"Eh Oda, how much should I offer?" is question I often get asked by my clients. When it comes to money, it's been said that millennials are looking for deals and discounts. In Oahu's competitive real estate market, is it possible for a first time home buyer to find a sweetheart deal? Lets take a look at the statistics.
According to the Honolulu Board of REALTORS, 99.8% of single family homes, that sold during August 2016, received its original listing price. This was a .2% decrease from the same time last year. In addition, 97.6% of condos, that sold during August 2016, received its original list price. This was a .7% decrease from August 2015.
Interestingly, for owners that sold their condos during August 2016, between the price range of $300,001 to $375,000, received 98.3% of their original list price. This was a .8 percent increase from the same time last year. More so, for owners that sold their condos during August 2016, between the price range of $375,001 to $475,000, received 98.7% of its original list price. This was a .4% increase from August 2015.
Lets take a closer look at some other condo statistics from August 2016:
- Condos that sold in Makiki - Moiliili received 99% of its original list price.
- Condos that sold in Mililani received 100% of its original list price.
- Condos that sold in Moanalua - Salt Lake received 101.7% of its original list price.
What makes these neighborhoods so attractive to perspective home owners?
I specialize in millennial first time home buyers. One of my biggest challenges is educating my clients that they cannot low ball on every offer they submit. When it comes to "type A" properties, it's important for a Buyer put his/her best foot forward. And sometimes, that means to offer over the asking price.
- RO