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Buying or Selling Luxury Home in Hawaii During COVID-19 – Tips for COVID-19 Precautions in Real Estate Transactions

Generally, it is believed that COVID-19 will put a halt on buying or selling transactions in the real estate sector.  It is not true as well.  In fact, it will provide more opportunities for buying a luxury property right now.

The common question asked is how we would continue to manage real estate transactions going forward.  Technology today has given wider opportunities of allowing real estate transactions to continue even during COVID-19.  Nearly everything can be done virtually in the real estate transaction and even the property home inspection also.  It’s pretty amazing, really.  Real estate is a vital part of Hawaii’s economic stability and sustainability, and it seems prudent to believe that real estate transactions would continue.

Covid-19 is a new reality for us all, and much of what is to come depends on the duration of this virus.  But this situation is not the same as the housing crisis where money was sucked away from the real estate sector.  Here, due to the need for more privacy, there are chances that those with sizeable savings will go for bigger dwelling places.  In addition, the interest rates continue at historic lows, and as usual, that is very positive news for home buyers.  One needs to take minimum precautions while entering into real estate transactions as summarized below.

Work from home for Real Estate Stakeholders

This is the most obvious way to engage in voluntary social distancing.  In the case of real estate agents, this is not outside the ordinary.  At Hawaii, for real estate brokers, open space will be considered meeting places where they engage in business with customers and utilize the technology for printing, scanning and conducting business.  By staying away from the brick and mortar offices and working from home they assure not get infected as well as they will not spread infections.

Virtual meetings

Meetings with clients will be conducted virtually in order to avoid office meetings for paperwork and conducting a home search.  Technologies such as video-conferencing and Google meetings make it very easy to participate face-to-face, remotely.

Property video tours

It is important to reconsider the way we visit the property right now.  It is not worth the exposure to potential germs and COVID-19.  In MeloMelo property, 360-interior-walkthrough and property videos are available to everyone on its website.  We encourage this practice and hope that it will be adapted by others in the interests of limiting human contact.  There are a number of ways to market the property.  With today’s technologies, virtual tours, drones and 3D-photography buyers can see the property before stepping through the door.  With strong, alternate marketing it is easy to limit property showings and just show your home to a very few selected buyers.

Home inspections via Video

Instead of assembling a group of people for the home inspection, one person can do the home inspection and share the findings via video, Skype or Facetime.

There are homebuyers who lookout and are inspired by today’s historically low rates.  With a little creativity and versatility, there are multiple methods to buy a luxury property and secure you and your family from the virus spread.  The number of off-island buyers physically present in Hawaii has been drastically reduced for the short-term.  This might contribute to more opportunities for Hawaii islanders seeking to buy a new luxury home.

The MeloMelo residence is a one-of-its-kind property in the neighborhood of Kona Palisades, Hawaii.  This property is located at 73-1247 MeloMelo Street with 3060 square feet of interior living space and 925 of covered lanai offering what every home buyer is looking for in a tropical island. ��Contact us for more details – info@themelomelo.com/ (302) 601-1247

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HOW HAWAII REAL ESTATE IS REACTING TO COVID-19

Hawaii has a long tradition of attracting visitors from all over the world.  However, at this time of the COVID – 10 pandemic, the country is focusing more on the health and safety of visitors, industry workers, healthcare providers, and the healthcare system.  It is important to assure secure travel to ensure the continuity of tourism in the coming days.  As the States is opening up again, there are chances of tourists coming back to Hawaii but only with the assurance of health safety from the State.  Hawaii tourism authority believes that any recovery in tourism will be associated with the creation of “world-class safety protocols” supported by research and endorsed by health experts.  By the moment, travelers board their plane to the islands, all tourists need to be assured that airlines, airports, hotels, restaurants, activities, and attractions are regularly offering protection from COVID-19.

