Thanks Katie and Frank,

Yes, I'm excited, and I love the house. I don't want to stay there thirty years, but I'd like to be able to sell it in five to trade up. And Frank - you are correct it's on 31st. Appraised at $231,000. Last appraisal was at $250,000 a couple of months ago, but the comps brought it down.

Aloha. In my opinion your question really comes down to this - why are YOU buying now, and is it a good time for you to be buying this property? Property values in Hawaii rise and fall, rise and fall, rise and fall - ask your agent to show you a graph of property values over the past 50 years in Hawaii and you'll see that overall, over time property values increase, but of course there are dips here and there at specific moments in time. Trying to "time" a property purchase as you would a stock purchase or sale is inappropriate method of property investment, in my opinion. Thus, it comes down to this: Will the bank appraise the house at the purchase price? If you're getting a loan and the property appraises at your purchase price, you know it's a "good" price based on the mathematics of comparable properties. Is it a good time to buy? That depends on your personal situation. Can you afford to pay for the loan on this house for the next 30 years? Can you afford to pay the property taxes which will surely increase over time, as well as for maintenance to the structure and property that will need to be done over time? Are you excited and happy about the purchase? These are things you should be discussing with your agent. If you feel "pushed" by your agent, if they aren't answering your questions or if you are in a "dual agency" situation, then these might be red flags for you in your purchase. When all is said and done, understand we've been in a declining market for the past 3 years here on the Big Island and so certainly this price is infinitely better than what you would have paid for the same property 3 -5 years ago. Prices will continue to decrease as long as Sellers believe tomorrow will be worse than today. Most experts seem to think our market will be flat for the next 18-36 months before we see any appreciation. So certainly, if you buy this house now and wait 10-30 years, you will look back and say it was a "good time" to buy. Good luck and don't forget to get a professional home inspection! Katie

Talk to your agent. There are too many variables to speculate from your description.
Need to know assessed value, location of lot (20th Ave vs. 28th Ave. vs. 32nd Ave), lot grading, type of construction for the home and improvements, types of bathroom improvements and fixtures, etc.
My guess is that it is on 31st Avenue.

Aloha.