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The Reality of BUYING a Home in HAWAII (as a local)
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- Опубликовано: 6 авг 2024
- We often hear about the rising cost of homes in Hawaii - the price of paradise. Oahu recently saw the average median price of a single-family home top $1,000,000 this year and prices continue to climb. For many locals, buying a home in Hawaii will be impossible, with inheriting a house as the only means to getting a house. We are looking for a bigger place since our son is getting older, but it's been tough. In this video, we talk about our experience in looking at the housing market in Hawaii in 2021 and how we were told that a single-family house is out of reach for us. And that's okay. This experience really has reminded us of what we have and that we are so thankful for where we are currently living.
If you are trying to buy a home in Hawaii and feel like it's getting more impossible, just know that you're aren't alone. We can still dream.
Intro - 0:00
Experience with the Realtor - 0:37
What You See When You Actually Start Looking - 1:16
People are Desperate - 2:01
Where We're Coming From - 2:29
Single-Family Homes - 3:03
Growing Up in Hawaii and Wanting to Live in a House - 3:43
We were Shown What We Could Afford - 4:31
How My Wife Felt and What She Learned - 4:50
Our Housing Situation - 6:23
Dreaming Big - 8:07
Advice for People Looking to Buy a Home in Hawaii - 10:23
Encouragement for Local Buyers - 11:33
Filmed using the Canon Vixia G60
#hawaii
#hellofromhawaii
#hawaiihousing
📷 IG - / hello_from_hawaii
What I hope comes across in the this video is the reality of what many locals face when it comes to homeownership in Hawaii. First, we are extremely grateful for the place that we have. It's really been a blessing for our family. Second, the market is what it is. Inventory is low and demand is high. Until more housing is available or somehow reserved for local residents (not sure about the constitutionality of that), it will be tough for many locals. Lastly, if you are looking for a place, we hope that you feel encouraged that you aren't alone in the struggle. It's tough out there in the market.
Good luck to all the families and individuals, local or not, looking to buy a piece of paradise. 🤙
Our condo was secure and my son lived in a 1 bedroom till he was 10 years old. We could've purchased a house in Kapolei back then and town was where work, school was for us so we stayed had a day bed. Sometimes us locals really have to make do. It's what's in out hearts that count. I'm not sure if you're familiar with Dave Ramsey, he teaches people how to save :) Aloha
Average cost for a house here in Seattle is ... (wait for it) .. over $800K!
It is awful, actually.
@Catherine Martin Wow, that's prejudiced of you.
@Catherine Martin Wow, how prejudiced of you!
Based on the inventory, one can understand why many Hawaiians are moving to the mainland. There may come a day when the native Hawaiian people population will be so small, they will become strangers in their own homelands.
Everyone from San Diego to Vancouver have been experiencing the same housing situation for years. The most desirable places to live are the least affordable. This trend now includes the inter mountain west as well. Idaho, Utah and Arizona are seeing massive price increases and home prices have doubled (or more) in the last 2 years. The locals in those areas are just as shocked and dismayed as we are in Hawaii. Remote working is here to stay and naturally the best places to live are all taken already.
I heard about the situation in Idaho. That's gotta be tough for the locals.
@@HelloFromHawaii I live in Boise Idaho, house here starting at 600k at the low end 800k are normal then move up to 1 million for the better location and better house. All locals are price out of the market. Lots of people moving in from surrounding states.
Arizona has gotten so crazy and it’s crazy to see just how much more people there are then when I grew up and it honestly sucks I’m looking to leave because it has just become too much here
I know exactly how you both feel, my family and I are in the exact same situation. We have thought about even moving to the mainland, but it would be hard to leave my parents. I hope eventually your family will get the home that you want.
Mahalo! I know it's a tough decision about staying or leaving. Probably going to be more friends and family who leave in the next few years. Just gotta hang in there.
It’s pretty tough buying a house in a market when the median price is like a million bucks, I was just listening to some realtors in Hawaii as to how foreigners are also buying property in Hawaii, that’s not going to help if you are a local. The pandemic has opened the door for remote working, which is going to exacerbate the situation. Don’t lose hope, one day you and your wife and child will have a house, wishing you the best
Mahalo. Appreciate the encouragement. Yeah, I've heard some crazy stories about offers on homes. Wild out there 😆
Allowing non-citizens to own property is a problem at a national level.
Is it a problem for non-citizens to pay tax ?
the market is terrible for buyers in Canada as well. if it's any consolation, you aren't alone. best of luck in finding a place and the market always goes through cycles, so here's hoping things turn around in the coming years.