Next to tourism, real estate is one of the hottest industries in the Big Islands.  In terms of the distribution of home prices, the East side of Hawaii Island has the most affordable properties.  In terms of pricing, the Kona side is more similar to Kauai.  Some of the changes seen across the real estate industry are paperless transactions, all-digital tools, and virtual platforms for property showings.  Many luxury home buyers are still searching and making offers.  Due to the pandemic, there also have been cancellations.  However, still, the homes for sales in Kailua-Kona neighborhoods are live due to buyers’ interest.

Hawaii Real estate key facts during COVID-19

Hawaii’s real estate market suffered last month as a result of the COVID-19 pandemic. Hawaii is reacting to social isolation and sheltering-in-place procedures, “bending the curve” in a positive reduction phase, contributing to a potential stabilization by May, at a time which points the possibility of recurrent pandemic infection would have to be controlled

The sudden rise of Hawaii’s coronavirus infectious hazard has an influence on the ongoing construction and development in real estate but expected to return to normalcy soon

The big island regional and Kona housing markets have been in a relatively stable extended trajectory of modest, one-digit annual price appreciation and sales volume growth. This course would be broken by abrupt halt associated with the novel coronavirus, but it will act as a rational longer-term proxy for investor returns on the housing sector during the eventual rebound

Last month a number of Hawaii home sellers pull their property off the market and experts predict the re-listing rates to seem more reasonable.  The rules have now been updated just a few weeks after the lockdown, the popular open houses are now gone.  Vacation homes also with appointments have slowed down, but people do need luxury vacation homes and sales are happening.  In-person showings are minimal and may or may not be a choice depending on the location.  Luckily, with technology, it’s possible to keep doing the things that we’ve done before.

From Melomelo, the classic luxury home in Kailua-Kona, Hawaii offers 3D video tours, virtual appointments, Facetime to preview property at buyers’ convenience.

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Hawaii Real Estate Transactions Procedures during COVID-19

You may have wondered if COVID-19 restrictions on travel and business make it impossible to sell or buy a luxury property in Hawaii right now.  All events associated with the real estate transaction process, including home inspection, valuation, and escrow services, are important in its businesses.  It is important to professionals take care to maintain the health and safety of themselves and others.  During COVID-19 the basics of real estate transactions remain unchanged mostly due to the adaption of technology in transactions.

The real estate industry works in a virtual environment nowadays.  Apart from the closing documents such as the deed and mortgage note that have to be notarized rest of the transactions can be done electronically   Fifteen years ago, if you had bought a luxury home in Hawaii, you might have gone out looking for a day, then sat down at a coffee shop with your agent as you filled in and signed the offer.  But nowadays electronic signatures have been permitted in real estate transactions in Hawaii.  Digital signing platforms and smartphones have made it easy to learn, sign, and submit transaction-related paperwork without anyone needing to contact paper or head to office.  The mortgage lender transfers the financial records to a safe database and gave you paperwork to register online along the way.  All documents and funds shall be processed by the escrow.  It is quite normal to see an escrow if both the buyer and seller are out of state at the time of signing.

Hawaii state and county offices, including the Bureau of Conveyances and the tax offices, are “open for business” although most of the staff are working virtually.

Measures Followed During the Lockdown Restrictions

The first thing you will notice that is special when you list the property or ready to submit a bid at a home is an addendum intended to address the problems relating to COVID-19. On the listing side, the regular contract contains language requiring sellers to allow entry for open houses during appropriate hours.  The COVID-19 addendum states that there will not be open houses and will be screened before agreeing to show to buyers even though the home is vacant.  It is common sense that MeloMelo prefers to show the luxury home virtually rather than run the risk of transmitting the virus.

COVID-19 addendum to the purchasing contract effectively ensures that if there are any contingencies or commitments under the contract that cannot be met within the timeline stipulated by the COVID-19 limitations, such contingency times are immediately prolonged and the count starts after the contingency constraints have been lifted.

