Like most housing markets throughout the United States, Maui has seen significant drops in housing prices. The average price in Maui as of the end of April 2010 was $737,281 which represents a 3 per cent drop over a year ago indicating that housing prices continue to decline, albeit more gradually. Still, if you are an individual with sound finances and stable employment, there hasn’t been a better time to buy in Maui in more than a decade.
First time home-buyers and those looking for vacation properties have been finding some great deals on Maui real estate. The current buyer’s market is characterized by an excess of available properties and reasonable prices. As the inventory of available properties in Maui is increasing and housing prices are dropping, home buyers have an incredible range of choice. You have an unprecedented opportunity to be highly discriminating in your property choice while also finding some unbelievable prices.
Especially for vacationers, who travel to Maui annually, now is a great time to invest in a vacation condo. Condominiums and even detached homes make great vacation homes that you can rent out for extra income. Better yet, when you purchase a Maui property you have your own place to enjoy while you stay in Maui. Average condo prices are also down this year with the April 2010 average representing a 19 per cent drop from a year ago to $743,208.
Still, not only are prices down and inventories up, but interest rates are at historic lows. Together the unbeatable prices and low mortgage rates make Maui homes very affordable compared to a few years ago. There have been signs of stabilization in the market and economic factors are also looking up meaning that the buyer’s market in Maui might not be around along.
Indeed, if you are interested in Maui real estate you need to seriously consider the fact that right now the market strongly favors buyers. Maui properties make a great investment regardless if you are a vacationer who regularly visits Maui or a resident with adequate savings and secure employment.
Posted in Maui Real Estate, Hawaii Real Estate |
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