Summer is in full swing on Kauai. With just enough evening showers, the island looks gorgeously green and summer’s early bloom of flowers grace all of our neighborhoods.
As we enter summer and a wave of visitors, the Hawaii Department of Business and Economic Development shows strong visitor numbers across the state. Similarly, real estate sales continue to move along handsomely. May 2017 produced 123 sales with a gross sales volume of $94,000,000 bringing year to date sales numbers to 503 closings and sales volume to $349,215,000. Translated to those in the real estate trade, May’s recordings pushed Kauai’s sales data into the green for the first time in 2017. With today’s loan programs and interest rates, we’d love to see sales numbers increase, but without a supply of affordable, workforce and missing middle price points, sadly, the island’s results will remain reliant on premium sales. Kauai is not alone; these conditions are also stressed at the national level. Click here to read more.
To become part of housing solutions for Hawaii, our office elected to attend the 2017 Mid-Year National Association of Realtors Legislative Conference. The conference is not a how-to-sell real estate networking event. Rather, its sole purpose is for our trade association to express our positions to Washington. Realtors from across the country spoke via their caucuses and with one voice to make our issues known. As part of the Hawaii caucus, our 4 primary points shared in the offices of Senator Brian Schatz and Representative Tulsi Gabbard focused on:
- preserving mortgage interest deductions,
- 1031 exchanges (which are in high risk of elimination),
- improving and maintaining flood insurance, and
- emphasizing sustainable homeownership by way of reforming our housing finance system (i.e. Fannie Mae and Freddie Mac), in such a way that it safeguards the 30-year fixed-rate mortgage and ensures families are not shut out of homeownership.
Among the most impactful presentations was Dr. Lawrence Yun’s Economic and Real Estate Outlook. Yes, we are at a 50 year low, and this fact alone should alarm everyone about the next generation and their financial future. As Dr. Yun sums up the log jam, it’s all about “Lots, Labor, Lending, Lumber”. There can be no doubt that Hawaii is the poster child for all 4.