Buying Property

Traditionally in real estate, spring and summer are the best months to buy or sell a home, with May starting the peak of the selling season. Factors affecting the May boom include warmer temperatures, kids being out of school, and the longer days. But there are other considerations to think about, such as finances, moving costs or life changes. You should also take into account where we are in the real estate market.

Rising mortgage interest rates could be a curse or a blessing for prospective homebuyers, depending on a host of factors. With a housing shortage, builders unable to meet demand, and millennials wanting to become homeowners, rising interest rates are a new wrinkle in the home buying challenge.

Baby boomers are seeking a simpler life and an easier to take care of home. However, this means moving into a lower priced housing market traditionally sought by young families. In an already fiercely competitive market, this makes home buying difficult for everyone—boomers, and younger buyers alike.

It’s okay to begin shopping for a new home online, but at a certain point you will need to take that search into real life. Online searches can simplify some tasks but be aware of some downfalls to spending too much time internet shopping, especially in today’s market.

Still on the fence about whether to sell your home or condo now? Properties on Maui are selling quickly at premium prices. Knowing what to expect will help you decide if this is the right time capitalize on your sale during this seller’s market.

Many elements went into creating our current strong seller’s market, but things could shift towards buyers in the future. This year, high buyer demand coupled with low inventory elevated home prices and continues to cause stiff competition when new listings hit the market. Overall, new home construction hasn’t kept pace with demand for the past decade. It didn’t help that the lumber industry was severely affected by the pandemic, driving up home building costs. When you look

It is an incredibly challenging time for home buyers right now. There is a countrywide shortage of homes for sale. So, when something appealing does come on the market, there is a lot of competition. Buyers may find themselves in a bidding war.

If you are in the market for any type of wood—from plywood or sheeting to standard 2x4s, be prepared for a massive sticker shock. U.S. lumber futures contracts for May 2021 delivery were priced at $1,645 per 1,000 board feet, about 60% higher than they were a month ago and 374% above the $347 contract price average in May 2020. This marks the fastest rise since the housing boom that followed World War II.

While a public health crisis gripped the country for the last year, the housing market for some stayed red hot. Most areas of the country remain in a solid seller’s market.

It is interesting to compare today’s market with where we were a year ago. Would we have predicted this activity in a pandemic? Maui sales activity is up in March 2021. Home sales are up 46% and condo sales up 43% from last year.

Most investors know the basic premise for success: “Buy Low and Sell High.” Seems simple, but in practice it is not. In real estate, we really don’t know the best time to buy until years past the purchase, when see if purchase prices have gone up or down.

While still wrapped up in a pandemic, the median price of a single-family home on Maui jumped by 20% last month, compared to February 2020, as sales grew by 22%. The number of condominiums sold also rose 24% as the median price held, according to statistics from the Realtors Association of Maui.

It can be exiting to buy a new home or condo on Maui. However, if you are trying to sell a home at the same time as buying it can be stressful, especially if money from your current home’s sale is needed to put toward your next place. However, with a little planning and working with a savvy real estate agent can ease the process for both of these transactions. To keep your sanity intact, here are some tips to help you manage the process.

Many Americans find themselves downsizing, motivated by debt, from the nest getting emptied or retirement. Moving to a smaller home or condominium may have some surprising benefits. However, determining how much smaller to go can be tricky.

2020 was an odd year for the mortgage industry. Instead of a market crash due to the pandemic and economic turmoil, home prices and sales actually rose. At the beginning, low-interest rates, low unemployment, and rising rents drove the housing market up. As the pandemic wore on, people fleeing urban areas, or looking for more space to work from home, plus historically low interest rates kept demand for housing high. The important question is, where will interest rates go now?

We are fortunate to have many outdoor activities to enjoy, away from crowds. However, with rising COVID-19 numbers in Hawaii, the state and county has put new rules in place to help protect the community and visitors. Effective September 15, 2021, many indoor activities are curtailed or require proof of full vaccination, including indoor dining. Travelers are strongly advised to stay up to date on current rules.

If you have been following our real estate market reports, you know closed condo sales lagged behind residential sales in 2020 on Maui. However, in December statistics we saw that start to turn around. Whether you want to take advantage of a robust market, or have an urgent need to sell for any reason, this guide will help you move your property in an efficient way.

Instead of just relying a crystal ball, there are some facts that help predict what will happen to home buying and selling in the coming year.

As the coronavirus pandemic continues and the economy furthers into disarray, more people are having financial difficulties including how to pay their monthly mortgage bill. As of October 2020, nearly 3 million Americans are in mortgage forbearance plans as according to data firm Black Knight. Forbearance may mean you can forgo some of your mortgage payments.

In today’s market, remodels that are planned with a return on investment in mind is essential. Properties are selling quickly, so only those projects with the best opportunity to increase value are worth the investment. For investment properties, you can then rent your units for more income while planning to sell.