Is anyone still buying STVR's

[Cole Schlack]

I am an agent in Hawaii and we have seen a massive drop of STVR buyers since rates when up, Rental income still covers the higher interest rates but seems buyers are gone.  Just wondering if there are buys still out there? and if so where are you looking?

[Michael Baum]

We are actively looking for our next property finally. So far what I have seen hasn't penciled out as well as I had hoped, but the higher interest rates don't bother me much. Waiting until the prices drop more is the trick. When to buy at a good price is more important than the rate. You can refi at the lower rate when they come down, but the purchase price is what it is.

Maybe what keeps folks from buying in HI is the difficult nature of the rules and regulations in Hawaii. Everything seems to be fluctuating and changing. You can do it here, but not here. No wait, not here but over there. Nope now nowhere near, but maybe waaay over there.

Plus the COVID lockdowns were among the most restrictive and long lasting which shows how difficult it could be with a STR there.