2017’s Hottest Hawaiian Real Estate Trends
Did you know that Hawaii has the lowest real property tax in the United States?
Compared to New Jersey, the country with the highest property tax at $ 4.189, Hawaii’s $ 178,600 annual home tax is $ 487! The average American household spends $ 2,149 on property taxes for their home each year according to the US Census Bureau.
However, the average American household spends $ 2,149 on property taxes for their homes each year, according to the US Census Bureau.
Are you now interested in real estate in Hawaii? Read on to find out the hottest real estate trends in Hawaii this year.
Read on to find out the hottest real estate trends in Hawaii this year.
2017 Real estate in Hawaiian trend
1. The market is heating up
Hawaii leads in terms of home sales and maturity value.
Native Hawaiians move to new cities, make improvements or downsizing, while mainland buyers move to the island in full or secure seasonal vacation homes.
Thanks to a stronger economy, demand will continue to rise. Experts believe that more people will be interested in the Big Island and Maui in particular.
Maui is said to be suitable for outdoor enthusiasts, as well as those looking for a relaxing and family-friendly place to stay.
2. Sale of single-family homes and condominiums will continue to soar
By 2016, the average selling price of a single family home in Oahu hit a record high, reaching $ 760,000 in June. Meanwhile, condominium sales jumped 8.4 percent to 5,449 units sold compared to 5,028 units in 2015.
In Kauai, there are 568 single-family home sales in 2016, while an increase in condominium sales by 1 percent compared to that sold in 2015.
On the Big Island, there are 2,297 single-family homes sold last year and condominium sales jumped 6.6 percent to 707 sales in 2016.
Local market experts have a compelling reason to believe that this trend will continue to be strong for 2017.
3. Oahu luxury real estate sales go up
When it comes to real estate in Hawaii, it’s not just single-family homes and condos that see strong sales.
On Oahu, a total of 35 luxury homes were sold in January 2017, which were twice sold in 2016. Of these, 16 luxury properties sold for $ 1.5 million to $ 1.9 million, 12 were at $ 2 million $ 2.9 million price range, three are in the price range of $ 3 million to $ 3.9 million, and four are in the $ 5 million price range and above.
With the number of luxury properties in escrow by the end of January, strong sales are expected to continue in the coming months of 2017.
4. Mortgage rates will go up.
The Federal Reserve raised interest rates on mortgages by a quarter point in December 2016. From a low 3.5 percent to 4.25 percent for fixed-rate loan of 30 years, the mortgage interest rate has increased.
What does this mean? If you wait to see if prices will go down, you may want to quickly and lock in low interest rates when you can still do so.
5. Downsizing or right size?
In downtown Honolulu, more couples choose condos and sell their larger homes. Right size is said to be the best choice for couples whose children grow and fly the cage.
With today’s strong market, it’s a good time to sell. In addition, there are many activities such as walking and cycling in downtown and Chinatown, not to mention the booming food and art scene.