What a time to need a bigger place in Hawaii! 😁 Again, just thankful for where we currently live and still hoping we'll find something in the near future, but no rush. Good luck to anyone buying in Hawaii right now. Note: I wanted to film our experience and show people what was available, but since I didn't have permission and I also didn't want our comments to affect the sales of these properties, I left them out. Hope you can use your imagination in what these places looked like. 🤙
unsolicited advice: but here I go anyways lol. I know it’s a tough market and you have a growing family (same here)… If the Fed does follow through with raising the rates to counter inflation (5 times this year) your purchase power will decrease and I believe the housing market prices will trail the rate change. So just keep that in mind while deciding on what your plan is going forward. I’ve seen others suggest taking out an equity line as a down payment and/or renting out your current home for cash flow. But again the equity line is tied to a rate. Todays rates will most likely be higher in the future. But no one can tell the future. My twenty-five cents. Lol. Thanks for sharing. Don’t give up.
I feel for you, must frustrating to see what the costs are. I assuming you are talking about condos it's tuff being priced out of the market. I wish you luck kids need to grow up in a house. It's sucks that you can't raise your family where you grew up, again good luck don't give up
You and your wife are very genuine. I was born in HI but live in NYC and work in the financial industry. I truly understand housing is very expensive in both markets. Your video shows me the two of you understand how blessed you are in your current situation. Keep the faith, work hard, enjoy your family and may good fortune strike you in the future!
I think the HOA fees in Hawaii are a rough addition to the condo mortgage. The 2-bdrm units I’ve looked at have fees around $900 to $1,100 per month. That’s pretty rough on top of the mortgage.
American has some wierd things! The dutch version of a HOA would bee like 50 to 200 a month depending on what work needs doing soon. It's for things like replacing the roof or painting the window frames every 5 years.
@@michellezevenaar Well he lives in Hawaii, which is like the most expensive state in the US to live in. In Georgia, where I live, it's closer to the high end of the HOA range that you indicated.
Part of the reason for the HOA is partly that people running the HOA aren't really that efficient in keeping costs down reasonably. There are people that procrastinate on tackling maintenance on a responsible basis or willing to pay the costs. They think putting band aid solutions to wear and tear issues saves them money. It just piles on the problem for a bigger rainy day which no one is prepared to handle it.
Feeling your pain. Keep the Faith. At least your there, not one like myself wanting to get home. Hope you guys can share videos on this venture. Aloha.
Hey, So thankful for what you put out. I am from the big island of Idaho and have been trying since 2019 to get to the islands with my family to celebrate my wife's cancer remission. I have studied the culture and even began studying the Hawaiian language (not pidgin) on Duolingo. I have come to love the people and culture of the islands and especially the Aloha spirit. I have made several connections on the island of people that I would love to meet. Your channel has opened my eyes to so much more information regarding the lives of true Hawaiians and kama'aina. It has been our lifelong dream to visit the Islands but we were always cautious thinking, "Maybe we shouldn't spend the money". My wife's cancer put a whole new perspective on life and so when she went into remission in 2019, we began booking the trip of a lifetime. Well, Covid canceled our 2020 trip so hey, let's go in 2021. In 2021, our travel agent made a BIG mistake and canceled the cruise portion (another dream of ours) which we were not able to rebook. Now, 2022, we're hoping that this is our year. June 2nd, we are scheduled to fly to Hawaii. We love the history and the people and are getting cautiously excited once again. I have a deep sense of respect for the fact that Hawaii was once an independent nation and that they still strive to carry on tradition and culture. That's what truly makes it paradise. Thanks for your knowledge and portrayal which I feel does justice and honors the people. Your channel is great and your sense of humor is too. I especially like the "pidgin" cuts in your videos, hilarious. You got my vote for governor. Keep doing what you're doing and I wish you and your family all the best and that you find a place that is everything you want and need. Perhaps we'll bump into you. God bless and mahalo nui loa. T
At least you qualified for a $500k budget! I still canʻt believe how our islands housing prices are off the rictor! I have 2 sons and since they were born (20 yrs ago) I have always worried if theyʻll ever afford their own houses in our homeland!
Same in my country the Netherlands. My son is 20 and it just is not possible anymore to buy a place unless you have a real high salary. Which is certainly not possible for younger people but also the older adults often don’t get paid that much unless you are the CEO. Insane those prices. Whoever already has a house is blessed. If you don’t…… you will probably have to live with family forever ( which is not common in my country). Good luck!
As someone who works in the affordable housing industry here in hawaii I have a suggestion; at least run the numbers for the following scenario (1) an equity loan on your existing residence where if you rented it out the rent would cover the existing 1st & 2nd. *note, Hickam FCU on Oahu will loan up to 100%LTV. Take the money from the equity loan as a down payment on a new place. Run the numbers for your maximum affordability. Now you own two homes that will appreciate maybe as much as 10% a year in the current market, one of which is paid for by rental income.
This is a brilliant idea, but it is kind of part of what started this whole problem. If everyone is a landlord, who is going to rent? Too many landlords buying up houses and hiking up the rent is a big part of what caused all of this. At least with your plan the landlords actually *live* here, so they can see the problem they are causing.
@@bombshellonthego I'm a landlord and charge below market rent. My tenants are happy. I helped my last tenants with advice on how to buy a house now they are home owners too.
I am assuming that you did this too. I would think that you have to have a good income to qualify for the negative if you use the house as a rental. But you can depreciation from the house from your taxes, so that's good.
Aloha Chris, I’d wait for the housing bubble to burst, I don’t feel it’s too far off on the horizon. History does repeat itself and inflated home prices will become more realistic. Save every penny you are able so when the time comes to purchase you are well-prepared. Be patient and continue your real estate education, it will pay off.
I have to agree... The market is very different from when we grew up. I lived in Makiki & enjoyed the foot traffic & bus rides; but honestly I enjoyed my upbringing in Aiea. Your wife's expressions are great... don't change!! 💕
Look past the “stuff”. You can always fix things up after you get in. Before you put yours on the market, de clutter and put all the extras things in storage so your place looks bigger and “staged”. It’s easier to sell when you furnish it vs showing an empty house.. it also hides lots of flaws. Paint the interior with a nice neutral light color. It’s a cheap way to make your house look fresh and bright. Give it the “wow” factor. New place, No AC? You can always add a window unit later. Sell contingent based on finding your new home. Invest as much as possible when moving up. With the exception of the 2008-2014 time frame, prices increase. Mortgage payment might make you feel squeezed for awhile but after a few years it’ll be ok. Amenities in condos are nice but the more you have, the higher the maintenance fees. Do you really need a pool, work out room etc? I feel for you, been looking at homes in Honolulu myself. Prefer to live in town. The really nice ones get snapped up fast! Take advantage of the not so perfect ones that nobody wants. You’ll have room for negotiation. As long as it’s liveable, you can remodel down the road to your liking. I lived in my very odd home for ten years. (We bought because of the location). We made do until we could get a home equity loan to overhaul it. Now it’s to my liking. Good luck! Hopefully your next video will be about the great bargain you found that has,loads of potential!!!!
If you’re not willing to sacrifice with the location or a renovation project, it’s hard to find what you want with your budget. just a dose of reality. Good luck with your search.
What you envision your home to be is often not the reality in Hawaii. You just never know you might get lucky. Just be ready when opportunity presents itself. 🤙🏿
Haven’t gone to Oahu in 2 years due to the pandemic then flew there at end of January this year and went back at the end of February. You’re right, the rates have gone up!!! Mama mia!
