Spike In Honolulu Home Prices Coming?
April 16th, 2010 categories: For Buyers, For Sellers
Honolulu real estate is not complicated; in fact, it goes back to economics 101 (remember supply and demand?)! Anyway, in my opinion, the 2009 slowing in core Honolulu real estate sales had more to do with fear than too many homes for sale. Add to this the lack of new construction and tight commercial financing and there may be short to mid-term pressure on existing home and condo prices. A recent article in the Honolulu Advertiser confirms this.
“Hawai’i home sales volume has been rising for nearly a year, but the pipeline to produce new homes is at a more than 30-year low, leading a local economist to warn that a price spike could be in the making.”
“Around 4,000 new homes are needed to satisfy household formation, the local economist said, adding that if home construction doesn’t pick up it could lead to a short supply that drives another spike in prices.” CLICK HERE TO READ THE ENTIRE HONOLULU ADVERTISER ARTICLE
Here is the question, how can you take advantage of this potential upward pressure on values? For buyer’s, buy now and lock-in low interest rates and values. For sellers, if you can wait, waiting to sell for the next 3 to 5 years may position you to take advantage of a spike in values.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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