Skip to main content

The Market is Shifting

It’s no secret that the market is constantly changing. As a result, it can be difficult to keep up with the latest trends. If you are watching the market, it’s important to be aware of these changes, as they can directly impact your ability to buy or sell a home.

The first thing you need to know is that inventory is supposed to be rising for lack of buyers and this is actually good news for if you have been waiting to purchase. The reason being is that when there are more homes on the market, buyers have more options to choose from. Additionally, sellers may be more willing to negotiate on price in order to move their property. So, if you’re thinking of buying a home in Hawaii, now is a great time to do so.

The second thing to be aware of is that interest rates have risen dramatically in recent months. This has caused many properties that were in escrow to stay on the market longer than originally planned. When these properties do finally sell, they likely won’t be comparable to current market conditions because they were purchased before interest rates increased.

I am constantly looking at stats and I can see that homes are selling for lower than originally planned. This is likely due to the fact that sellers are increasingly motivated to sell their homes quickly. What does this mean for buyers? There are still sellers out there that are more willing to negotiate on price in order to get their property off the market sooner.

Overall, the market is definitely going through some changes. However, these changes present both opportunities and challenges for both buyers and sellers. If you’re thinking of buying or selling a home in Hawaii, feel free to contact me so that I can provide guidance.

# of Sales on The Big Island of Hawaii – September 2022

174

Residential

163

Vacant Land

42

Condos
News and Economy

September Updates

Our Ocean

US Coral Reef Task Force expects coral restoration and protection of Kealakekua Bay to get significant boosts from current and proposed federal grants and funding mechanisms.

Tourism

2022 is shaping to be a good year for Hawaiʻi tourism. So far, nearly 5.5 million people have visited the islands this year, spending $11.2 billion.

Business

Matson topped the list as one of the most profitable company in Hawaii this year. Reflecting the explosive growth in international shipping and soaring freight rates across the industry. The company’s $3.925 billion in gross revenue and more than $927 million in profit were largely the result of adding two weekly services between China and the U.S West Coast to its existing line, and capturing more of the lucrative pandemic- era market.

Ironman

Ironman is here!! There will be heavy traffic so be mindful for the road closures that will be happening around town! The event will be two days: October 6th for mostly women, and October 8th for the professionals and men. Access the maps here: https://www.ironman.com/im-world-championship-2022-course

Home

A bathroom remodel can up your home’s value by 3%. Minor renovations yield an approximate $1.70 increase in your home’s value for every dollar you spend on the project.
Nationally, the average bathroom remodel costs $26,574 in 2022 and can expect a return on investment of 60-70%

Interest Rates

The national average 30-year fixed mortgage APR is 6.850% according to bankrate.com

Pualani Estates

Have you explored living in Pualani Estates?

Pualani Estates

Take a look at this amazing neighborhood tour of Pualani Estates on the Big Island of Hawaii. This beautiful community is situated right on Kona’s coast, providing stunning views and easy access to all that the island has to offer. If you’re interested in buying property in this beautiful area, be sure to watch this video!

Property Highlight

Pualani Estates

Beautiful property overlooking the Kona Coast

Asking Price: $925,000

I had the pleasure of representing the buyers of this beautiful property! The family cant be happier! ❤️

Kona Playgrounds Foundation

We are pleased to announce that we are finally installing musical playground equipment next month! We are beyond excited! Feel free to visit us on October 22nd at Blue Park to check out the new updates! For more information about our foundation visit www.konaplaygrounds.org

Kidnapping Suspect Indicted by Grand Jury in East Hawaiʻi

Our island came together to find a 15-year-old girl that was kidnapped in Waikoloa. The power of social media moved mountains to find this girl and she safely return to the family. This story shook our island to its core as the post about her missing was shared on all social media channels available. To learn more about the story click here

When making plans to move or act on something, think big!
When making progress about those plans, think small. This way you wont get overwhelmed 🤙

Maly RomeroReal Estate Consultant

2 Comments

  • Eli says:

    Mahalo!! So happy for this letter! Covid is over and it’s time to go. The one and only thing that is a problem, is getting my talented hubby a job there. He’s a highly skilled IT director. Deals mostly in systems analysis. Please keep an ear out, if you hear of any available

    • Maly Romero says:

      Aloha Eli!! It will be my pleasure to help! I sent information your way last time we talked about this topic. Connecting with the SBDC will be a great start. Indeed, hirenethawaii and even craiglist will help. Also connecting with recruitment companies will be of great help!