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Big Island Market Perspective   Leave a comment

Loving Living in Hawaii

It is another beautiful day in Hawaii Nei. A lot of my clients are asking what is the status of our Island Real Estate market.

It’s hard to say what the market is going to do.  Because of low inventory and low interest rates we are not seeing price reductions to any great extent.   We are still seeing well priced properties sell in a few days even those listed during the shelter in place.  Virtual showings are generating offers.  We  have a new Covid Addendum which, among other things, allows for indefinite extensions to closing for physical inspections.

Analysts are predicting it will be Real Estate that fuels the recovery.  A point in favor of sustained prices is the fact that homes today have a lot more equity than 2008 when people treated  their homes like piggy banks.  Current data shows 42% of homes in the US have no mortgages…

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Big Island Market Perspective   1 comment

It is another beautiful day in Hawaii Nei. A lot of my clients are asking what is the status of our Island Real Estate market.

It’s hard to say what the market is going to do.  Because of low inventory and low interest rates we are not seeing price reductions to any great extent.   We are still seeing well priced properties sell in a few days even those listed during the shelter in place.  Virtual showings are generating offers.  We  have a new Covid Addendum which, among other things, allows for indefinite extensions to closing for physical inspections.

Analysts are predicting it will be Real Estate that fuels the recovery.  A point in favor of sustained prices is the fact that homes today have a lot more equity than 2008 when people treated  their homes like piggy banks.  Current data shows 42% of homes in the US have no mortgages, not sure what that number is in Hawaii or if it is significantly lower since we see a lot of cash buyers moving here.  Today average home equity is close to $200,000 so there is some cushion here, too.  That said, I think the resort owners who relied on rental income to pay their second home/investment property mortgages without sufficient financial cushion will feel the most pain.  We are seeing the majority of new listings over the last week or two in the resort condo market under $1,000,000. That market will have the best buyer opportunities. I see buyers who have been priced out of the market by prices at the beginning of the year swooping in to pick those up. However, owners with more resources took their properties off the market.  Not just resort property owners….across all our island sub-markets.  This leaves less inventory now than on March 25th.  This also contrasts with 2008 when there was a surplus of homes and condos with so many new projects coming into the market very close together.  We have seen some list price adjustments as sellers temper their earlier in the year market optimism. Sale prices are holding firm and we have yet to see massive discounting.  However, the number of new escrows and sales is down.

The closest scenario I compare this to is 911.  Hawaii Real Estate actually bumped up after 911 and kept a steady climb all the way to the bubbling market 5 years later.  My prediction is that Hawaii will become even more desirable because of the low infection rate, low mortality rate and the acceptance of working remotely. Part of the 911 bump was due to the “Life is Short, what am I waiting for” reaction.  We will see that again…..IMHO.  But as you know by now, I am forever optimistic!

Please let me know if there is anything I can do for you or anyone you know who may be interested in Big Island Real Estate.  It is always wonderful to hear from you.  Main thing to focus on right now is staying healthy and being thankful that we live here!  Never has “Lucky you live Hawaii” been truer!

What Impact Might COVID-19 Have on Home Values?   Leave a comment

What Impact Might COVID-19 Have on Home Values? | MyKCM

A big challenge facing the housing industry is determining what impact the current pandemic may have on home values. Some buyers are hoping for major price reductions because the health crisis is straining the economy.

The price of any item, however, is determined by supply and demand, which is how many items are available in relation to how many consumers want to buy that item.

In residential real estate, the measurement used to decipher that ratio is called months supply of inventory. A normal market would have 6-7 months of inventory. Anything over seven months would be considered a buyers’ market, with downward pressure on prices. Anything under six months would indicate a sellers’ market, which would put upward pressure on prices.

Going into March of this year, the supply stood at three months – a strong seller’s market. While buyer demand has decreased rather dramatically during the pandemic, the number of homes on the market has also decreased. The recently released Existing Home Sales Report from the National Association of Realtors (NAR) revealed we currently have 3.4 months of inventory. This means homes should maintain their value during the pandemic.

