2017 Forecast: Sales up; A turning point for first-time buyers Pending home sales dipped KE ALOHI KAI Island living at its best! Recently updated 4 bedroom 4.5 bath estate has exquisitely appointed architecture with resort quality features. Wellthought out fl oorplan that allows separate living areas or combined quarters to accommodate an entire household. Desirable ocean view end unit. Larger single level fl oor plan. Updated kitchen. Master bedroom & living area open to separate lanais. Concrete complex with waterfalls, streams, & elevators throughout property covered secured parking. Great place to live or vacation. Newly remodeled 3/3 on nearly 1 acre. Surrounded by Approx. 200 coffee trees. Huge open kitchen. Granite & Sapele Mahogany throughout. Heated Pool & Approx. 940 sf Covered Lanai w/TV & 3 outdoor seating areas. Ocean Views all the way to Town! Up Lako above Kona Vistas – Private Road. Spectacular ocean views! 3/2 unit. Complex boasts 3 pools spa, tennis courts, gated & walking trails. Walking distance to Keauhou Bay, best beaches, shopping & entertainment. Located nearly on the golf course. Life is good at Kanaloa! 78-6831 ALII DR. STE. 163, KAILUA-KONA HI 96740 Each Offi ce is Independently Owned and Operated. O‘OMA 83 ACRES QUEEN K FRONTAGE 83 acres of great mixed-use project property. Ocean Views, Zoned MG- 3A, commercial- Industrial. This is absolutely North Kona’s BEST Commercial Opportunity! MLS# 601887 $12,000,000 2/2 condo golf course Views and 2 lanais. 3 pools, spa, tennis courts, guard gated, walking trails. Walk to Keeuhou Bay, beaches, shopping and entertainment. John Miller Vice President, R(s) & Pam Miller, Broker John@LiveInKona.com | 808 315-5501 Pam@LiveInKona.com | 808 936-9997 ROYAL SEA CLIFF CLUB OCEAN VIEWS MLS# 601367 $264,000 SOLD PINEAPPLE HALE MLS# 299544 $1,690,000 REDUCED KANALOA AT KONA OCEAN FRONT MLS# 601529 $799,000 KANALOA AT KONA GOLF COURSE VIEWS MLS# 27117 $435,900 SOLD LANI KAI ESTATES OCEAN VIEWS MLS# 601773 $1,075,000 REDUCED 18 West Hawaii Real Estate | February 1, 2017 “Healthy local job markets amidst tight supply means many areas will remain competitive with prices on the rise. Those rushing to lock in a rate before they advance even higher will probably have few listings to choose from,” said Yun. “Some buyers will have to expand the area of their home search or be forced to delay in order to save a little more money for their down payment.” in November to their lowest level in nearly a year as the brisk upswing in mortgage rates and not enough inventory dispirited some would-be buyers, according to the National Association of Realtors. Only the Northeast saw monthly and annual pending sales gains last month. The Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.5 percent to 107.3 in November from 110.0 in October. After last month’s decrease in activity, the index is now 0.4 percent below last November (107.7) and is at its lowest reading since January (105.4). Lawrence Yun, NAR chief economist, says ongoing supply shortages and the surge in mortgage rates took a small bite out of pending sales in November. “The budget of many prospective buyers last month was dealt an abrupt hit by the quick ascension of rates immediately after the election,” he said. “Already faced with climbing home prices and minimal listings in the affordable price range, fewer home shoppers in most of the country were successfully able to sign a contract.” With 2017 at the doorstep, Yun says higher borrowing costs somewhat cloud the outlook for the housing market. This was evident in NAR’s most recent HOME survey, which found that confidence amongst renters about now being a good time to buy has diminished since the beginning of the year. The good news, according to Yun, is that the impact of higher rates will be partly neutralized by stronger wage growth as a result of the 2 million net new job additions expected next year. “Healthy local job markets amidst tight supply means many areas will remain competitive with prices on the rise. Those rushing to lock in a rate before they advance even higher will probably have few listings to choose from,” said Yun. “Some buyers will have to expand the area of their home search or be forced to delay in order to save a little more money for their down payment.” Existing sales are still expected to close out 2016 at a pace of around 5.42 million, which will eclipse 2015 (5.25 million) as the highest since 2006 (6.48 million). In 2017, sales are forecast to grow roughly 2 percent to around 5.52 million. The national median existing-home price is expected to increase to around 5 percent this year and 4 percent in 2017. “Much more robust new home construction is needed to relieve inventory shortages and lessen the affordability pressures present throughout the country,” added Yun.
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