How many of you are like me and dread Tax Day? Despite loving analytic reports, I hate the data gathering part. Do you dislike the work or the results…or both? Do you know that the richest people in the U.S. avoid taxes? Most do it by investing in real estate. I’m not a tax authority but my personal experience is that real estate is a great investment. Our U.S. Government rewards homeowners and investors. Yes, the market has ups and downs but the tax implications do balance that out. Some people think it is a “Get Rich Quick” scheme but I’d advise to not believe them. Follow the real estate trends and you can make a lot of nice slow money. I only wish I’d done it earlier!
Last month I reported that the market was showing some signs of instability. Well in March we jumped right back showing strong signs of a stable and increasing Maui market.
- For first time since April of 2013 we saw an increase in sales trends.
- The average days on market is holding pretty steady between 164 and 170 for both houses and condos.
- The inventory was 9.7 months. But overall, this means we are SLOWLY swinging back toward a buyer’s market.
- Last months price trend roller coaster seems to have headed up. The luxury market is driving this with 18% of sales last month being over $1 million dollars.
- Snowbirds are buying condos! At end of the month their were 251 condos under contract compared to 206 in December.
- Lenders are coming back with many more flexible options for purchasing homes. That is such a switch from a year ago. Still it does take work to qualify and higher home prices aren’t helping many people. And interest rates are still very good but going up.
Distressed Properties in the Maui Market
The distressed market is definitely slower than a year ago but we saw a increase in short sales that closed and I’m definitely seeing more REO’s dribble in.