This information is consistent with the research completed by John Burns Real Estate Consulting, which recently reported:

“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices).”

What are the experts saying?

Here’s a look at what some experts recently reported on the matter:

Ivy Zelman, President, Zelman & Associates

“Supported by our analysis of home price dynamics through cycles and other periods of economic and housing disruption, we expect home price appreciation to decelerate from current levels in 2020, though easily remain in positive territory year over year given the beneficial factors of record-low inventories & a historically-low interest rate environment.”

Freddie Mac

“The fiscal stimulus provided by the CARES Act will mute the impact that the economic shock has on house prices. Additionally, forbearance and foreclosure mitigation programs will limit the fire sale contagion effect on house prices. We forecast house prices to fall 0.5 percentage points over the next four quarters. Two forces prevent a collapse in house prices. First, as we indicated in our earlier research report, U.S. housing markets face a large supply deficit. Second, population growth and pent up household formations provide a tailwind to housing demand. Price growth accelerates back towards a long-run trend of between 2 and 3% per year.”

Mark Fleming, Chief Economist, First American

“The housing supply remains at historically low levels, so house price growth is likely to slow, but it’s unlikely to go negative.”

Bottom Line

Even though the economy has been placed on pause, it appears home prices will remain steady throughout the pandemic.

 

20th Annual Ukulele Festival at Waikoloa Beach Resort ~ Saturday, March 7th!   Leave a comment

20th Annual Ukulele Festival at Waikoloa Beach Resort is coming up on March 7th!

Annual ‘Ukulele Festival ~ Waikoloa Beach Resort


Ukulele Giveaways | Workshop by Roy Sakuma | Informational Booths

All star line-up on three stages at Kings’ Shops and Queens’ MarketPlace. Lineup includes Roy Sakuma, Kunia Galdeira, Kalei Gamiao, Mark Yamanaka and Willie K! Stay tuned for more information.

Waikoloa Beach Resort invites all ‘ukulele lovers to B.Y.O.U. and join in the celebration of Hawaii’s favorite musical instrument, at the Annual Great Waikoloa ‘Ukulele Festival.

The free event begins with a free ‘ukulele workshop at and continues all day with live entertainment on three stages at Kings’ Shops and Queens’ MarketPlace, along with displays, demonstrations, and ‘ukulele giveaways by sponsoring companies.

Saturday, March 7 | 11 AM-5 PM

Warm Aloha~

Karen E. Bail

808-936-4640

Fax: 808-883-2263

RB-16072

kebail@aloha.net

http://www.KarenBail.com

Queens’ MarketPlace Holiday Concert + Pop-Up Market ~ Saturday December 21st!🎄🎶🎅🏻   Leave a comment

Queens’ MarketPlace Holiday Concert ~ Saturday December 21st!

Join us in celebrating the holiday season with a special dance performance by Sasha Knowles Dance, a concert by the Honoka’a High School jazz band, pictures with Santa, and holiday face painting!

Face painting from 4 – 7pm. Pictures with Santa from 6 – 8pm. Plus a holiday pop-up market at Yoga Barre.

When:   Saturday, December 21
Time:      4 – 8 pm
Where:   Coronation Pavilion

Happy Holidays! 🎄🌺

Warm Aloha~

Karen E. Bail

808-936-4640

Fax: 808-883-2263

RB-16072

kebail@aloha.net

http://www.KarenBail.com

Weekly Ukulele Lessons with Uncle Ronnie at Queens’ Marketplace, Waikoloa Beach Resort!   Leave a comment

Weekly Ukulele Lessons with Uncle Ronnie at Queens’ Marketplace!

Ukuleles and sheet music will be provided on a first come, first served basis. If you have your own ukulele, then BYOU (bring your own ukulele)!

