Karen Bail—the Big Island’s #1 realtor and your very best resource for all things real estate on the island of Hawai’i—is back to bring some clarity to all the noise regarding a potential market crash in the current housing marketplace.
Let’s get down to the bottom of things, shall we?
Don’t confuse a crash with a correction
Unfortunately, attention-grabbing headlines are made for clicks and not always for clarity, which leaves many readers in a state of panic.
However, remember that a market correction is far different than a market crash: a correction typically signals a return to the previous rate of growth before a market boom, whereas a crash signifies a disastrous downturn in prices and sales. What’s more, the Aloha State’s previous rate of growth was still rather enviable, with a robust market and plenty of sales driving things forward in the pre-pandemic years. The combination of record-low interest rates, the ongoing scarcity of available units, and the newfound freedom to work from anywhere created a perfect storm for sellers, which is now simply normalizing to the former rate of growth.
In other words: while local and national sales have slowed, they’re not crashing—they’re correcting! The Big Island housing market is still moving strong, presenting a wonderful opportunity for both buyers (who can now better enter a less-heated marketplace) and sellers (sales prices remain strong, inventory remains low) alike.
And lest we forget—having the most-beautiful scenery in the whole wide world certainly doesn’t hurt 😉
Give Karen a call today and she’ll help you with all the details from start to finish!