Have you ever arrived at the end of a relaxing vacation on the Big Island and thought—should I move to Hawaii? When you’re sitting at the outdoor airport in Kona at 9pm and it’s still 75 degrees, it’s tough to think about going back to parkas, snow shovels, and ice-covered roads next winter. Maybe this is the year you trade in your down coat for a few pairs of Havaianas flip flops. On average, there are about seven people a day moving to the Big Island. If you wanted, you could be one of them! In fact, now might actually be a great time to think seriously about finding a home in paradise. Here are four reasons to take the leap and move to the Big Island.
1. Prices are low
The average cost of a single-family home decreased 6% between March 2015 and March 2016. Also, the median price of condominiums fell 26% since last Spring. If you’re looking for a sign that now is the time to buy low so you can sell high, here it is. However, home sales jumped over 36% since last year meaning you’d better move fast if you want to snag your dream home.
2. Property taxes are low
If you do find property on the Big Island, you’ll enjoy the lowest property tax rate in the country. At just 0.31%, you’ll have a little extra coin in your pocket to spend on Mai Thai’s and other frosty beverages.
3. Mortgage rates are declining
As of April, 2016, mortgage rates in the U.S. were at their lowest point of the year thus far. Hawaii’s rates were even lower than the national average. In April, you could find a 30-year fixed-rate mortgage at around 3.58 percent. Use this tool to estimate your current rate at today’s prices. Employment is on the rise
4. Employment is on the rise
Employment in Hawaii is projected to rise 2.9 percent from the first quarter of 2015 to the first quarter of 2017. If you’re in the construction industry, there will be approximately 3,880 new positions opening over the course of the next year and a half. Other growing sectors include the restaurant, retail, and hospitality industries. If you’re a young professional, there are also many entry-level positions available for the taking.
If we’re strictly going by the numbers, it’s clearly a buyers’ market on the Big Island. While trends can change and the market does fluctuate, you’ll certainly find a great deal at today’s prices. Of course, there are a myriad of other reasons to love life in Hawaii including the endless sunshine, delicious food, and rich culture. If you are interested in buying real estate on the Big Island or if you simply want to ask a few questions, we’re here to help! Send us an email or call us at 808-217-8500.
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