Skip to main content

Welcome to the New Normal in Hawaii Real Estate

What’s Changed in Hawaii Real Estate?
Multiple offers are now a thing of the past. It’s not uncommon to see properties sit on the market for weeks or even months without an offer. We are finding that in certain properties when an offer does come in, it’s often below the asking price.

Appraisal value waivers are also a thing of the past. Waiving inspection contingencies has become less common as well. In short, buyers are now in the driver’s seat and this is the time to keep your eyes out for deals.

Sellers are also being forced to be more flexible on terms and timing. Because there are fewer buyers in the market, sellers are having to accommodate buyers more than ever before. Closing dates are being pushed back, and terms that were once non-negotiable are now open for negotiation.

Advice for Sellers

If you’re thinking of selling your property in Hawaii, it’s important to be realistic about what you can expect to get for it. Gone are the days of unrealistic expectations and quick flipping for a profit. In today’s market, it’s all about getting what you’re asking for… and sometimes even less than that.

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

266

Residential

197

Vacant Land

58

Condos
News and Economy

August Updates

Travel

Japan Airlines arrived back in Kona on August 2nd to the brand new federal entry inspection facility

Visitors

Big Island visitors in June were 157,443, down just 3.7% compared to 2019. Visitor expenditures were up $40 million on our island in June compared to 2019. This is up 20% from 2019.

Hotels

Hotels on the Big Island in June were 76% full at an average room rate of $411, up 65% from 2019. This is great news if you own a vacation rental!

Ironman

Ironman is coming to town and they need volunteers! This year, the event will be two days: October 6th for mostly women, and October 8th for the professionals and men. The event will start on Thursday, with Friday off, and will resume again on Saturday.

Restaurants

Lava Lava Beach Club out in Waikoloa is set to reopen in October. They are going through major renovations

Interest Rates

The average rate on a 30-year fixed mortgage is 5.99% with an APR of 6.01%, according to Bankrate.com

Race Day!

The most awaited race! Queen Lili‘uokalani Outrigger Canoe Races

2 Days of Exciting Outrigger Canoe Racing in Kona

Kona, Hawaii is once again welcoming paddlers from around the world to its starting line for five days of exciting outrigger canoe racing. The Queen Lili’uokalani Outrigger Canoe Races, which is the world’s largest long-distance outrigger canoe race, is a highly anticipated event that attracts participants and spectators from all over. This year’s race will include the 18-mile race on Saturday, which is the signature event and includes Kamakahonu Bay – a National Historic Site. spectators can also enjoy witnessing the historic residence of King Kamehameha the Great and Pu’uhonua O Honaunau National Historic Park.

The first day of the Queen Lili‘uokalani Outrigger Canoe Race always starts with an Opening Ceremony at Hale O Nā Alii o Hawai‘i Island in downtown Kailua-Kona. The event begins with a ceremonial greeting by the Mayor of Hawai‘i County Harry Kim, who officially opens the Queen Lili‘uokalani Long Distance Hawaiian Outrigger Canoe Racing Association World Championship Regatta with an ‘oli (chant) and blow of the conch shell. Following the ‘oli, canoes leave quickly for their first race of the regatta, an 8-mile sprint from Kailua Pier to Kamakahonu Beach in front of King Kamehameha’s Kona Beach Hotel in historic Kailua Village (Kailua-Kona).

This year’s race will feature 36 teams from around the world competing in six different divisions. The teams will be racing in canoes that are 30 feet long and can hold up to 12 paddlers. The races will take place over a five-day period, with the final 18-mile race happening on Saturday.

The Queen Lili’uokalani Outrigger Canoe Race is a highly anticipated event that takes place every year in Kona, Hawaii. This year’s race will include 36 teams from around the world competing in six different divisions. The final 18-mile race will happen on Saturday and it is sure to be an exciting event for all those who are attending.

Property Highlight

Kohala Ranch

3 acres overlooking the Kohala Coast

Asking Price: $1,895,000

I had the pleasure of representing the sellers of this majestic property! We are set to close in a couple of days and the family can't be happier!

Kona Playgrounds Foundation

We kicked off the 1st Annual Event for Keiki in Businness and it was a total success! We raised over $4,000 in 4 hrs and we cant be happier. If you are interesting in donating or learning more about our foundation, please visit www.konaplaygrounds.org

Sad News for Holualoa Town

Fire destroys historic Holualoa Theater. To learn more about the fire incident click here

Life is short.
How important is it for you to move quickly? Make changes, launch that business, move to Hawaii and take chance! You will never know until you try

Maly RomeroReal Estate Consultant

3 Comments