When:            Every Tuesday 

Time:              6:00 pm – 7:30 pm

Where:           Coronation Pavilion at Queens’ Marketplace

Warm Aloha~

Karen E. Bail

808-936-4640

Fax: 808-883-2263

RB-16072

kebail@aloha.net

http://www.KarenBail.com

Pictures with Santa Claus!🎅🏻🎄   Leave a comment

Pictures with Santa Claus!🎅🏻🎄

FREE – Festive fun for the whole Ohana!

Families are invited to bring their keiki (children) and their cameras to meet Santa Claus by the Clock Tower (between Island Gourmet Markets and Romano’s Macaroni Grill) at Queens’ Marketplace where Santa’s helpers will assist with photos in a festive setting!

Afterwards, shoppers can enjoy a stroll along the mall that’s decked out in holiday decorations, pick up a snack, or sit down and relax over dinner.

Bring Your Own Camera!

Santa’s Schedule~🎅🏻

🎄Friday, December 6th 6-8pm

🎄Saturday, December 7th 6-8pm

🎄Sunday, December 8th 3-5pm

🎄Wednesday, December 11th 6-8pm

🎄Friday, December 13th 6-8pm

🎄Wednesday, December 18th 6-8pm

🎄Saturday, December 21st 6-8pm

NYC-based drummer Allison Miller at Kamuela Farmers Market Tomorrow!   Leave a comment

NYC-based drummer Allison Miller at Kamuela Farmers Market Tomorrow!

NYC-based drummer/composer/teacher Allison Miller engages her deep roots in improvisation as a vehicle to explore all music.

Described by critics as a Modern Jazz Icon in the Making, Miller is the winner of Downbeat Magazine’s 2019 Critics Poll “Rising Star Drums” category and her composition, Otis Was a Polar Bear, is on NPR’s list of The 200 Greatest Songs by 21st Century Women.

She is also Monterey Jazz Festival’s 2019 Artist in Residence, alongside bassist/producer Derrick Hodge and is the first recipient of the Mid Atlantic Arts Foundation’s Commissioning Grant. The commissioned suite, In Our Veins: Rivers and Social Change, will premiere in January of 2020

Allison Miller at Kamuela Farmers Market

Date: 11/16/2019 (Saturday)

Address: Kamuela Farmer’s Market, 67-139 Pukalani Rd, Waimea, HI

Web Page: http://allisonmiller.com/

Contact Info: 415.826.9516

See you there!

Warm Aloha~

Karen E. Bail

808-936-4640

Fax: 808-883-2263

RB-16072

kebail@aloha.net

http://www.KarenBail.com

HalloQueen at Queens’ Marketplace ~ Thursday October 31st! 🎃🍂👻   Leave a comment

HalloQueen is coming up at Queens’ Marketplace on Thursday October 31st!

The whole family is invited to dress up in costume and trick-or-treat in a safe, well-lit venue.

Keiki can pick up free goodies and trinkets at eight giveaway stations around the mall, and visit participating stores for candies.

Creepy decorations, monster music and ghoulish giveaways will for a “spooktacular” experience this HalloQueen!

Happy Halloween! 🎃🎃🎃

Warm Aloha~

Karen E. Bail

808-936-4640

Fax: 808-883-2263

RB-16072

kebail@aloha.net

http://www.KarenBail.com

Free Monthly Concert at Queens’ Marketplace: Lucky Tongue this Saturday!   Leave a comment

This Saturday is the free Monthly Concert at Queens’ Marketplace at Waikoloa Beach Resort featuring: Lucky Tongue!

 

Groove out with pure naked bold rock’n’roll tunes by Lucky Tongue and dance the night away!

When:   Saturday, October 19th 
Time:     6 – 8 pm
Where:  Coronation Pavilion

Rock on!

Warm Aloha~

Karen E. Bail

808-936-4640

Fax: 808-883-2263

RB-16072

kebail@aloha.net

http://www.KarenBail.com