So am I the only one who is happy to hear that home sales here in Hawaii are slowing down and the economy may be turning? Don’t get me wrong, I am happy that so many people are gainfully employed, however, I would also like to own a house someday.Growing up on the Big Island, I was already shocked ten years ago when the average single family home cost about $300K. I was also laughing when people were putting up a cool quarter million on condominiums here in Honolulu when the construction cranes first returned to our shores in the biggest flocks since the late 70s and early 80s. So you can imagine my sticker shock nowadays as the median prices seem to simply rise and rise.The not-so-funny story I tell my friends is how six years ago I was making half as much money and thinking that I would need to make twice as much just to be able to afford a home. Now, I do make twice as much money as back then and guess what; houses cost twice a much too!As someone who opted to stay here in Hawaii to tough it out through the recession in the Nineties, it sure is sobering to learn that I still have a long way to go in order to be a candidate for a mortgage. So forgive me when I smile as I read the business section to see that the economy on the continent is flagging and that the housing market is close to going bust.My best advice to all of you who are also in the same boat as me and my family, just hold tight. Save what you can, build that credit score and listen for the sound of the market crashing. Which reminds me, anyone seen my copy of PBN?
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