There's a bit of optimism from the experts on the local economic picture.
Some say the recession has hit the bottom.
And for those who still have money to spare, they say the Oahu real estate market is a good long-term investment.
The Hawaii developers' council, a non-profit organization got together for it's mid-year real estate forecast. And it wasn't all gloom and doom, although the experts remain cautious.
"I don't want to be too optimistic but it looks like we might have already passed the bottom," says Harvey Shapiro.
Some of that cautious optimism is shared by economist Paul Brewbaker, who sits on the council on revenues.
"It's looking like the bottom is starting to form," says Paul Brewbaker, Council on Revenues.
But before everyone goes on a spending spree, it's important to note that recovery is still at least a year away.
"The key here is we're gonna form a bottom, it's gonna take a while and the recovery won't come until next year or the year after," says Brewbaker.
As for real estate, the research economist for the Honolulu Board of Realtors points out that mortgage rates are low. So this is an opportune time for investors, and even more so for first time buyers who are now renting.
"In the long term it's always been money in your pocket to buy property here in hawaii. our prices double approximately every ten years and you might not hit the exact bottom but why wait around and pay rent?," says Harvey Shapiro, Honolulu Board of Realtors.
Shapiro says a lot still depends on the stability of the financial markets. But don't expect a major drop in prices on Oahu, like those seen on the mainland. Shapiro says prices have held steady because of the limited amount of properties to be sold.
"This is different than all the other cities on the mainland where they've had a huge explosion of properties available on the market and their prices subsequently drop because there were so many choices for buyers," says Shapiro.
Shapiro says we'll likely see a drop in sales, but prices should hold up well.
