By all accounts 2008 was a year of challenges for nearly everyone in Hawaii. From soaring fuel rates, and failures of airlines serving Hawaii, to stocks plummeting, unemployment skyrocketing, bank bailouts and falling housing prices.
Kauai Hawaii real estate in 2008 saw prices dropping, but lending becoming more difficult to obtain. The failure of the financial community has put an end to the "if you're breathing you can buy a house" lending that was happening in the past.
The cold hard fact is if you bought a house in the past couple of years, it is probably worth less now than when you bought it. But, prices will go back up, they always do, if not always in the way we would like. A rock rolling down a mountain imoves a lot faster than pushing it back to the top of the mountain, and so it will be with prices of real estate. Coming down takes less time than going back up.
What about 2009? It continues to be a "buyers market". There are some excellent deals to be had, and these tend to sell quickly. The best course of action is to be prepared. Have a loan preAPPROVAL, have your deposit ready, be ready to make a decision when you see property, and be ready to wait patiently. Most of the really "good" deals will be "short sales" which require the sellers lender approval, which can take weeks to months to process.
Most of all work with a Realtor ahead of time. Your realtor will keep you informed when the type of property you are looking for is available and many times will have knowledge of what's coming up for sale that may work for your needs.
Great deals in the Kauai Hawaii Real Estate market move quickly.
I can be reached at 808-652-1900 or by email kauaipropertyshop@gmail.com
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