Welcome to the end of 2021! 2021 has certainly been an interesting year but now we all need to plan for 2022. Covid has been a real challenge for Maui as well as all the Hawaiian Islands, the United States and the world. The good news is that our percentages of spread have dropped. People all over the world continue to look for a safe place with warm weather to enjoy. Maui is that getaway. Regulations Regarding traveling to Maui can be found at https://travel.hawaii.gov/#/welcome
For Property Owners Living on Island: If you are living full time in your new property be sure to fill out the homeowner tax exemption form before the end of the year to get that fantastic lower property tax assessment.
For property owners who lease out either their main home or the ohana: You only have another few days to get your lease agreement for one year or more to the County so you can get the tax exemption the County is offering Be sure you have been paying your GET as there will be penalties. The lease must be for at least one year.
Maui’s Economy: We have attended a number of tax and economic forecasts. Much has yet to be decided but the tax forecast is not as bad as it could have been. In addition, it appears that inflation may be here to stay for a while. The bottom line is prices of real estate on Maui continue to rise although at a more sustainable rate. Interest rates have been ticking up which changes the affordability rate. With inflation cutting deeply into the value of the US dollar and the Fed indicating that they will most likely raise interest rates three times in 2022 planning for your future should be at the top of your list. This could mean it is a great time to buy and a great time to sell. While many feel the hot market will end most economists believe that prices will continue to increase albeit at a slower pace. This means that buyers might strongly consider getting off the sidelines and buying now before prices and interest rates go up.
It’s important to pay attention to what the Maui County is doing. There are some substantial problems they could bring forth to the property owners. Right now the Minatoya Act (Vacation Rental Units) is one of their targets. Unfortunately, we need to remember most of them have minimum economic education which is a problem when they come up with laws they pass. The last issue that is now a burden is the Tiered Property Tax law they passed. This hurt a lot of property owners, especially condo owners. The only way we can keep Maui property owners and business owners ready for action is to keep informed and be ready to act and we will do our best to do that for you.
Enjoy Maui Virtually!
Our Live Beach Webcam has sound so take time out of your busy life to enjoy the sounds of surf as well as wildlife by linking to https://www.mauirealestate.net/video.php?Size=Large
Wishing to virtually tour properties, open houses and 3D tours go to: www.MauiRealEstate.NET For more detailed statistics go to: https://www.mauirealestate.net/real_estate_stats.html
Thank you to all of you who donated to our annual Children’s fund raiser. You have made a difference in many children’s lives who have experienced much sadness including abuse and neglect.
Bob Hansen PB R(B) Clint Hansen BIC R(B) Donna D. Hansen R(S) 808-283-9456 808-280-2764 808-280-1650 RB-17532 RB-21616 RS-49765
MAUI LUXURY REAL ESTATE LLC
The Hansen Ohana ~ Maui’s Real Estate Family for over 30 years