Featured Properties

Lease Option to Buy

 

Wailea Palms #2706

Wailea, HI 96753

Price Reduction

Stunning Molokini and Kahoʻolawe Views

125 Pauwela Rd

Haiku, HI 96708

Got Fruit? . . . You will on these 3+ acres in the drier side of Haiku, with over 100+ fruit bearing trees ready to eat and share!

140 Uwapo Rd 11-103

Kihei, HI 96753-7403

Kihei Villages rare Gem!! 2 Bed & 2 Full bath, Pet friendly, First floor walkout into a lush Oasis.


What if you could get a picture of more than just your home’s current value?

What if you could see an analysis of your total investment and the extended impact of your home on your financial future?

NOW YOU CAN and ITS FREE


Aloha!

With interest rates continuing up and hitting the housing market hardest, property sales (homes and condos) are slowing a bit, but still simmer from the heat of the last few years. Hopefully prices won’t trend as deeply as predicted* here on Maui, since prices have actually continued to rise, though clearly not at the previous pace.

According to the Zillow Home Value Index, a home price drop already occurred between May 2022 and August 2022 in 117 markets across the nation. But within the same period, another 779 markets saw ongoing home price increases. Maui was one of those 779, with 4.5% growth.

Zillow’s forecast has Maui prices continuing to grow (albeit more slowly, at 0.8%) through the end of 2022. And the expected shift between September 2022 and September 2023 for Maui? Up another 2.8%.

Just this week, the average 30-year mortgage rate reached a 20-year high of 7.08%. This means that demand for new home loans has continued to trend downward. Fortunately Maui sales enjoy many cash transactions. But even if Federal Reserve Chairman Jerome Powell stopped hiking rates soon, the 30-year fixed mortgage would still climb to 10% early next year, according to Christopher Whalen, chairman of Whalen Global Advisors.

So far Maui has avoided a predicted free fall in both sales and prices, and not surprisingly - luxury sales continue at a strong pace. [If you had a few extra million, wouldn’t you want a home on Maui?]

The good news is we still have inventory, so maybe don’t wait. And buying before the end of the year will help your tax return in 2023. Sellers are no longer nearly as likely to expect offers over asking price - and may even be open to some concessions during negotiations. Now may be the time for your dream purchase.

Maui has usually been a bit of a trend outlier, so as interest rates rise and inventory shrinks, timing is everything for both buyers and sellers, requiring close contact with your professional Maui realtor who’s on the pulse of local and national real estate trends.



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US home sales, listings both plunged over 20% in September — the biggest drop since the start of the pandemic.

 

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