For the past couple hours I have been trying to get myself to post on @waileareralty Instagram post about our new listings with Wailea Realty. I also have several real estate blog posts to upload. However, I am distracted. My mind has already flown into the Thanksgiving land. Not that I am craving for turkey, or pumpkin pie or the best apple pie my husband bakes. It is not that (although I am sure I’d crave for that later, but not right now). It’s more of my mindset has shifted to focusing on thanksgiving and gratitude instead of promotion and marketing today. And so I am going with the flow. Let’s talk about what I am thankful for this Thanksgiving as it relate to real estate.
This year 2020 has been a difficult year for many. It definitely has been a year of uncertainties.
On Maui (and all of Hawaii) we went from having the lowest unemployment rate in the nation, to the highest within a few months of pandemic. Our tourism industry went from thriving to stagnant. We have clients who owns vacation rental condos and other businesses related to tourism, and they were all affected. This was the hard part (the bad news so to speak).
However, there are good news:
One of the many things I am thankful for is that I didn’t lose my job. Wailea Realty kept all of us office staff employed. I was able to work from home all these time. In addition to keeping my job, I and my family remained healthy. Our agents at Wailea Realty Corp. + Windermere Real Estate are healthy. Hawaii is considered one of the safest place on earth due to its low COVID19 infection rate. And to think that we are living in an island often called “paradise” during pandemic, that’s a blessing in itself. We are free to go to the beach, to hike in the mountains and rainforest, and to do many other activities that are not possible to do in the mainland where cases are surging.
Another thing to be thankful for is that the real estate industry surprisingly “boomed” during pandemic.
Here is an excerpt from Fortune.com on the article titled: Behind real estate’s surprise 2020 boom and what comes next:
The house-hunting bonanza that gripped many Americans along with the resilience of the real estate market has been one of the biggest surprises of 2020.
The COVID-19 pandemic, the loss of millions of jobs, a weaker economy—none of it stopped millions of house hunters from flocking to Zillow, Redfin, and other online platforms to browse, plan their move, and, in many cases, purchase their first home.
Home prices have been climbing steadily over the past few months, and industry players are projecting they are likely to peak in some markets this fall, causing a tempering of the market driven by a decline in supply and a prolonged economic recovery.
Real estate companies are preparing for what comes next and what homebuying will look like in this new environment, as it will become more important to optimize their sales funnels, home in on high-value leads, and boost profitability as sales may peak in some markets.
This good news in Real Estate is active on Maui as well. Take a look at this October 2020 report by Realtors Association of Maui:
October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.
New Listings decreased 29.4 percent for Single Family homes but increased 0.6 percent for Condominium homes. Pending Sales increased 13.8 percent for Single Family homes and 3.3 percent for Condominium homes. Inventory decreased 30.7 percent for Single Family homes but increased 49.2 percent for Condominium homes. Median Sales Price increased 18.5 percent to $867,500 for Single Family homes and 12.7 percent to $587,800 for Condominium homes.
Days on Market decreased 2.9 percent for Single Family homes and 18.5 percent for Condominium homes. Months Supply of Inventory decreased 25.5 percent for Single Family homes but increased 94.9 percent for Condominium homes.
Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.
Back to my Thanksgiving musing, I am thankful that I am part of a company that put their clients first. I have seen how our realtors work and they truly care for each of their clients. And they are great at what they do – they are knowledgeable and professional in their approach. This makes it easier for me to promote our company and our listings.
So thank you for allowing me to share what’s on mind on this Thanksgiving Eve. Before I end this blog post, I would like to wish you and your family a Happy Thanksgiving!