Tips for families struggling to buy into Hawaii’s hot housing market | KHON2

The demand for housing remains strong but there aren’t a lot of options for homebuyers.

Source: Tips for families struggling to buy into Hawaii’s hot housing market | KHON2 (http://www.khon2.com/2016/09/06/tips-for-families-struggling-to-buy-into-hawaii’s-hot-housing-market).

Accessed on 07 September 2016, 16:55 hrs, UTC.

Reporter:  Alexander Zannes.

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Comment:

As mentioned in a previous post, the demand for housing remains high in Hawaii. With low interest rates, limited supply, and high demand, finding a home for your family anywhere in Hawaii can be a challenge.  With the cost of a new home in Honolulu or even in North Kohala approaching an average price of $450,000 to $775,000, finding your dream house in this price-inflated atmosphere will be difficult unless you move to Hawaii Island’s Puna district where the average cost of a new home can be as low as $190,000.

With few options available for most of us, here are three tips from Honolulu Board of Realtors member Kalani Kim:

Have your finances in order.

Be prepared to pay more than you expect for your new home.

Be prepared to buy quickly.   The great deal you find could evaporate in a matter of days if you don’t have the cash up front.

Opinion:

Lack of affordable housing and the high cost of living in Hawaii are forcing many local residents to leave the state to find a home and community to call their new place.  Affordable housing will remain only a dream for many of us, given the shortage of homes in the state and the willingness of some to pay what the market demands.  It’s the old law of supply and demand.  If you own your home, consider yourself lucky.  The housing situation in Hawaii will only worsen in time.

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Opinions expressed in this blog are mine unless otherwise stated.

Thanks for joining us today!

Until next time,

Russ Robert

Hawaii News Digest