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What a great discussion today! I totally understand the situation you are in and feel I'm in about the same spot. I'm retired still making a house payment on a fixed income and cannot afford to buy anything different. My payment is doable at this point but anything I would buy would push it way out of the realm of possibility. I'm working hard to keep up my home and I'm constantly fixing up what I can afford to fix up in hopes that someday I can make it into what I wanted to be. I have never seen in my life time the difficult situation where nobody can afford a home any longer. Rents are so high for apartments or condos that I would be paying twice my house payment for a little tiny closet apartment. We must humble ourselves and be happy with what we have. We can make do until things change. Good luck to both of you
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Yeah you guys are really in good shape when it comes to living conditions. You can't compare your situation to your parents or grandparent's generation. Back then, people married young, purchased a home early, had a bunch of kids with that too, and all with just one income earner. Nowadays, especially in Hawaii, you'll be lucky to even have a place to yourself. There still are a lot of people in their 30s - 40s who still rent a single bedroom within a house divided with other people in the same situation. Your son is still young, wait it out some more and start saving more. What's great about kids is that they don't know their place is small until puberty XD.
Mahalo for the perspective. I agree that the situation is very different in today's world. Both of my grandparents had one income households. Both had homes and multiple kids. Hard to imagine that nowadays in Hawaii. Appreciate the comment. 🤙
Thank you for sharing this video. Really heartfelt. You really have the most genuinely local Hawaii RUclips channel. And man, I wish homes were affordable here!
Mahalo. Appreciate that. I really like this video because it will serve as a reminder years from now as to where we started. 🤙
Thanks for sharing and being authentic and honest about the housing situation. I think your video adds value and encouragement to those who feel discouraged right now. Good luck in finding your dream home!
Mahalo. Hope it encourages people who are still looking.
People need to accept reality, and I’m glad you’re speaking about this. The homeowners I know in Hawaii inherited their homes. If you’re buying right now, you’re ballin’.
This level of transparency is really helpful! Thanks for sharing.
Glad your covering this topic. It’s a tough time for young growing families. Heck for any family trying to get into the market. If you currently own your home you’re in good shape to either sell and put towards your next purchase or rent it out to supplement your income.
Mahalo for the comment. Yeah, it's tough. Hope more young families can hang in there. I know that Vegas is calling some people 😆
Much aloha to you. Maui was my home for 15 years. Couldn’t afford to buy. Had to leave as a single parent. My heart belongs to the islands, and I will probably will return as ashes on a paddle out to return home. I hope above hope you’ll get your home. Tell Oprah to sub divide and not rip you off. It sucks when mega money comes in and destroys the economy, leaving the locals out on a limb without the ability to own where they were born. When I was there in 1971. I was 18 and homes were 50,000 in Kailua, Oahu. At that time homes we’re being built for local Hawaiians only on a lottery type purchase. Those were the good ole days. Kama’aina wishes you success!
Mahalo for the comment. Hard to imagine how much those homes in Kailua are worth now. Millions? We're hopeful and patient. 🤙
Man I hope you guys find a home !!! My family and I are extremely fortunate to have a home on the mainland and be able to visit Hawaii every year. I use to think the local Hawaiian folks were lucky to live in paradise 365 days a year, but I soon came to realize it isn’t that way at all. As a family we relish the feeling of Aloha when we visit it’s like a charge of energy but after this years visit it felt like aloha wasn’t as aloha as usual. I saw that things got tough out there in Hawaii and I hope you guys stay positive and keep the aloha spirit strong . Wishing you guys the best aloha
Mahalo for the comment. Glad that you and your family are able to visit. It's been a tough year for many here, so I'm not surprised that that aloha feeling you've felt in the past has somewhat changed. Still trying to stay positive and see what's ahead 🤙
Thank you for sharing and good luck to both of you in finding what you want. Born and raised on Oahu, joined the military and left. Now living in Texas . Hopefully one day i can afford to buy my first home in Hawaii. I really want to move back home in Hawaii. It's not the same living on the mainland, not to much Aloha here. Aloha to both of you
Mahalo! Texas must be nice. So much land! 😆 Hope you can get back home.
EVERYTHING IS TOO HIGH RIGHT NOW SO JUST WAIT FOR NOW. IT'S GOOD THAT YOU HAVE A PLACE TO LIVE RIGHT NOW! THANKS FOR THE VIDEO AND BE SAFE!
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We’re in the same boat out here in Houston, TX! Keep your heads up and aloha!!
Good luck to you and your family. Finding a home anywhere right now is a difficult thing.
