What’s The REAL Price of Living In Paradise?
What’s the price of living in paradise? There’s no secret that Hawaii is an expensive place to live, and with Hawaii’s competitive housing market, homes are selling for more than the original asking price. Hawaii is consistently ranked among the top, if not holding down the number one spot, of the most expensive place to live in the U.S. and here’s why the demand is high:
Upsurge of single-family homes and condo sales –
Home inventory shortages ultimately lead to high buying demand for homes and condos. Today, the median price of homes on Oahu is $770,000 and $425,000 for condos, a 10% increase from the same time last year. Homes are listed on the market for an average of 16 days before they’re sold, compared to a national average listing time of 46 to 55 days.
Growing luxury condo market –
Prime properties on the outskirts of town are now being dominated by the tremendous growth of luxury condos. The luxury condo market has set its roots in urban Honolulu and is attracting local baby boomers looking to downsize from their singlefamily homes, buyers who want to move to Hawaii and foreign investors who want in on this expanding market.
Island location –
With warm, tropical weather and cooling trade winds all year long, it’s hard not to like Hawaii. And tens of thousands of people move here each year, which means more houses are needed to house more people. Living on a rock in the middle of the Pacific Ocean also has its downfalls, one being the high price of importing goods which contributes to Hawaii’s high cost of living.
The hard truth is that the cost of living in Hawaii isn’t going to improve. The good news: build your equity now and get yourself off to a good
financial start by locking in a low mortgage interest rate whether you’re buying your first home or looking to finance the purchase of a luxury condo.
The Home Loan Specialists at CU Network Services will guide you through the simple application process and take the time to explore your mortgage loan
options. Want to build your own piece of island luxury? CU Network Services is your premier choice for affordable Owner – Builder Construction loans. Apply online at CUNetworkServices.com, call them at 529-4599 or visit their office at 715 S. King Street, Suite 100.