DON'T WAIT! Talk to James about the pros and cons of putting your place on the market at this time as "waiting until the prices go up even further" might be a poor decision. There are 1,017 active single family listings as of July 5, 2017. This signals that we remain a strong Seller's market in most of Oahu. The "sweet spot" in East Honolulu is a turn key home priced under $1.5M. In some areas, "as is" homes are selling super quick too. Priced right, expect it to sell fast!
The overall economy in Hawaii has continued to show improvement. Oahu has experienced strong appreciation in the Real Estate market year to date since it began to rebound in the first quarter of 2013. Tourism has been showing extremely healthy signs. Tourist spending has been increasing every year since 2015. 2016 was the best year ever for the industry! 2017 looks as though it will even surpass that record year! Pundits have called this "Real Estate Nirvana". This might be the best time in years to come to get your place sold! Prices have appreciated even in the outer lying neighborhoods. Appreciation of 10% annually and even more is not uncommon in some neighborhoods on Oahu! If you're thinking of selling, it's best to have it ready to show and on the market as soon as possible!! How much longer this strong Seller's market will stay is anyone's prediction. Supply and demand is the key. Demand remains strong and the supply is not keeping up. The primary pool of Buyers in today's market is generally made up of several categories: (1) Buyers needing a home to live in (who don't plan to move for at least 5 years); (2) Buyers moving up to a larger or more expensive home; (3) Investors who are buying since the prices have reached a point where it's making good business sense and they see the lack of inventory continuing to drive prices up. This included developers or "flippers". (4) Current homeowners who wish to simplify their lives and "right-size" into a usually smaller home or condo. (5) There are many motivated Buyers looking to find replacement properties for their 1031 Tax Deferred Exchanges. (6) Off shore foreign nationals who see the US and Hawaii as a great place to invest some of their currency. (and a fun place to visit) The current interest rates are still at historic lows while fluctuating a bit up then down in the past few months. Oil prices are incredibly low with inflation and interest rates seeing some upward pressure. Rates continuing to remain stable with consistent talk of being increased. Jumbo loans are basically the same as regular conforming loans. These are still historically low rates! Investment loan rates still remain quite low as well. That is a strong incentive to invest or purchase now before the rates really go up. Be sure to have a competent mortgage broker analyze every component of your prospective Buyer's loan as guidelines, ratios and regulations are changing almost every day. Plus the rising rates can mean that a qualified Buyer a month ago cannot qualify for that same loan today. Owner occupancy ratios, mortgage insurance requirements, new appraisal guidelines, reserve funds issues & add-on interest rates are just a few of the changes that your Realtor or mortgage professional needs to be aware of. If you'd like the most recent Honolulu Board of Realtors' statistical analysis released for June, 2017 let me know. I'll email it to you.
Available inventory is remaining fairly steady (low) in both single family homes and condos since last year which is a always a positive indicator for Sellers! Real Estate on Oahu continues to be a strong Seller's market!
In this fast moving market it behooves you to choose a more experienced agent like myself who can consistently market your property to the maximum number of potential buyers resulting in a higher gain with the least amount of worry. You also need a Realtor who will give you the straight facts about the market today that will help you make an informed decision and not miss out on any selling opportunities. Pricing is critical now more than ever. Well priced properties are actually selling in less than a week! Click on the link in my listings to see the newest video tours. It will make you want to buy in Hawaii now! Offered to Sellers as part of my marketing plan for select properties. Waiting for a better market to sell in? Prices will most likely continue to rise but with possible external influences potential affecting the market who knows what might happen? Call or email me for a no obligation consultation.
If you're planning to sell your home, this FREE service is designed to help establish your home's current market value. Simply choose Market Analysis and fill out the requested information. I will use comparable sold listings to help you calculate the fair market value of your home.
If you're thinking of selling, be sure to interview me. Local Knowledge/ Global Exposure sums up my marketing expertise. I recently attended an invitation only conference to Miami in Oct, 2016 to take advantage of networking with the top CB agents nationally and internationally. I also use full motion video tours (not to be confused with the common virtual or slide show tour) complete with Hawaiian themed music to give prospective buyers the most emotional visual display that will make them call right away about your property. I have been using the latest technology for your utmost security of your property with the SENTRILOCK key safe system. I'm able to keep close track of all keyed access to your property. Check www.sentrilock.com
I'm happy to provide you with additional information, such as: 1031 Tax Deferred Exchange? Owner Occupant Tax Exemption? Costs of Selling? Selling Hawaii Property from Off-Island? How to stage your home to help it sell for the most amount of money? What's Most Important to YOU?