Hawaii County, HI Real Estate News

By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
 Aloha, Lance Owens (RS) with LUVA Real Estate.With all the headlines and talk in the media about the shift in the housing market, you might be thinking this is a housing bubble. It’s only natural for those thoughts to creep in that make you think it could be a repeat of what took place in 2008. But the good news is, there’s concrete data to show why this is nothing like the last time.There’s Still a Shortage of Homes on the Market Today, Not a SurplusFor historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a shortage of inventory available overall, primarily due to almost 15 years of underbuildin...
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By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
Aloha Lance Owens here with LUVA Real Estate bringing you "the rest of the story" Sometimes I just wake up screaming when I read the headlines, they don't tell you the rest of the story, but I am here to change that!YES - Sales are off by 25% - 25% of what? 25% of the craziest year EVER in real estate, sure, its a real number, but follow along with me, because if you want to go into homeownership educated, you need to know all the numbers!NEW LISTINGS: Down by 30%, yes 30%.... so tell me, how do you sell more homes with less listing? You don't need a calculator to do the math here, you had 30% less homes on the market, and only 25% less sales? Are you starting to see the picture........Mortgage Interest Rates: Another confusing factor in the very complex housing market.... Although the ...
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By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
Aloha, Lance Owens (RS) with LUVA Real Estate bringing you the latest in real estate news and trends. Some days you just wake up screaming (lol) at all the misinformation about the housing market, the news, the internet, the paper, instagram...... so I did a DEEP DIVE into the effect that "double the interest rates" from a year ago, is having on the housing market.Take a look at my vlog - because its not what you think!Aloha and Mahalo, reach out if you have any real estate needs on the Big Island
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By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
Aloha, Lance Owens with LUVA Real Estate and our partners at KCM bringing you the latest in real estate news and trends.The real estate market is on just about everyone’s mind these days. That’s because the unsustainable market of the past two years is behind us, and the difference is being felt. The question now is, just how financially strong are homeowners throughout the country?     Mortgage debt grew beyond 10 trillion dollars over the past year, and many called that a troubling sign when it happened for the first time in history.Recently Odeta Kushi, Deputy Chief Economist at First American, answered that question when she said:“U.S. households own $41 trillion in owner-occupied real estate, just over $12 trillion in debt, and the remaining ~$29 trillion in equity. The national "L...
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By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
EXPERT FORECASTS ON MORTGAGE RATESIf you’re still sitting on the fence, thinking about buying a home, you may have been watching what’s happened with mortgage rates over the past year.Aloha, Lance Owens (RS) here with LUVA Real Estate and our partners at KCM, It’s true they’ve risen dramatically, but where will they go from here, especially as the market continues to slow?As you think about your homeownership goals and decide if now’s the time to make your move, the best place to turn to for that information is the professionals. Here’s a summary of the latest mortgage rate forecasts from housing market experts.EXPERTS PROJECT MORTGAGE RATES WILL STABILIZEWhile mortgage rates continue to fluctuate due to ongoing inflationary pressures and economic uncertainty, experts project they’ll st...
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By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
 If you’re thinking about selling your house, you may have heard about the housing market slowing down in recent months.Aloha, Lance Owens (RS) with LUVA Real Estate and our partners at KCM here, and while it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a move, the good news is you haven’t – motivated buyers are still out there. But you do need to price your house right for today’s market. Here’s why. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.” It’s true buyer demand has slowed over the past few months as...
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By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
Aloha, Lance Owens (RS) with LUVA Real Estate and our partners at KCM are bringing you the latest in real estate trends - after seeing the national number, scroll down to the bottom as I touch on a few local numbers.Some Local Highlights In North Kona, we have seen inventory almost double in some cases, but we are still only at about 65% of where we should be in a normal market Although inventory has increased, sales have slowed significantly Slower sales has not hurt the median price, SFH median price so far in July, is up 42% over last July, and up 18% YTD. (remember we still have 9 days left in the month to report sales - this could dramatically change these numbers still) Nationally below: Experts say the number of homes for sale is growing this year, and that can have a big impact ...
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By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
I get asked a lot about the market recently, so just think of it like this:Imagine you are driving down the highway. The speed limit is 65 mph, but you and the many other cars on the road are humming along at 85-90 mph. You’ve been traveling this speed for well over an hour. You are making great time. You feel great. But then you notice that cars coming toward you are flashing their headlights. You know what that means: an upcoming speed trap. Lo and behold, in the distance you spot a car on the side of the road. You slow down to 65 mph, just in case, and as you approach the car you see it’s a police vehicle with an office pointing a radar detector at the traffic. Because you slowed down, you don’t get pulled over for speeding, but now you and the cars around you are all traveling at th...
