Millions of people around the world dream about owning Hawaii real estate. However, many people believe that purchasing a home in Hawaii is an impossible dream. Still others like Tony Kawaguchi (also known as Aloha Tony) believe that you can have your dream home in Hawaii in less than a month. The Hawaiian realtor examines the climate of the real estate market on the Hawaiian island of Oahu in 2010 and offers his predictions for 2011.
The Hawaii real estate market in Oahu has been improving over the last year. Sales of both single family homes and condominiums in Oahu are on the rise, according to a press release. Sales of single family homes in 2010 were up nearly 13 percent from the previous year, and condo sales were up more than 10 percent. Looking into the New Year, Aloha Tony says that Oahu homes for sale in both markets continue to rise in 2011. In particular, the Hawaiian realtor says that condo sales are up more than usual.
However, due to the increase in demand, sale prices have also increased. As the Oahu market slowly shifts from being a buyer’s market to a seller’s market, Aloha Tony encourages buyers to take advantage of the low interest rates and purchase homes or condos now. Buyers can also request a list of foreclosures in Hawaii for even better deals on homes in paradise.
There is another reason why owning a home in Oahu could become a reality. Property taxes in Hawaii are considerably less (nearly one tenth) than the amount of property taxes in other states. This means that the cost of owning a home or condo in Hawaii is much more affordable than people realize.