Buy Now: Hawaii Homes Affordability Window, Closing!
August 29, 2013
Buy Now: Hawaii Housing Affordability Window, Closing!
The local economist in Hawaii say, that future home buyers are running out of time to purchase property in Hawaii before prices continue to incline. A report done by Homes.com indicates home sale prices in Honolulu have surged 23 points, based on their Local Market index value calculations.
This is one the best times to buy in Hawaii because of three reasons: mortgage interest rates are historically low, many household incomes have rebounded from the Recession, and home prices haven’t hit their peak, yet. In the country the state of Hawaii and the state of California are the two most expensive states to own a home in.
According to the Board of Realtors, after plunging in 2008, Oahu homes climbed back up the value to a median of $647,000. According to the 2012 Census indicates the median household income is about $71,000 a year. Paul Brewbaker, a PH.D., an economist wit TZ Economics:
“The window of housing affordability in Hawaii opens for the most families five or six times in life, so this one of those great windows of opportunities.”
Local economist claim home prices rapidly increase in Hawaii because demand is the almost greater than the supply. Economics Professor Carl Bonham, the Executive Director of The Economic Research Organization at the University of Hawaii states:
“One of the key things to increasing affordability is to build enough homes. It doesn't mean necessarily building affordable homes, it just means building homes that people would like to buy.”
Bonham also states that our housing market is very active, but gettting “increasingly tight” because there is little for sale.
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