Talking point: Hawaii Real Estate - Buyer preferred market? What's happening now in Hawaii?

Aloha! 

Hope everyone had a wonderful year end and started off to a great year of 2023! Another year has passed quickly. Does anyone feel that way? 

We are in the midst of economic recession. That's the reality. The moment when the Global Pandemic started, our world was already destined to face the recession. No surprise there. 

What's happening in the real estate market in Hawaii though, it has been quite stable overall at least for the long run. The below table shows the average median sales price for the past 37 years since 1985.

It still shows some set back from the past recession from the year 2008, yet Hawaii real estate market has been known for the stability thanks to the tropical weather that keeps attracting people globally.

Just like any other place in the rest of the U.S., there was the fierce competition among buyers to take advantage of the historically low interest rate to purchase homes, yet as soon as interest rate hike kicked in, the trend has been shifted to more of a balanced market where buyers have more options and negotiation room with the sellers. Because simply put, higher interest means less competition. Who offered to purchase during the crazy hot market and got beat out due to multiple offers like never before? Offering more than $100K over asking became a norm and that was definitely something else.

Compared to that, this current market is way better. Not only for the typical first-time home buyers that's good to see this trend, but for exchangers as well. New year, new pre-qualification with new rates. How about starting from that and see where it takes you?

The year of 2022 ended with $666,000 median price, which was quite close number to the previous year, 2021 ($670,000). 

I mentioned what to expect about Hawaii Real Estate before but let me state again because it's very important for anyone who is looking to grow the true asset and build a future with it. For many of us, housing expense is one of the biggest expenses each month, and each year. If that's the case, why not turning that into the true asset by carrying a mortgage and make a payment which is actually coming back to you as equity (The value you will get is subject to the market value of the property.).

Home ownership allow us to build the asset (Equity) over time and gives us the future option to upgrade using the equity from the 1st property. Starting with a small property is always a great option.

Facts of Oahu Real Estate

ハワイ不動産の変わらない実情

The fact is that Hawaii real estate can be affordable depending on the location, condition, and the type of property you choose. To deal with Hawaii Real Estate, if you are not from mountain of wealth, start small. Have something that grows and re-invest to capture more growth. At that point, you can even diversify into different products. (For our clients, we have exclusive investor training. Please email me for details.)

高いと常に言われ続けるハワイの物件ですが、場所はもちろん、どんなタイプの物件かにより手が届く価格帯の物件もかなりあります。ハワイだけに、あまり贅沢は言えない感じですが、まずは小さな物件に投資してみるのもいいでしょう。（投資家専門のセミナーのお問合せはメールでお問い合わせください）

Forecast in 2023

With all the speculations, and assumptions, Oahu market will continue to show the favorable market for trade (Buy and Sell). The timing for first time home buyers is always NOW due to the on-going, never changing rising value of the properties on Oahu. Yes, the rate of interest rate for home loans surely is a concern yet continue to save money and periodically consult with your loan officer and real estate professionals to see what you might be dealing with definitely help you for better.

いろんな推測がある中、オアフの不動産はずっと安定しているため、売り買いには適していると自信を持って言えます。住宅ローンのレートが上がってきているため、常に貯金をすこしでも続けながら、どれだけ借りれるかの査定及び自分の予算にあった物件探しを不動産屋さんと定期的に行い、買えるものが見つかり次第買いのオファーを出すことをお勧めします。

Once I was a first-time home buyer and it's a challenge and such a great journey. Just like many of us, all I could count on was myself from the start to reach the goal of tiny property purchase. It's a small property yet, for me it was a giant goal I had for myself. Saving money while you are renting is the biggest and common challenge for all the first-time home buyers without any other people's help. I will show you how you can still achieve that. 

私自身が初めて自分で小さな物件を買えたことから、家賃を払いながらでも、少しづつ貯金を増やし、物件の購入達成のプランを詳しくお伝えできます。ご相談下さい。

Re-posting the following as I still see some listings that are available (As of January, 2023).

Available Affordable housing units for sale NOW (Subject to change in availability at any time)

Sometimes you get lucky to be able to still apply for affordable housing project in new developments.

Ulana Ward Village provides the balance of work and play, which will complete the development in 2024. Although the lottery had been done on March 1st, 2022, some units are still available and accepting applications now (Studio, 2 beds, 3 beds, price range: $284.8K-617.5K).

条件付きのマーケット価格以下で買える物件がまだあります。詳細はメールでお問合せ下さい。

Current affordable housing that are still available as of 1/15/'23 (Subject to change at any time)

Featured affordable project in new development, The Flats At Sky Ala Moana East.

(Source: hicentralmls.com Listed by the project broker, Associated Real Estate Advisor. MLS#202224976)

Oahu Real Estate Market assures the growing value of real estate. It's a simple math really. With limited land and growing demand to own the piece of island, the value of real estate only goes up. For buyers to own something, get a head start to save enough, whenever something comes up, just try putting an offer in. Chances are you get to be the owner of the piece of this paradise!

Wishing us all a healthy, joyful, and prosperous year of 2023!

ホノルルの不動産状況はかなり短い期間で変わります。特定のエリアについて知りたい方、不動産売買のプロセスについて知りたい方、どんなご質問もお受けします。お気軽にメールにてお問い合わせください。hitomi808ozawa@gmail.com

Are you a 1st time home buyer? Need down payment assistance? E-mail me for details. Buyer's education program is also available through Hawaii Home Ownership Center.

初めて不動産売買される方必見。頭金補助プログラム及び購入者のための無料セミナーもございます。まずはメールにてお問い合わせください。

www.hitomi.c21.com 

Hitomi Ozawa. Simmons ([RA] RE Lic# RS-74864)  hitomi808ozawa@gmail.com  1585 Kapiolani Blvd., #1533 Honolulu, Hawaii 96814

Our office (On the 15th Floor of Ala Moana Pacific Center) is located adjacent to the largest open-air mall in the U.S, Ala Moana Shopping Center. (If you are coming from the Ala Moana Shopping Center, go to Macy's department store 3rd level, come out to the top level parking lot, which connects to our office building called, "Ala Moana Pacific Center", right next to the luxury condominium, ONE ALA  MOANA.) You take an escalator to go into the building

弊社事務所はアラモアナショッピングセンターに直結しているアラモアナパシフィックセンター内の15階にあります。