I assume you live in a large condo building. I would go to your neighbors who have two bedrooms and let them know that you are interested in buying a condo in the building without going through realtors. Typically realtors take 5-6% from the final sale price as commission. If a seller can save that much, then presumably he/she can pass on that savings to you. While it may be odd to be knocking on doors or sending notes to people whom you don't know, but it doesn't hurt to give it a try. You just never know. They may not want to sell right away but they may think of you when they do. Other options is getting a duplex or a triplex and rent out the other units to help pay for the mortgage. But not everyone is cut out to deal with tenants.
No it's not odd to be knocking on doors or sending notes cause each one of those owners might hear of someone wanting to sell, so you in essence doubled your chances of getting a hit from your "work". I used to do it when I first started in real estate and it worked. I used to get about 1-2% of the people I called who might want to at least talk about selling. Go for it.
In a recent study, the Department of Business, Economic Development and Tourism (DBEDT) looked into the average sale prices of homes sold in Hawaii to both foreign buyers and local buyers from 2008 to 2015. They found that on average, foreign buyers spent $785,604 while mainlanders spent an average of $630,390 and the average price of homes sold to locals was $478,198. In addition, a considerable fraction - more than a quarter on Hawaii and nearly half on neighboring islands - of homes bought are being acquired by out-of-state investors.
If it a house your looking for. My first was I found a neighborhood I wanted then looked got the smallest in that neighborhood. You are much younger and have time to expand .
You have to inherit something if you live on oahu realistically. I would transfer your jobs to the big island specifically Hilo and get a 3b/2ba in Hawaii paradise park subdivision in Keaau
Warning: When purchasing make sure you read the bylaw of the HOA AND the minutes of the board meetings. You can find out a lot of stuff that is going on in the building. Read finical report make sure they have reserves. Try to get a sense of the types of people that live there. Also see what they allow in rentals, short or only long term. Good Luck!
HOAs think defensively. The minutes might not reveal much, and how do you know how much the reserves should be? Walking the entire property and seeing how it is maintained is essential. Don't count on HOA minutes to reveal much.
Time for a murphy bed in the LR for you guys and give the bedroom to the babies! I understand your dilemma and wish you the best. I so enjoy your videos. Good luck.
My thought exactly...a Murphy bed or maybe a loft bed with work/office area underneath. Maximize what space you do have. Always enjoy your videos, and especially when your wife is along for the ride! :-)
Continuing with the above suggestions, if you replaced your current large sofa with 6-8 Ikea Adde stackable chairs, say in white, you would have LOTS more space in your current home. Throw a bedsheet over 1-2 rows of these chairs -> instant ‘camp’, ‘hut’ or ‘tunnel’ for your son (and next kid) to play with 😃 The Adde chairs (S$13.50) are much more ergonomic than expensive, high-backed swivel chairs. AND these triple up as dining and work chairs 😃 in our flat.
Good Luck! A year ago I sold my mom's 3bd/2ba condo in Salt Lake. It now goes for $475k. I have lived at my house for 30+ years. My biggest advice, squeeze budget to $575k. It will make a huge difference in the homes available, and not any difference in your budget in 20 years. Happy wife = Happy life.
It's insane how much debt people are willing to take on so long as they can make the monthly payment. You better really love that house if you're willing to overpay for it and you better hope you don't hit any financial bumps in the road.
I would recommend locals all get their real estate license. I learned soo much and how to build equity, 1031 exchanges, etc from doing it. Although I failed to make it a career, I'm way ahead of my friends whom think its impossible to own a home. It isn't but it takes planning and some luck with appreciation in the market. I remember in 2010, being intimidated looking at the home prices. Now they are all in my reach because of the appreciation in the current place I got along with 5x my current pay.
We were in the same position 42 years ago only we had the extra fun of the bottom dropping out of the market so our place was worth half of what we paid for it. 2 little ones and a one bedroom apartment. The kids want to be near their Mom and Dad anyway so it's not as bad as you might have thought. You're going to have to work hard to get what you want. That's the bottom line
I know you guys live living in town, but have you thought about the west side, the new developments going up by the Croc Center called Ho'opili and with your 500K, you can get something that will be big enough for your growing family. I know you both will love this area, very family friendly.
Location Location Location! When I was starting a family and returned from Residency training and work on the mainland at the turn of the millennium, the housing market bottomed out. We were fortunate to be able to live with my mom in Hawaii Kai for 2 years while shopping for a home. The timing was good and the real estate market stars lined up so we could be picky. We were tempted to buy out on the Westside because of the nice, new, developing communities. I agree with the other poster that those new communities are nice and appealing for young families. However, the long daily commute into town was a “show stopper” for us because my work was in town and we sent our kids to a large private school in the lower Manoa area. (I’m a local, public school grad and a believer in public education but the wife insisted on this private school)! I didn’t want to spend 2-2.5 hours total each day stuck in traffic as well as going back and forth for extra-curricular school activities. We ended up finding a larger 5-year old home in Alewa Heights (I tell everyone I live in “upper Kalihi”). It turned out to be a great decision because of the central location. My “commute” to my civilian office in town and Air Guard duties at Airport/Hickam takes 12 minutes and 15-20 min respectively. I put about 6000 miles/year on my car and fill-up once every 2 weeks. You may be able to find something in the Salt Lake/Moanalua area that you like if/when the the market pulls back a bit. You have a nice, convenient place now. Although your current living situation will get too crowded as the kids grow, my advice would be to endure it a little while so you can wait and find an ideal place in a good location. My $0.02. Good luck!
I hope you find your next home🤙🏾🙏🏾👍🏾👍🏾🙏🏾I left Hawaii in 2005, I wish I didn’t sell back then, now in Texas and retired from the U.S Air Force, I was able to stay being a homeowner, prices here in Texas has risen, but still affordable. I still try to get back to Hawaii once a year, I do miss the beach because I surf and the local plate lunches😢😢Good luck and thanks for always sharing 👍🏾👍🏾🤙🏾🤙🏾
Yeah, I have the same issue when I look at finding a place. Even in Palolo where I grew up a SFH are going 1.2 million as is condition which makes me sad.
We sold our 1000sf 1940s home in pearl city on 5000sf lot and for the same money we got a 5000sf new home on 1 acre on the east side of big island...best move ever life is good
I think it depends on how much you have saved up. I believe the median household income is around $86K in Hawaii. Not sure what that income would qualify for. Need to check with a loan officer. I'm guessing it's less than $400K.
I make roughly $100K (before Taxes) and with my VA loan I was preapproved for $650K, that was in 2019 though. Of course I wouldn't want to spend that much but damn, if you want the basic amenities like AC you're going to spend at least that much.
While you’re still at the current place, maybe look into a Murphy bed for you two in the living room area, and kids room in the bedroom privacy! Also, look into tiny home living videos on UA-cam to get ideas on how to make smaller spaces work for you and your family! Suerte!!
Great videos! Keep up the good work! Don't give up on the housing search! Also, if you haven't checked out Hawaii Home Ownership Center, I highly recommend them! They have lots of programs to assist Buyers. Keep your chin up and good luck!!!
