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Why are Maui Real Estate Prices Rising?

Why are real estate prices going up on Maui? It is mostly because of affordability.

Let’s assume you bought a home for $600K at the peak of the market in May 2006 with a down payment of 20%. The interest rate was 6.75% for a 30 year fixed rate mortgage which equates to a monthly payment of $3113.

Assuming you paid $600K for a home today, your interest rate would be around 3.5%. Your monthly payment would be $2155, a savings of over $950.

To make it even more enticing, single family home prices today on Maui are much lower than they were in 2006. We don’t have figures going back to 2006, but according to Realtor’s Association of Maui, the median price for a Single Family Home in 2007 was $628K. In 2012, the median price was $472K, a drop of 25%.

As one of our clients so aptly put it, “I want to get my foot in the door.” Don’t wait until prices go even higher. It is time to buy now.

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About The Smith Team

Ken Smith, a Maui resident for 35 years, brings his extensive local knowledge and passion for the island to his successful real estate career. Alongside his daughter-in-law, Melissa Smith, and Greg Smith, the Smith Team provides a wealth of experience and dedication to clients seeking to buy or sell property in Maui.

Melissa Smith, a third-generation Maui native, combines her deep understanding of the island's growth with a commitment to exceptional service. She empowers clients with knowledge to make informed decisions in finding their dream homes. With a background as a top agent and a Broker's license, Melissa's expertise is invaluable.

Gregory P. Smith, a lifelong Maui surfer, channels his passion for the island and its natural beauty into his real estate profession. His enthusiasm, deep market knowledge, and dedication to exceeding client expectations make him an exceptional agent.

The Smith Team's combined local expertise, commitment to client service, and understanding of the unique Maui real estate market make them an ideal choice for those looking to navigate the island's property landscape. Their proven track record ensures a smooth and successful experience for both buyers and sellers.