The pandemic is pricing more people out of paradise ... and there’s no relief in sight
HONOLULU, Hawaii (HawaiiNewsNow) - The dream of owning a home in Hawaii appears more and more distant for many prospective homebuyers.
It’s a seller’s market and that’s not just the case for Hawaii. CNBC reports that in January, home prices nationwide went up 11.2% year over year — the largest annual gain in nearly 15 years.
Here at home, one of Hawaii’s leading real estate firms Locations says there are fewer than half the number of homes for sale this month as there was a year ago.
Last week, Locations reported some 400 active listings with single-family home inventory at a record low. The median price for single-family home on Oahu in February was $920,000 — an all-time high.
There are a number of reasons for how we got here: mortgage rates are at historic lows and demand is extremely high with some experts saying that’s partly because people have spent more time then ever in their homes and many families are looking to upgrade.
“Almost two-thirds of Oahu neighborhoods have no single-family home listings this month — well behind a typical spring selling season, where we’d typically see two-thirds of neighborhoods with homes for sale,” said Locations CEO Jason Lazzerini.
Realtors say aside from getting your finances in check, finding the right person to guide you through the difficult buying process is crucial.
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