O'ahu Market Update - Market Movement Creates More Choices for Buyers

As expected, rising interest rates have softened the demand for housing, illustrated by a decrease in sales for both homes (-34%) and condos/townhomes(-19%). However, sales prices continue to move up by close to 5% (4.8% - homes, 5.1% - condos) and it still took less than 3 weeks for sold properties to accept an offer on their home.

A slowing market means that buyers will have more choices and more time to find the right home for them. Inventory of homes for sale increased by 43% last month as compared to the same time last year, while condos increased by 10.8%. Buyers should also be thrilled that, for the first time in years, the average buyer paid less than 100% of the list price for properties sold (99.2%). This may be a sign that buyers now have room to negotiate with sellers as the market shifts.

During a shift in the market, it is important that buyers and sellers stay in close communication with their real estate agent because all neighborhoods may not be moving in the same direction or at the same pace. Your real estate agent will be able to execute the right strategy for you based on market conditions and market opportunities. For example, your real estate agent will share the absorption rate for a neighborhood to determine how aggressive a seller should be with the list price for their home. Or, your real estate agent may find out intel about a property or seller (i.e. – distressed) which allows the buyer to negotiate a lower price.

With change comes opportunity. Ask your real estate agent about the opportunities in today’s market.

Read the full report from the Honolulu Board of REALTORS® here.

Buying Lifestyle Real Estate

As you dream about how you’d like to live in your next home, you’re joining a growing cadre of homebuyers who value lifestyle over luxury and quality over quantity. The property you choose is paramount to having more comfort and convenience in your daily life.

For some, lifestyle is about displaying wealth, such as a big home in a pricey neighborhood. For others, it’s about location, like living on the beach or in a ski-in/ski-out mountain chalet. And for some, it’s about exclusivities, such as a guard-gated community or an over-55 master-planned development with golf, swimming, walking trails, and clubhouses.

Lifestyle is about having the time, space, and equipment to do the things you want to do. According to LuxuryActivist.com, time is the ultimate luxury. Your home should facilitate more time for family and friends, hobbies and interests, and healthy exercise.

When you shop for a home, look carefully at how space is allocated for each room and activity. Is the kitchen arranged comfortably for family meal preparation? Is there space for you and your partner to each have a home office? Can you also have a weight room, an art studio, or a media room? Your lifestyle may also prioritize sustainability through solar-power and xeriscaped lawns.

Your lifestyle should be free from compromise, like suffering a long daily commute to fund a dream home. Once you’ve moved, take the time to enjoy your home, play with your children, and watch glorious sunset views from your balcony.

MARKETING YOUR LISTING - click on the picture to view the video

I wanted to share the video I created for my current listing that is currently in escrow. This is a very attractive unit, but came with one parking stall which I thought would be a possible stumbling block. Kakaako is a newly built community that is designed for walking. You step outside of the complex and you have everything at your fingertips.

Every listing has its special attributes. You always want to put your best foot forward when selling your largest investment.  In this case, "selling the lifestyle" was very important. As a result of preparing prior with painting, and flooring, staging, a very strong marketing campaign, including social marketing, open houses, private showings, and virtual showings, we received multiple offers, and on target to close soon. 

If you are unsure of how to approach the best way to sell your home, I am happy to discuss your options.