Today marks the 23rd Day of Quarantine Life on Kauai. It’s safe to say we’re doing OK, and some of us are getting a little too used to the changes around here. Some are going stir-crazy with the keiki; however, others are taking advantage of this opportunity to accomplish many items on their long overdue to-do list. But we’re all enjoying being able to exercise in our natural surroundings, with a cautious distance. Hikes are still happening, swells are enticing surfers, and our beautiful home is still a playground.
When it’s once again safe to travel, Kauai will still be here. In the meantime, here’s a short video to remind you of her.
Kauai Virtual Visit
As the weekly routine commences, I have put together a few local announcements, national and local real estate market updates, and a few Kauai market reports.
Kauai COVID-19 Updates
In most recent news, Kauai now has 21 confirmed cases of COVID-19, while statewide there are 530 confirmed cases. Kauai Mayor Derek Kawakami has implemented 5 Emergency Rules with 2 NEW AMENDMENTS AND 1 NEW RULE as of April 15, 2020. For more information, visit www.kauai.gov/covid-19
- Mayor’s Emergency Rule #1
- *NEW* Mayor’s Emergency Rule #1 (AMENDED) – Effective April 13, 2020
- All County community centers, swimming pools, park pavilions, and playgrounds are closed.
- County parks and beach parks will remain open to the public for use by individuals actively engaging in outdoor exercise activities.
- Designated County campgrounds are open only for members of our houseless community. Camping permits are required for each resident, regardless of age.
- *NEW* Mayor’s Emergency Rule #1 (AMENDED) – Effective April 13, 2020
- Mayor’s Emergency Rule #2 (AMENDED RULE)
- Mayor’s Emergency Rule #3
- Mayor’s Emergency Rule #4
- Mayor’s Emergency Rule #5 (AMENDED RULE)
- Mayor’s Emergency Rule #5 (AMENDED RULE #2)
- Mayor’s Emergency Rule #5 (AMENDED RULE #3)
- *NEW* Mayor’s Emergency Rule #5 (AMENDED RULE #4) – Effective April 14, 2020
- Given public feedback, and safety analysis by the County’s team, certain private construction activities, landscaping maintenance activities, and real estate professionals may resume provided work complies with certain restrictions to ensure community safety.
- Residential homeowners may resume work on their residences provided they have an open building permit with the Department of Public Works.
- Landscaping maintenance activities may resume work provided no more than one (1) landscaper on a parcel of < 5 acres, three (3) landscapers between 5 – 10 acres, and (5) landscapers on parcel > 10 acres.
- Realtors with properties in escrow are allowed to close those listings out provided they were posted prior to Tuesday, April 14, OR CURRENTLY IN ESCROW. Real Estate professionals doing rental property management are also included.
- Given public feedback, and safety analysis by the County’s team, certain private construction activities, landscaping maintenance activities, and real estate professionals may resume provided work complies with certain restrictions to ensure community safety.
- *NEW* Mayor’s Emergency Rule #6 – Effective April 14, 2020
- All persons over the age of five (5) are required to wear some form of face covering over their nose and mouth when outside of their home.
THE GOOD NEWS – 17 confirmed cases here on Kauai have made a full recovery and have returned home. The additional four (4) confirmed cases are held in isolation.
National Real Estate Market Update
In an attempt to answer some Frequently Asked Questions about the housing market, I’ve pieced together answers from experts at Keeping Current Matters and the National Association of Realtors.
Q. What If I Need to Sell My Home Now? What Can I Do?
A. According to Keeping Current Matters, “While you probably feel like timing with the current pandemic isn’t on your side, making a move is still possible. Rest assured, with technology at your side and fewer sellers on the market in most areas, you can list your house and make it happen safely and effectively, especially when following the current COVID-19 guidelines set forth by the National Association of Realtors (NAR) and the Centers for Disease Control and Prevention (CDC).
