Epic Hawaii Homes

Tina Marie Garcia (RA) RS 78939, eXp Realty

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Why Hawaii Real Estate is Booming in 2023?

Hawaii’s real estate market is hotter than ever in 2023, with strong demand from buyers, low-interest rates, and limited inventory driving up prices across the islands. In this blog post, we’ll explore why Hawaii real estate is booming, and what it means for buyers, sellers, and the local economy.

One of the main factors driving the Hawaii real estate market is low-interest rates. With interest rates at historic lows, buyers are eager to take advantage of favorable borrowing conditions and lock in low monthly payments. This has led to increased competition among buyers and multiple offers on many properties, especially in desirable locations like Honolulu and Maui.

Another factor contributing to the boom in Hawaii real estate is limited inventory. There simply aren’t enough homes to meet the demand from buyers, especially in popular areas with limited space for new construction. This has led to bidding wars and skyrocketing prices, with many properties selling for well above their asking price.

Despite these challenges, many buyers are still eager to invest in Hawaii real estate, drawn by the state’s natural beauty, cultural attractions, and unique lifestyle benefits. Hawaii offers a high quality of life with year-round sunshine, pristine beaches, and a rich mix of cultural traditions and outdoor activities.

For sellers, the current market conditions represent a great opportunity to sell quickly and for a high price. However, it’s important to work with a local real estate expert who can help you navigate the complexities of the market and ensure that you get the best possible deal.

Overall, the Hawaii real estate market is booming in 2023, with strong demand from buyers, limited inventory, and low-interest rates driving up prices and competition. Whether you’re a buyer or seller, working with a local real estate expert can help you navigate the market and achieve your goals.

To learn more about Epic Hawaii Real Estate opportunities, and make appointments for property showings, Contact Tina and Sara.

The Do’s and Don’ts for Investing in Hawaii Real Estate

Are you thinking about investing in Hawaii real estate in 2021? It may be the perfect year to purchase a rental property, a vacation home, or to flip houses. I would be happy to help you find the perfect investment property, and I’ve put together this list of tips to help you get the best return on your investment.

First, consider what type of Hawaii  investment property is best for you and your family. 

If you are thinking about a rental property, such as a vacation condo or rental home, consider how much time will be needed for things like maintenance, managing a website or rental listings, and vetting potential tenants. For rental homes, make sure the areas you are searching are attractive to tenants in terms of proximity to nearby business centers and transportation hubs, and in good school districts for family tenants.

Is a family vacation property on Oahu more to your liking? 

Make sure you read any and all rules pertaining to owners and guests, as well as rules on renting your property out when you are not using it, if that is something you plan to do. Also be sure that your vacation property is somewhere you foresee your family wanting to travel to often enough to make it worthwhile.

For new house flippers, you want to find out what return you can expect to get in your market area and talk to contractors and suppliers to get realistic estimates on renovations, both in terms of price and time to completion. 

Here are some additional Do’s and Don’ts for investing in Hawaii real estate:

  • Do aim for at least a 15% return on investment.
  • Do look for homes priced in the low end of the median price range.
  • Do look for 3-bedroom, 2-bath single family homes for rentals or flipping.
  • Do focus on one neighborhood or area.
  • Do purchase rental properties close to your home if you plan to manage them yourself.
  • Do use one real estate agent to help with all your buying and selling needs. 
  • Don’t purchase a second property until the first is earning revenue.
  • Don’t buy properties that you wouldn’t want to manage, even if you plan to use a property manager.
  • Don’t buy a home that you cannot afford to carry for several months in case of a slow market.
  • Don’t buy a home or condo without having inspections performed.
  • Don’t buy without title insurance.
  • Don’t buy more properties than you are able to manage.

Lucky We Live Hawaii!

The Epic Hawaii Real Estate team can help you search for investment properties. Sometimes buyers make the mistake of searching on their own and contacting the sellers or listing agents directly. Working with several different people wastes your time and increases the chances that you will miss out on a deal. Also, working with one agent allows that agent to learn your tastes, needs, and parameters, so I can be out looking for the right property while you are busy doing other things.

To learn more about Epic Hawaii Real Estate opportunities, and make appointments for property showings, Contact Tina.

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