Here’s the Best DANG realtor for you! September market summary update:

  • Oahu’s real estate market is in full transition and we slowly moving completely to a Buyer’s market.  (not yet)
  • Months of remaining inventory (property) continues to slowly increase and in the higher price points we have already reached equilibrium.
  • Compared to the September 2018, number of single-family homes has increased by 12.3%, while Condos have slightly decreased by 8.8%.

Seller Summary:

  • Multiple offer situations are becoming rare and Sellers will need to consider the first and possibly only offer seriously.
  • There is no such thing as a perfect property and Buyers will ask Sellers for repairs and or concessions/credits.
  • Be ready to compete and stay ahead of your neighbor with pricing.  (adjusting price is an art and timing is everything).
  • 1031 Exchanges are now becoming easier to complete as the market slows. (investment property only)
  • It may take 5-7 years before prices return to where they are at today. (don’t wait if you are older or have plans for your $$)

Buyer Summary:

  • There are a lot of active Buyers in the market and competition is still fierce with popular or highly sought-after property.   
  • Historic low interest rates will help Buyers who don’t have large down payments stay in the market.
  • Now is the time to upgrade as there is more inventory to look at and the market is slow enough to look without rushing.
  • All cash Buyers who are not in a rush can afford to wait for the market to flatten or dip further. 
  • Buyers who are interested in “affordable income” new projects should keep looking if they were not able to secure a spot.  (you may be priced out of the market completely if interest rates increase)
  • There is no such thing as a perfect property and Buyer’s need to focus on the bigger picture.