Here’s the other thing – people are spending a lot of time on the Internet right now, given the stay-at-home orders implemented across the country. Buyers are actively looking at homes for sale online. Some of them are reaching out to real estate professionals for virtual tours and getting ready to make offers too. Homes are being sold in many markets.
The same survey indicates that 56% of NAR members said sellers are removing their homes from the market right now. This can definitely work in your favor. If other sellers are removing their listings, your home has a better chance of rising to the top of a buyer’s search list and being seen. Keep in mind, listings will pick up again soon, as 57% of the respondents note that sellers are only planning to delay the process by a couple of months. If you need to sell right now, don’t wait for the competition to get back into the market again.
This year, delayed listings from the typically busy spring season will push into the summer months, so more competition will be coming to the market as the pandemic passes. Getting ahead of that wave now might be your biggest opportunity.”
Homes are still being bought and sold in the midst of this pandemic. If you need to sell your house and would like to know the current status in your local market, Contact me to create a safe and effective plan that works for you and your family.
Q. There’s so much information out there right now, how can I keep track of the latest trends?
A. It’s true, there is so much out there it seems impossible to find one source for all your questions. While you may be a homeowner, rental manager, or curious about the market, the National Association of Realtors has provided a unique Coronavirus: Resources for Property Owners. From bank regulations, to IRS, SBA, and VA Home Loan Programs, be sure to check out the many different resources provided.
Q. Will the Coronavirus cause a major housing crisis like the recession?
A. According to Keeping Current Matters, “Many of us experienced financial hardships, lost homes, and were out of work during the Great Recession – the recession that started with a housing and mortgage crisis. Today, we face a very different challenge: an external health crisis that has caused a pause in much of the economy and a major shutdown of many parts of the country.
Let’s look at five things we know about today’s housing market that were different in 2008.
- Appreciation
- Mortgage Credit
- Number of Home for Sale
- Use of Home Equity
- Home Equity Today
The COVID-19 crisis is causing different challenges across the country than the ones we faced in 2008. Back then, we had a housing crisis; today, we face a health crisis. What we know now is that housing is in a much stronger position today than it was in 2008. It is no longer the center of the economic slowdown. Rather, it could be just what helps pull us out of the downturn.
Check out the full article HERE.
Kauai Real Estate Market Update
The below graphics display the tracked listing updates island-wide. Comparing the weeks of February 10 – April 13 in 2019 to February 9 – April 11 in 2020, we are monitoring the number of new listings, sales, price changes, withdrawn listings, homes under contract or holding contingencies, and back on the market homes.
New listings are slowly creeping back up to the average of 30 releases per week. With 22 added to the Kauai market this past week, we are seeing transactions and escrows moving. Withdrawn listings are returning to a considered normal amount, which is between 3 – 7, and sales jumped to 23 this week versus 12 last week. Interestingly enough, we find the number of sales and new listings meet each other in the middle.
I was curious about the number of contingent listings and broke them down by price point. See the graph below for this year’s breakdown.
Still, many new properties arrive on the market each day. If you’re looking for a home here on Kauai, let me help you monitor the market and find the right one. Contact me!
*Hawaii Information Service cannot provide the number of homes under contract or holding contingencies and back on the market homes from 2019.
Featured Listings: Properties with Home Offices
While the mortgage rates are continually record-breaking low, it’s hard not to miss the fact coupled with a high amount of price changes to current listings; it’s a good time to be a buyer. Today, more and more people are working remotely, and that’s not just because the current pandemic is prompting businesses to operate virtually. According to the same piece and the most recent data available, the number of employees working at home was fairly steady from 1997 – 2004 but has been climbing ever since.
I’ve put together a list of some of the best home offices in properties listed for sale on Kauai broken into three regions: North Shore, East Side, and the South Side.
Get your FREE list of Properties with Home Offices HERE.
Kauai Market Reports
Below are real-time market reports complete with a Buyer or Seller Advantage, Median List Price, Market Profile, Market Segment, and so much more for each respective city.
Aloha For Now
Be safe, stay healthy, and keep dreaming of Kauai!
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