Mahalo 🤙
I'm sad to tell you that I personally know several people who work in the SF Bay Area tech industry who bought houses in Hawaii sight unseen in cash. They don't even plan on moving there. I think they are worried about the rising crime and want a place to escape to, just in case.
And that's okay. It's the market we're in. It's just too bad that the houses are empty when people could really use the housing.
I would like to own a "tiny home" made out of shipping containers. I think Hawaii should do this because of limited space. I feel that having a tiny home can re-enforce living minimally. It's difficult to purchase a home in Hawaii these days, I think we are competing with outside investors (non residents), which is unfortunate. Side business really helps to boost income, I think this is key now, especially living on Oahu.
I also like the idea of homes out of shipping containers. I've seen some nice structures from Europe. However, it's the land that's pricey, even if you can bring construction costs down. Definitely tough for locals.
Hey, I appreciate the content. I want to see your channel succeed. I think you should do a video on "unique" things that you do in Hawaii or "daily life in Hawaii."
Thanks for the recommendation. 🤙
We are right there with you. We own a modest home and are grateful. Would love a bigger place, but right now, it’s not realistic.
It's tough. Great reminder to be grateful for what we have.
Hope your channel will grow and able to give you a support buying your dream house soon
Mahalo
Hopefully and eventually the housing market will correct itself when the intervention in housing forebearance program and low mortgage interest rate come to an end. Another way to afford a single home is to rent part of your home to help pay the mortgage. Many houses up here in Northshore area are like that typically. Some homeowners might have to sacrifice by adjusting their life style and budget to make that dream of owning a home come true, and some might stuck in a “home poor” position where you own a home but no money left for saving or investing just enough to cover the mortgage and living expenses.
Mahalo for the perspective. Interesting idea of renting out part of the house. I figured that most Hawaii houses are a little small to rent out part of it. But interesting idea and might be one worth exploring in the future 🤙
like your attitude. hang in there!
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Felt your pain. Even with relatively high dual incomes we couldn’t make it on Oahu so moved to the Pacific Northwest and got a huge (by Hawaii standards) house with beautiful views for under $600K. Additional savings on the lower cost of living too. Downside is have to drive 40 minutes for a good poke bowl haha!
Yeah, it's tough. I had coworkers who couldn't make it, even with two professional-level incomes. They ended up moving to the mainland, bought a ranch, and are enjoying it.
I love your wife's expressions and statements. She's so funny and pretty local in many ways with her sound effects. Don't give up on owning, be patient, build equity and down payment. Wait for prices to come down, eventually markets rise but they also drop too, sometimes hard, so be flexible about what you are looking for or willing to have, such as a fixer upper, if you're willing to put in time, effort to do it yourself or with friends. The construction of some of the newer homes isn't always that great, so lots of time, you end up having to have things repaired due to mass construction cutting corners. Even condo's can have their own set of problems with faulty construction even if its a million dollar unit, then you have do to deal with the association and property managers. Maybe Ohana construction, as not all relatives have kids, so building/renovating a relative who doesn't have children, so that an eye can be kept on them as they get elderly. I didn't think I've ever afford a home when I was your age but I lucked out even with the high interest rates running 9 - 11% at the time and a 45 +/- commute time. In time, the mortgage rates dropped, prices dropped. It might be kind of incremental steps of buying/flipping or using the first property, then a second one to help pay for the second one. Just be flexible, patient and it will be okay. Good luck and stay safe & healthy.
Appreciate the advice. Hard to imagine interest rates that high 😆 We're practicing patience and hopeful
Welcome to the club! My wife and I are looking to buy in the next year or two. The longer we wait the harder it becomes. We can’t keep up with the increase in prices. It’s going to get worse over time. There will never be enough supply to hope to meet demand. We live in Kaneohe right now. We would love to stay on Oahu but prices are too high. We’re thinking of moving to Big Island because it’s more affordable. If you don’t qualify for “affordable housing” lotteries and can’t afford 800 to 1 mil then your screwed. Condos are too costly with fees and all that. Oahu is really difficult bro.
Kaneohe is great. I wish I could buy a house there. Big Island is cheaper, but I'm not sure about the job opportunities.
As you said with limited supply and unlimited demand from all over the world the price will always go up. The sooner you get in the better in my opinion keep looking and don't give up, the right one will come! Those 1 million dollar homes may be 2 million in 5-10 years. You are already on the island use that to your advantage. Respect the honesty and thank you for sharing your story.
Appreciate the comment. We're patient, so we'll keep looking until the right place comes around. 🤙
Never lose Hope! You and your Wife will be able to find your Home! 🌺
It’s like that everywhere and I hope you find a home I’ve never had a home of my own but I can say don’t wait until you have a bigger home to host people just cram them all in there because most people are in the same boat and it could even be more fun knowing everyone is working together and just have a great time.
