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%.
- 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 $$)
- 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.