Greg, Robin, and I closed three buyer transactions last week. One was an off market, new development, single family home in Windward Oahu. The second was a single-family home in town; our clients bought it below list price. The third was a vacant, residential land on the outer island.
Our residential real estate market has held up well during the pandemic. Why? Mortgage rates are historically low. No one knows how long mortgage rates will stay in the 2-3% range.
The clients we have represented this year, especially during the pandemic, have been very motivated. Sellers are pricing accordingly and buyers are putting in strong offers. Are there deals? There are, but there is a misconception that our COVID-economy has made every seller desperate.
The other month, we realized the West and Central Oahu single family home markets were hot. Our Kapolei listing received over 30 offers and our buyer had to put in an above asking price offer for the home she bought in Mililani.
So what do you do? The solution is actually simple, but many are apprehensive in taking the first step. If you want to sell, be sure to price well. If you want to buy, strap up your boots and submit competitive offers. When the ship has left, you do not want to be standing alone on the dock.