Hawaii Real Estate is Booming with Baby Boomers: Is this the Place for you to Buy Real Estate?
by: NeonX
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You may not realize it, but 2006 was an important year for Baby Boomers and for the American economy. Maybe the only thing you've noticed is that there are a lot more TV commercials directed at retirees and financial planning. But last year, the first of about 75 million baby boomers began retiring. 75 million people who, for the next 20 years, will be looking for a place to retire.
Where will they go? Many of them are going to Hawaii. The question must be answered, is Hawaii the right place for you to buy real estate? Several things must be taken into consideration when answering this question. The following paragraphs will address key areas of interest to help you determine if Hawaii is your ideal real estate choice.
Many people believe that living in Hawaii is like a dream come true. With the beautiful scenery, ideal weather conditions, and relaxed lifestyle, this is what many people, particularly the retiring baby boomers, crave about Hawaii real estate.
Because many people in the baby boomer era are retiring with a significant amount of disposable income, Hawaii does seem like the ideal place to retire and purchase real estate. With a single family median home price of $643,500, Hawaii real estate isn't exactly cheap, but extremely low property taxes and very high conforming loan limits are helping to propel home sales in Hawaii, despite a slowdown in real estate for the rest of the country.
If you are interested in purchasing a home where there is a growing real estate market, Hawaii real estate may be a wise investment. Meanwhile, the Hawaii condo market is also hot. In some areas of Oahu, condo prices are up 46% since last year with the median price of condos in Oahu at $321,000 in March. The average Oahu condo is on the market only 40 days, making it difficult for some buyers to find a decent property.
However, with housing inventory down for 10 months straight, many sellers are seeing their properties appreciate very quickly, and some have even increased list prices. It may be one of the only seller's markets in the country. And as prices continue to increase for houses and condos, finding a decent property is often difficult for the buyer.
The retiring baby boomers will be changing and driving many areas of the U.S. economy, and desirable areas like Hawaii are likely to see a huge influx of them over the next several years. For those looking for the next big opportunity, an investment in Hawaii real estate may be a great long term option.
About the Author
Tony Kawaguchi of Remax 808 Realty has been helping individuals and families with their real estate needs since 1999. By focusing on people's needs and not just a commission check, he has become the highest office producer for multiple years. For more information Honolulu and Oahu homes, or if you are in need of selling Hawaii real estate, please visit www.alohatony.com or call (808) 395-5776.
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