The Block Is Hot
Does anyone have a Dolorean? I would like to go back in time and buy single-family homes in Ewa Beach.
Despite our COVID economy, single-family homes sales are doing very well in certain neighborhoods on Oahu. Homeowners might be leaving high rise condos to go back to back the suburbs.
The Honolulu Board of Realtors recently released October's housing statistics. The median single family home price in Ewa Beach was $760,000 in October 2020; this was a 12% increase from the same time last year. Most importantly, the median days on market for single family homes in Ewa Beach was 5 days. This was a 14 day decrease from October 2019.
Our low mortgage rate environment is driving home sales. VA mortgages are in the low 2% and many lenders are offering VA buyers a closing rebate. Can you imagine that? The lender will give you a closing credit!
Inventory is still low. When a desirable property gets listed, the sharks come out to play. VA buyers are leveraging their cash by going zero down and adding an adding an appraisal clause. Since many homes are in a bidding war, buyers know the property might not appraise for the contract price. Since VA rates are so low, it seems like buyers are fine in leveraging up since money is cheap.