Speculation of an incoming housing market crash is rife across the country. Rising interest rates and the tail-end of an unprecedented pandemic-induced boom have forecasters ringing alarm bells. The Hawaii housing market, however, is poised to stay strong despite the current real estate market woes.
Hawaii is unique in that the islands offer home buyers access to big city life coupled with a luxurious and more laid-back island lifestyle if so desired. The lack of developable land and the slow pace of new developments add to the demand, keeping the Hawaii real estate market on a more even keel even in the worst of times. Investing in property in Hawaii is almost always a winning strategy in the long term.
There is a certain magic about Hawaii drawing people in from all over the world, luring visitors into becoming local. Even though the market experiences some ups and downs, the real estate market in Hawaii is predictable and stable with steady appreciation. As long as people keep visiting these beautiful islands, they'll keep wanting to place roots.
If you are interested in owning your own slice of paradise, now might not be the worst time to buy. Talk to a mortgage lender about interest rate strategies and keep in mind that Hawaii homes tend to appreciate at 4-5% annually, and that competition among buyers is finally easing, setting you up for future market booms.
If you have any questions, do not hesitate to contact me regarding your Hawaii real estate dreams.