Honolulu home sales continue to move at a fast pace. Single family homes received an accepted contract in just 17 days, condos were sold in 20. Prices are also increasing as high demand and low inventory continue to thrill sellers with multiple over-asking price offers.
Buyers paid, on average, $788,000 for a single family home and nearly $400,000 for a condo in July. Economist Paul Brewbaker told Honolulu Magazine, “People are going to have to wrap their heads around the idea of a median single-family home price on Oahu of $1 million before the 20-teens are over. It’s conceivable home prices could double….within the 20-teens.”
But, don’t forget that interest rates are still very low. Interest rates continue to hoover at around 4%. I know that large price tag may sound scary to a lot of you home buyers. Especially when many are finding it difficult, even with over asking price offers, to get into escrow. That large price tag does not mean all the homes are selling for that price. There are still a lot of homes available for under $500,000.
SEE HERE: Honolulu HOME SEARCH. This next property may not be the home of your dreams, but it is important to look at this time frame in real estate as an opportunity. Even with the market lows and highs, Honolulu home values have on average increased 5% every year since 1985. Not a bad investment! So, basically what it comes down to, is just get your foot in the door. Get something you can make payments on, make it your home, or rent it out. But, just do it!
And when you’re ready, e-mail me at firstname.lastname@example.org.