Real estate on Big Island Hawaii

The big question being asked in many communities is whether we have seen the bottom of the property market drama, because on the Big Island, the average home prices are on the move again, upwards!  While there are still opportunities for buyers, they are however, becoming harder to find, with another positive factor, being the number of inquiries received by realtors from potential buyers.

It was recognized that the slower West Coast real estate market had an affect on the Hawaii, creating a situation that saw the average process of homes decline about 30-35% from those high flying prices in 2007.  The historically low interest rates and stock market recovery have all helped to improve the local economy and correct home and land prices.

Depending on the area, the sales of condominiums saw an increase as prices declined while other properties were ignored as buyers sought better buying opportunities.  However, overall, the economic outlook for the long-term on the Big Island of Hawaii is positive.  Although there could still be opportunities for buyers until the market gains full momentum, it will depend on their readiness to commit and available finance conditions.

There are certain buyers who are always searching for the “best deal” and many buyers of property today are planning for an early Big Island retirement.  Otherwise, they are seeking investments with the understating that the real estate market moves in cycles.  Various researches have shown that property sale prices average about 94% of the listed price.  However, some potential buyers are on the sidelines, waiting to see what happens.

The position of many realtors on the Big Island, Hawaii, is that inquiries from potential residents continue to keep them occupied, indicating that there is a demand in the marketplace.  This leads to the old and usual position for many buyers of many products, which wait too long testing the market until they find themselves asking, “Why didn’t I buy it”?

The Big Island offers its residents something special that other islands in Hawaii generally do not possess; this is mainland prices in an island environment. The real estate prices on the Big Island are lower, due to there being so much available land.  This is by no means an indication that condominiums, single-family homes, townhouses, and condominiums on the Big Island are not as attractive or enticing, because they are.  The real estate market on the Big Island is in fact, performing very well for various reasons.

Contributing to the exceptional lifestyles of its residents, the Big Island provides extraordinary beaches, with magnificent weather that lasts the year round and living on an island, but at mainland prices.  Although the impression may be concentrated on mainland prices, the type of living you experience definitely belongs to the islands.

The Big Island gives you that special feeling of another world, with typical tropical and luscious greenery, set as a backdrop to the wonderful surf of the Pacific Ocean. Overall, it does appear that the real estate scenario on the Big island is gaining an enviable momentum.