All real estate professionals including inspectors, appraisers, and escrow firms are taking action to reduce the risk of spreading the infection. This means that the inspectors and appraisers wear protective gear and disinfects as they go through the house.  The escrow companies are offering drive-up signatures, where you can have your documents notarized without getting out of the car.  If you arrange a sign-in person the room will be disinfected before and after and the physical distance will be maintained by all concerned.  At the point, no congratulatory hugs!

If you are registering with a mobile notary in another state check on the restrictions imposed on notary services by your own state.  Some states have implemented regulatory protocols for online notarization.  Allow ample time, because these practices can find it challenging to sign in front of a notary and overnight the notarized documents to Hawaii on the same day as they are sent for signature.

Escrow firms have told their clients that they would fill the gap coverage because if for some reason Hawaii decided to shut down the Bureau of Conveyances due to the pandemic.  While it may not be business as usual the buying and selling of luxury property in Hawaii is still going on.

The MeloMelo Residence is a luxury villa with 3060 sq. ft of air-conditioned space and 925 sq.  ft of covered lanai outdoor living space in one of the greatest neighborhoods of Kona-Palisade, Hawaii.  Contact us for property visit info@themelomelo.com/ (302) 601-1247.

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New State Rules in Hawaii for Outdoor Activities during COVID-19

Hawaii is one of the most fascinating and exotic States in the USA.  It is a perfect destination for an adventurous family vacation, a romantic honeymoon, daredevil explorations, and group holidays.  One can select from multiple vacation activities to choose from each and every island while planning for a trip to Hawaii.  It is often referred to as ‘Paradise of the Pacific’ as it provides unique scenes with a cool and relaxing environment, beautiful greenery along with excellent coral beaches.  While the entire island of Hawaii is full of attractions, Kona is one such tourist destination that you can’t afford to miss.  This beautiful town is situated on the Leeward side of the island of Hawaii.  The weather stays moist and relaxing all year long, making it convenient for you to schedule your vacations at any time.  There are also plenty of sights and activities to experience in Kona, Hawaii.

The Big Island real estate market is relatively stable despite the entire State is under lockdown.  Hawaii has the lowest COVID-19 cases and spreading rate in the nation, and all incoming visitors are required to quarantine for two weeks.  Therefore MeloMelo Residence offers two weeks of groceries for any buyers who like to move during the lockdown period.

Hawaii economy is slowly re-opening and there are a few rules to be followed for outdoor activities such as boating, fishing, and hiking as given below;

Boating

More than two people are not allowed on any boat in Hawaii’s water for leisure purposes unless they are part of a single-family with the same address.  Both persons on the boat are required to maintain a physical distance of six feet from each other.  All boats are required to remain 20-feet apart.

Hiking

Group hiking on state trails not allowed again until all members are part of a single residential or family unit with the same address.  People who choose to hike alone, but wish to have another person around for safety must maintain a distance of not less than 20 feet from each other.

Fishing

Visitors can actively participate in fishing and gathering in order to get food.  No groups or more than two people can fish or gather in state waters or state lands unless all of them are part of a single resident.

As the entire world comes to terms with restricted living due to COVID-19, many have wondered how day-to-day life has changed here on the Big Island.  A stay-at-home order has released at the end of March, with the overwhelming majority of public parks and beaches are inaccessible to the public.  As a result, inhabitants of Big Island have far fewer chances for outdoor activities.  Fortunately, the Hawaii COVID-19 guidelines allow people to reach the water for surfing and other physical activities but people are not permitted to stay on the beach.

Right now is an excellent chance to own a breathtaking luxury vacation home in Hawaii.  The Melomelo residence located in Kona Palisade, Kailua-Kona with a jaw-dropping view and just 10 minutes away from the Kona international airport is ready to be sold with perfect living conditions.  The views here are absolutely incredible!

The MeloMelo residence is in a fully-furnished state with all luxury amenities which will be your best choice as a vacation home or retirement home or even can be changed into a Bed and Breakfast hotel for your business.  For more information on property details contact us

https://themelomelo.com/contact-us/