UPDATED | August 18, 2020:
In May, Hawaii’s Governor David Ige unveiled a four-phase plan for reopening Hawaii’s economy. At that time, Hawaii was enjoying one of the lowest rates of infection in the nation. However, the previously well-controlled virus has recently seen spikes in new cases since the state began reopening in late May, especially on Oahu.
For Hawaii visitors, it’s important to know that a mandatory quarantine for all trans-Pacific travelers (to all islands) remains in place and has been extended until September 1, 2020. Beginning Sept. 1, 2020, all trans-Pacific travelers arriving in Hawaii from out-of-state will have the option to get a valid COVID-19 test prior to their arrival and show proof of a negative test result, to avoid the 14-day quarantine.
Please visit the State of Hawaii’s Department of Health website for the latest Hawaii travel information and for the most current travel advisories. Please visit Governor David Ige’s website for the most up-to-date emergency proclamation.
Maui’s Jeff Onderko recently shared in his West Maui Market Report that sales overall in the area are down 17% over last year (from Jan. 1 to July 31, 2020). However, he notes that the volume of transactions had picked up a bit from previous months, with 47 sales closed in West Maui during the month. June saw 37 transactions (including condos, single-family homes and land), while May saw just 30 West Maui sales closed. March and April saw 81 and 45 West Maui sales, respectively, but many of these were likely already in progress when the pandemic hit in mid-March. Still, it’s a positive sign for the overall market that sales are picking up slightly.
In July, 24-year real estate veteran Jeannine Carr joined the Hawaii Life team on Maui. An island resident for 40 years, Jeannine has sold more than $175 million in Maui property throughout her successful career in the industry. We shared a bit about Jeannine’s life in a recent article, where she discusses her decision to join our company.
“The essence of the company aligns with my philosophies and the technology and support teams offered to agents are amazing,” Jeannine shared. “In my heart, I know Hawaii Life was the perfect company for me to join. Focusing on providing excellent service to my clients is of great importance to me as a detail-oriented person who pledges to provide individual attention to each and every client.”
Mortgage Rates & Tips From a Pro
You may have heard that interest rates are favorable right now. In late July, Maui’s Dave Futch reported that mortgage rates have fallen below 3% for the first time in 50 years, according to the Federal Home Loan Mortgage Corporation Freddie Mac. While the 30-year fixed mortgage rate fell below 3%, the average rate for a 15-year fixed-rate mortgage was 2.48%! Dave reports, “A new economic forecast by Fannie Mae projects that the 30-year fixed-rate mortgage will average 2.8% next year.” Check out Dave’s blog for more details.
Maui real estate professional Josh Jerman spoke to mortgage consultant Chris Adriano back in May to get some professional lending advice and tips for those considering taking out a mortgage in the era of Covid-19. Born and raised on Maui, Chris is an Army veteran at Element Mortgage. To find out what you should know and how you can prepare to borrow, check out Josh’s blog.
Maui agent Jessica Baker recently shared why It’s a Great Time to Buy Oceanfront Land on Maui. She posits that now is the moment to devote the required time to planning and building your ideal coastal dream home.
“Most of us are safely ensconced in our homes right now baking bread, catching up on Netflix, decluttering the garage, and indulging in a new hobby we always wanted to try,” says Jessica. “Even those of us who are still working have more free time than normal due to the slowdown of social commitments.”
Jessica points to the design limitations put forth by HOAs (Homeowners’ Associations), the finite quantity of Maui oceanfront land for sale, and the investment benefits of purchasing vacant land over an existing home. She even suggests some lower-cost architectural and design options and presents a number of very appealing oceanfront land opportunities currently for sale on Maui.