Two of the most common questions we hear in the Hawaii real estate market is: “How is the market?” and “Is this a good time to buy?”
With the rates staying at a 40-year low, from a lending perspective, the answer is yes. Nobody has a crystal ball, but these rates have been holding at all-time lows. With a new president in office and a strong stock market, many of the indicators are suggesting we will see a rise in the rates. The real question is, “How much?” – and nobody knows that answer for sure. We are expecting some small movement during 2017 and are hoping they don’t rise much, but the rates are fluctuating almost daily.
It also appears that inventory and prices are holding steady for now in Hawaii. My opinion is that home prices will remain fairly flat in 2017. I don’t think we will see the home pricing spikes like the last few years have seen island-wide.
If you were debating or sitting on the fence, now is the time to get your slice of the pie. We have also seen a huge spike in rents, which now are surpassing the mortgage expense. Usually, if you can afford to rent, you can afford to buy. So in short, you have low interest rates and a stable price structure in Hawaii, making it a great time to buy.
If you would like more information on the market or to see what the inventory looks like, feel free to contact me at any time as I am more than happy to help.