A common question among Maui real estate buyers is, “When is the best time to buy?” Some say that it’s best to aim for times when interest rates are low. Others point to certain times of the year as giving you the highest variety of options to choose from. Still others will say it should depend on the time that works best for your life circumstances, such as planning around school phases for your children, or based on your retirement. There are advantages to each of the aforementioned options, but in reality, what ends up mattering the most is your long-term results. In short, if you find yourself hung up on waiting for the perfect time, you may miss some opportunities. But even that’s okay if you act when the next window opens up. The worst case scenario is doing nothing at all.
Have you ever found yourself checking property prices and marveling at how much cheaper they were in prior years, or during the recession? Prospective buyers will often groan something like, “This home was $500,000 a few years back. Now it’s double! I missed my opportunity!” But, fast forward ten years, and the same property is now worth even more. Ideally, we all act as early as possible to reap the rewards of long-term increases in value, which have certainly been at work among Maui properties over the years. But delays happen, and you can benefit enormously from making an investment, even though prices are higher than they used to be. Prices are always higher than they used to be. The only mistake is letting that stop you.
The fact of the matter is, real estate prices are relative to the economy at any given time, and focusing on short-term fluctuations can obscure the big picture. When you look at the big picture, it’s never too late to make an investment that will pay off down the line as prices continue to rise with economic growth. If you’re wondering how certain that growth might be, just keep in mind that Maui’s visitor industry is booming. Travel websites and publications all over the world are putting Maui at the top of U.S. vacation destinations. In fact, some of them have put it at No.1, such as Kayak, the travel booking service. Maui’s status as an iconic vacation destination isn’t going anywhere for the foreseeable future.
When it comes to real estate investments, in the long run, sooner is better, but anytime is better than no time. In short, procrastination is better than a failure to act. If you’ve found yourself on the fence for a long time, wishing you had gotten in sooner, then maybe the best time to buy real estate on Maui is now. It’s up to you to decide.
If you have any questions or you need expert assistance to help you through any step of the Maui real estate purchase process, feel free to contact us. We specialize in West Maui properties, but we can help you with listings anywhere on the island. We look forward to helping you navigate through the finer points of buying here in Hawaii, where the market has its own unique set of nuances that set it apart from the Mainland. In the meantime, here is a relevant poem that came up in Farm and Land Realtor Magazine back in October of 1917! We hope you enjoy it! Mahalo!