Zillow Research shows little change.

We’ve all been hearing lots of anecdotes about urban dwellers fleeing to less dense areas. Zillow has some of the best data around when it comes to home buying and home renting. Nationally, their numbers show very little change in behavior:

https://www.zillow.com/research/2020-urb-suburb-market-report-27712/

Re-fi’s may soon be subject to additional fees

One change that may have an effect on buying habits is the announcement that federally-backed mortgage refinances will be required to tack on an additional fee: https://www.inman.com/2020/08/13/new-fannie-and-freddie-fee-could-push-homeowners-off-the-fence/

Unless the rule is changed, it may make more sense for some people who are seeking to refinance to move instead.

Local market is generally slow

Locally, the housing market has slowed. Sales are perking along, but the threat of another stay at home order, on top of the 14 day quarantine that has been in effect for months, has hurt the local economy. Also, most of the people who were employed in the hospitality industry are out of work.

I listed a nice, turn key condo in Waikoloa Village last week, and the silence has been deafening! It was the lowest priced unit, with an appliance allowance and a generous split for the participating broker, which would have been enough to get the offers rolling in pre-COVID, but between the unemployment problem and the difficulties with travel, it is likely to be a while before it sells. And I’m going to have to work hard! Are urban dwellers are fleeing? No, at least not to condos in Waikoloa Village.

Here’s a photo of the condo:

Photo by Sarah Anderson

Here’s a link to the listing: https://reserver1.hawaiiinformation.com/REsearch6/sites/HIS/Areas/SearchHIS/ASP/results/displayEmail.asp?sender=79931&id=2694531&t=637331860898080738

There are obvious drawbacks to buying a second home in Hawaii

There are some people who are interested in buying in Hawaii as an escape from urban areas on the mainland, but many people are put off by flying, which is reasonable, as well as the 14 day quarantine. We need that quarantine on the outer Islands, though! The big hospitals in Honolulu are filling up so quickly that they have announced that they will not accept transfers of COVID-19 patients. The studies have shown that seriously ill COVID-19 patients do much more poorly in rural hospitals, so we need to avoid having the disease spread beyond Oahu!

Here’s a link to my webpage, if you’d like to browse

This is a great time to browse photos of Hawaii real estate! Here’s a link to my site: http://Judyhowardrealtor.com