030824 Real Estate Directory

Homeowners are happy

Franklin Schneider WEALTH OF GEEKS

Nearly 7 out of 10 renters believe owning a home would make them happier — and recent research from real estate company Home Bay proves they’re right.

Homeowners are happier with their living situation than renters by almost every measure.

They’re less stressed, more financially secure, and enjoy more privacy and stability than renters.

Homeownership is not without its disadvantages, though. About 52 percent of homeowners admit owning a home is more expensive than expected, and 43 percent say it is more challenging.

The relative ease of renting may be why 28 percent of renters say they never wish to own a home.

Homeowners are happier

Ninety percent of former renters said they’re happier since moving into a home, and 80 percent said buying a house was their best decision.

Measures of overall happiness confirm that homeowners are more satisfied than renters.

Homeowners rate their overall happiness as 7.5 out of 10 on average, compared to just 6.2 for leaseholders.

Privacy, stability are top homeownership advantages

Homeowners and renters agree that the top benefits of ownership are privacy and stability.

With annual rent prices and evictions rising across the United States, 90 percent of homeowners believe their lives are more stable than the lives of lessees,

30-year mortgage rate eases for the first time in five weeks

Alex Veiga AP BUSINESS WRITER

LOS ANGELES — The average long-term U.S. mortgage rate edged lower for the first time in five weeks, a welcome shift for home shoppers this spring homebuying season.

The average rate on a 30-year mortgage slipped to 6.88 percent from 6.94 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.73 percent.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, pulling the average rate down to 6.22 percent from 6.26 percent last week. A year ago it averaged 5.95 percent, Freddie Mac said.

“Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates,” said Sam Khater, Freddie Mac’s chief economist.

Mortgage rates ticked higher for most of February as stronger-than-expected reports on inflation and the economy fueled speculation among bond investors that the Federal Reserve would have to hold off on cutting interest rates longer than expected.

Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Fed does with interest rates can influence rates on home loans.

Federal Reserve Chair Jerome Powell said Wednesday rate cuts are likely to begin this year, but the central bank first needs to see more evidence that inflation is cooling. The Fed’s main interest rate is at its highest level since 2001.

Despite the choppy trajectory in mortgage rates this year, the average rate on a 30-year home loan is still down from the 23year high of 7.79 percent it reached in late October.

The decline in rates since their peak last fall has helped lower monthly mortgage payments.

and 73 percent of renters agreed.

Homeowners also experience more financial stability, with 82 percent saying homeownership gives them economic security and 49 percent saying appreciating property values helps them build wealth. On the other hand, renters get no real benefit from paying rent aside from having a roof over their heads for another month.

Unsurprisingly, two-thirds of tenants said they faced pecuniary pressures, compared to 44 percent of homeowners. Renters are also 81 percent more likely to have worried about money frequently or constantly in the previous seven days.

Beyond the economic benefits of homeownership, both groups cited privacy as a plus. Ninety-one percent of homeowners also said the ability to modify their space is a bonus — a luxury not afforded to most renters.

Additionally, 60 percent of Americans said not having to deal with landlords is a perk of homeownership, while 53 percent said not sharing walls with neighbors is an advantage.

Some renters are content

In general, leaseholders are more stressed than homeowners, rating their average stress level as 6.2 out of 10, while homeowners rate their stress as 5.1 out of 10. Although 70 percent of tenants polled confirm that renting is stressful, 49 percent think ownership would be more difficult.

There’s a small but significant percentage of renters who are resolutely anti-homeownership. Of respondents, 28 percent stated they have no desire to buy a home, with 3 percent of those polled saying property acquisition provides no added benefit.

Nearly a third of lessees don’t think owning a space would make

But, 1 in 5 wish they were still renting

them happier, and 56 percent don’t regret their decision to remain renters.

Homeownership may be undesirable to some as renting comes with significant benefits. Leaseholders and homeowners said not having to worry about maintenance and repair costs is the top benefit of renting. Most homeowners find routine maintenance burdensome, with 47 percent saying they miss not having to take care of home repairs and 56 percent expressing a desire to spend less time on upkeep.

Lessees may not accumulate the financial benefits of owning a home, but they also don’t have to bear the significant responsibilities of homeownership.

Costs block renters from homeownership

Although a small slice of renters do not want to buy, most haven’t purchased a house because they don’t have enough money.

46 percent of renters said low incomes hinder home acquisition, and 42 percent said homeownership is too expensive. 39 percent said they couldn’t afford to save a down payment, 31 percent said interest rates are too high, and 29 percent said their credit score is too low.

It’s unsurprising that leaseholders have a gloomy outlook on the housing market, with 62 percent saying they feel bad for anyone trying to buy a home in 2024. They are also less likely to believe they will ever own homes.

About 54 percent of respondents believe homeownership is out of reach for the average American, while 60 percent of

renters believe homeownership is out of reach for them.

Worse yet, renting could be a direct obstacle blocking homeownership. 72 percent of renters said the high cost of rent prevents them from saving for a home. For some, leasing a space is a matter of convenience, but for many, it’s a trap.

The homebuying process remains opaque

For all the thought and emotion Americans put into buying a home, they don’t know much about the homebuying process.

Nearly two-thirds of Americans believe a 20 percent down payment is an ironclad requirement, even though there are many lowor zero-down payment mortgage options on the market. Moreover, barely 1 in 10 Americans know that real estate commission is about 6 percent of the final sale price.

The last point is especially relevant as a series of multibillion-dollar federal lawsuits reshape the cost of buying and selling a home. Most experts agree that buyers may soon have to pay their agent commission, and 52 percent of both renters and homeowners are concerned about the deterring effect of such a cost.

