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Market Conditions in Mililani : Real Estate Advice

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Fri Aug 29, 2014
Janille Lujan asked:
This question was asked from http://www.trulia.com/rental/3165458667-95-257-Waikalani-Dr-Mililani-HI-96789
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Fri Nov 22, 2013
Cathy Pierce answered:
Though it is impossible to tell the future, you can learn a lot from the past. Real Estate, like many things, has a cycle to it. An ebb and flow so to speak. The typical pattern is that after a recession and housing price drop, there is a lag time while homes catch up to the previous high point. Once they arrive at the previous levels there is typically a steady rise for another 5-7 years before the next recession and price dip.

That being said, we had the price drop in 2007 and we finally caught back up to 2007 prices earlier this year. So you can project 5-7 years of steady rise based on historical data. More people come to Hawaii every year and it has been estimated that each decade between 2010 and 2030, the population is expected to increase by 140,000. However, Hawaii is currently only building 4,000-5,000 housing units a year. I think this will create a different kind of housing crisis. One that will keep prices in an upward trend.

You could also ask your Magic 8 Ball (just in case it has some good thoughts on the subject).
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Market Conditions in Mililani Zip Codes

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