RETAIL SPACE IN THE HEART OF KAILUA-KONA 75-5597 Palani Road, Kailua-Kona, Hawaii 96740 FOR SALE REDUCED PRICE OF $500,000 (LEASEHOLD) FOR LEASE REDUCED PRICE OF $1.90 PSF GROSS • 11,976 SF • Center of Kailua-Kona town commerce • Free standing building • Surrounded by parking • A/C in good working condition • Walking distance from Ali‘i Drive Rare opportunity of a free standing building approximately 12,000 square feet surrounded by parking. This diamond in the rough has its own restrooms, offi ce space upstairs and an employee break room. The fl oor space is wide open for your desired touches to make it the perfect fi fififi t for your business. Debbie Parmley (B) Vice President | Hawaii Leasing Services – Island of Hawaii License No. RB-21953 Direct +1 808 987 7722 Main +1 808 524 2666 debbie.parmley@colliers.com 220 South King Street • Suite 1800, Honolulu, Hawaii 96813 For details on all listings visit, DebbieParmley.com New construction or remodel we are your Kitchen & Bathroom specialists. 329-5836 Please come and visit our showroom 73-5620 Kauhola St. #3 Kailua-Kona, HI 96740 www.kitchencabinetshawaii.com kci@aloha.net YOU CAN COUNT ON US 18 West Hawaii Real Estate | October 26, 2016 When the first Profile of Home Buyers and Sellers was introduced 35 years ago by the National Association of Realtors®, mortgage rates were over four times higher than they are today and first-time buyers made up a much larger share of overall sales (44 percent). Over time, homebuyer tastes and behaviors have changed, yet many have stayed the same. In anticipation of the 2016 survey release on Oct, 31, NAR has identified five noteworthy real estate trends since the survey’s inception. NAR’s Profile of Home Buyers and Sellers dates back to 1981 and is the longest-running series of national housing data evaluating the demographics, preferences, motivations, plans and experiences of recent home buyers and sellers. Participation from first-time buyers is depressed Last year’s survey highlighted the ongoing hardships young adults have faced since the Great Recession and its consequences for the housing market. From reasons such as underemployment, repaying of student debt and being unable to save for a down payment or simply young adults holding off until they marry and have children, first-time buyers in the 2015 survey represented the lowest share (32 percent) since 1987 (30 percent). Furthermore, according to the U.S. Census Bureau, the homeownership rate for 18-35 year-olds is currently at 34.1 percent, the lowest level in records dating back to 1994. Sales to first-time buyers peaked in 2010 and 2009 at 50 percent and 47 percent, respectively. However, the long-term average is 39 percent of sales after excluding the skewed data from those two peak years, which were influenced by the popular firsttime homebuyer tax credit program available at the time. “Monthly feedback from Realtors so far this year indicates that sales to firsttime buyers have remained subdued in today’s tough market of swiftly rising home prices and meager supply levels at affordable prices,” says Lawrence Yun, NAR chief economist. “A strong majority of current renters under the age of 34 say they want to own a home in the future, but their impending rise will be a gradual one and is not likely to increase substantially in the 2016 survey.” The internet is not replacing a real estate agent It should come as no surprise that NAR didn’t track buyer and seller data on internet usage in 1981. With the World Wide Web not gaining mass popularity until the 1990’s and realtor. com introduced in 1995, the ability to view listings online and then contact a Realtor was non-existent. When NAR first began asking the question 21 years ago, only 2 percent of buyers used the internet during their home search. By 2005 usage soared to over three-quarters of buyers, and since 2012, 90 percent or more have gone online during the house hunt. Despite the internet’s ascending popularity over the past 20 years, buyers and sellers continue to seek a real estate agent to buy or sell a home. In NAR’s 2015 survey, nearly 90 percent of respondents worked with a real estate agent to buy or sell a home; which pulled for-sale-by-owner transactions down to their lowest share ever (8 percent). In fact, after peaking to 14 percent in 2003 and 2004, for-saleby owner sales haven’t risen above 9 percent since 2011 (10 percent). “Realtors are the source of online real estate data, and they continue to use their real insights and local market knowledge to help bring buyers and sellers together,” says Salomone. “The preference to use a Realtor® has never been stronger.” Buyers have bought slightly bigger, but the pace is currently at a standstill The typical single-family home purchased in 1981 was 300-square-feet smaller (1,700 square feet) than in last year’s survey, which at 2,000 square feet remains the survey high, achieved in seven different years. 1985 was the low point in home size (1,650 square feet), and after gradually increasing leading up to the boom years, purchased homes scaled back early in the housing recovery as distressed sales and firsttime buyer activity during the tax credit period made up a larger bulk of the sales and reduced the typical home size. Recently, common claims that more homebuyers are either flocking to McMansions in the suburbs or to tiny homes less than 500 square feet are simply untrue. The data shows that since 2011, the median size of homes bought is 2,000 square feet. “While many millennial renters living in urban areas have sacrificed space for proximity to jobs and entertainment, they’ve so far followed previous generations by fleeing to the suburbs for larger and more affordable Survey highlights real estate trends
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