Part 3 of 4
Though Dr Yun agreed that real estate is local, especially when it comes to vacation home sales, he provided current statistics for nationwide second home sales. While these national figures do not in any way represent the median statistics for West Hawaii vacation home property sales, they are interesting.
Median sales price – $679,000
Median number of miles from primary residence – 348
Percentage of buyers who purchase with financing – 70%
Median buyer income – $87,500
Part 2 of 4
Dr Yun commented on our frustration with the lack of loan products to finance second homes which will be used occasionally as short term vacation rentals. Currently only portfolio loans are available for these properties, as the government is not backing second home purchases, regardless of the excellent qualifications of ready buyers or the subject property.
Part 1 of 4
I just returned from the National Association of Realtor’s (NAR) Resort and Second Home Symposium, held this year at Incline Village, Lake Tahoe, Nevada. As a certified Resort and Second Home Property Specialist (RSPS), the Resort Symposium is an opportunity to meet with other brokers who specialize in resort and vacation home properties. We gather to share ideas and solutions, and to hear the latest from industry experts. The headline speaker June 13 was Dr Lawrence Yun, NAR’s chief economist. For the purpose of this discussion, vacation homes and second homes are defined as distinct from investment properties. The later are not intended for use by the owner, and are purchased specifically for return on investment rather than for enjoyment by the owner.
A U.S. Travel Association poll taken in April shows a significant increase in perceived “money available for travel.” In October 2008 the Traveler Sentiment Index bottomed below 80, and in April 2010 it was measured at 90. This brighter number suggests consumers may be more confident about their finances, and may be more inclined to travel to Hawaii.
“Interest in travel,” “time available to travel,” and “money available for travel,” variables from which the index is derived, have risen. Unfortunately, the increased cost to travel, and lingering concern about job loss may keep people at home. However, financial factors that influence near-term leisure travel are mostly positive. For example, the percentage of U.S. adults citing a “high level of personal credit card debt” fell from 56% in April 2009 to 46% in April 2010.
Selling a home in Kona or Kohala can be a very personal experience. After all, this is the place you’ve lived for years. Maybe you renovated the interior with your own two hands. Maybe you got married here. Maybe this is even where you raised your kids. No matter what it is that makes your home, well, home, the decision to sell isn’t one that comes lightly to everyone.
The personal attachment we all have to our homes is part of the reason it can be difficult to sell a Hawaii home.
Finding the right home in Kona isn’t always as easy as relying on a checklist of square footage, number of bathrooms, and the upkeep of the yard. Although these types of features are important when determining where you want to live and raise a family, another important consideration is the neighborhood where your dream house is situated.
Kona and Kohala homes for sale are noted for their family-friendly communities and idyllic backdrop, but that doesn’t mean that every home is ideally placed. Before you purchase a home in any Hawaii city, it’s important to research what the rest of the neighborhood has to offer.
If you’re getting ready to sell a home in Kona, you probably have a checklist of ideas for making your home more marketable. HI homes tend to sell better when they have more immediate appeal; for example, well-tended yards, impeccable siding, and a welcoming kitchen can go a long way in enticing homebuyers in the area. There are a number of ways you and your real estate agent can work together to make these things happen, and one of the best ideas is to ensure that you’re engaging all of the senses.
Sight
These days, buying a home in Kona is about more than finding the right square footage, number of bedrooms, and price range. While these factors almost always make up the primary concerns for any home buyer in HI, the truth is that there is so much more to a home than the numbers and figures you see on an advertisement. In fact, Kona and Kohala are part of a growing trend of buying homes that are not only an investment in your future, but an investment in the future of the planet, as well.
What is an Eco-Friendly Home?
If you’re getting ready to sell your Kona, Kohala or Mauna Kea Resort home, you know that one of the most important things you can do to increase your sale price is to spend some time staging. After all, the better your home looks, the better the chances are that someone else will love it enough to buy it, too. However, many of the homes for sale in the Hawaii area are smaller in size than what’s currently hot on the market. While this doesn’t mean you can’t sell your home, it does mean that it might take a little extra work before you get that figure you’re aiming for.
These days, most of the listed homes for sale in Kona, Kohala, or Mauna Kea Resort are all about building a family future. Savvy buyers know that the market is theirs, and they can bargain for things like better school districts, home improvements, and other amenities that make owning real estate in Hawaii great. However, when the Kona real estate market boasts more homes than there are buyers, there’s another advantage: homes for investment opportunities are cheaper and have greater potential than ever before.