aiding. Cause I saw one word or what finna be. Oh, yeah. He said, Oh, he said, Derek, I'm giving you a call soon. Them rates finna be looking favorable for me soon. Timing my entry. I hope I qualify for Hawaii. Watery. I, yeah. Any other comments, questions to address? No. Okay. Well, let's hit this slide then. Uh, interest rates. So this Aiden was a snapshot of rates right now. Yeah. So, or at least a day or two ago, a day because they can change, you know, actually at this point in time, that could be relevant. I don't, I haven't checked in with a lending team today with Jody, but we just took Maduro, you know, the Venezuela thing just happened. That's something that could move markets in one way or the other. China started to issue threats, Columbia, et cetera. There's escalations happening. And so I wonder what we come back with next week when we give a snapshot of rates. But as of like two days ago, conventional rate was 6.125 and VA was 5.65, which is the same as it was last month, which is two months ago in November and December kind of stayed the same, but you know, the, the charts that we're referencing right here is a 10 year treasury. And you can see that line go up and to the right, which would indicate that mortgage rates would have gone up into the right for the last two months, depending on timing, et cetera, et cetera. But from December to January, right, right over here, you can see that there's a, this correlation goes up. This goes up from the beginning of the month in December to the beginning of January, it goes up showing that despite these, uh, these being correlated, they're not mirrored. So just because the 10 year goes up, doesn't mean like, Oh, rates. Not necessarily the case. They are correlated, but they are not mirrored. So it's nice to see that race rates didn't move interest rates. 30 year mortgage interest rates did not move. This is a complex thing, you know, and there's so many different things that play a part. And the 10 year treasury can be moved by a lot of things, right? Like everything, but one of the big things that moves it is. Whether the federal reserve is buying our country's debt and, you know, you would think, Oh, escalations, China, et cetera, maybe that'll cause interest rates to, uh, go up because everyone's afraid, but oftentimes our response to fear in our market, cause we don't want our market to slow is that we start buying us debt, which then lowers the rate and then brings confidence. It's like this artificial cause and effect to bring confidence back to the stimulate people into buying things in the face of some, you know, potentially scary news. Right. And so is there interest rates? And then we talked about this, the condo insurance and HOA decreased thing. So I don't want to repeat the things we did go over, but you want to get into like the reserve study. Yeah. Um, condo insurance premiums going up have gone up. Uh, they're seeing kind of like a little bit of easing now that it's kind of like the new normal. So your annual premium for your condo insurance is re upped every year. Um, and the rates from 2023 to 2024 skyrocketed a lot, which meant your association or your, uh, your building had to spend a lot more money towards their budget on the insurance to get the same insurance policy as they had a year ago. Now in 2025, it's getting a little better. The premiums went down a little bit, but we're still seeing a lot of HOA increases, um, but not as much as what we did last year. Uh, so it'll be really interesting to see, well, now with the state kind of stepping in and adding more competition to these insurance policies, insurance policy holders, it'll also be interested to see what, uh, association resident managers and management companies do with, um, brokering out these deals. And seeing who they broker to and who can give these better premiums for the same amount of coverage, uh, so that we can see something reflected. I hope to see now, uh, reserve studies, new reserve studies, you know, 2026 reserve studies come out showing like, all right, you know, here's what the next projections look like. Uh, because you know, if your HOA did increase to the level that they needed to accommodate the higher premiums, it may be that, um, now with these lower premiums, with them being finally adjusted, we'll be able to, you know, not see some major, major increases. And we might go back to kind of like the normal underwriting about 4%, um, to 7% on the, uh, increases. That about wraps it up. If you guys have questions, please put them in. Uh, we are going to go film a video today. We have this property that we are going to be selling. And when you sell your property with core team Hawaii, uh, it typically gets on our YouTube channel, which is one of the big points of separation that we have over other real estate teams is we have the biggest, you know, the most popular Oahu real estate channel. And so we feature your property on there when you sell with us typically. Uh, when I say typically is if you want it, yes, there are circumstances where it may not make sense because there are renters and a privacy, et cetera, but, uh, in most cases, things end up on the channel. Uh, I also want to give a shout out. We have, I don't want to give specifics, but we have a property that appraised for a lot over, uh, what we're in escrow for. And that's cool. That doesn't necessarily mean that you have a property around and sell it. Yeah. It doesn't mean you can turn around and sell it for the appraised value. But I'd be crazy though. You get a wholesale it. It's nice to see though. It's nice to see. And I think our clients, uh, when they get the news today, if they haven't already, they're gonna be really excited. Uh, that is the biggest, uh, appraisal gap that I've seen in a positive direction. Oh yeah. Even have we even had one in that big in a negative direction? No, but I mean, you, I just want to make sure that they know appraisals are appraisal spread is large. Yeah. So typically if you're buying a home for 1.6 million and you write an offer for 1.6 or 1.598 somehow magically the appraisal comes in at 1.598 a lot of the times in this case, it was, it was a lot over. Yeah. It was, it was, I mean, we, we don't have any more negotiations on that one. Right. No. And that person's unlikely to watch us this, but it's, I'll just say this, this and they got a deal. This property is the stuff, uh, the items, all of it. Yeah, this, we are. So if you were to include that we're like a hundred thousand plus over, uh, meaning our clients are buying for a hundred thousand plus under what the appraisers value of the property is. Uh, no. Yeah. And that's us. That's a beautiful thing. Now here's the interesting thing about appraisals and why we always say like, Hey, it doesn't matter. Like the market decides the value of a home. If that home were actually worth a hundred thousand more would have already sold multiple offers with multiple offers. Like, so the market did not agree with the appraiser, but it's nice when the appraiser has that opinion, because hopefully in a future market, that will be at least your floor when you go to sell it in a, in a year, number of years from now. So yeah, that was a good one. We get any last minute, uh, comments or questions. Can I want to shout out Ethan? Cause he's been in here and Ethan's, uh, one of our, you know, an awesome clients who we sold with. And it's just a great support, a shout out to Ethan. Uh, and they had some messages going back and forth looking forward to see more properties on the channel. Yeah, we have, uh, the one that we are showing, we're going to film today. It's not the most expensive, but it's a cool story and it's a cool one. And so we're going to show that one probably this Sunday, uh, moving Hawaii or no, how the hell did Campbell high school win the state title? Yeah, it was built like that. State title for what? Football. Does Campbell still Kenji? Do you notice Campbell still have that quarterback? That's like supposed to be one of the top five quarterbacks in the nation going into college next year. Or was that last year? I don't know, man. Yeah, I don't know either. But I feel like within the last year or two or three, I don't know, be mixed up. But Campbell had a quarterback that was on this show where they bring like the top five or 10 quarterbacks in high school across the nation to this combine. And guys from that show were saying he was like the number one high school quarterback in the whole country because he was the best of the people who went to that thing. And so that might've been why, I don't know, but I also know there's a really good, uh, in fact, the JV quarterback was my, our old neighbor and they moved to have a beach so that he could play it because Mariani already had their quarterback locked in. So they moved into the Campbell district. Like Hawaii may not be Texas, but it might be in some cases people take their sports serious here. Can I, Oh, babe later already. All right, we're good to go. We got a lot of work to get to. So see you guys in the next one.