What's going on with Oahu's housing market? Combing over data, I discovered that the days on market statistics has doubled since 2018. On a micro scale, days on market had an increase for single-family homes and condos in January 2020 compared to December 2019.
Despite an increase with days on market, median prices for single-family homes and condos actually increased in January 2020 compared to the same time last year. As an agent who has represented a lot of buyers, I feel the market is soft.
In my recent transactions, it was common for buyers to lock sub 4% mortgage rates and to pay less than list price. My clients could really take their time. Unlike in years past, many of my clients were not facing a multiple offer situation.
With a slowing market, it's crucial that you price your home well. In certain situations, we're in a race to the bottom situation. Sellers price too high and they are forced to price reduction (sometimes multiple times). It might be beneficial to price at the lower end of the spectrum in hopes you can get multiple offers.
RECENTLY SOLD
I recently helped my clients purchase an off market condo in Honolulu. We were able to negotiate a purchase price below the recent sold comps. In addition, my buyers locked a sub 4% conventional loan rate. The transaction went smoothly and all parties were happy.
FOR SALE
46-078 Emepela Place #C207 Kaneohe HI, 96744 • Windward Estates • $535,000 (Fee Simple) • 2-bed/2-bath/2-parking • MLS: 202000025 • Listed By Ryan Oda (R), RB-23073 of Forward Realty (RB-19423).
I recently listed a 2-bed/2-bath/2-parking split level town home unit at Windward Estates. Did you know that Windward Estates is pet friendly? In addition, the unit features over 1,200 living SF with a monthly maintenance fee of less than 60 cents per living square foot. Some of the amenities include resident manager, walking path, private garden, recreation room, and a pool. Contact me if you would like to schedule a showing.
RAMBLINGS
Commercial RE
With the help of my coworker, Robin Boolukos, I submitted an exclusive right to lease proposal for Waikiki retail space. Although I specialize in residential and commercial sales, I might be able to assist with commercial leases.
Off Market
I know a person looking to sell his 2-bed condo in Mililani. The unit is currently tenant occupied. The owner is planning to list the unit after he relocates the tenant. However, he's open to selling the unit off market at a reduced price. Let me know if you have any questions.