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In this month’s Hawaii News Now Sunrise segment, Chad Takesue, Interim CEO of Locations, discusses Hawaii's busiest moving season, rising mortgage rates, and why more local homeowners are choosing to downsize.
He also shared how these transitions are creating opportunities for buyers while highlighting policy issues that continue to impact longtime homeowners.
While buyer demand remains healthy during the summer market, mortgage rates have increased as inflation and higher oil prices continue to put pressure on the broader economy. These higher borrowing costs can affect affordability, making it important for buyers to understand their financing options before entering the market.
Many of today's home sellers are longtime homeowners looking to simplify their lifestyle. As seniors move from single-family homes into condominiums or assisted living, those homes become available for first-time buyers, growing families and others looking to purchase a home on Oahu.
Capital gains taxes remain a significant barrier for some homeowners who would otherwise like to sell. Real estate industry leaders have long advocated for updates to federal tax policy that would better reflect today's home values and provide greater flexibility for longtime homeowners.
“Hawaii seniors are at that life stage where there's a lot of transition going on,” — Chad Takesue, Interim CEO, Locations
For a deeper look at recent pricing, inventory, and sales activity, explore our latest Oahu Market Report.
Mortgage rates have risen due to a combination of persistent inflation and higher oil prices, which influence bond markets and the overall cost of borrowing. While rates remain higher than many buyers would prefer, purchasing a home can still make sense with the right financing strategy and long-term plan.
It depends on your financial situation and goals. Although higher mortgage rates can affect affordability, increased inventory from downsizing homeowners may give buyers more choices and less competition in some neighborhoods. Working with a knowledgeable local real estate agent and lender can help you identify opportunities.
Many longtime homeowners are looking for a simpler lifestyle with less maintenance. Some are moving into condominiums, while others are transitioning to retirement or assisted living communities. Downsizing can also free up home equity and reduce ongoing housing expenses.
Wondering how these trends could impact your home value, buying plans, or next move? Connect with a Locations agent for neighborhood-specific insights and personalized guidance based on your goals.
Disclaimer: Real estate market conditions can change rapidly and may vary significantly by neighborhood, property type and building. Information provided is for general informational purposes only and should not be considered financial or investment advice.
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