Closing Conducted by: | Attorneys, Title Companies, Escrow Companies |
Conveyance: | Warranty Deed/Sale Deed |
Primary Foreclosure Method: | Judicial & Non-Judicial |
Process Period: | 3 - 4 months |
Notice of Sale: | Trustee |
Redemption Period: | None |
Income Tax: | 1.4% - 8.25% |
Corporate Tax: | 4.4 - 6.4% |
Sales Tax: | 4.00% |
Estate Tax: | 10%-15.7% |
Inheritance Tax: | No |
Median Property Tax: | 0.26% |
Property Taxes by County: | http://www.tax-rates.org/hawaii/property-tax#Counties |
Closing Cost: | $2,808 |
Transfer Fee: | Transfer tax 0.1%-1.0% ; Based on value 0.15%-1.25% |
Origination Fee: | $2,009.00 |
Median Home Value: $667,005
1-Year Appreciation Rate: +3.0%
Median Home Value (1-Year Forecast): +9.3%
Median Rent Price: $2,350
Price-To-Rent Ratio: 23.65
Average Days On Market: 89
Percent With Negative Equity: 4.7%
Unemployment Rate: 10.1% (latest estimate by the Bureau Of Labor Statistics)
Population: 1,420,491 (latest estimate by the U.S. Census Bureau)
Median Household Income: $74,923 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 13.65%
Foreclosure Rate: 1 in every 16,736 (0.5%)
Maui: (1 in every 12,016)
Hawaii: (1 in every 14,391)
Kauai: (1 in every 15,317)
Honolulu: (1 in every 19,243)
Tax Lien or Deed: Redemption Deed State
Interest Rate: 12% after Deed Sale
Redemption Period: Varies by County (6 Months - 1 Year)
Prohibitively expensive housing will make long-term investments more attractive: Median home values in the Hawaii real estate market suggest profit margins are thin at the moment. However, the same high prices preventing many from buying are also forcing many to rent, which bodes incredibly well for investors. As long as prices remain high and inventory remains low, there’s a great chance rental properties will be the best exit strategies for investors to pursue.
Prices will continue to rise: Not unlike everywhere else in the country, real estate in Hawaii has seen its prices increase almost exponentially for seven consecutive years. The jump in home prices is largely attributed to a lack of inventory. Until the issue is addressed prices will most likely continue to rise, albeit at a slightly slower pace.