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Friday, December 15, 2023 • B3
American homes getting smaller with rising costs Nirav Shah WEALTH OF GEEKS
John Burns Research and Consulting (JBREC) conducted a survey in April to understand how much American homes are shrinking. The study surveyed nearly 300 designers, residential architects, and design-oriented builders. They report a third of detached homes planned and built right now are likely to be under 2,000 square feet. The average size of townhomes will be between 1,500 and 2,000 square feet. As the newly built homes are likely to get smaller, builders have allocated more space to more heavily trafficked areas. Instead of building a formal dining room, the focus is shifting to larger kitchen islands with seating. Also, builders are sacrificing primary bedrooms with walk-in closets and opting for another small bedroom. It is important to note that even though new homes are getting smaller in the United States, they are becoming less affordable. A newly built single-family home had a median price of $415,400 in June 2023. However, in that same month, an existing, similarly sized home was valued at $410,200. Homebuyers must still deal with the 30-year mortgage rate, though, but the builders are unwilling to do them a favor by slashing prices.
According to 2020 Census data, the median floor area square footage for single-family homes peaked in the first quarter of 2015 at 2,519. As of the second quarter of this year, median square footage has dropped to 2,191. Homebuilders have ramped up construction by leaps and bounds to meet the ever-increasing home demand. However, new home buyers are getting less even though they’re paying more. According to Redfin, the median home sale price in America increased from $288,203 to $422,137 — a 46 percent increase between July 2018 and October of this year. Indiana-based homebuilder Estridge Homes recently introduced detached homes that are $50,000 to $75,000 cheaper and 300 to 500 square feet smaller than regular builds. According to The Wall Street Journal, to downsize new units, homebuilders are eliminating extra bathrooms and bedrooms. Zillow reports a 9.5 percent increase in the construction of single-family homes with less than three bedrooms from 2021 to 2022. On the other hand, there was a 13.1 percent decrease in the construction Housing affordability of houses with three or America’s housing afmore bedrooms during the same period. fordability crisis has not
U.S. average mortgage rate falls to the lowest level since August ASSOCIATED PRESS LOS ANGELES — The average long-term U.S. mortgage rate dropped below 7 percent to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale. The average rate on a 30-year mortgage dropped to 6.95 percent from 7.03 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.31 percent. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, edged up this week, lifting the average rate to 6.38 percent from 6.29 percent last week. A year ago, it averaged 5.54 percent, Freddie Mac said. The latest drop in rates is the seventh in as many weeks. Mortgage rates have been easing since late October, when they reached 7.79 percent, the highest level since late 2000. The pullback has echoed a decline in the 10-year Treasury yield, which lenders use as a guide to pricing loans. The yield, which in mid-October surged to its highest level since 2007, has been falling on hopes that inflation has cooled enough for the Federal Reserve to finally stop raising interest rates. Those hopes strengthened Wednesday after the Fed held its main interest rate steady for the third straight time, and its officials signaled that they expect to begin cutting rates beginning as early as next summer. Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Fed does with its benchmark federal funds rate can influence rates on home loans. “Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year,” said Sam Khater, Freddie Mac’s chief economist.
