http://www.housingpredictor.com/ chose Honolulu as their pick for the hottest housing market in the country. All I can say is from their lips to God's ears.
While other parts of the country have suffered, Oahu (Honolulu County) has been a pretty stable market. Even though the resale volume is down from the hot market in 2004 & 2005, prices have remained stable.
Why do I think things have been generally better in Hawaii?
- People in Hawaii pay their mortgages. We constantly are among the lowest for foreclosures and delinquent mortgage payments.
- Our unemployment rates have been among the lowest in the nation for a few years now.
- We are on an island, the supply is limited.
- There are several large military bases and a fair amount of troop movements.
- The dollar exchange rate makes us look like a bargain to foreign investors, especially the Canadians.
- Some west coast markets, not only are slower, but the prices are higher. We look like a bargain to some of their folks.
- According to http://www.housingpredictor.com/ the J-REIT (Japanese real estate investment trust) will allow capital to purchase in Hawaii. Hawaii has been a favorite for Japanese investors and this change may provide a large influx of money from Japan.
- We are in Hawaii, who wouldn't want to live or invest here?
I think No. 8 says it all. Aloha From Sunny Hawaii!!
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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
Hi Randy,
That is good news. I suppose you are getting more people becoming real estate agents there also.
Howdy Randy, Told you I would start following your blogs; after reading this one I know I will come again. Have never been to Hawaii but watch many travel shows showing the good, quality life in Hawaii. I would think the real estate market would be excellent and continue to grow. How could it not when you are living in a paradise.
Neal - I hope they are correct in their predictions.
Midori - That was true for me.
Patricia - Hawaii is calling.
Leslie - The schools haven't stopped pumping them out. There have been some leaving as the sales volume dropped the last couple of years. This is a renewal year. It will be interesting to see what the membership numbers are next January.
Carl - It is a great place to live.
George - I have heard similar numbers from a few markets around the country.
Sally - Even here on the island some communities are quite different than others.
Sharon - I am not sure that is a major factor.
I was a little bummed yesterday. I saw the same website moved another community to number 1 ahead us us.