Real estate markets getting more affordable

Posted on September 19th, 2009 in Real Estate by admin
Island Kauai, Na Pali CoastImage via Wikipedia

Real estate is becoming progressively more affordable as the markets continue to suffer thanks to the dragging economy, slumping housing market, and difficult credit crisis. While this is a bad thing for people looking to sell their homes, many real estate markets are getting more affordable for people looking to purchase new homes. While the costs of properties in Hawaii are still quite high relative to places on the U.S. mainland, there has been an increasing abundance of affordable Hawaii real estate. The cost of some places in the prestigious Kahala neighborhood have dropped as much as several thousand dollars.

The decrease in housing prices is advantageous for people who have cash on hand to make such purposes. Therefore, there has been a noticeable rise in property purchases by people in search of a vacation home in the islands as well as foreign visitors looking for an investment in the United States real estate market. While this has increased sales in certain high-cost markets, many of the less desirable neighborhoods are experiencing drastically low sales numbers. This is because people who’d like to live in these places don’t have the money to spend.

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