Honolulu, Hawaii Real Estate Hotsheet 3/21-3/22/13 & Rent vs Buy

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I shared this report by Trulia on my Facebook Page this morning. It shows how close the "Rent vs. Buy" cost is in Honolulu, Hawaii. This is why many people that purchase property in Honolulu, Hawaii never sell it and our inventory of available homes is so low. Most people keep the properties that they have purchased and rent them out. As you will see in this report, it is only 23% cheaper to own than it is to rent a home in Honolulu. That makes Honolulu a place that real estate investors feel comfortable buying investment properties in. 

With the anticipated increase in home values and mortgage rates, the investors realize that it will be even more difficult for first time home buyers to afford a home and it will most likely force those buyers to continue renting or relocate. It is difficult for many to relocate so renting will be the most likely choice and that will cause rental rates to continue to rise.

I think that what it comes down to is if the person asking the question is intending on living in Honolulu for at least a couple of decades, it would make more sense to purchase. If the person plans to relocate to Honolulu in future years (for example after retirement), it would make more sense to purchase a property now and use it as a rental until time to relocate to Honolulu. In any case, I think that any renter will agree that it is very difficult to find a decent rental around here.

Submit a request for a customized report with the specifications you would like to see at http://fb.me/RickNakamaR/. The MLS links in this email or blog post expire 30 days from the date of report.

Summaries of Residential Resale Statistics and Local Market Update Reports: http://nakama-mlshotsheets.blogspot.com/search/label/statistics/.

The Honolulu Board of Realtors Sunday Open House Guide: http://www.hicentral.com/images/Documents/HBROpenHouseReport.pdf (Updates every Friday by 3pm).

Rick Nakama (R GRI) 808-382-6761 East Oahu Realty, Inc.

Information is believed reliable, but is not guaranteed.