Honolulu is the capital and largest city of the U.S. state of Hawaii. It is an unincorporated part of and the county seat of the City and County of Honolulu on the island of O'ahu. The city is the main gateway to Hawai'i and a major portal into the United States. The city is also a major hub for international business, military defense, as well as famously being host to a diverse variety of east-west and Pacific culture, cuisine, and traditions.
Honolulu is the most remote city of its size in the world and is the westernmost major U.S. city. For statistical purposes, the U.S. Census Bureau recognizes the approximate area commonly referred to as "City of Honolulu" (not to be confused with the "City and County") as a census county division (CCD). Honolulu is a major financial center of the islands and of the Pacific Ocean. The population of the Honolulu census designated place (CDP) was 359,870 as of the 2017 population estimate. while the Honolulu CCD was 390,738 and the population of the consolidated city and county was 953,207.
Honolulu means "sheltered harbor" or "calm port". The old name is Kou, a district roughly encompassing the area from Nu'uanu Avenue to Alakea Street and from Hotel Street to Queen Street which is the heart of the present downtown district. The city has been the capital of the Hawaiian Islands since 1845 and gained historical recognition following the attack on Pearl Harbor by Japan near the city on December 7, 1941.
As of 2015, Honolulu was ranked high on world livability rankings, and was also ranked as the 2nd safest city in the U.S. It is also the most populated Oceanian city outside Australasia and ranks second to Auckland as the most populous city in Polynesia.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Urban Honolulu, Hawaii. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Urban Honolulu, Hawaii, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.00%
Competitive Commission: 5.0-5.5%
Very Competitive Commission: 4.5-4.99%
The median existing single-family home price in the West rose 7.5%, to $372,400, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Hawaii, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Hawaii.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
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The population of Honolulu was 390,738 according to the 2010 U.S. Census. Of those, 192,781 (49.3%) were male and 197,957 (50.7%) were female. The median age for males was 40.0 and 43.0 for females; the overall median age was 41.3. Approximately 84.7% of the total population was 16 years and over; 82.6% were 18 years and over, 78.8% were 21 years and over, 21.4% were 62 years and over, and 17.8% were 65 years and over.
In terms of race and ethnicity, 54.8% were Asian, 17.9% were White, 1.5% were Black or African American, 0.2% were American Indian or Alaska Native, 8.4% were Native Hawaiian and Other Pacific Islander, 0.8% were from "some other race", and 16.3% were from two or more races. Hispanics and Latinos of any race made up 5.4% of the population. In 1970, the Census Bureau reported Honolulu's population as 33.9% white and 53.7% Asian and Pacific Islander.
Asian Americans represent the majority of Honolulu's population. The Asian ethnic groups are Japanese (19.9%), Filipinos (13.2%), Chinese (10.4%), Koreans (4.3%), Vietnamese (2.0%), Asian Indians (0.3%), Laotians (0.3%), Thais (0.2%), Cambodians (0.1%), and Indonesians (0.1%). People solely of Native Hawaiian ancestry made up 3.2% of the population. Samoan Americans made up 1.5% of the population, Marshallese people make up 0.5% of the city's population, and Tongan people comprise 0.3% of its population. People of Guamanian or Chamorro descent made up 0.2% of the population and numbered 841 residents.
Honolulu's urban area was the fourth densest in the United States according to the 2010 U.S. Census.
The largest city and airport in the Hawaiian Islands, Honolulu acts as a natural gateway to the islands' large tourism industry, which brings millions of visitors and contributes $10 billion annually to the local economy. Honolulu's location in the Pacific also makes it a large business and trading hub, particularly between the East and the West. Other important aspects of the city's economy include military defense, research and development, and manufacturing.
Among the companies based in Honolulu are:
Hawaiian Airlines, Island Air, and Aloha Air Cargo are headquartered in the city. Prior to its dissolution, Aloha Airlines was headquartered in the city. At one time Mid-Pacific Airlines had its headquarters on the property of Honolulu International Airport.
In 2009, Honolulu had a 4.5% increase in the average price of rent, maintaining it in the second most expensive rental market ranking among 210 U.S. metropolitan areas.
Since no national bank chains have any branches in Hawai'i, many visitors and new residents use different banks. First Hawaiian Bank is the largest and oldest bank in Hawai'i and their headquarters are at the First Hawaiian Center, the tallest building in the State of Hawaii.