How Bad/Good Is It In Honolulu Real Estate?
September 18th, 2008 categories: The Market
View of water from Transpacific College on Kal Hwy
Depends on when you purchased. Let’s take a look at Honolulu real estate median prices for single-family homes over the last five (5) years (source: Honolulu Board of Realtors)
January 2004-$400,000
January 2005-$505,000
January 2006-$615,000
January 2007-$600,000
August 2008-$635,000
I am going to make a generality (I hate generalities); based on these numbers if you purchased your home prior to January 2005 you are probably in a very good shape (providing you didn’t refinance). Because the market is now favoring buyers and, therefore, buying power is up, owners of homes can bet that they don’t have as much equity as they used to have. But if you purchased in 2004, 1998 or even 1987 you are in great shape.
Here’s the point, the vast majority of Honolulu real estate owners purchased well before the peak in the market and they are still in a terrific financial position. If we accept this thesis, we are suffering from a crisis of confidence and this has infected the Honolulu real estate market. Funny how our attitude can affect our outward world! I wonder if we collectively decided that everything is going to be fine, we would turn the market positive. Think about it.
OTHER POSTS WORTH READING!
Loans For College Condos
The Value Of A Realtor
Realtor Code of Ethics
Determining Offering Prices
; ?>/images/MatoChiclet.gif)