Additionally, 27 percent of each group said paying a buyer’s commission would significantly influence their buying decision. Higher costs and a dearth of information could lead to a market slowdown soon as consumers struggle to apprehend and afford a shifting commission landscape that they didn’t understand in the first place.

DAVID ZALUBOWSKI / ASSOCIATED PRESS

aHawaiicorporation,

complywith10%requirementpriortoparticipating inauction.Buyershallpayallcostsofclosing, includingwithoutlimitationescrow,conveyance andrecordationfeesandconveyancetaxesandis responsibleforsecuringpossessionoftheproperty uponrecordation,includingthecostofevictionif necessary.SALEISSUBJECTTOCOURT CONFIRMATION.

therespectiveMortgages. PahioVacationOwnership,Inc.,aHawaii corporation, asMortgagee,whoseaddressis 6277SeaHarborDrive, Orlando,FL32821, intendstoforecloseitssaidmortgage,andwillholda salebypublicauctionofFeeSimplepropertybeingthatcertainproject, Ka’Eo KaiPhasesII&III, locatedat 3970WyllieRoad,Princeville,HI 96722 on 04/03/2024 at VidinhaStadium,HoolakoSt,Lihue,HI 96766,underthetrees,atentrancetothestadium at 1:00PM. Each ofthepropertiesistobesoldasanundividedtimeshareinterest.Therewill benoopenhouses.Termsofthesaleare:(1)Noupsetprice.(2)Property soldwithoutcovenantorwarranty,expressorimplied,astothetitle possessionorencumbrances;(3)Atthecloseoftheauction,Purchasershall pay100%ofthehighestsuccessfulbidprice(“Bid”)bymoneyorder,certified, orcashier’scheckdrawnagainstaUnitedStatesbasedfinancialinstitution,in USCurrency,madepayabletoFIRSTAMERICANTITLECOMPANY;provided thatMortgageemaysubmitacreditbiduptotheamountofthesecured indebtedness;(4)Purchasershallpayallclosingcostsincluding,butnot limitedto:costsofdocumentdrafting,notaryfees,consentfees,escrowfees, conveyancetax,recordationfeesandothercharges,togetherwithanyspecial assessmentswhichmayariseunderHRS514B-146(g)(h)(i);(5)Iftitleisnot conveyedtoPurchaserforanyreason,otherthanPurchaser’sfailureto performasspecifiedherein,theMortgagee’ssoleresponsibilityshallbethe returnoftheBidfundstenderedbyPurchaser.ThePurchasershallhaveno furtherrecourseagainsttheMortgageeoritsagents,attorneys,servicersand auctioneers;(6)Thesalemaybepostponedfromtimetotimebypublic

Open Houses: None,perOrderGrantingPlaintiff’s MotionforPermissiontoSell PropertyWithoutOpenHouses, FiledJanuary3,2024asDkt.52

ZONINGPERMIT(Z-IV-2024-3),USEPERMIT(U-2024-3)toallowoperationofa commercialboatingfacilitythatinvolvesstaging/shuttlingofpatronstotheharbor, constructionoftwo(2)boatstoragefacilities,two(2)dwellingunits,and associatedimprovements,andSHORELINESETBACKVARIANCE(SSV-2024-1)to allowdeviatefromtheshorelinesetbackrequirementpursuanttoSection8-27.3of theKauaiCountyCode(1987),affectingtwolotslocatedonthemakaisideof KaumualiiHighwayinKikiaola,Waimea,situatedapproximately1,000feetwestof theKikiaolaHarbor,furtheridentifiedasTaxMapKeys:(4)1-2-013:039&040, and containing a total land area of approximately 2.3 acres.

Meeting : Lihu‘e Civic Center, Moikeha Building, Meeting Room 2A-2B,

Location : 4444 Rice Street, Lihu‘e, Kaua‘i, Hawai‘i

*InterestedpartiesshouldlooktothePlanningCommissionAgenda for April 9, 2024, for final determination of location.

Date : April 9, 2024

Time: 9:00 a.m. or shortly thereafter

Oraltestimony willbetakenonspecificagendaitems,in-personatthepublic meeting location indicated on the meeting agenda.

Writtentestimony indicatingyour1)nameorpseudonym,andifapplicable, yourposition/titleandorganizationyouarerepresenting,and2)theagendaitem thatyouareprovidingcommenton,maybesubmittedonanyagendaitemin writingtoplanningdepartment@kauai.govormailedtotheCountyofKaua‘i PlanningDepartment,4444RiceStreet,Suite473,Lihue,Hawai‘i96766.Written testimonyreceivedbythePlanningDepartmentatleast24hourspriortothe meetingwillbepostedastestimonytothePlanningCommission’swebsiteprior tothemeeting(https://www.kauai.gov/Government/Boards-andCommissions/Planning-Commission).Anytestimonyreceivedafterthistimewillbe retainedaspartoftherecord,butwecannotassuretheCommissionwillreceiveit with sufficient time for review prior to the meeting.

IFYOUNEEDANAUXILIARYAID/SERVICE,OTHERACCOMMODATION DUETOADISABILITY,ORANINTERPRETERFORNON-ENGLISHSPEAKING PERSONS,PLEASECONTACTTHEOFFICEOFBOARDS&COMMISSIONSAT (808)241-4917ORADAVIS@KAUAI.GOVASSOONASPOSSIBLE. REQUESTSMADEASEARLYASPOSSIBLEWILLALLOWADEQUATETIMETO FULFILLYOURREQUEST.UPONREQUEST,THISNOTICEISAVAILABLEIN ALTERNATEFORMATSSUCHASLARGEPRINT,BRAILLE,ORELECTRONIC COPY. (TGI1446483 3/8/24)

NOTICEOFMORTGAGEE’SINTENTIONTOFORECLOSUREUNDERNON-