Great advice. We once had 20 people visit for a quick lunch. Space was tight 😄
that’s how i feel about California too. i grew up here in my parent’s small home and always assumed i would be able to afford one after graduation but the tiniest one is at least $500,000 and they sell before they even do an open house. it’s very discouraging because rent is extremely expensive too. we feel like we have to leave our home states just like you guys but i’m staying hopeful that my family and yours will be able to find really nice places near our families
Hoping that we can find a place soon.
Great attitude!🤙🏼👍🏼
Mahalo 🤙
If you can buy a piece of property in Hawaii, you can make it anywhere! Its sad most locals have to move cause of the high cost of living.... good luck to everyone trying to buy their first home in Hawaii!
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The housing market in my country inEurope is also insane. For younger people it is not possible anymore to buy a house. The prices are insane, houses are sold the same day. But most people just can’t afford it. Also for renting there is a waiting list of 10 years!! My son has medical issues so he cannot work a lot and only makes very mininal wage. That makes it impossible to ever buy. I feel your struggle….
Mahalo for sharing 🤙
Keep it up! Rooting for you guys!!
BTW, saw your video a year ago about how you bought a house. Did something change? Are you just looking for something bigger for growing family?
Good luck!
Thanks for the comment. Yeah, I bought a while ago, but looking for a bigger place since having my son.
@@HelloFromHawaii I know what you mean. A growing family is expensive, not just the extra mouth to feed, but the lifestyle creep it entails.
I have a third little one on the way, and instead of buying a bigger car, trying to figure out car seats that can fix three across in our current car, lol
Hang in there, it will all work out in time. Sometimes it is best to wait. With this crazy market it is probably best to wait a year anyways. I think it will calm down by then.
The counties are trying to increase workforce housing for locals so keep an eye for those projects. I am pretty sure each county has some in the progress and more in the pipeline. They usually do a lottery system but it is good to at least put in your name even though it is very competitive.
On different island but my friend applied for workforce housing were like 125 on wait-list but did get called months later as financing fell thru or something else happened the those above them on the waitlist. I also applied to a different workforce housing but got called a year after I bought a place so I had so no thank you and they moved on to the next person on the wait-list.
Firm believer in opportunity meets effort equals magic ---- and you guys ending up in great place.
Mahalo for the comment. We'll see how the county projects turn out. I know they are looking to build on the west side of Oahu and around the Stadium. Maybe even around the rail stations.
My wife who’s Japanese and very frugal
We moved back to Hawaii in 2016 and just went with a condo, the price was affordable at the time and plan to pay down as much as possible until it’s paid off and then can really live comfortable
we had downsized from having owned a single family home in CA and kept the house as a rental and helps to pay the mortgage on the condo, very grateful to be back in Hawaii especially here in Honolulu! No need to keep up with the Tanakas (Jones’) we are staying here and would love to retire living the Aloha life! Welcome home and best wishes you
will find your dream hale 🤙🏼
🤙 Mahalo
Hoping for the best outcome for you guys.
Mahalo. Appreciate it 🤙
You’re blessed to own. Now remodel look at the yacht or campers at how efficiently space is used . Think of smaller furniture. A Murphy Bed is great. Looking into the history of small NYC apartments and the way folks dealt with small space.
You could do your own small space RUclips channel .
Mahalo for the comment. I really like how the Japanese design their places. Some are so small, but efficient.
It will never get better. I remember my parents talking about how expensive it was 30 years ago. Just need to find ways of creating more income.
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Hawaii is very competitive. We moved back to California when prices were affordable. We were planning to move to Hawaii but the housing prices are out of our range temporarily.
I recently bought a home here on the mainland. Nice to have 3 bedrooms and a garden. Just got back from living 5 years in Hawaii. Could not afford it. So there ia job an home for you here.Totally understand lving living close to family. Plan on moving back. Good Luck!
Glad you were able to find something. We'll see how this housing market reacts to new rate hikes.
pretty much the same story here in NJ, my friend saw a place he wanted to put an offer . a week later they had an all cash offer 40K over the asking price
Aloha Sir, This week, I made my first two offer bids to buy my new home in Makakilo Cliffs - Kapolei 🤙
I'm now waiting and seeing if I too will be priced out... 😳
Hot market 🔥 its crazy! Both of my offers were above asking price. The first property was listed for 450k... my offer was 500k
The second property was listed for 499k... my offer was 525k
I will know in a few days the outcome. Cross fingers 🤞
Good luck. But once you get a place, I'm sure it will feel amazing.
