West Hawaii Real Estate | October 26, 2016 19 Realtor® has bigger, currently at a home square-feet in last homes when they’re ready to buy,” adds Yun. “It’ll be interesting to see in coming years if the typical home size shrinks as baby boomers downsize, and if there’s a shift towards more young buyers opting for less space to live closer to city centers. So far it hasn’t happened.” Down payments have trended down over time, but not in recent years square feet achieved in the low square feet), leading purchased housing firsttime tax credit the home size. that more to to tiny feet are that homes renters sacrificed entertainment, followed to the affordable At an average monthly mortgage rate of 10.62 percent, the typical firsttime homebuyer in 1989 – the earliest NAR collected buyer data on down payments – financed their purchase with a 10 percent down payment; it was 23 percent for repeat buyers. As low-down-payment mortgage programs entered the marketplace and credit standards eased too loosely, the typical amount of money put down fell to as low as 2 percent for first-time buyers both in 2005 and 2006. For repeat buyers, the smallest median down payment was 13 percent both in 2012 and 2014, which is likely due to reduced equity in the home that was sold. In recent years, down payment amounts have remained mostly unchanged, coming in at 6 percent for first-time buyers the last two surveys and either 13 percent or 14 percent for repeat buyers in the past four surveys. The home search is taking longer; tight inventory has slowed the pace in past two years With the internet and digital technology creating numerous avenues for sellers to quickly and efficiently market their listings to prospective buyers, one may think the duration of the home search has decreased over time. NAR’s longrunning data reveals the opposite: the typical number of weeks has actually increased since the late 1980’s. From 1987 until 2007, a buyer typically searched seven or eight weeks before finding the property they purchased. After rising to 10 weeks in 2008, the median length increased to 12 weeks through 2013 before falling back to 10 weeks the last two years. “Insufficient supply levels throughout most of the country have forced recent buyers to move quicker to close on a home,” says Yun. “Until new and existing inventory ramps up to meet demand, prospective buyers should anticipate a brisk home search process with not as many homes to choose from as they may like.” GATES Custom Railing Systems-Aluminum-Stainless-Glass & Cable Design-Materials-Installation Fencing & Custom Gates www.railingsystemshawaii.com btremain@railingsystemshawaii.com Bob Tremain Licensed C-25912 73-4272 Hulikoa Dr. Kailua-Kona, HI 96740 Cell: 808-938-9526 Ph. (808) 325-6105 PROPERTY CARE “We provide personal care and check your home / condo while you’re away.” VacationHouseCheck.com Joan@vacationhousecheck.com (808) 987-1869 Est. 2005 Joan & Peter Kinchla DRYWALL CONTRACTOR Drywall Installations Hawaii Quality Licensed Professionals RESIDENTIAL • COMMERCIAL • TENANT IMPROVEMENT & REMODEL Metal Stud Framing / T Bar Ceiling Hang, Tape and Texture Demo / Rubbish Removal 808-896-3739 • dih2001@hotmail.com Ashford Alices Owner • License #C-21983 Interior Design by She Designs Hawaii ELECTRICAL NO JOB TOO SMALL FOR ALL YOUR ELECTRICAL NEEDS, WE WELCOME YOUR CALL. Ph/Fax: 325-1600 Cell: 936-0260 Lic.# C-24983 allphaseelectrical@hawaii.rr.com "Specializing in Solar Power Services" FURNITURE FURNITURE NEW & NEARLY NEW • ALSO REUPHOLSTERY • We buy, sell & trade Will pick up one item or a houseful! 329-4477 74-5490 Kaiwi St. Kailua-Kona by Ace Hardware KALOKO FURNITURE Monday - Saturday 9:30 am - 5:30 pm Free Islandwide Delivery ,BVIPMB4USFFUJO)BMF,VAJ1MBBt LBMPLPGVSOJUVSFDPNtWJTJUVTPOGBDFCPPL Kona Real Estate Management Joseph A. Garcia, BIC Christina Sotelo, BA 808-329-3121 www.konahomesandrentals.com “A small but professional father-daughter run company, (father licensed since 1972 and daughter since 2004) both Hawaii real estate brokers, specializing in long-term rentals, as well as listings and sales and home check services. Call us today for more details on how we may be of service to you.” Are you think of renting your home or unit? Please call us! We are looking to increase our inventory as we have inquiries daily for rentals 808-329-3121 KEAUHOU VIEW ESTATES 3 bed/2 bath MLS#292614 • $499,999 Rentals Available KONA KAI 1 bed $1100 KONA MANSION 2 bed $1650 Security Deposit required KONA KAI 1 bedroom MLS#600197 • $40,000 LH PRICED TO SELL
REM_102616
To see the actual publication please follow the link above