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By Rob Dalton, Big Island Vacation Rental Guru
(Waikoloa Vacation Rentals)
On the Big Island of Hawaii Ainamalu was the first development to promote Tesla products to all their homeowners.  Just about all the people that purchased added solar panels as well as batteries in the garages.  Within the first six months of installation close to 50% of the homeowners reported problems with the Tesla systems.  Most issues related to the interaction between the panels and the batteries.  Most owners that had pools installed had problems with the operation of the Tesla system.The greater issue was that the follow up support from Tesla was next to non existent.  Almost all homeowners reported being able to get a hold of Tesla support on the mainland, but although appointments would get scheduled no one would show up to them.  Ainamalu is over three years since the homes ...
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By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
Is It Enough To Offer Asking Price in Today’s Housing Market? West Hawaii and National Numbers.  Lance Owens Lance Owens Your 2022 go to real estate expert for the Big Island of Hawaii -37 years in Hawaii, the last 22 in Kona. Local Expertise you can count on. Published Apr 27, 2022 + Follow Aloha, Lance Owens (RS) with LUVA Real Estate and our Partners at KCM bringing you the latest in real estate news and trends. If you’re planning to buy a home this season, you’re probably thinking about what you’ll need to do to get your offer accepted. (Read my article on How to Win ) In previous years, it was common for buyers to try and determine how much less than the asking price they could offer to still get the home. The buyer and seller would then negotiate and typically agree on a revised p...
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By Rich Bosselmann-RS, Your Kona real estate connection.
(Koa Realty Inc.)
Things You Need to Know Before Buying Land in Kona, HawaiiIf you're in the market to buy your own piece of paradise in Kona, Hawaii, you should know a few things first and this is a good place to start. Zoning laws, climate zones, building restrictions, use restrictions, cultural considerations, access to utilities, you name it! Every state, county and neighborhood across the country is different and you need to know the things that may affect your use and enjoyment after you purchase land in Kona, Hawaii.Now, the easiest way to handle this is to, of course, call me. I will answer your questions, find out what you are looking for and help you find a great property in Kona. I have been selling real estate in Kona for over 20 years and I can honestly say experience is not expensive, it's ...
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By Rich Bosselmann-RS, Your Kona real estate connection.
(Koa Realty Inc.)
If you've decided to make the big move to Kona, Hawaii, congratulations, it's a great place to live. Now, it's time to figure out some of the logistics. Hopefully, I can help.Pets? If you have a dog or cat, you can bring them home from the airport shortly after you arrive. That's a big change from the 30 day quarantine on Oahu that was required when I moved to Kona. You do however, need to follow a strict protocol on the rabies antibody test timeline. Here is a link to the State of Hawaii Animal Industry Division . They have everything you need, including applications, forms and check lists.Transferring your out of state drivers license for a Hawaii license, is a good idea. Having a Hawaii drivers license can get you Kamaiiana rates on hotel stays, golf and other fun stuff. At the Count...
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By Rich Bosselmann-RS, Your Kona real estate connection.
(Koa Realty Inc.)
Hawaii Island has three active volcanos. While the risk of having a lava flow inundate any individual property on the island is low, the hazard is not the same in all areas. The USGS geologists and volcanologists put together a series of Lava-Flow Hazard Maps over the years, most recently in 1992. This map has 9 hazard zones with lava zone 1 being the most hazardous and 9 considered to have the least hazard of lava flow inundation. In developing these maps, they took into consideration topography and rift zones around the active and dormant volcanos on the island.Lava-flow hazard zones are intended by the USGS to be used by the public to determine general lava hazards over an extended period of time. However, mortgage lenders and insurance companies use these maps to set premiums, rates...
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By Rich Bosselmann-RS, Your Kona real estate connection.
(Koa Realty Inc.)
Hawaii Island has seen its population grow about 8% over the last decade. In the 2020 census the population of the Big Island reached 200,000. The Kona District has been growing too but it still has the small town charm and laid back lifestyle that people love. So, why are people moving to Kona, Hawaii?~ Everyone loves the weather. Kailua-Kona is on the dry side of the island but don't let that fool you. It may be all sunshine at the beach but drive a few miles up the mountain and you could be enjoying a rain shower in a tropical forest. Living on a mountainous island gives you lots of climate zones to choose from.~ More and more people have the opportunity to work remotely. I have met many new residents of the Big Island who said they're here because their company lets work from home. ...