Solution: Sell your home in Hawaii for a huge profit, THEN move the mainland. You could get a "mansion" on the mainland compared to Hawaii. Eventually locals will realize, the sacrifices for living in Hawaii are too exorbitant. Practically everything is less expensive on the mainland and the job opportunities are greater. I lived in Honolutu for 20+ years and was completely shocked at the low prices and spaciousness after moving to the mainland. I laughed so hard when I told my mainland friend how much a home cost in HI and he asked: "How many acres of yard space comes with that "house" in Hawaii?"
Instantly a No if it has no central air or isn’t a single family home. This is 2022. Every building in a hot/cold climate should have central heating/cooling. And I don’t think wanting a single family 2-3 bed 2 bath home and central air is to much to ask for at $500k You should sell while the market is expensive, live in a really crappy 2 bedroom apartment that’s as cheap as possible and wait for the market to even out because of new developments, and the trade situation catching up. Then your budget will get you a lot more.
I think that's bad advise, no offense. If this was the mainland I'd probably agree, but the option to wait it out just isn't realistic here. Frankly its not the prices, but the supply that's the problem. Prices may even out in a couple years (though I highly doubt it), but even if they do, the supply of homes on the market just isn't going to match the demand at least not in this decade barring some major catastrophe. Any halfway decent home will be gone within a week. That's the real issue.
I hear you on this. While I understand there's more land/space on the mainland, it's just different here. I can't tell you how many times realtors told us "price you have to pay for paradise" 🤦🏼♀️
Your wife reactions were awesome 😂. Not to bash you both at all but in my country the Netherlands most houses ,even when they would have 4 bedrooms, only have 1 bathroom and 1 separate toilet. No a/c or pools or any amenities present. Also when you buy you will most always have to redo the flooring, the walls, maybe even the kitchen and bathroom. And prices here are enormous nowadays. Younger people are not able anymore to find a house/apartment Hearing you I think to us the options were really not that bad. But ofcourse it is always depending on what you are used to in your country. Good luck with finding a new place. 🍀
Chris, I was thinking about some of the earlier thoughts, but I was thinking that the situation of housing isn't something unique for us only in Hawaii. For those of us with ancestors that came to Hawaii, wasn't much different in certain ways. Many of them came to the islands to find a place of their own. Food, house, clothing, income that would enable them to start themselves up in life. They gambled that moving away from home/comfort would be the only way that they could get established. In the old country, many have no income, no food, harsh conditions that taking their chances of working farther away would enable them to have things they didn't have. Those grandparents took the biggest risks leaving, our parents continued that progression to get more stable careers with education/citizenship. Now, the latter generations are facing similar unknowns, but forgetting that they have advantages those early pioneers didn't have. They have skills that some of the early families didn't have, they have family, they have language, knowledge, and skills. We are underestimating ourselves when I think of grandfather working in the field from morning to night, coming home eating, taking a bath, checking on their vegetables and family before turning in and starting all over again. If everything is easy, then it diminishes the value of what arduous work gives us. Just a thought.
Mahalo for the thoughtful comment. Looking back, I'm proud to be fourth-generation Japanese and am proud of the sacrifices my family made to get us here. Lots of hard work and hopefully something I can continue as we work to make a life for ourselves today.
Your lucky to own...make due with what you have...no need to impress anyone or ruin your health or spend more time away trying to make more money to have a bigger home...have your kids they will grow up fine there in a smaller loving home and then there will be no need to downsize in the future when they are gone..and they will enjoy coming back to their childhood home Mom and Dad still live in...
We bought and sold home at the same time. An option would be using a HELOC or bridge loan. Just a thought on selling and buying into new home. Good luck!
Oh Man, forget about housing, food here is so expensive. Coming from the midwest , I cannot afford many food items and produce we used to have there. Feel really sad about middle class/ low income local people living here.
look out for Isenburg St. there qill be som new development oming up and it may have some kind of budget market that you will give you a chance good luck.
@@HelloFromHawaii Eh, I emailed you a question. Disregard that. Being an Alum from Kaala Elementary I foget to read da whole title of something and not just da first three words! Dooh!😂
Same place they live in San Francisco...on the side of a road, in an RV...It's rampant so don't think you are on your own...Not everyone can live on the Islands...There is only so much land space. SF is 49 square miles and that's it. No more land being made here...
Curious if there are opportunities to basically buy land or a really old/run down house, demolish and build a new house? Or are parts and labor costs in Hawaii too expensive to make it possibly more cost effective?
Best of luck guys .your story reminds me of the time my late wife mayumi looking for bigger place in nyc around 1995 while expecting our only daughter mai chan. Please I highly consider a place near Good school,Ac and a gym near by. All the best.
You currently own so you shouldn't rush Into a purchase. Mike Dutar a realtor on the big island and also a UA-cam, says he's seeing the same trend as in the last real estate bubble. He just did a recent market evaluation. Check his channel out. I realize you are on separate islands but the more knowledge you have, the better decisions you can make.
@Hello From Hawaii Fed just raised interest rates too. I'm waiting on a factory ordered Toyota pickup. Wondering what rates will be when it's delivered
The wife and I been in the market in Honolulu for a couple months now. Wait till your 70k above asking offers get rejected. It's super frustrating here. Hahahaha. Good luck on the hunt!
Good luck with housing availability. Being located where you are now and having what you have, then realizing what things can come off the plate and what's non-negational. What's not mentioned besides bedrooms and bath, is parking, which can be a problem if there is more than one car, no street parking close by or worrying about the vehicle being damaged. Older buildings, the HOA are higher but also worry about HOA being akamai and not being bozo's about making responsible decisions. The Marco Polo and Florida Condo collapse are examples of decisions by HOA that might not be in the best interests, especially if more units are rentals than residents. I would suggest Kapolei which has newer construction, flat walking/biking places but it depends on work and change is sometimes hard. I grew up in Manoa, Kaimuki, Kaneohe, Kailua, Makakilo, Nuuanu and back to Makakilo. You get accustomed to things after a while. Keep hunting and talk to family/friends but don't rush it.
@@HelloFromHawaii: Depending on what you are accustomed to, it grows on you. When we're young and want to do stuff, it seems glamorous to be where people are and things to do. After the novelty wears thin or the other priority of life starts kicking in, rushing to be here/there wears you down and relaxing becomes the thing that you enjoy the most, since time becomes so precious that wanting peace, quiet, tranquility is where you can get it. Having been in wet/cool areas, it is different in a warmer/drier area. Fortunately, Ewa/Kapolei is hotter and living in Makakilo, I actually get cooler temperatures than being in the flat, enclosed neighborhoods of Ewa and Kapolei. The drawback is that not everything is walking distance. So, depending on the purpose of walking/biking, it can be done in Kapolei, like parts of Kailua.
Good luck ! First time buyers have rough time now.... California just passed law against "flipper" 25% on short time capital gain to discourage short term investors...giving a chance for genuine home owner. Does hawaii government help first time buyer for low/medium income buyer ? Fed. Interest goes up, house price may come down ?
That's no good ! That government must be working for big developers. In California I heard different types of housing programs; multi-generational housings, housings for low/medium income buyers, or taking out 50 years mortgage before Fed. decided increase discount rate. Or look for foreclosure or fix-upper houses ?
@@HelloFromHawaii right, especially since your wife didn’t like many of them! 😂 I can respect that. I feel for young adults like yourselves who are definitely priced out of the market especially if you weren’t gifted a home and trying to do it yourself. We were in a similar situation 25 years ago but it wasn’t as bad but even then there were those who couldn’t afford a place. I just think there are a lot more who are unable to afford a place compared to 25 years ago. Unfortunately salaries in HI have not changed for the better. Good luck!
