Hawaii Real Estate Softens Creating a Window of Opportunity for Retirees
Hawaii is traditionally a very hot market, but recently there has been a shift in Oahu real estate as the market is cooling off dramatically and home prices have begun to drop, while the inventory of available homes has skyrocketed.
Honolulu, HI (PRWEB) November 1, 2006 -- Hawaii is known for its ideal year round temperatures, picturesque mountains, lush vegetation, wildlife, slower paced life style, and abundant recreational opportunities. Many people dream of the day when they can settle down and retire in a place like Hawaii. Unfortunately, many realize that purchasing a home in Hawaii can be extremely expensive.
On the island of Oahu, the median sale price for a single family home in 2005 was $615k. Considering that the median sale price for a single family home nationwide was only $216k, paradise seems to come at a hefty price. However, if you were to compare Oahu real estate prices to those in areas of similar allure - such as coastal Southern California, where the median sale price topped 721k in the San Francisco Bay area and 710k in Orange County (www.realtor.org) - Oahu real estate prices don't seem that unreasonable.
Hawaii is traditionally a very hot market, but recently there has been a shift in Oahu real estate as the market is cooling off dramatically and home prices have begun to drop, while the inventory of available homes has skyrocketed. This just might provide a window of opportunity for retirees to finally get into the Hawaiian real estate market.
According to one Honolulu and Oahu Hawaii real estate expert, Tony Kawaguchi of Remax 808 Realty (www.alohatony.com), "This is the time to make your move on Hawaiian real estate. As of the first of October of this year, there were 4755 homes for sale in Oahu, compared to only about 1740 in April of '05. This is the highest number of homes for sale since 1999." Kawaguchi goes on to state that, "The number of sales has dropped dramatically too. Over all the island, sales are down 11.9% this year compared to last year, with some areas down a lot more, like the North Shore down 43.4%. In September for all Oahu there were 481 condos sold and 359 single family homes sold."
Based on his many years experience following the heated Honolulu and Oahu real estate market, Realtor® Tony Kawaguchi makes this observation – "Bottom line is, it's become a buyer's market and there is huge opportunity for people who want to make an offer and get a good deal. Sellers are willing to negotiate and buyers are now commanding the market."
The Hawaiian real estate market has finally softened. With a huge inventory of homes on the market and prices starting to head south, now is the perfect time to invest in your Hawaii dream and purchase a little piece of paradise for the retirement years. This window of opportunity may not present its self again for many years to come.
Tony Kawaguchi of Remax 808 Realty has been helping individuals and families with their real estate needs since 1999. By focusing on people's needs and not just a commission check, he has become the highest office producer for multiple years. For more information Honolulu and Oahu homes, or if you are in need of selling Hawaii real estate, please visit http://www.alohatony.com or call (808) 395-5776.
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