Home affordability, particularly in Hawaii real estate given our standard of living is a major factor for many of our clients.
We advise on ways that could curtail a client’s hesitation to look into getting a home or a new property!
- Mortgage rates shot up to over 7% last year, causing many buyers to put their plans on hold. But things are looking different today as rates are starting to come down. Hawaii real estate is so unique that it creates a whole new climate for mortgage rates and the best way to get the best advice is to get with an experienced real estate agent, which we are always more than happy to help out with!
- The second big factor at play is home prices. Home prices have made headlines over the past few years because they skyrocketed during the pandemic. Parts of the country and globally may see price increases and price declines but here in Hawaii real estate, inventory and location remain the large factors that a client would need to consider.
- When a client thinks about affordability, remember the full picture includes more than just mortgage rates and prices. Wages need to be factored in as well. Because wages have been rising, many buyers have renewed opportunity in the market. While affordability hurdles are not completely going away this year, based on current trends and projections, 2023 should bring some sense of relief to homebuyers who have faced growing challenges.
Home affordability is a major component for so many looking to buy and/or sell and utilizing resources, an experienced real estate agent skilled in Hawaii real estate and knowledge of what you can provide truly propel your ability to understand home affordability. Home ownership is a major goal for so many families and we are always here to utilize our resources no matter what the factors are involved because we want people to be able to enjoy their goals of their hawaiian lifestyle in Hawaii real estate.
If you or someone you may know may be interested in anything Hawaii real estate, inquire with one of our agents or directly to Hawaii Development Group and we can connect with you to curate what your dream Hawaii real estate property is and create a roadmap for you!