Recent government reports indicate the economy is starting to stabilize and the real estate market along with it. In Hawaii, at least in Hawaii Kai, our home prices seem to be inching up, even while rates stay at historic lows. Put together, this means a great time to buy.
As reported by RISMedia, here are some specific reasons why you should consider purchasing a home now in Hawaii Kai.
1. Low mortgage rates can absorb some fluctuations in the recovering housing market. When rates go up, buyers will realize equity with their initial investment.
2. More houses are in move-in condition. We have our share of foreclosures, where sellers have walked away and the bank stepped in with only minimal repairs. But other sellers, even in short sale situations, have kept their houses in good shape in order to compete. And they are motivated to sell.
3. Inventory remains high. In Hawaii Kai, there are waterfront and view homes on the market priced at unbelievable figures. You can make your dream - of a 2nd home or permanent residence in our Hawaii Paradise - come true for a lot less than a couple of years ago.
4. Appraisals are becoming aligned with the Hawaii housing market. Fannie Mae has adjusted its appraisal guidelines, so appraisers have more flexibility to arrive at values which reflect the current Hawaii Kai real estate market. This gives an accepted contract a higher chance of achieving a successful close.
5. There are financing programs available. Contact me for ideas on state and federal assistance for buying your new Hawaii Kai home.
If nothing else, take a look at what you can buy for the price you can afford - then you can decide if now is the right time for you to purchase in Hawaii Kai. I think you'll be pleasantly surprised at what is available.
Barbara Abe, Realtor