Thursday, July 11News That Matters

Hawaii Real Estate – A Great Time to Buy?

Although the global economy is slowly revitalizing the overall real estate market isn’t in a very good situation but there are a few locations in the world that are an exception. These exceptions aren’t affected much by the current economic crisis as the desirability of these locations is at a very high level. Depending on every individual’s personal situation and contributing circumstances, there is always an advantage to buying a property in this little piece of heaven. This is surely a good time to buy a property in Hawaii for at least these four main reasons:

o The interest rates are still low thus making mortgages affordable;

o Most importantly, the property values are down so this is a great time for a good deal;

o There are unique properties available unlikely to become available again anytime soon;

o Think about it, it is a home in Hawaii, what could you want more?

This moment or any other moment is a great time to buy real estate in Hawaii as the location is purely exquisite, the weather is great, the lifestyle is let’s just say “casual” and most importantly, “thanks” to the crisis, the Hawaii real estate prices are significantly lower in comparison to the period prior to the global economical difficulties. Some of you may ask why the prices are down during this difficult period. The answer is quite simple: most people are afraid of making such an important investment in Hawaii real estate now so not many people are looking for purchasing a new home. For this reason, many Hawaii real estate agents offer a lot of homes for sale that aren’t purchased by anyone. So, what can they do to sell these homes? Simple, the sellers have to lower the price in order to make the offer more desirable. That is why in some areas, the sales have already gone up thanks to these prices cuts.

A realtor by the name of Mike Gallagher made a very comprehensive study that reviews the progress of the Hawaii real estate price market between June 2008 and June 2009. The result of the study was that in Kapolei, the sales increased by approximately 14%. The main reason for this increase is because a very large number of first time home buyers have been choosing the Kapolei area for their first home. This 14% increase is a direct result of the implication of the City and County of Honolulu as well as the Federal realestateout. The City & County started a campaign in which they promoted Kapolei as the “second largest city” of Hawaii. The Federal Government made an 8.000 U.S. dollar tax stimulus for first time home buyers. With all these benefits, the likelihood of even more bigger sales in the upcoming future is quite high.

All things considered, the Hawaii real estate market is going through some major changes but regular people that are looking for a property in this location can purchase a home at a very good price now, a price that doesn’t come very often. Real estate experts strongly advise future home buyers to look thoroughly for the right home and of course, at the right price, this is the time to purchase, despite the current economical situation.