Peak Home Buying Season Getting Underway in Maui
We are just beginning our peak home buying season on Maui. Our peak season coincides with our primary visitor season. We get higher visitor numbers between now and roughly the middle of April. More visitors on island mean more potential second home sales.
It will be interesting to see what this year’s peak season brings. Maui’s real estate market has a little bit of momentum coming out of the fall. Sales volume elevated from the doldrums of the market that we were seeing in late 2008 and early 2009. The momentum stems from renewed confidence among home buyers, good opportunities on the market and first time buyers seeking the benefits of tax incentives.
There are positive signs for our real estate market during this winter season as we are continuing to see good buyer opportunities. The value of currency will also play a factor in our market. The 2007 winter season saw a lot of purchases by Canadians and other international buyers. These buyers were bolstered by the strength of their currency versus the American dollar. Last year, the Canadian dollar plunged almost 30% in value and the Canadians went away. This year, the dollar has regained most of that value and interest from north of the border has returned.
Sellers still need to remain mindful that this remains a buyer’s market. Short sales and foreclosures are also continuing to leave their mark.
For those that need assistance buying or selling, please feel free to contact me for responsive and professional service.