Blog Detail
Great Time to Buy Maui Real Estate
Looking at overall market statistics for either the U.S. as a whole or for individual states, it is becoming increasingly evident that the market has found its bottom, and is in the very early stages of recovery.
Take a look at the Federal Housing Finance Agency website where they compare Hawaii, California, and Washington prices on a quarter by quarter basis with previous year’s figures. You can see that prices showed a dramatic improvement in the latest quarter.
In fact, California, which was hit the hardest actually bottomed out in the 3rd quarter of 2008, whereas Hawaii, reached bottom in the 2nd quarter of 2009. This is the normal pattern where Hawaii lags about 6 months behind California.
An additional impetus to price stabilization and improvement has been the extremely low interest rates. One of the reasons why interest rates have been so low is due to the Feds purchase of Mortgage Backed Securities. This program is ending in March 2010, so we expect that interest rates will most likely climb to the 6 to 7% range.
We want to wish you all a very Merry Christmas and a Happy Chanukah.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. Are you looking for development opportunities? We have projects where we are looking for investors in the $3 to 100 Million range. Contact us if you are interested in learning more about some of the incredible opportunities available on Maui today. Five years from now, you’ll be very happy if you act now. This goes for any purchases that are made today. We are in the very early stages of a bull market for Maui real estate.