Bet On The Market
My great grandma, "Taipo," as we affectionately called her, was an amazing woman. Despite having an elementary school education, Taipo was able to raise a family, own real estate, and be a successful business owner.
As a child, Taipo was one of my primary caregivers. One memory I have was when Hurricane Iniki hit Hawaii. I was at Taipo's house; we were hunkered down. While other relatives were worried, Taipo was cool as a cucumber. I remember asking her, "Taipo, aren't you scared?" She smirked and said, "No. I lived through the war."
COVID-19 could be one of the biggest events in our lives. People are dying, businesses are closing, and people are losing their jobs. From a monetary perspective, our financial markets have been rollercoaster-like. The trickledown effect could be far-reaching, and I'm deeply concerned about the wellbeing of my clients who are comprised mainly of friends and family.
While we are focused on our daily survival, it's important to remember that our economy has been resilient over time. I don't know what COVID-19 will do to our housing market. However, I do know that housing prices have increased over time. Per the Honolulu Board of Realtors, the median single-family home price in 1985 was $158,600. This is in comparison to $789,000 in 2019.
I'm not saying to ignore the small things. However, when the sky is falling, it's equally important to see the big picture too. When I get older, I look forward to telling my son that I lived through COVID-19. We'll make it through this together. Stay safe and healthy.