I am amazed and quite proud of our economy for doing the very best we can to come up with creative ideas to keep business is open, stabilize the economy, and work together to support our local community as well as the national community. While we might see a little bit of a dip in real estate because of this, I don’t feel it’s going to take as hard a hit as many people expect. Yes, listings have been pulled from the market and buyers are a little more hesitant, but you can still buy and sell real estate during this time.
So, what is Hawaii’s plan to recover the economy?
Gov. David Ige has been communicating with a local business leader Alan Oshima to head an initiative called the “Hawaii Economic and Community Recovery & Resiliency Plan.” These two leaders, as well as mayors and city officials, are going to do everything possible to win the war on this virus and recover the economy and community as quickly as possible.
It starts really with our community and branches out from there. Their goal is to disperse funding to relevant entities as quickly as possible, focus on building a more diversified and sustainable economic model and modernize the economy. Hawaii’s economy cannot be over-reliant on just one or two major industries. Here is the plan set forth by the governor and city and business leaders.
It’s important to identify and address critical and economic impacts including the allocation of certain funds for both state and local factors avoiding any collapse of key economic sectors. This also includes direct economic and financial relief to avoid homelessness, hunger, and illness.
it’s important to identify and support the economic development of activities, job growth, and capital investments and that means paying close attention to the trajectory and being proactive in recovery before it is critical.
key leaders will continue to reevaluate and restructure our economy because new normals are changing every single day. What may be tragic yesterday can be positive tomorrow and it’s important to identify and invest in key changes that can further the economic diversification and sustainability.
We will get through this but being proactive and staying ahead of the curve is the key to a speedy recovery. Stay safe out there and if you’ve been on the fence about buying or selling a home on the Big Island, I want to encourage you that people are still buying and selling real estate. We are doing everything possible to stay as safe and healthy as possible but if conducting a real estate transaction is in your near future, feel free to contact me anytime to find out how you can buy and sell safely. [Source]