Kauai Board of REALTORS® Monthly
August 2021
August 3, 2021
LETTER FROM KBR EXECUTIVE OFFICER, Karen Ono:
Aloha:
 
About a week ago, Governor Ige announced that he was not extending the eviction moratorium.  Effective August 7th, all “delinquent rent” evictions in Hawaii must be submitted to mediation.  For more information click here:  Legal Aid

Moratoriums Overview:  
Tenants have had protections through three primary moratoriums:
  • State of Hawaiʻi extended through August 6, 2021
  • CDC declaration extended through July 31, 2021
  • The Department of Housing and Urban Development (HUD), Department of Veterans Affairs (VA), and Department of Agriculture (USDA) will extend their respective foreclosure moratorium until July 31, 2021.
  • The Federal Housing Finance Agency (FHFA) has extended the foreclosure moratorium for mortgages backed by Fannie Mae and Freddie Mac until July 31, 2021.
  • ​HUD, VA, and USDA will also continue to allow homeowners who have not taken advantage of forbearance to date to enter into COVID-related forbearance through September 30, 2021, while homeowners with Fannie Mae or Freddie Mac-backed mortgages who have COVID-related hardships will also continue to be eligible for COVID-related forbearance. 

LETTER FROM KBR PRESIDENT, Martie Law:

Communication is Key!

Happy August everyone:

It is no secret to anyone that supply and demand rule our marketplace. The lack of housing inventory and a continual wave of demand keeps housing prices high. This latest movement (an exodus really) of people wanting to live a more rural lifestyle post-covid, PLUS the ability to work from home creates demand from a whole new set of people who may have never considered purchasing in Hawaii before. Interestingly, sales from within Hawaii are still making up about 53% of the purchases. So this is not entirely a “mainlander” issue. 

We’ve said it before and its worth reiterating; without new housing starts in the middle sector of the pricing structure, we will continue to see this trend. Those who are wanting to move up the ladder in home ownership cannot do so without the middle. No one can go from being a first-time home/condo owner to $1.1M purchase in the traditional fashion. It’s like jumping up a ladder with 3 sections missing. 
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