If you’ve been on the fence about purchasing property on the Big Island of Hawaii, now might be the time to jump in; not only are home prices still declining, but the average interest rate on a 30-year fixed-rate mortgage dropped again this week to 3.94%, tying a record low set in October.
According to the Los Angeles Times, “In its Dec. 13 monetary policy announcement, the Federal Reserve reiterated the housing market remains depressed,” Nothaft wrote. “Over the first nine months of 2012, households lost almost $400 billion in property values, which contributed to a $1.4 trillion reduction in overall net worth.
The Big Island of Hawaii has been selling homes, condos and land still at all time low prices. For example, in the month of November Kona had sales of 33 homes, 17 condos and 1 parcel of land; and as of todays date there are active listings for 311 homes, 215 condos and 244 parcels of land (information taken from Hawaii Information Services).
According to the West Hawaii Today, Real Estate Magazine, December 14, 2011 edition the median sales price for single family Kona homes decreased 7.40% vs. actual sales increasing by 11.17%; as for Kona condos the median sales price decreased 20.48% vs. actual sales increasing 9.71%. With prices down and interest rates at an all time low, buyers should recognize it’s a great opportunity to buy at bargain basement price.
Enjoy beautiful beaches like this one at Mauna Kea Resort
and tropical sunset views from this Hualalai home.
For more information on Big Island properties and a report of active listings, contact Lori.