home. However, this equity-building strategy is unlikely when home prices rise rapidly. The inability to buy homes in the early working years may mean renting for longer. Those purchasing homes later in Retirement savings life will find it more chalLack of affordable houslenging to pay off their mortgage before retireing also significantly impacts an individual’s ability ment. Food, entertainment, and WEALTH OF GEEKS VIA ASSOCIATED PRESS FILE to save for retirement. Harvard University’s Joint Cen- other lifestyle-related costs surfaced suddenly. It has try needs to hire 2.2 million ter for Housing Studies has are also higher in areas with steep home prices. been developing for many new workers through 2024 recently published the years. Many experts beto keep up with the deState of the Nation’s Hous- The overall effect of rising lieve the problem snowmand for homes built. ing 2023 report, suggesting prices can put a strain on a retiree’s budget. This is Another contributor to that in March 2023, purballed since the Great why many Americans nowRecession and has reached the country’s housing afchasing a median-priced a precarious situation. home required mortgage fordability crisis is rising adays want to relocate to Families earning the mepayments of $3,000 a home prices coupled with less expensive regions bedian annual income can no inflation. The median home month. The same report fore retirement. also mentioned that an inlonger afford to buy a home price across the nation The current housing afmore than doubled bein any of the major marcome of $117,000 was fordability crisis in Amerneeded to buy a medikets. tween 2009 and 2022. ica is a matter of concern This housing affordabilWhile the growth of peo- an-priced home. for everyone. Unfortunately, it isn’t A limited supply of availity crisis can be attributed ple’s wages has been modeasy to forecast when to many factors. First, new est, almost every sector of able homes means prices home builds have failed to the economy has been imare steeper. Those looking things will improve. Many experts suggest that one of keep pace with demand in to purchase a home may pacted by inflation. the best ways to deal with local and national markets In many cases, the added need to adjust their budthis crisis is to prepare for many reasons, includcost of living leads to less get. This can impact their retirement savings in many early by accruing savings. ing labor shortages. When savings for home purThe emerging lifestyle different ways. the housing bubble burst chases. concept of Financial IndeWhen home ownership in 2008, a large part of the To mitigate the impact of accounts for a significant workforce involved in inflation, the Federal Rependence Retire Early portion of income, there is (FIRE) can be an excellent housing construction serve has aggressively inshifted to other fields and creased interest rates. This less opportunity to save for option. FIRE practitioners never came back. aim to achieve financial inhas also affected the mort- retirement. Therefore, these homeowners may As a result, when the gage rates, which are didependence and retire have to lead a low-cost life- early by cutting costs drasmarket was ready to rectly associated with the bounce back, it didn’t have purchasing power of poten- style after retirement. tically and maximizing sava sufficient workforce. AcIf the housing market is tial homebuyers. ings during the early stages The single-family homes affordable, it may be possi- of their professional cacording to Moody’s, the market in America also suf- ble for a homebuyer to pay reers. country currently has a shortfall of 1.5 million off the mortgage before With sufficient savings, fers from the growing tenhomes. The National Asso- dency of institutional their retirement. Then, FIRE followers may find they can buy another home dealing with the housing investors to convert sinciation of Home Builders without debt by selling this crisis easier. (NAHB) projects the indus- gle-family homes (SFHs) into single-family rentals (SFRs). In a market that is already strained, converting a sizeable portion of the available supply has not helped the median home value.
Page 4 Friday, December 15, 2023
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Abandoned Property
DECEMBER
e ds a hom Alakai fin
15, 2017
Abandoned Public Notice Public Notice Public Notice Property 10
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Days Shopping as
set Charter School open in 2018
until Christm
st John Steinhor ISLAND THE GARDEN
rg • www.kcfcu.o
Notice to remove abandoned property :
* Custom Color Matching * Armstrong-Clark Stains * * Purdy Brushes * Graco Sprayers * Home Owner * * Maintenance * Commercial * Industrial * Across From Kauai Community College 4490 Puhi Road, Lihue
(808) 246-8828
SOLD!
HANAMAULU
Land Area: 6,100 sf Living Area: 1,379 sf Bed/Bath: 5/2 SOLD for: $660,000 MLS 703372 New roof, so many possibilities!