Big dreams! Shoot for the stars and you will land on the moon. We are going to try to buy around 2023🤞. Just a guess but perhaps the interested rates will rise to combat inflation and bring home prices into a more stable realm with steady rises. We will keep saving and investing. Good luck to you and your wife too. I love having a gathering place and having our kids grow up in somewhat of a similar way to ourselves.
That's great. I still remember when you guys were living next to Hokulani. Awesome that you're planning to buy 🤙
Real estate is crazy in many places. In the SF Bay Area, simple 3 bd/2ba homes are being bought $750,000 over $2M asking price. We are concerned about our children, in their late 20s. I wish you lots of luck.
Whoa! That's high. Hope we don't experience that here.
I'm on the Big Island and it's better/cheaper, but not by much and getting more and more expensive here, too.
Not knowing your current floor plan, I'm just going to throw an idea out I saw in a magazine a few months back. In this instance, the couple's one bedroom place had a sort of "breakfast nook" off the living room or maybe it was like a large bay window/sitting area? Anyways...the adults, really only needing a place to sleep, turned that nook into their bedroom by adding a wall/partition, and let their kid have the actual bedroom, since kids have/need more "stuff" growing up (toys, etc.)
It seemed like a pretty workable solution, in their case...maybe it is something for you two to consider as well? Hope my description made sense!
I loved hearing both your perspectives. It is really scary to see what is happening with the housing market here, and on the mainland as well.
I personally am a huge fan of tiny/small homes and am looking at building one on a property I own and selling the unnecessarily large family home I'm in now. I don't need all this space and would rather someone else could use it!
I also strongly feel well-designed tiny house communities could be the answer for many of the housing issues here in Hawaii as well as the mainland.
Mahalo for your videos!
Mahalo for the comments. I like the idea of tiny homes or alternatives to what Hawaii has been building and zoning for years. 🤙
Could you convert the dining room into a small bedroom then turn the kitchen into an eat-in kitchen temporarily? I learned that moving should depend on what you get as a swap playing in our favor not a downgrade. The housing market may burst and may correct itself after.
Mahalo for the suggestion. It will be tight, but we can manage for now. Looking forward to seeing how the market stabilizes in Hawaii.
It's the same in many countries now. I'm in the Netherlands and we can't afford a house either. We are stuck renting. We aren't even in or near Amsterdam and buying a small run-down renovation project is already like 400,000 dollars for a 2-3 bed town house from the 50s (cheap fast built after ww2). Income here is also lower then in the US. Normaal income is 35,000 a year before tax.
Aloha Nui Loa ~ My girlfriend and I live in Los Angeles area. I purchased a house in 1998 which has since grown 4X+ in value...so that's good for me. But for many it's too expensive to buy a home now in the Los Angeles area as well. Altho we like many of benefits of living here...there are the downfalls too. We've traveled to the 808 MANY times and always loved it there. We were in O'aho for 2 weeks for a wedding at Kualoa Ranch the end of July 2021. We'd love move to O'ahu but after looking into it........it's just too high to buy now. Even a decent 1 bedroom condo is insane with the HOA and all. It's way overpriced. You won't find a home here for $200k , but if you go out a bit.....maybe 500K+. For us it makes more sense to travel to the islands 3-4 times a year to visit. Market crash may be coming soon...so we'll see what happens....always looking to make friends in O'ahu so say hello! ka mahalo
Mahalo for sharing. Yeah, it's a tough time to buy, especially on Oahu. We'll see what happens next year in the market.
The struggle is real. I joined the Hawaii army national guard and used the VA home loan. Now I own two properties. With the VA you don’t have to pay PMI and it’s approved for more than 900k right now as long as you can make the payment. Not to mention the monthly supplemental income you’ll get every month to ease that struggle.
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I wish you two well if you decide to stay. It is disheartening to see so many in your predicament. I was born on the Mainland with local Mom and Military Dad. After Dad retired, family came back to the islands and I've been here since early 70's. I am fortunate to have our two story 6-bedroom family home left in trust to myself and siblings as a Plan B. Even with that, I used to believe that I'd never want to leave the islands but have come to realize that there are so many other beautiful places around the world that are less expensive and where the US dollar is stronger. I no longer want to stay here on Oahu full time when I retire and am planning to rotate living overseas where my monthly rent is less than my normal Costco run (electricity and WIFI included). So even if you do have a house, the cost of everything else is still ridiculously stupid.
Awesome to hear about your situation. And it's good that you're looking overseas. Lots of great places to live.
