Are you wondering what's happened with the O'ahu real estate market over the course of the last year? If so, below is a quick 2020 market update.
I am discussing the year from December 2018 to December 2019 and what has happened over the course of the last year. Now, I am not going try to weigh you down with a lot of boring statistics: I would rather speak more generally about trends, and what your interests are if you are a buyer and a seller.
If you are specifically interested in moving from one part of the island to another, please contact me and we can talk about specific neighborhood statistics, and then that will help you determine what your buying power is or what you may want to list your house for.
If you are a seller, the one thing you care about is "how much can I sell my property for?" So generally speaking, over the island, for single-family homes (SFH), the value of homes has gone down about 4% over the last year. As a reuslt, homes are sitting for a longer period of time. For condominiums, they are up about 4%, but they are also sitting for a longer period of time than they were in 2018. Overall, there is more competition in the market. There are more homes and condominiums listed than there were previously.
There are two pieces of advice I give sellers constantly. Number one, make your property look the best it can, because you do have more competition, so you want to catch the eye of a buyer. The other advice is price it right! The theory of "I'm going to price it high and then negotiate and see what's going to happen," no longer applies. Make sure your Realtor is pricing your property correctly to move, to be attractive to buyers because the longer your property sits, the less attention it will get.
Now on the other hand, if you're a buyer, this is a great time to buy. There is more inventory on the market. There is more that you have to choose from. Prices are a little lower. Sellers are getting a little bit less and even the offers that are coming in are being accepted at a little bit less than the listing price.
So, please feel free to contact me and I can discuss these trends in more detail. I am happy to provide any information you need.