How many times have you dreamed of Hawaii vacation and then after coming back home dreamed of moving to the Hawaiian Islands for good! As most of you know the Hawaii Housing bubble burst with a big bang. Good times for new home buyers!
Read what long time Hawaii realtor Bill Jardine from Big Island Brokers has to say about the current Hawaii Real Estate market:
What is going on with Hawaii Real estate? Post written by Bill Jardine, Hawaii Realtor
"Let’s face it … there are an awful lot of people who would like to live in Hawaii, and a large percentage of those good folks are waiting for prices to go down!
If you figure there are over 70 million Baby Boomers that are about to retire and just one percent of them want to retire to Hawaii, that means the State of Hawaii has to produce 70,000 new units for the Boomer retirees alone! Good grief, that probably can’t be done!
As with any other commodity, Hawaii real estate pricing responds to supply and demand. Based on the Boomer retirement trend, demand is likely to go up … perhaps waay up … in another couple of years. At the same time, the anti-development crowd has been making new development ever more difficult and expensive. The result is that we are liable to see an extreme run up in Hawaii real estate prices soon. But right now ….
The trend in prices for residential real estate in Hawaii is down. Part of that is caused by folks who were dreaming big and now have to adjust their price expectations to the real world, but part is more interesting. There were a lot of speculators in the Hawaii real estate market place just two years ago, and they bet big, which means they are losing big.
For instance, there are Hawaii resort residential condominium projects that were coming on the market even as the real estate recession started to really hit home. Now you can buy resort condominiums in Hawaii at rock bottom prices and may see foreclosure prices even lower than that!
Oceanfront properties on the Big Island and other Hawiian Islands are holding their values, but there were many houses built for speculation alone, and we are seeing an avalanche of price reductions on most normal detached housing units at this time.
It is a great time to buy in Hawaii if you have good credit and can manage to own real estate without having to sell the stuff you all ready have.
Be sure to hire an exclusive buyers agent to represent you in order to get an agent who only cares about your interests. Too often a buyer will go directly to the agency that is selling the property, and in Hawaii that agent is required to report to the seller everything you mention. Full disclosure! Aloha, Bill Jardine – Big Island Buyers Brokers LLC"
We thank Bill for his great insight on the current Hawaii Real Estate market. So, if your are looking for a home to buy in Hawaii, take Bill's advice and look for a buyer's agent, who doesn't sell real estate and has nothing to sell, so there is no conflict of interest.
Good luck for finding your perfect Hawaii home or golfcourse condo for the retired couple for living in Hawaii for good. Aloha, Pua Hawaii Vacations Real Estate
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