Kevin E. Lewis, Realtor®
Clark Realty Corporation - Hilo Orchid Isle
Direct: (808) 895-4956
Kevin @ Hiloagent.com
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Hilo - Hamakua - Puna - Kona - Kohala - Kau
How Much Do Homes Cost in Hawaii?
Get More For Your Money on the Big Island of Hawaii
Median Sales Price - Sep 2014 (YTD)
Hawaii Association of Realtors®
Big Island Hawaii home and land sales and the median home prices trends have been in a slow recovery, much like the rest of nation. There are still Buyer's Market opportunities, they are just getting hard to find. The volume of inquiries from potential Buyers show there is strong demand for Big Island real estate. The question is when enough Buyers will make their move... creating the next Seller's market! Big Island Population Grows by 25%
The Hawaii real estate market was greatly affected by the West Coast real estate correction from 2007 to 2011. We saw median home prices fall about 35% from our all time highs. The recovery in the stock market, historically low interest rates, and improving local economy have all helped the Hawaii County housing market to grow again in 2012 and 2013. Vacant land prices, which corrected as a result of too many Sellers cashing in profits and too few Builders or Investors buying land, also are showing signs of recovery. The long term economic outlook for all of the Big Island of Hawaii remains positive. The market on the Big Island Hawaii should continue to improve in 2014. Big Island Sees Best Economic Outlook in Five Years
Buyers are always looking for a "great deal". Many of those who are buying properties today are planning for an early Hawaii retirement or for investment understanding that real estate markets are cyclical. My survey of recent sales show that sale prices average about 94% of asking prices. "Contingent Upon Sale", "Low-Ball Offers" or "Trade for a Mainland Property" are rarely accepted in our market. There are some Buyers "waiting to see what happens", while a few people are still predicting "the crash is coming" in Hawaii real estate prices, similar to that which hit Arizona, Nevada, and Florida a few years ago. However, the local Hawaii real estate agents don't see this happening. Inquiries from want-to-be residents continue to keep many of us agents busy, so we know the demand is there. Buyers who wait too long trying to time the market may find themselves saying, "I could have, would have, should have..." bought when it was a Buyer's market!
Sellers are saying "I didn't get as much as I wanted, and it took longer than I thought - but I sold!" The prices of Hilo real estate and Kona real estate sales are still down from the all time highs, but the number of sales have been within our 10 year average. My recent count shows about 20% to 35% of the residential properties on the market are in escrow, and about 10% of the land parcels are in escrow. If you bought before 2005 and thinking to sell today, chances are there is profit to be made. It's worth it to put the property online if it is priced right. Your main competition are the few dozen bank foreclosures and short sales that we have on the market, many which are priced on the low side in order to create excitement and activity in the market place, with the goal of starting a bidding war among Buyers - and it is working! It's the "Lets try 20% above the market price to see what happens" that disappoints most Sellers when their property does not sell as fast as they would like.
Attitudes are changing about the improving Hawaii economy and real estate market. This should help 2014 be a good year for Big Island real estate sales.
... Just my opinion of the Big Island real estate market! Kevin E. Lewis is a Hawaii licensed Realtor® with Clark Realty Corporation - Orchid Isle, located in Hilo Hawaii.
Real Estate Sales Soar this Month, Crash the Next... the Headlines Often Don't Tell the Whole Story!
Pacific Business News - Oct 3, 2013: Big Island's Clark Realty, Prudential Orchid Isle Properties to merge
Smart Money - Mar 10, 2012: Retire Here, Not There: Hawaii
Many retirees flock to the Islands of Maui and Oahu, often overlooking Hawaii's "Big Island" -- and with it, some gems like the town of Hilo. The lifestyle on Hilo is a bit like Honolulu of decades past before the flood of tourists and developments, some advisers say. The cost of living here is relatively affordable -- 47% higher than the national average, compared to 77% higher for the state overall.
Pacific Business News - Aug 27, 2010: Big Island [Economy] Headed In Right Direction
The Big Island economy is finally breaking out of the doldrums, led by a construction sector that is outperforming the rest of the State.
LA Times , Jun 24, 2010 Fannie Mae Gets Tough on Homeowners Who Walk Away
The mortgage giant plans to go to court against those who can afford to make their payments but decide it's not worth it.
CNN Money - Feb 3, 2010: You Lost Your Home - But You Still Have to Pay
As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, Right? Wrong.
Honolulu Advertiser - Jan 13, 2008: Development Soars in Risky Hawaii Lava Zones
Puna, with its many lava zones, is the fastest-growing region on the Big Island, and is expected to have the largest population of any of the Island's nine districts by 2015.
New York Times - Apr 6, 2007: On the Big Island, a Place for Price Sensitive Home Shoppers. Affordable Hawaii retirement properties can be found In Puna on the Big Island of Hawaii.
Honolulu Star Bulletin - Mar 22, 2007: Big Island population rising fast - Up 14.7 percent since 2000
Pacific Business News - Sep 13, 2006: Labor shortage hurts Big Island economy
Anyone who is still waiting for the bursting of a real estate bubble may be missing what really threatens Hawaii's economy - lack of skilled workers to fill vacancies.
Honolulu Star Bulletin - May 13, 2005: "Coconut wireless" gets it wrong on Oprah's comments
Some are blaming the talk show host for promoting Big Island real estate, but she never did. What did Oprah Winfrey REALLY say about Hawaii Real Estate?
Hawaii Real Estate Resources
Big Island Hawaii in the NewsKPUA Hilo Hawaii Radio Pacific Business News
Need A Realtor® on the Big Island of Hawaii? I'm Glad to Help! Email: Kevin E Lewis
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The information contained on this website is from various sources that are considered reliable but cannot be guaranteed. Disclosure: I may receive a small commission from products purchased thru links on this website.