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By Rich Bosselmann-RS, Your Kona real estate connection.
(Koa Realty Inc.)
  Cottages on Alii Drive - New Housing Development on Alii DriveThere is a new housing development getting ready to break ground in Kailua-Kona. Cottages on Alii Drive will consist of 58 single family homes and a neighborhood park on a 10 acre parcel. Soon there will be more information about floor plans but at first glance, it looks like there will be both single story and two story homes with lot sizes ranging from 5,000 to 13,000 square feet, with most in the 5,000 range. The developer is Stanford Carr, he has built quite a few, well received condominium and single family developments in West Hawaii and on Oahu. The location for these plantation and craftsman style homes is fronting Alii Drive, across the street from the ocean and about a mile south of historic Kailua Village. Hawaii...
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By Rich Bosselmann-RS, Your Kona real estate connection.
(Koa Realty Inc.)
8 Things to Know Before Buying a Vacation Rental Condo in Kailua-Kona, HIKailua-Kona has become a very popular place for second home/ vacation rental condo purchases. The weather is perfect year round so there really isn't an off season. The right condo will have very high occupancy rates all year. Buyers should know a few things before starting their search. 1. On the Big island, condominiums rented for less than a 30 day period need to have an STVR (short term vacation rental) permit. The application can be found at the Hawaii County Planning Department web site .2. The condo has to have the proper zoning and CC&R's that do not restrict rentals for a period of less than 30 days.3. Location matters. The condo will have higher occupancy rates if it's in a location that offers ocean view...
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By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
Aloha, Lance Owens (RS) here with LUVA Real Estate bringing you our monthly sales report. Talk about some crazy numbers, let's start with......"Absorption Rate": The term absorption rate refers to a metric used in the real estate market to evaluate the rate at which available homes are sold in a specific market during a given time period. It is calculated by dividing the number of homes sold in the allotted time period by the total number of available homesWith that said, it is generally understood that anything under 15% is a buyers market, anything above 20% is a sellers market. Lets roll back a few years, and we are going to skip 2020. Back in 2018 our absorption rate was 14%, so it slightly favored buyers, FF to 2019 and it hovered around 20%, so it was slightly leaning towards bein...
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By Maui Luxury Real Estate Team, Ask for the Best, Ask for MLRET!
(KW Island Living)
When we think of Hawaii, we often associate it with the beach, the sun, and a relaxing vibe that come with living life in a tropical paradise. It’s the place that comes to mind when we think of getting away from our everyday responsibilities and the hustle and bustle of city life. It’s also where we feel we can be free to not just relax but to simply exist.Indeed, isn’t it pleasant to think that there’s always that one place we can retreat to when we want to slow down, disconnect, and recharge? Well, you can stop dreaming and start living your vision by buying a property on Maui; enjoying every minute as you spend your waking hours mesmerized by the island scenery at your doorstep in beautiful Lanikeha.Full Article Here: Build Your Dream Hawaii Home in Kaanapali’s Lanikeha
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By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
Aloha, Lance Owens (RS) here with KonaHomeTeam (luva llc). I go over this topic when training agents, or educating my clients, (both buyers and sellers) - some get it, some don't, and let's face it, if there was one perfect way to negotiate, we would all be doing it!What is an escalation clause you ask?Escalation clauses: This is a clause in the offer that states if a competing bona fide offer is made on the property, the buyer’s offer will automatically increase by a certain dollar amount over the competing offer up to a maximumReason #1: You just tipped your hat as to how high you are willing to go in a negotiation - that's not a very good start. I liken it to playing a game of poker, but you are the only one at the table that is placing a bet, with all your cards laid - face up! (can...
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By Kona Home Team (luva llc) Lance Owens (RS), Getting transactions done, when nobody else can!
(Kona Home Team (luva llc))
Aloha, Lance Owens (RS) bringing you the latest in Real Estate News, and I can tell you first hand, ITS NOT HAPPENING! In our local market (West Hawaii), SFH sales were up 63% over last October, but more important than that, 36% of them sold for cash (see below about walking away from equity) but lets go ahead and take a look at what the "Experts" are also saying: There seems to be some concern that the 2020 economic downturn will lead to another foreclosure crisis like the one we experienced after the housing crash a little over a decade ago. However, there’s one major difference this time: a robust forbearance program.During the housing crash of 2006-2008, many felt homeowners should be forced to pay their mortgages despite the economic hardships they were experiencing. There was no e...
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