Ewa beach to me is your only shot don’t wait to long and your kids will like the schools I am a proud graduate of Iroquois point elementary, class of ‘73 and now I’m retired and live in the Villages in Florida 🤙
I came from San Francisco. Hawaii is cheap by comparison. My spouse and I made it work on 100k with kids. There's so much free stuff in Hawaii with a local id.
Bro...it's like that here in California. It's insane to see how the market is crazy. My wife is a realtor so I've seen how things operate. It's the demand that's driving up the prices. Over Herr alot of the silicone Valley folks now work remotely since covid so they moving out of the bay and cashing out houses well 0ver 50k to 100k of asking price. It's insane. I can see how it's going in Hawaii too smh.
I wouldn't compromise on air conditioning if you can help it. Unfortunately, with climate change, temperatures keep rising. You want home to be comfortable and if you're hot and uncomfortable you'll soon resent the place, even if it's large enough to accommodate everyone. Home should be the place you're most comfortable. I'd also be concerned with how humidity would affect the home. You could put window units in every room, but that would up electricity use.
Awww... I'm really sorry to hear what happen to y'all!! Our freakin leaders man!! Always taxing & making it very difficult for hardworking, honest citizens like you guys to be independent & buy a home!! I pray for your guy's situation to get better. Would y'all consider living off island? Like maybe the Big Island or something?
This is a sad story. Thank goodness you folks own something. Hard working young residents like yourselves should'nt have to settle for less when moving up to a bigger place. Unfortunately that seems to be a reality here in Hawaii. Locals are competing with foreign and mainland buyers who all want a piece of paradise. I suspect those nice condos in Kakaako are mainly for foreign and mainland buyers and maybe some older kamainas who have the means to purchase those properties. A certain amount of those condos are set aside for affordable housing, is that an option for you folks? I know there are income requirements and you still have to go thru a lottery process but it maybe worth a try. In the meantime I agree, just save your money for now. Don't settle for less.
Mahalo for the comment. We couldn't qualify for the Ulana project, which is an affordable project in Kakaako. Would have been nice. In the meantime, we'll keep looking.
@@HelloFromHawaii Good luck to you folks, you know you can always get divorce if you need less income to qualify and then remarry later after you get the place. Just kidding!!! Wish you folks the best. I'm sure there will be other affordable developments in that area. I was surprised at the amount of condos being built along Kapiolani and I heard more building along Keeamoku are also being planned.
Time to leave Hawaii, brah. Just waiting for you to get that epiphany. I noticed that you did not include the actual locations in Honolulu you visited. Why not be transparent?
They did a good basic description, and, to my mind, I see a small low building of a few floors, all walk up and not necessarily enclosed building, as they mentioned no air conditioning and windows for breeze. Trust me carrying multiple bags of groceries up three flights can be tiring and no a/c. The good thing is that it is a low building and, in a fire, or with no power, it is easier to go down the stairs.
Your wife is from Japan? Her English is very good. Did she study in the U.S? What is your combined income? How much money were you looking to put on a down payment? What kind of prices were you guys looking to get? I'm just curious. :-)
What a time to need a bigger place in Hawaii! 😁 Again, just thankful for where we currently live and still hoping we'll find something in the near future, but no rush. Good luck to anyone buying in Hawaii right now.
Note: I wanted to film our experience and show people what was available, but since I didn't have permission and I also didn't want our comments to affect the sales of these properties, I left them out. Hope you can use your imagination in what these places looked like. 🤙
You could’ve filmed some internists without giving any information as to where it was. Also, have you thought about buying a fixer upper?
Can you also breakdown the pros and cons of leasehold vs. fee simple?
unsolicited advice: but here I go anyways lol. I know it’s a tough market and you have a growing family (same here)… If the Fed does follow through with raising the rates to counter inflation (5 times this year) your purchase power will decrease and I believe the housing market prices will trail the rate change. So just keep that in mind while deciding on what your plan is going forward. I’ve seen others suggest taking out an equity line as a down payment and/or renting out your current home for cash flow. But again the equity line is tied to a rate. Todays rates will most likely be higher in the future. But no one can tell the future. My twenty-five cents. Lol. Thanks for sharing. Don’t give up.
Read my comment
I feel for you, must frustrating to see what the costs are. I assuming you are talking about condos it's tuff being priced out of the market. I wish you luck kids need to grow up in a house. It's sucks that you can't raise your family where you grew up, again good luck don't give up
To lighten things up... your wife's reactions are absolutely priceless . She's a keeper 👌
😁
Read my comment.
Agree... My husband said, ‘She sounds more local than him.”
You and your wife are very genuine. I was born in HI but live in NYC and work in the financial industry. I truly understand housing is very expensive in both markets. Your video shows me the two of you understand how blessed you are in your current situation. Keep the faith,
work hard, enjoy your family and may good fortune strike you in the future!
🤙
Some people live in camper van with two children and two pets, and they are grateful for that. 🙏
no choice...some live on the street in ca
I think the HOA fees in Hawaii are a rough addition to the condo mortgage. The 2-bdrm units I’ve looked at have fees around $900 to $1,100 per month. That’s pretty rough on top of the mortgage.
HOAs are a ripoff!
American has some wierd things! The dutch version of a HOA would bee like 50 to 200 a month depending on what work needs doing soon. It's for things like replacing the roof or painting the window frames every 5 years.
Yeah, probably an older building.
@@michellezevenaar Well he lives in Hawaii, which is like the most expensive state in the US to live in. In Georgia, where I live, it's closer to the high end of the HOA range that you indicated.
Part of the reason for the HOA is partly that people running the HOA aren't really that efficient in keeping costs down reasonably. There are people that procrastinate on tackling maintenance on a responsible basis or willing to pay the costs. They think putting band aid solutions to wear and tear issues saves them money. It just piles on the problem for a bigger rainy day which no one is prepared to handle it.
Such a shame but don’t give up! Love watching your channel ; you both deserve a great place to live; Aloha 💗
Mahalo. This experience just made us appreciate where we currently live even more. 🤙
Feeling your pain. Keep the Faith. At least your there, not one like myself wanting to get home. Hope you guys can share videos on this venture. Aloha.
Thanks. We'll probably share more as we continue to look.
Hey, So thankful for what you put out. I am from the big island of Idaho and have been trying since 2019 to get to the islands with my family to celebrate my wife's cancer remission. I have studied the culture and even began studying the Hawaiian language (not pidgin) on Duolingo. I have come to love the people and culture of the islands and especially the Aloha spirit. I have made several connections on the island of people that I would love to meet. Your channel has opened my eyes to so much more information regarding the lives of true Hawaiians and kama'aina. It has been our lifelong dream to visit the Islands but we were always cautious thinking, "Maybe we shouldn't spend the money". My wife's cancer put a whole new perspective on life and so when she went into remission in 2019, we began booking the trip of a lifetime. Well, Covid canceled our 2020 trip so hey, let's go in 2021. In 2021, our travel agent made a BIG mistake and canceled the cruise portion (another dream of ours) which we were not able to rebook. Now, 2022, we're hoping that this is our year. June 2nd, we are scheduled to fly to Hawaii. We love the history and the people and are getting cautiously excited once again. I have a deep sense of respect for the fact that Hawaii was once an independent nation and that they still strive to carry on tradition and culture. That's what truly makes it paradise. Thanks for your knowledge and portrayal which I feel does justice and honors the people. Your channel is great and your sense of humor is too. I especially like the "pidgin" cuts in your videos, hilarious. You got my vote for governor. Keep doing what you're doing and I wish you and your family all the best and that you find a place that is everything you want and need. Perhaps we'll bump into you. God bless and mahalo nui loa. T
Glad you are finally able to make the trip. Hope you have a wonderful time with your family. Glad the channel has been helpful. Aloha 🤙
At least you qualified for a $500k budget! I still canʻt believe how our islands housing prices are off the rictor! I have 2 sons and since they were born (20 yrs ago) I have always worried if theyʻll ever afford their own houses in our homeland!
