Hawaii Island Real Estate Update and Issues Affecting Buyers

In a nutshell-Rates are holding steady, the list to sale ratios are under 97% in most neighborhoods of Hawaii Island and more inventory is coming on the market. Mortgage rates are not expected to fall below 6% for this year, so buyers have to get used to these rates.

A few key stats:
North Kona hit a new median price at 1.5 million
List to sales price in Hilo is 91%, the lowest on the island.
Days on market is averaging 45 in most markets, but is up to 119 in Waikoloa Village.

Joe Eagan, Wynn and Eagan Team, reported that the Fed is expecting the 30-year fixed-rate mortgage to end 2024 at 6.4%, up from its 5.9% prediction earlier this year. Economists say strong job numbers and hotter-than-expected inflation data are leading financial markets to forecast a less aggressive rate-cutting path by the Federal Reserve. The Fed this week kept its benchmark interest rate steady but continued to suggest that three rate cuts are coming.

In this video, we also discuss pending legislation that will affect homes used for short term vacation rentals, but keep an eye on the new State bills that discuss rezoning residential areas which will affect homeowners ability to use their homes for any type of rental income.
Also, insurance companies are pulling out of Hawaii, prices are going up and the state is working on ways to help, but putting the burden on buyers who have to get mortgages to help pay.

Here is our discussion from a previous video about the Transient Accommodations Rental Bill:

If you would like to reach our 365Hawaii Team, email Julie Ziemelis at Julie@Ziemelis.com. Also, ask for a free West Hawaii or East Hawaii Moving Guide!
Amber Haley- Real Broker -East Hawaii
Delania Branham-Real Broker-West Hawaii
Lance Owens, LUVA, West Hawaii
Jana Mahoney, KW Big Island, Waikoloa/Waikoloa Village/ North Hawaii
Andy Madrid, KW Big island, South Hawaii, HOVE, Volcano and Ka’u

Julie Ziemelis | RS-85062
REAL Broker

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