The most frequent question I am asked in a week, or even a day, from buyers is, “Is this a good time to buy real estate in Hawaii?”
Statistically speaking, this is the best time to buy in over 20 years with interest rates under 5% (under 4% depending on the terms of your loan); prices are lower than they have been in nearly a decade and the market is slower now than it will be in the winter…but the real question is really whether or not it is a good time for you to buy!
Each person has their own reasons for buying a home or property, most of them are timed on personal factors. If you are basing your decision strictly on price as to when to buy a property, you must be an investor and I know you are shopping.
Whether you hit the lottery, your kids finally graduated from college, or if you are a “boomer” like me and are looking to buy that dream retirement or second home, this just may be that perfect storm where the price of the property can actually fit into your budget. If you are Canadian…well, go ahead and smile. The dollar parity is better than it has been in decades and I would be taking advantage of this opportunity too!
You are not alone, whoever you are, if you are trying to buy one of the remaining “bargain” buys in the Kona/Kohala Coast resorts today. The key to a successful purchase or investment is to learn the market, make your selection based on your own personal criteria, and jump in. You can’t enjoy the water unless you make the jump.
Aloha from a pretty good swimmer…
Catherine Klug
August 4, 2011
Pam, do you remember when the houses were selling like crazy, you couldn’t stop buyer calls from coming in. The prices were high and buyers were willing to pay more, waive inspections and in some cases even pay above appraised value just to get in the home. Not to mention they were getting a 7.5% interest rate! Today “is it a good time to buy Hawaii real estate” is a valid question. Now that the market has dropped and become a level playing field for all… buyers should want to play more than ever.
Catherine Klug
August 4, 2011
Pam, do you remember when the houses were selling like crazy, you couldn’t stop buyer calls from coming in. The prices were high and buyers were willing to pay more, waive inspections and in some cases even pay above appraised value just to get in the home. Not to mention they were getting a 7.5% interest rate! Today “is it a good time to buy Hawaii real estate” is a valid question. Now that the market has dropped and become a level playing field for all… buyers should want to play more than ever.
Martha Tumbleson, R(S)
August 5, 2011
Timely post, Pam. With the average rate for a 30 year fixed mortgage dropping to just 3.9% yesterday, the lowest in 60 years. Prices and interest rates both at historic lows. imo – now is a perfect time to jump into the water!
Martha Tumbleson, R(S)
August 5, 2011
Timely post, Pam. With the average rate for a 30 year fixed mortgage dropping to just 3.9% yesterday, the lowest in 60 years. Prices and interest rates both at historic lows. imo – now is a perfect time to jump into the water!