Yeah, it's tough. We'll see how prices react to rising interest rates.
Same in my country the Netherlands. My son is 20 and it just is not possible anymore to buy a place unless you have a real high salary. Which is certainly not possible for younger people but also the older adults often don’t get paid that much unless you are the CEO. Insane those prices. Whoever already has a house is blessed. If you don’t…… you will probably have to live with family forever ( which is not common in my country). Good luck!
As someone who works in the affordable housing industry here in hawaii I have a suggestion; at least run the numbers for the following scenario (1) an equity loan on your existing residence where if you rented it out the rent would cover the existing 1st & 2nd. *note, Hickam FCU on Oahu will loan up to 100%LTV. Take the money from the equity loan as a down payment on a new place. Run the numbers for your maximum affordability. Now you own two homes that will appreciate maybe as much as 10% a year in the current market, one of which is paid for by rental income.
Mahalo for the suggestion. It's something we can look into 🤙
This is a brilliant idea, but it is kind of part of what started this whole problem. If everyone is a landlord, who is going to rent? Too many landlords buying up houses and hiking up the rent is a big part of what caused all of this. At least with your plan the landlords actually *live* here, so they can see the problem they are causing.
@@bombshellonthego I'm a landlord and charge below market rent. My tenants are happy. I helped my last tenants with advice on how to buy a house now they are home owners too.
I am assuming that you did this too. I would think that you have to have a good income to qualify for the negative if you use the house as a rental. But you can depreciation from the house from your taxes, so that's good.
Aloha Chris, I’d wait for the housing bubble to burst, I don’t feel it’s too far off on the horizon. History does repeat itself and inflated home prices will become more realistic. Save every penny you are able so when the time comes to purchase you are well-prepared. Be patient and continue your real estate education, it will pay off.
Mahalo for the advice. I'm hoping prices will start to go down, but we'll see. Hawaii's market is a little different than the rest of the US.
I have to agree... The market is very different from when we grew up. I lived in Makiki & enjoyed the foot traffic & bus rides; but honestly I enjoyed my upbringing in Aiea. Your wife's expressions are great... don't change!! 💕
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Look past the “stuff”. You can always fix things up after you get in. Before you put yours on the market, de clutter and put all the extras things in storage so your place looks bigger and “staged”. It’s easier to sell when you furnish it vs showing an empty house.. it also hides lots of flaws. Paint the interior with a nice neutral light color. It’s a cheap way to make your house look fresh and bright. Give it the “wow” factor. New place, No AC? You can always add a window unit later. Sell contingent based on finding your new home. Invest as much as possible when moving up. With the exception of the 2008-2014 time frame, prices increase. Mortgage payment might make you feel squeezed for awhile but after a few years it’ll be ok. Amenities in condos are nice but the more you have, the higher the maintenance fees. Do you really need a pool, work out room etc? I feel for you, been looking at homes in Honolulu myself. Prefer to live in town. The really nice ones get snapped up fast! Take advantage of the not so perfect ones that nobody wants. You’ll have room for negotiation. As long as it’s liveable, you can remodel down the road to your liking. I lived in my very odd home for ten years. (We bought because of the location). We made do until we could get a home equity loan to overhaul it. Now it’s to my liking. Good luck! Hopefully your next video will be about the great bargain you found that has,loads of potential!!!!
Mahalo for the advice. Hoping that we'll find something.
If you’re not willing to sacrifice with the location or a renovation project, it’s hard to find what you want with your budget. just a dose of reality. Good luck with your search.
What you envision your home to be is often not the reality in Hawaii. You just never know you might get lucky. Just be ready when opportunity presents itself. 🤙🏿
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I'm actually stunned by the hotel rates in Hawaii right now. Easily double the rates when I was last there in 2019 before the pandemic. Shocked.
Part of it may be due to the 3% tax increase. And I think with more tourists free to travel, the hotels see that the demand is there.
Haven’t gone to Oahu in 2 years due to the pandemic then flew there at end of January this year and went back at the end of February. You’re right, the rates have gone up!!! Mama mia!
They are making the money they could not make over the last few years.
My two brothers in Hawaii are lucky. They bought their houses in the 60s and 70s in waipio acres when it was not so expensive.
I assume you live in a large condo building. I would go to your neighbors who have two bedrooms and let them know that you are interested in buying a condo in the building without going through realtors. Typically realtors take 5-6% from the final sale price as commission. If a seller can save that much, then presumably he/she can pass on that savings to you. While it may be odd to be knocking on doors or sending notes to people whom you don't know, but it doesn't hurt to give it a try. You just never know. They may not want to sell right away but they may think of you when they do. Other options is getting a duplex or a triplex and rent out the other units to help pay for the mortgage. But not everyone is cut out to deal with tenants.
Ooo! That's potentially a great idea!
Great idea!
Great suggestion 🤙
No it's not odd to be knocking on doors or sending notes cause each one of those owners might hear of someone wanting to sell, so you in essence doubled your chances of getting a hit from your "work". I used to do it when I first started in real estate and it worked. I used to get about 1-2% of the people I called who might want to at least talk about selling. Go for it.
Your thoughts and attitude brings the best in people asain people are delightful and educated. Fact
In a recent study, the Department of Business, Economic Development and Tourism (DBEDT) looked into the average sale prices of homes sold in Hawaii to both foreign buyers and local buyers from 2008 to 2015. They found that on average, foreign buyers spent $785,604 while mainlanders spent an average of $630,390 and the average price of homes sold to locals was $478,198. In addition, a considerable fraction - more than a quarter on Hawaii and nearly half on neighboring islands - of homes bought are being acquired by out-of-state investors.
Thanks for the info. I saw that report too. Just goes to show the buying power differences.
If it a house your looking for. My first was I found a neighborhood I wanted then looked got the smallest in that neighborhood. You are much younger and have time to expand .
You have to inherit something if you live on oahu realistically. I would transfer your jobs to the big island specifically Hilo and get a 3b/2ba in Hawaii paradise park subdivision in Keaau
Yeah, I would think one can buy cheaper on Big Island. Maui and Kauai are expensive because the rich from the mainland loves these islands, I think.
Warning: When purchasing make sure you read the bylaw of the HOA AND the minutes of the board meetings. You can find out a lot of stuff that is going on in the building. Read finical report make sure they have reserves. Try to get a sense of the types of people that live there. Also see what they allow in rentals, short or only long term. Good Luck!
Mahalo for the advice 🤙
HOAs think defensively. The minutes might not reveal much, and how do you know how much the reserves should be? Walking the entire property and seeing how it is maintained is essential. Don't count on HOA minutes to reveal much.
