Change is happening at a rapid pace and it’s hard to keep up. At Hawai‘i Life, we understand. We are here, working virtually to help you navigate any shifts in the Hawai‘i real estate market. Here’s what we know for certain: though activity has slowed down, properties are still selling, people are still buying, and banks are still lending.
Hawaii Real Estate FAQs During Covid-19
We invite you to visit our new Covid-19 Resource Center, where we’ve compiled the most frequently asked questions we’re hearing from our clients. Our team of 350+ Hawaii real estate experts will continue to answer your questions at our resource center, as they arise.
You’ll find our FAQ pages easy to navigate, under sections that include common questions regarding:
Buyer & Seller FAQs
“Right now, with low-interest rates and an uncertain economic climate, buyers have more negotiating and bargaining power,” our experts say. However, they warn sellers to “be prepared for an increase in ‘days on market’ and/or fewer inquiries.” While many buyers are still looking to buy a new Hawaii home, the market is moving more slowly due to social distancing and stay-at-home restrictions.
General & Market FAQs
In our FAQ pages, our agents detail the recent boost in online search and share which Hawaii locations online buyers are looking at right now.
Naturally, we’ve been inundated with questions about the Hawaii real estate market and how our industry is operating under travel and stay-at-home orders. Our experts answers your most commonly asked questions and provide a list of precautionary measures our team is taking to protect our agents and clients in the General FAQs page.
Our agents are still receiving plenty of inquiries and calls from homebuyers who began their home search prior to the onset of the health crisis, as well as from home sellers who had planned to list their Hawaii home in spring, which is traditionally one of the best times to list and sell any property, no matter where you live.
We consulted our lending partners at Element Mortgage to get the latest news on finances and lending. “Since Covid-19 started, we have seen quite a few changes and adaptations in the lending industry, and we continue to get new information daily,” says Element Mortage Branch Manager Meena Na.
Element Mortgage Regional Manager Zack Diener shared that as of mid-April, his team started to see some lenders raise the FICO requirements for all loan products to 660 or even 700. “Element Mortgage has not had to do this (yet), but it appears more and more lenders are tightening their guidelines,” says Diener.
We’ll continue to update our FAQ pages with the latest news and information regarding mortgage requirements, interest rates, and more.
Long-Term Rental Info
Currently, the State of Hawaii requires all arriving visitors to self-quarantine for 14 days, resulting in an almost complete halt to visitor arrivals in Hawaii. Given the current travel restrictions, many Hawaii homeowners have asked us if it’s possible to convert their short-term vacation rental into a lease agreement with longer-term, resident tenants. Our property management team addresses these and other related questions facing homeowners in this situation.
While the pandemic keeps most of us at home, some Hawaii residents are still looking for long-term property rentals across the state. We answer some of their questions about how our professional long-term rental team can facilitate this process in the era of Covid-19.
Stay Connected During Covid-19
We encourage you to bookmark our Covid-19 Resource Center to keep up with the latest Hawaii real estate news. You can also text, email, call or chat with us at any time using the Chat feature on the bottom right of every page on our website.