AROL C. CUMMINGS RB-14915 (RB) CRB, CRS, GRI, SFR
808-651-4766
kauairealty@gmail.com www.carolcummingskauai.com
NOTICE TO COUNTY OF KAUA‘I REAL PROPERTY OWNERS 2024 ASSESSMENT YEAR APPEAL FILING DEADLINE JANUARY 2, 2024
Smart AC LLC/STI Solar 1833 Kalakaua Ave. suite 406, Honolulu HI 96815, please arrange for the removal of Lumos Solar Equipment, stored at 5525 This notice is to inform COUNTY OF KAUA‘I real property owners that the filing Kula Mauu St. Kapaa, HI 96746 since September of deadline for appealing the 2024 real property assessment is on January 02, 2024. 2022. A notice of property assessment showing the tax classification, market and assessed values, total exemptions if any, net taxable value, and the property status The parts of the system being stored include one crate (improved, partially complete, or vacant) was mailed to real property owners of panels, and metal beams. As it has been on November 30, 2023. Please contact the assessment division at (808) determined the contract is void the equipment needs 241-4224 or write to 4444 Rice Street, Suite A-454, Lihu‘e, HI 96766, if you did to be removed by December 31, 2023. Equipment not receive a notice by December 14, 2023. remaining at 5525 Kula Mauu St. on January 1, 2024 Owners are strongly encouraged to read both sides of the notice and review the will be considered abandoned and the property of the market valuation, tax classification, property status, and exemption amounts. If a land owner to dispose of as they see fit. property owner is aggrieved by any or all of the grounds for appeal listed below, (TGI1440375 12/14, 12/15, 12/16/23) they may file an appeal by January 02, 2024, with the COUNTY OF KAUA‘I, BOARD OF REVIEW at 4444 Rice Street, Suite A-454, Lihu‘e , HI 96766. Contact the assessment division or visit our website at “www.kauaipropertytax.com” for Appeal Form (P-51) and filing information. A $75 (U.S.) deposit fee shall be paid for each appeal. GROUNDS OF APPEAL: IN THE CIRCUIT COURT OF THE FIFTH CIRCUIT The ordinance states that a person shall not be deemed aggrieved by an assessment, nor shall an assessment be lowered, or an exemption allowed, unless STATE OF HAWAII there is shown: a. The assessment of the property exceeds by more than fifteen percent (15%) SUMMONS the director’s assessment of market value. b. Lack of uniformity or inequality, brought about by illegality of the methods STATE OF HAWAII used or error in the application of the methods to the property involved. c. Denial of an exemption or dedication to which the owner is entitled and for To: VICTOR A. DOEPKE and KYLE ALAN DOEPKE which he or she has qualified. You are hereby notified that Lakeview Loan d. Illegality, on any ground arising under the Constitution or laws of the United Servicing, LLC (“Plaintiff”), has filed a Complaint for States or the laws of the State or the ordinances of the County. Mortgage Foreclosure; Exhibit “A”; HRS § 667-17 e. The tax rate classification is incorrect according to Sec. 5A-6.4 or the Real Affirmation; Summons (“Complaint”) against you in Property Tax Classification Rules. that action filed as Civil No. 5CCV-22-0000028 in the SECOND APPEALS: Circuit Court of the Fifth Circuit, State of Hawaii, An automatic second appeal will be granted if the 2023 appeal is not settled seeking foreclosure of the real property located at prior to December 31, 2023 and this year’s assessment of the property is the 6421 Kawaihau Rd, Kapaa, HI 96746, Tax Map Key same as last year’s assessment. number 4-4-6-007-032-0000, in which you may claim If any of the above conditions are NOT met and you disagree with the 2024 an interest, for sums due on an unpaid Note and market value, you must re-file an appeal by January 02, 2024. Mortgage and for other relief as is just and equitable. (TGI1439640 12/15/23) You are hereby summoned to appear before the Honorable Kathleen N. A. Watanabe Judge of the above-entitled Court, in her courtroom in the Circuit Court of the Fifth Circuit, Pu-uhonua Kaulike Building, 3970 Ka’ana Street, Lihue, HI 96766 on January 30, 2024, at 1:30 o’clock p.m. or to file an answer or other pleading and serve it before said day upon TMLF Hawaii LLLC at 1099 Alakea Street, Suite 1500, Honolulu, HI 96813, attorneys for Plaintiff. If you fail to do so, judgment by default will be taken against you for the relief demanded in the Complaint. DATED: Lihue, Hawaii, 11/29/2023.
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Doreena Olivas Brun CLERK OF THE ABOVE-ENTITLED COURT (TGI1439200 12/8, 12/15, 12/22, 12/29/23)
LIHUE – BANYAN HARBOR PRICE $675,000 (FS) 2 BED/ 2 BA Interior Area: 840 sqft MLS 706241
Sought after 2 bedroom, 2 full bathroom single-level end unit in desirable Building J. Amenities include swimming pool, new tennis/ pickleball court and on-site vacation rental management front desk. Within walking distance to Kalapaki Beach Park, shops and restaurants.
Jordan I. Kukino RS jordankukino@kauairealty.net (808) 634-5032 Kaylin Kukino RS kaylin@kauairealty.net (808) 635-2822 Kauai-Realty.com
2403 Ulu Maika St., Lihue, HI 96766
Clifton A. Kukino RB ckukino@kauairealty.net (808) 639-1490
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