Time for a murphy bed in the LR for you guys and give the bedroom to the babies! I understand your dilemma and wish you the best. I so enjoy your videos. Good luck.
My thought exactly...a Murphy bed or maybe a loft bed with work/office area underneath. Maximize what space you do have. Always enjoy your videos, and especially when your wife is along for the ride! :-)
Continuing with the above suggestions, if you replaced your current large sofa with 6-8 Ikea Adde stackable chairs, say in white, you would have LOTS more space in your current home.
Throw a bedsheet over 1-2 rows of these chairs -> instant ‘camp’, ‘hut’ or ‘tunnel’ for your son (and next kid) to play with 😃
The Adde chairs (S$13.50) are much more ergonomic than expensive, high-backed swivel chairs. AND these triple up as dining and work chairs 😃 in our flat.
Oh dear - I did not intend to start a wave of unwanted advice to you. Mine was more of a smart-mouth comment! My apologies.
Mahalo for the suggestion. Had to look up what a Murphy bed was. 😂
@@HelloFromHawaii Ha ha!😁
Spending the weekend watching your videos and...you are so spot on an so informative....so real...thank you!!!
Mahalo. Glad you enjoy the videos.
Wishing you and your family the best in the short term and for long term!
Appreciate it 🤙
We have the same problem here in Australia - property prices are through the roof and rentals are ridiculously high
Tanks for sharing your thoughts and experience your deminer speke for the rest of the wonderful Asian world 🌏
Thank you for this honest and down to earth video! Hopefully something comes to market that you guys both enjoy
Mahalo! Appreciate it.
Good Luck! A year ago I sold my mom's 3bd/2ba condo in Salt Lake. It now goes for $475k. I have lived at my house for 30+ years. My biggest advice, squeeze budget to $575k. It will make a huge difference in the homes available, and not any difference in your budget in 20 years. Happy wife = Happy life.
Salt Lake is a great area, but the parking 😮
Aloha!🤙🌺 Love to watch your Video and sharing what’s going on back home!!❤️
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Congratulation for the new BABY! 🥰
Thanks
Last year we bought a 2100 sqft brand new house. Custom everything for $325k. Large backyard. I wouldn't trade it for Hawaii.
It's insane how much debt people are willing to take on so long as they can make the monthly payment. You better really love that house if you're willing to overpay for it and you better hope you don't hit any financial bumps in the road.
I would recommend locals all get their real estate license. I learned soo much and how to build equity, 1031 exchanges, etc from doing it. Although I failed to make it a career, I'm way ahead of my friends whom think its impossible to own a home. It isn't but it takes planning and some luck with appreciation in the market. I remember in 2010, being intimidated looking at the home prices. Now they are all in my reach because of the appreciation in the current place I got along with 5x my current pay.
Mahalo for sharing.
We were in the same position 42 years ago only we had the extra fun of the bottom dropping out of the market so our place was worth half of what we paid for it. 2 little ones and a one bedroom apartment. The kids want to be near their Mom and Dad anyway so it's not as bad as you might have thought. You're going to have to work hard to get what you want. That's the bottom line
🤙 Mahalo for sharing. Yeah, we all get to spend time in close quarters.
I know you guys live living in town, but have you thought about the west side, the new developments going up by the Croc Center called Ho'opili and with your 500K, you can get something that will be big enough for your growing family. I know you both will love this area, very family friendly.
Mahalo for the comment. I'm not sure I could do the drive into town everyday. But that might be our only option.
@@HelloFromHawaii should take a look. It’s a great family community. Lots of schools being built there too.
Location Location Location!
When I was starting a family and returned from Residency training and work on the mainland at the turn of the millennium, the housing market bottomed out. We were fortunate to be able to live with my mom in Hawaii Kai for 2 years while shopping for a home. The timing was good and the real estate market stars lined up so we could be picky.
We were tempted to buy out on the Westside because of the nice, new, developing communities. I agree with the other poster that those new communities are nice and appealing for young families. However, the long daily commute into town was a “show stopper” for us because my work was in town and we sent our kids to a large private school in the lower Manoa area. (I’m a local, public school grad and a believer in public education but the wife insisted on this private school)! I didn’t want to spend 2-2.5 hours total each day stuck in traffic as well as going back and forth for extra-curricular school activities.
We ended up finding a larger 5-year old home in Alewa Heights (I tell everyone I live in “upper Kalihi”). It turned out to be a great decision because of the central location. My “commute” to my civilian office in town and Air Guard duties at Airport/Hickam takes 12 minutes and 15-20 min respectively. I put about 6000 miles/year on my car and fill-up once every 2 weeks.
You may be able to find something in the Salt Lake/Moanalua area that you like if/when the the market pulls back a bit. You have a nice, convenient place now. Although your current living situation will get too crowded as the kids grow, my advice would be to endure it a little while so you can wait and find an ideal place in a good location.
My $0.02. Good luck!
I hope you find your next home🤙🏾🙏🏾👍🏾👍🏾🙏🏾I left Hawaii in 2005, I wish I didn’t sell back then, now in Texas and retired from the U.S Air Force, I was able to stay being a homeowner, prices here in Texas has risen, but still affordable. I still try to get back to Hawaii once a year, I do miss the beach because I surf and the local plate lunches😢😢Good luck and thanks for always sharing 👍🏾👍🏾🤙🏾🤙🏾
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Yeah, I have the same issue when I look at finding a place. Even in Palolo where I grew up a SFH are going 1.2 million as is condition which makes me sad.
Wow, that's expensive. Would be great if homes were in the $400-$500K range.
Thanks for sharing a bit of your personal experience. You are a charming team!
Mahalo
Thanks for sharing your experience!~~
Move back to the mainland! I think it would be awesome. Come to NM or AZ or NV
Maybe. Probably look at CO.
We sold our 1000sf 1940s home in pearl city on 5000sf lot and for the same money we got a 5000sf new home on 1 acre on the east side of big island...best move ever life is good
Sounds great
@hello From Hawaii Congratulations on being hapai. Good luck on the home shopping.
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Congrats on the family growing.
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Generally speaking, what household income qualifies for a $500,000 budget in Hawaii?
I had the same question- and alumni of UCSC , Banana 🐌 Slugs 😆
I think it depends on how much you have saved up. I believe the median household income is around $86K in Hawaii. Not sure what that income would qualify for. Need to check with a loan officer. I'm guessing it's less than $400K.
I make roughly $100K (before Taxes) and with my VA loan I was preapproved for $650K, that was in 2019 though. Of course I wouldn't want to spend that much but damn, if you want the basic amenities like AC you're going to spend at least that much.
thanks for sharing it just amazes me on how much it cost for a home here in Honolulu prices are just crazy so not worth the price
God bless you and your family and friends 🙏 ❤ aman. You guys are awesome
While you’re still at the current place, maybe look into a Murphy bed for you two in the living room area, and kids room in the bedroom privacy! Also, look into tiny home living videos on UA-cam to get ideas on how to make smaller spaces work for you and your family! Suerte!!
Mahalo for the suggestions. We may look into getting futons, since we can roll them up when not in use. They are surprisingly comfortable.
Great videos! Keep up the good work! Don't give up on the housing search! Also, if you haven't checked out Hawaii Home Ownership Center, I highly recommend them! They have lots of programs to assist Buyers. Keep your chin up and good luck!!!
