How's the Hawaii market anyway?
For those of you who are wondering or asking, "How is the real estate market over there in Hawaii?"an interesting article comes from the Pacific Business Journal on their web site today. According to the article,
Honolulu had the highest rate of home price appreciation in the nation over the past year, according to new data. Home prices rose 14.79 percent in the Honolulu market, according to the September 2007 LoanPerformance Home Price Index released Monday by First American LoanPerformance.
Home prices fell in 17 states tracked by the index, with the Riverside-San Bernardino-Ontario market in California seeing the greatest drop, 13.59 percent. Although five states saw price appreciation of between 5 percent and 10 percent, Hawaii was the only market to experience double-digit growth.
The company's price index covers a total of 956 Core Based Statistical Areas and 659 counties in 50 states and the District of Columbia.
OK, so Honolulu is not Kauai however the market here is still quite good. There's plenty of good inventory, and sellers are sometimes becoming more motivated to be flexible in their negotiations. Some are offering to pay closing costs or buy down points which, of course, lowers your payments.