This is a problem not just for Hawaii but for most young people in developed countries. I am sure it is the similar situation in Japan. We are a young family that just moved to Hawaii. I am shocked to find that even within the island of Oahu, there are so many prejudice on what area you live in and what school you attend. There are many nice and more affordable communities on the west but for certain group of people, they are not preferred. So affordability is very hard to define when you limit yourself to a small location.
I'm single and old, with certain health issues, who never earned enough to buy a place that would accommodate my health needs. I left 20 years ago. I suspect that I would not be alive today if I hadn't, due to the living issues, including housing and job pay. I got a better job that allowed me to prepare for retirement. Found a Hawaii community as well as local friends. Am able to own a home. And am in better health than I've ever been, and getting better.
Your desire to be accepting of your circumstances and not hold resentment is clear and admirable. But you might add a little talk about the causes. And how things could be changed if enough people decided to take on their duties as citizens, instead of passively leaving it to the politicians and business interests.This is not unique to Hawaii, but part of the problem nonetheless.
Mahalo for sharing. The issue of housing is a big one. Probably need an entire video on the current situation and how we can fix this issue.
Back to Colorado Bro! Back to Colorado! We got LL Barbecue in Aurora and daily non-stop Denver-Honolulu flights...😀
lol. Miss that L&L in Aurora. Still remember the first time I walked in there. Almost cried. Worth the drive from Greeley every time. 😆
Hang on! Things will get better.
Mahalo 🤙
Glad to see you including your wife's perspective. I will be moving there within the next 6 months and am probably in a similar price range. My wife and I are probably going to rent for the first year while we explore possibilities for housing. Mahalo.
Congrats on the move. Renting at first is probably a good strategy. You'll have time to figure out where you want to live (and where you don't). Good luck 🤙
Y'all move here, chasing us locals out of hawaii
Hello! Same situation is happening in Puerto Rico. Im "lucky" to be a homeowner. But its really sad and scary to think about the future. It seems like the government is selling the Island to foreigners.
Buying a house on Oahu depends on timing. The last downturn is around the year 2000. But even by that time if you wanted to buy a SFD in prime location, you still needed to pay over the asking price.
Agree that it's about timing. Although back in 2000, was it more of a global marketplace as it is now?
@@HelloFromHawaii it has always been a global market place. Back in 1980s, Japanese billionaire Gensiro Kawamoto bought dozens of expensive house, most of them beach front properties in Kahala.
What kind of place do you guys own and what is your mortgage. Would be nice to know what you guys have.
We have a one bedroom.
Consider building ADU behind your grandma's house if the lot is big enough or remodeling her house bigger so you can share space ?
Unfortunately, I can't build on my Grandparent's property. But great suggestion.
We were desperate. We were living in a hotel by our company's generous funding for a limited time, and while i was being shocked (to find out how ... unfancy... houses are in HI) and hesitate to make an offer, the houses were gone by next day. 😆😆😆 Well, we got one eventually. Had so much of emotional ups and downs on my decision afterwards-- but then i go back to a search engine, then I realize i got actually lucky to get this home. Hahaha! After a half year passed since we moved in, i cant even afford this home now had i not bought it back then. It is what it is! Good luck to you guys!
Mahalo for sharing. Yeah, don't see the market getting much cheaper.
does flood and TEZ impact the housing prices?
That is why many people leave Hawaii and go to the mainland. Housing can be an issue for many. The two of you are young, be patient, pray and fear not, the right place will come your way.
Appreciate the encouragement 🤙
The struggle to own a home in Hawaii is real. If you follow the 28/36% rule, owning a decent home is out of reach for most people in Hawaii. When you consider the median household income is around $83,000 which equates to a gross income of around $6,900 a month and if you follow the 28% rule, that's a $385,000 home @ 4.5% interest, a monthly mortgage of $1,950. Not much of an inventory for $385,000 homes on Oahu, the Big Island may be the only option for homes in that prices range.
Great perspective. Not much inventory in that price range.
The San Francisco bay area is insane with outrageous home prices as well.
I've had friends and family mention that San Diego and the Washington area is expensive as well.
Yeah, I know it's tough. Not sure how the locals make it there, especially with the tech industry there.
Hi. Aloha. Nice video
I am in the market too. Would you like to share around what price range you are in the market for. 🌈
We're looking for at least a two-bedroom somewhat close to Downtown. There are several options in our price range. Of course, a lot depends on the inventory at any given time. I don't think I could do the commute from Kapolei. 😆
Just curious about something, Is adding onto your current place and option?
Can't add on in a condo.
My daughter rents a beautiful home in Pukalani Maui that has an ofura bath. I don’t believe she’s ever used it. They are pretty cool though🌺
She should try it. I used it everyday when I was in Japan.