Mahalo for the recommendation 🤙
Solution: Sell your home in Hawaii for a huge profit, THEN move the mainland. You could get a "mansion" on the mainland compared to Hawaii. Eventually locals will realize, the sacrifices for living in Hawaii are too exorbitant. Practically everything is less expensive on the mainland and the job opportunities are greater. I lived in Honolutu for 20+ years and was completely shocked at the low prices and spaciousness after moving to the mainland. I laughed so hard when I told my mainland friend how much a home cost in HI and he asked: "How many acres of yard space comes with that "house" in Hawaii?"
大フアンです🎉
旦那さんも奥さんも素晴らしい😢
私はハワイに住んでます
納得すぎ
I searched 2 years for my house and that’s in Ohio. Lots of bad houses out there. HORRIBLE to use your wife’s description. 😁👍
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Instantly a No if it has no central air or isn’t a single family home. This is 2022. Every building in a hot/cold climate should have central heating/cooling. And I don’t think wanting a single family 2-3 bed 2 bath home and central air is to much to ask for at $500k
You should sell while the market is expensive, live in a really crappy 2 bedroom apartment that’s as cheap as possible and wait for the market to even out because of new developments, and the trade situation catching up. Then your budget will get you a lot more.
The “cheap” rentals in HI are the same as house payments. No forced air AC is very common.
I think that's bad advise, no offense. If this was the mainland I'd probably agree, but the option to wait it out just isn't realistic here. Frankly its not the prices, but the supply that's the problem. Prices may even out in a couple years (though I highly doubt it), but even if they do, the supply of homes on the market just isn't going to match the demand at least not in this decade barring some major catastrophe. Any halfway decent home will be gone within a week. That's the real issue.
I hear you on this. While I understand there's more land/space on the mainland, it's just different here. I can't tell you how many times realtors told us "price you have to pay for paradise" 🤦🏼♀️
Yeah, it's tough. Still waiting to see if home prices will ever come down, but it doesn't seem like they do in Hawaii.
im in ca...expensive too
Your wife reactions were awesome 😂. Not to bash you both at all but in my country the Netherlands most houses ,even when they would have 4 bedrooms, only have 1 bathroom and 1 separate toilet. No a/c or pools or any amenities present. Also when you buy you will most always have to redo the flooring, the walls, maybe even the kitchen and bathroom. And prices here are enormous nowadays. Younger people are not able anymore to find a house/apartment Hearing you I think to us the options were really not that bad. But ofcourse it is always depending on what you are used to in your country. Good luck with finding a new place. 🍀
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Chris,
I was thinking about some of the earlier thoughts, but I was thinking that the situation of housing isn't something unique for us only in Hawaii. For those of us with ancestors that came to Hawaii, wasn't much different in certain ways. Many of them came to the islands to find a place of their own. Food, house, clothing, income that would enable them to start themselves up in life. They gambled that moving away from home/comfort would be the only way that they could get established. In the old country, many have no income, no food, harsh conditions that taking their chances of working farther away would enable them to have things they didn't have. Those grandparents took the biggest risks leaving, our parents continued that progression to get more stable careers with education/citizenship. Now, the latter generations are facing similar unknowns, but forgetting that they have advantages those early pioneers didn't have. They have skills that some of the early families didn't have, they have family, they have language, knowledge, and skills. We are underestimating ourselves when I think of grandfather working in the field from morning to night, coming home eating, taking a bath, checking on their vegetables and family before turning in and starting all over again. If everything is easy, then it diminishes the value of what arduous work gives us. Just a thought.
Mahalo for the thoughtful comment. Looking back, I'm proud to be fourth-generation Japanese and am proud of the sacrifices my family made to get us here. Lots of hard work and hopefully something I can continue as we work to make a life for ourselves today.
Your lucky to own...make due with what you have...no need to impress anyone or ruin your health or spend more time away trying to make more money to have a bigger home...have your kids they will grow up fine there in a smaller loving home and then there will be no need to downsize in the future when they are gone..and they will enjoy coming back to their childhood home Mom and Dad still live in...
yeah ppl ruin themselves to look rich..ego is a sick thing
We bought and sold home at the same time. An option would be using a HELOC or bridge loan. Just a thought on selling and buying into new home. Good luck!
Mahalo for the suggestion 🤙
Why not rent your condo for more than your mortgage and move in to a bigger unit in your building? Cash flow it!
Oh Man, forget about housing, food here is so expensive. Coming from the midwest , I cannot afford many food items and produce we used to have there. Feel really sad about middle class/ low income local people living here.
look out for Isenburg St. there qill be som new development oming up and it may have some kind of budget market that you will give you a chance good luck.
Thanks for the heads up. Also saw some development in the Ward/SALT area.
good luck to you. i gave and moved to tahiti
Bruh in TX you can legit buy a 5 bedroom mansion with a swimming pool. I don’t know what y’all are thinking
Best wishes for finding your dream home hopefully with air conditioning. Congratulations on your growing family.
Mahalo for the comment. Looking forward to the new addition to the family.
Hang in there and keep searching. Something will pop up!
Mahalo. Appreciate it! 🤙
@@HelloFromHawaii Eh, I emailed you a question. Disregard that. Being an Alum from Kaala Elementary I foget to read da whole title of something and not just da first three words! Dooh!😂
@@alanokamura6250 No worries. I was going to reply later today. Our budget is relatively small, but hoping still competitive for certain locations. 🤙
Keep going! Don’t give up
Thanks
Same place they live in San Francisco...on the side of a road, in an RV...It's rampant so don't think you are on your own...Not everyone can live on the Islands...There is only so much land space. SF is 49 square miles and that's it. No more land being made here...
Curious if there are opportunities to basically buy land or a really old/run down house, demolish and build a new house? Or are parts and labor costs in Hawaii too expensive to make it possibly more cost effective?
Lots of available land to build on the Big Island.
Land is still expensive. I've seen lots on Oahu for $500K.
@@BruceLortzHI I know. That’s why people use water catchment and solar/battery back up power.
Go Big Island.... Get a brand new 3bd house
Best of luck guys .your story reminds me of the time my late wife mayumi looking for bigger place in nyc around 1995 while expecting our only daughter mai chan.
Please I highly consider a place near Good school,Ac and a gym near by.
All the best.
Mahalo for the comment. Location near good schools is important. One of our top priorities since private school will likely be out.
You currently own so you shouldn't rush Into a purchase. Mike Dutar a realtor on the big island and also a UA-cam, says he's seeing the same trend as in the last real estate bubble. He just did a recent market evaluation. Check his channel out.
I realize you are on separate islands but the more knowledge you have, the better decisions you can make.
Mahalo for the suggestion
@Hello From Hawaii Fed just raised interest rates too. I'm waiting on a factory ordered Toyota pickup. Wondering what rates will be when it's delivered
The wife and I been in the market in Honolulu for a couple months now. Wait till your 70k above asking offers get rejected. It's super frustrating here. Hahahaha. Good luck on the hunt!
Good luck with housing availability. Being located where you are now and having what you have, then realizing what things can come off the plate and what's non-negational. What's not mentioned besides bedrooms and bath, is parking, which can be a problem if there is more than one car, no street parking close by or worrying about the vehicle being damaged. Older buildings, the HOA are higher but also worry about HOA being akamai and not being bozo's about making responsible decisions. The Marco Polo and Florida Condo collapse are examples of decisions by HOA that might not be in the best interests, especially if more units are rentals than residents. I would suggest Kapolei which has newer construction, flat walking/biking places but it depends on work and change is sometimes hard. I grew up in Manoa, Kaimuki, Kaneohe, Kailua, Makakilo, Nuuanu and back to Makakilo. You get accustomed to things after a while. Keep hunting and talk to family/friends but don't rush it.
