Hawaii's Luxury Market is Looking Up
This time of year, real estate activity tends to slow down a bit. People get busy with Thanksgiving, then Christmas shopping, vacations and New Year's.
Surprisingly, agents are reporting increased activity from buyers. Some agents are getting several calls a day on their luxury property listings, when a few weeks ago they were getting a few calls per week!
What's happening? The news still has plenty of doom and gloom on a daily basis. Several factors might separate Hawaii from other markets.
- Local buyers are looking to move into bigger homes. Hawaii's economy is recovering pretty well and our unemployment rate is 6.4% as of October 2010. Tourism is picking up and getting back to normal, after the slow times in 2008 and early 2009. Buyers feel secure about Hawaii's future and they're selling their homes, trading up to larger properties or moving closer to town.
- Hawaii is in a location suitable for buyers in Asia, Canada and on the west coast of the U.S. One customer I met with is predicting a big inflow of buyers from mainland China in the coming years. He lives in Singapore. He says the mainland Chinese are pushing Singapore's real estate prices upward. As mainland China buyers feel more comfortable with Hawaii and perceive better deals here, we may see more of them on buying properties.
- Mainland buyers - at least in some regions, are showing their buying power and looking at second homes in Hawaii again.
Are you considering selling a property in Hawaii? We're not at the top of the market yet, however if you're planning to buy other real estate with your sales proceeds then it might be the perfect time to sell. Interest rates are still hovering around 4.25%.
Contact Mike Bates for prompt service in selling your Hawaii home.
Coldwell Banker Pacific Properties