Furos, 🤔 remnants in downstairs of old plantion houses in Hilo, Hāmākua coast
I’m in the same situation
I can’t see the current prices as feasible for me
Im really not sure what the best move is right now
It's a tough spot to be in. I guess the only thing to do is just be patient.
@@HelloFromHawaii I’m looking at many options , I’m almost retired so that also plays a role haha
I really like your channel keep going !
Could you wait until the market is lower? Right now is the peak of a boom, got to buy during the bust.
We're not in a rush so we could wait. We'll see how things turn out next year.
Hawaii prices had a history of increasing for the past 100 years. 30 years ago, the average home needed a 2 income household. Soon, only the rich and the poor can afford.
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@@HelloFromHawaii Would be great to get your wife's input on where she wants to live. Japan has many affordable housing in the country side and telecommunications opportunities. Some ghost town has houses for $1.
There are affordable rural housing in Hawaii. Any major cities will be expensive and affordable for the rich.
9th Island is looking pretty good right now.
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It's sad that zillow was buying everything well above asking. Heard it's starting to cool a tiny bit. My parents bought a used house on 7500 sq foot lot no ass fees back in 1968 for $24k at 17%. Unbelievable! Now it's paid off and property tax value is $750k but higher in this market. Rates are at 2.9% so it's how housing works. I told her that she's a millionaire considering her house worth and savings and she doesn't believe me and continues to live frugal.
Hard to believe how cheap the houses were, even with the high interest rates.
I suggest u mopve to the mainland and just go back to hawaii for vacation every couple years. It makes u appreciate the islands so much more. Like i tell my friends in hawaii, I live like a king on the mainland and use hawaii as our vacation spot. You said u are not a beach guy and the only reason your living there is family and familiarity.
Yeah, but family is the biggest thing. And I really think it's what keeps a lot of people here. Definitely something I could talk about in a future video.
Have you two considered moving to the mainland to a place where it's more affordable?
We have, but Hawaii is where we'd like to be.
@@HelloFromHawaii yes, with family and growing up there, totally understand
Aloha,
What do you think the main reason is so many people are moving into Hawaii right now? Is it TV shows, social media influence, or just rich people deciding to go somewhere away from the rest of us?
I think work from home and the past two years have made people realize they can live in places they only dreamed of.
As s as a old guy I entered the housings market 40+ years ago 🤑couldn’t afford the interest rate 18% no cap. I left the country and traveled ….after one of the market crash I bought in 1990 with a low fixed rate, was able to refinance lower a couple of times . Life is good. always ask for help from family ,parents or grandparents or a favorite uncle. Remember to go for the longest time on a home lone. At least 30 years . You are young. No need to tie you money up in large monthly payments…. Remember to develop an exit strategy. Good insurance and a trustworthy attorney.
My mom mentioned double-digit interest rates. Can't imagine that nowadays. We'll see if it gets that high anytime soon.
Good luck with the hunt, bud. Don’t be desperate and be blessed with what you have. With patience, you ll get your house. I own 2 homes in Silicon Valley . We bought our first home in the neighborhood that isn’t an ideal place to raise our future children. But we lived a frugal life and we saved and saved until we have more than enough to buy our second home in an affluent neighborhood. We rented out our first home . I personally think you don’t pick the house, it’s the house that picks you. We bought both houses we didn’t thing we were going to get .
Appreciate the encouragement and advice. We'll see how things go. Like I mentioned, I don't think we're desperate. Glad that the homes found you 😁
Unfortunately this is the harsh reality of trying to buy a home on Oahu. Case in point. In 2019 before the pandemic, I visited my home town of Kalihi. I like doing that because it makes me realize how far I’ve come since leaving HI. A home was up for sale near Houghtailing. A one level 3 bedroom 2 bath home built in the late 60’s. It had a two car covered garage with a small backyard. From the outside, it looked like the home needed a lot of work. The asking price at the time was $877K. It was finally sold 5 weeks later for $881K ! I couldn’t believe it.
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Hang in there Bradah. You have the right attitude and mind set. It seems like you and your wife have a long term plan. I would continually monitor the market and keep in close contact with your agent. The right home will present itself for you and your Ohana someday. 🙏🏼🏡🌈
10:23 the best advice for buying a home in Hawaii is to just be super rich, and even then, manage your expectations.
Update: I just signed an agreement to buy my new home in Kaka'ako. I purchased a beautiful condo at AALII. Schedule closing date in 45 days 🤙
Congratulations. It's in a great location. Lots to do at Ward.