Mahalo for the advice. Oh gosh. Kapolei. Might be a last last resort. That drive would be tough.
@@HelloFromHawaii: Depending on what you are accustomed to, it grows on you. When we're young and want to do stuff, it seems glamorous to be where people are and things to do. After the novelty wears thin or the other priority of life starts kicking in, rushing to be here/there wears you down and relaxing becomes the thing that you enjoy the most, since time becomes so precious that wanting peace, quiet, tranquility is where you can get it. Having been in wet/cool areas, it is different in a warmer/drier area. Fortunately, Ewa/Kapolei is hotter and living in Makakilo, I actually get cooler temperatures than being in the flat, enclosed neighborhoods of Ewa and Kapolei. The drawback is that not everything is walking distance. So, depending on the purpose of walking/biking, it can be done in Kapolei, like parts of Kailua.
Maybe you could redesign yourself space and stay where you are with the utilities you like. Check out design books at library or online.
I'm not sure how much we can do for renovations. I have to check.
Sounds like you live in a fine building. Are there larger units in the building. Maybe trade up with someone liking to down size ??????
Good idea. That will be tough, but always a possibility.
Good luck ! First time buyers have rough time now.... California just passed law against "flipper" 25% on short time capital gain to discourage short term investors...giving a chance for genuine home owner. Does hawaii government help first time buyer for low/medium income buyer ? Fed. Interest goes up, house price may come down ?
That's no good ! That government must be working for big developers. In California I heard different types of housing programs; multi-generational housings, housings for low/medium income buyers, or taking out 50 years mortgage before Fed. decided increase discount rate. Or look for foreclosure or fix-upper houses ?
Enjoyed the video as a suggestion it would have been good to provide pictures or videos of the properties you folks were talking about.
Yeah, but I didn't want to film or show pictures since the projects are still showing. Just out of respect for the sellers.
@@HelloFromHawaii right, especially since your wife didn’t like many of them! 😂 I can respect that. I feel for young adults like yourselves who are definitely priced out of the market especially if you weren’t gifted a home and trying to do it yourself. We were in a similar situation 25 years ago but it wasn’t as bad but even then there were those who couldn’t afford a place. I just think there are a lot more who are unable to afford a place compared to 25 years ago. Unfortunately salaries in HI have not changed for the better. Good luck!
I'm not in the market to buy but seeing homes rising in price i'm questioning if i'll ever afford a home where I grew up 😂 (LA Mexican Suburb)
Ewa beach to me is your only shot don’t wait to long and your kids will like the schools I am a proud graduate of Iroquois point elementary, class of ‘73 and now I’m retired and live in the Villages in Florida 🤙
Hoping to live closer to town, but we may have to look westside.
I came from San Francisco. Hawaii is cheap by comparison. My spouse and I made it work on 100k with kids. There's so much free stuff in Hawaii with a local id.
Kamaaina discount 😆
Bro...it's like that here in California. It's insane to see how the market is crazy. My wife is a realtor so I've seen how things operate. It's the demand that's driving up the prices. Over Herr alot of the silicone Valley folks now work remotely since covid so they moving out of the bay and cashing out houses well 0ver 50k to 100k of asking price. It's insane. I can see how it's going in Hawaii too smh.
I'm sure it's happening in many places in US right now. We'll see what happens when interest rates go up and people return to work.
I wouldn't compromise on air conditioning if you can help it. Unfortunately, with climate change, temperatures keep rising. You want home to be comfortable and if you're hot and uncomfortable you'll soon resent the place, even if it's large enough to accommodate everyone. Home should be the place you're most comfortable. I'd also be concerned with how humidity would affect the home. You could put window units in every room, but that would up electricity use.
Mahalo for the comment. There are some places that have a nice breeze, but it's nice to have AC on those hot days.
500k budget nice
Eh, $1 million would be better 😄
Don’t worry y’all got this much aloha from Texas
Awww... I'm really sorry to hear what happen to y'all!! Our freakin leaders man!! Always taxing & making it very difficult for hardworking, honest citizens like you guys to be independent & buy a home!! I pray for your guy's situation to get better. Would y'all consider living off island? Like maybe the Big Island or something?
Not sure we could do Big Island due to lack of jobs. But we're happy where we are and still hoping.
This is a sad story. Thank goodness you folks own something. Hard working young residents like yourselves should'nt have to settle for less when moving up to a bigger place. Unfortunately that seems to be a reality here in Hawaii. Locals are competing with foreign and mainland buyers who all want a piece of paradise. I suspect those nice condos in Kakaako are mainly for foreign and mainland buyers and maybe some older kamainas who have the means to purchase those properties. A certain amount of those condos are set aside for affordable housing, is that an option for you folks? I know there are income requirements and you still have to go thru a lottery process but it maybe worth a try. In the meantime I agree, just save your money for now. Don't settle for less.
Mahalo for the comment. We couldn't qualify for the Ulana project, which is an affordable project in Kakaako. Would have been nice. In the meantime, we'll keep looking.
@@HelloFromHawaii Good luck to you folks, you know you can always get divorce if you need less income to qualify and then remarry later after you get the place. Just kidding!!! Wish you folks the best. I'm sure there will be other affordable developments in that area. I was surprised at the amount of condos being built along Kapiolani and I heard more building along Keeamoku are also being planned.
Wahiawa Heights?
(Upland Mauka, small house, open air carport, land/yard). 😃 I don't know, maybe.
Can you sell then rent, then buy later when the market is down?
We could, but it would be tough to save up enough to buy since rent is high.
Time to leave Hawaii, brah. Just waiting for you to get that epiphany.
I noticed that you did not include the actual locations in Honolulu you visited. Why not be transparent?
Use Zillow to find a place. Try to buy a little fixer upper. Rents right now are outrageous
For perspective would be nice if you had square footage for these places. I feel for you guys. Must be tough
They did a good basic description, and, to my mind, I see a small low building of a few floors, all walk up and not necessarily enclosed building, as they mentioned no air conditioning and windows for breeze. Trust me carrying multiple bags of groceries up three flights can be tiring and no a/c. The good thing is that it is a low building and, in a fire, or with no power, it is easier to go down the stairs.
The places weren't that big. Less than 1000 square feet.
@@HelloFromHawaii ouch. thats rough
buy buy buy any property on Oahu. It has been a sellers market for decades.
Your wife is from Japan? Her English is very good. Did she study in the U.S?
What is your combined income? How much money were you looking to put on a down payment?
What kind of prices were you guys looking to get? I'm just curious. :-)
Congrats on Baby #2!!!! Is rent too high? You can also add AC right??
Tough to rent after owning a place, but we'll see.
That's my budget in SoCal as well. I am so curious to see what you can get in paradise.
Not much 😂
@@HelloFromHawaii ditto😭
I sold my condo for 300k. 2 bed one bath, hoa was 500 a month.
good luck but its getting expensive everywhere i dont know how people can buy a house and with a high payment
The space should speak to you🤔
What about looking at everything all over the island that is older, needs new construction? You can customize how you want.
We'll continue looking. We just started looking around.