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Navigating Post-Election Real Estate Trends on Oahu: What Homebuyers and Sellers Need to Know for aThriving Market in 2025

Posted by benjamen.harper@gmail.com on November 14, 2024

Oahu

Post-Election Changes in Real Estate on Oahu for 2025

Honolulu, HI

Post-Election Changes in Real Estate on Oahu for 2025Image

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Post-Election Changes in Real Estate on Oahu for 2025

Table of Contents: [Link to FAQ section]

Quick Facts

New Zoning Ordinance: A new zoning ordinance was enacted, allowing for higher density development on existing land and reversing the 1988 Kaka’ako Vision 2025 proposal.
Airbnb Bans: Airbnb and Yelp dropped the names “Airbnb” and “Yelp” respectively; some landlords see this as a threat to their business, while others see it as an opportunity to establish stricter standards.
Tenant Protections Act: The Hawaii State Legislature passed a bill requiring landlords to provide 12-month notice for rent increases, 60-day notice for lease terminations, and offer discounts or repairs to tenants whose lease is on fire.
Realty Partners Tax: The state of Hawaii passed the “Realty Partners Tax” to provide for local government control over public real estate on Oahu, allowing for more efficient property management.
E-Listing Market Shift: Online real estate platforms are shifting their focus away from “For Sale” and towards “For Rent” listings, with real estate agents competing to differentiate themselves in the hybrid model.
High-Interest Property Loan Fees: The state passed a law exempting debt-to-income ratios for low-income borrowers, but also increasing property loan fees and increasing property tax rates.
Temporary Health Assessment Waivers: Local governments are allowing temporary health assessments waiver, making it easier for homeowners to preserve neighborhoods without needing traditional real estate-based financing.
Potential BRR (short-code real estate market segmentation): A growth model that incorporates data-driven, locally-owned data collection and comparison of market trends.
Building Code Waivers: Local governments are adopting longer maximum occupancy and reduced standards for multi-family units due to concerns from new construction; with flexibility for large-scale capital projects.
Budgeting for Inexitant, newly enforced State Real Estate reform goals: By implementing these changes, the new government aims to achieve its real estate reform goals, aiming to make the Oahu real estate market more efficient and innovative.

Frequently Asked Questions:

Q: What changes can I expect in the Oahu real estate market after the 2024 election?
A: While it’s difficult to predict exactly how the market will react, we can expect some shifts in the Oahu real estate landscape based on the outcome of the election. Historically, elections can impact mortgage interest rates, government policies, and consumer confidence, all of which can affect the housing market.
Q: How might the new government policies affect Oahu property values?
A: The new administration’s policies on taxation, regulations, and zoning laws may influence property values on Oahu. For example, changes to tax laws could impact the cost of homeownership, while updated zoning regulations might influence the availability of buildable land and subsequent development. These factors can, in turn, affect property values.
Q: Will interest rates change after the election, and how will that impact the Oahu real estate market?
A: Interest rates are influenced by a complex array of factors, including the Federal Reserve’s monetary policy and the overall state of the economy. While it’s uncertain how interest rates will change after the election, even small shifts can significantly impact the housing market. Lower interest rates can stimulate demand and drive prices up, while higher rates can slow down the market and lead to more moderate price growth.
Q: How will the election outcome affect the inventory of homes for sale on Oahu?
A: The election outcome may impact the confidence of buyers and sellers, influencing the number of homes listed for sale. If the new administration’s policies create uncertainty or concern, some homeowners might delay listing their properties, reducing inventory. On the other hand, if the policies boost consumer confidence, we might see an increase in listings and a more balanced market.
Q: What about the impact on luxury real estate on Oahu?
A: The luxury market on Oahu is often influenced by global economic trends and high-net-worth individuals’ confidence in the market. Post-election changes to tax policies, trade agreements, and other factors could affect the demand for luxury properties on Oahu. If the new administration’s policies create a favorable investment environment, we might see increased demand and prices for luxury properties.
Q: How can I stay informed about post-election changes in the Oahu real estate market?
A: It’s essential to stay up-to-date with local market trends and economic indicators. Consult with a knowledgeable real estate agent, follow reputable sources such as the Honolulu Board of Realtors and the National Association of Realtors, and stay informed about policy changes to make informed decisions about your Oahu real estate investments.

Resources & Links:

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For Buyers & Sellers

A Home Buyer and Seller’s Guide to Post-Election Changes in Oahu Real Estate (2025)

As a homeowner and prospective buyer, understanding the implications of post-election changes on Oahu’s real estate market is essential. With a new government in place, several policy shifts and regulatory changes are set to impact the local real estate landscape in 2025. Here’s a breakdown of what you can expect and how these changes may affect you:

Impact on Home Buyers:

Changes in Interest Rates: The new government’s economic policies may lead to fluctuations in interest rates, potentially making borrowing more expensive. This could reduce the purchasing power of homebuyers, forcing them to reevaluate their budget and consider adjustable-rate mortgages.
Increased Taxes: New tax laws or regulations might increase the financial burden on homebuyers. For example, changes in property taxes or transfer taxes could add thousands of dollars to the cost of purchasing a home.
Eviction Moratoriums and Rent Control: With a renewed focus on affordable housing, the new government might implement or extend eviction moratoriums and rent control policies. While this provides temporary relief for renters, it could discourage investors and limit the availability of rental properties.
New Development and Zoning Regulations: Stricter zoning laws and environmental regulations might limit the supply of new homes, particularly in areas with high demand. This could drive up prices and reduce options for buyers.

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