@@HelloFromHawaii I would like to send you a house warming invitation.... tentative date late March
Could you add a bedroom to your current home?
Unfortunately, we can't.
The HOA Fees are is the killer. I don't know how they can charge so much for some places with no pool or nuthin'. Seems like closer to the beach, higher the HOA fee. So a house is of course more desirable in that respect. Rent your place out and move to your dream house together.
When the interest rates go up the housing market crashes maybe 20-30%... So is it better to pay 5%+ on a $500k home or 2.5% on a $1,000,000.k? 🤔
At lease our property tax is lower than most states. 😅
We'll see if/when the interest rates go up. I know it will impact the market, but Hawaii seems to be resistant against the big swings. Hard to imagine prices going down by much. But we'll see.
It is sad but for most young families, what you described is gone and not coming back.
Well, there's still hope 🤙
I always say that if Hawaii's property prices were the same prices as the mainland. There would be double the amount of people on the island.....where paradise would truly be lost.
True. Too bad the salaries here haven't kept up, though. That might allow locals to compete more competitively in the market.
Sad situation. So many Kanaka & Hawai'i Locals getting pushed out of their own lands & hometowns. I am one of the thousands that made the move to Las Vegas.
Sorry to hear that many locals are pushed out. How has Vegas been?
@@HelloFromHawaii Miss Hawai'i (Big Island), but for now 9th Island is home & has been good for us.
whats average condo price?
I think it's in the $460-ish range. I haven't kept up with the numbers.
Where are the people who are buying houses in Honolulu coming from? When I watched Island Life on HGTV, it seemed most people were moving from states where houses are more expensive (though larger) than Hawaii. That is a factor that drives the prices of houses out of reach for locals.
It breaks my heart to think that the only way locals will be able to have a house in Hawaii instead of a condo is to inherit it. Leeward seems to have some houses that may be within your reach, such as Pearl City.
I'm not sure where they are coming from. I know we do see a lot of people from CA coming. Their home prices are similar, but they are coming with often much higher salaries and savings.
I don't know if the Hawaii real estate market behaves the way it does in Georgia. Many homeowners buy a starter home then after about 3 to 5 years will buy up to a larger, less expensive home farther from the city. People who relocate from CA, CO, NY have been buying the more expensive, larger houses closer to town.
With the tax-free capital gains on house sales ($250K for single owners and $500K for couples), people are able to put larger down payments and reduce the mortgage payments after selling a house. Then, after another 3 to 5 years, they sell again and buy a new, larger house with the capital gains. This turnover is driving up the prices of homes (now averaging in Atlanta in the $300K-$400K range) and causing the spread of suburbs farther and father out into rural areas. Maybe that's what mainland buyers are doing with their capital gains from hot real estate markets.
Hopefully, Hawaii will do something for locals wanting to buy a house.
I was priced out of home a long time ago. My family is now 6 yrs into buying our home on the mainland. I'm sure that my house and the parcel of land it's on (almost an acre) did not cost what you paid for your condo. I'm heartbroken for Hawaiian families because even local reporters were compelled to report that the economic purge is only a matter of time for non-owners.
Yeah, it's getting tough. Supply is low and demand is ever-increasing. Hopefully more housing is built for local families at affordable prices.
live on a 4 bds 3 ba 2600 square ft 🏡 in SoCal with full of amenities and access to beach, mountains, towns etc, call me crazy but I would trade this to live in Oahu country side with 2 beds 1 ba 1000 sq ft for a family of 3. the aloha spirit is something you just can’t get anywhere else. In my late 30’s already and planning on going back home after retiring from the service but the wife is not considering it 😂 until then, I’ll just watch a bunch of Hawaii videos
Sounds like a great situation in socal, though. However, I understand the want to come back to Hawaii.
Maybe you should try to convert it to a 2 bedroom
Most young people who buy in Hawaii are getting hooked up by their parents and grandparents. Seriously, people don’t admit that grandpa dropped 300k for the down payment.
Yeah, that's a quiet little secret 😁
Heath is Wealth 🙏🤙
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Aloha!
Aloha 🤙
If today houses are 800-900k, will they be 1.5-1.8 in 10 years?
Maybe. I'm hoping that the prices stabilize.
Right now seller 's market ! Unfortunately NOT 1st time buyer.... 😞
Yeah, definitely a seller's market
I just hope the people who move here or buy houses to make money know what they are doing to the people here in Hawaii. Sorry to sound negative, but its FACTS!
I'm pretty sure they know what they're doing. Just not sure that that matters more than the investment.
@@HelloFromHawaii im glad they know that they are making it harder for us.