The economic downturn has had a considerable impact on real estate markets around the country, including Maui. But this doesn’t mean the news is all bad. Indeed the number of short sales and foreclosures in every sector of the market means that there is a large inventory for buyers as well as highly motivated sellers. Many people are somewhat surprised to learn that the market is starting to turn around again but with this combination of inventory and motivated sellers, buyers have been finding great deals around Maui. As buyers’ confidence is starting to return, there has been a significant increase in activity in the Maui real estate markets. For anybody who has been keeping a close eye on real estate in the area will know that there are some unbelievable opportunities to be had.
Meanwhile, president Barrack Obama has recently pushed through an extension to the first time home buyer tax credit which provides this credit to buyers through the end of April 2010. Moreover, homeowners of 5 years or more will also be able to apply for this credit making buying homes even more affordable. Similarly, Maui is offering first time home buyers access to grants and assistance in purchasing their first home, but since this program has limited funds, first time home buyers should apply as soon as possible. Nevertheless, with an increase in short sales and foreclosures as well as tax credits and grants for first time buyers, the market has never been so attractive.
Many of these opportunities are further supported by lowered interest rates. Maui home buyers are therefore being given a once-in-a-lifetime opportunity to purchase the home of their dreams. Realistically, sellers might not have the chance to wait for prices to increase again or for the market to re-stabilize and as there are many options currently available for home buyers, sellers do not have the luxury of holding out for a bidding war. Indeed, home buyers will not likely see such a favorable market for years to come. Low interest rates, grants and tax credits, and motivated buyers make the housing market more affordable than it has been in years. Still, with the inventory of homes available it won’t be long before prices begin creeping up again so buyers should act now.