April 2023 Oahu Market Update

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O'ahu Market Update

The market continues to move towards a balanced market where neither buyers nor sellers have significant negotiating leverage over the other. That means demand has slowed, allowing buyers to take more time to select the right property to purchase and consider their options. Fewer homes sold (down 26.5% for homes and 33.3% for condos) and a decline in homes/condos for sale (28.9% and 25.8%) translates into more inventory for buyers to choose from allowing them. Buyers who purchased last month paid 96.7% (homes) and 98.5% (condos), a far cry from the 102% and 100% of the list price they had to pay a year ago to buy a property.

In a balanced market, sellers have to be more patient as it took 36 days last month for a home to accept an offer and 24 days for a condo/townhome to accept an offer. Moving forward, sellers and their Realtor will have to navigate the competition by presenting their properties in a way which will accentuate their highlights and market them to ensure active buyers take notice.

Even though the economy and real estate market has slowed, foreclosures are still a very small part of the market, making up only 1.8% of the active inventory on the island. That said, there may be unlisted opportunities or a ghost inventory on its way. In any event, whether buying or selling, a market which continues to shift requires an eagle eye and a professional Realtor to navigate the market like a seasoned captain navigates unpredictable stormy waters.

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

Small Home Improvements, Big Results

Whether you’re selling your home or wanting to add more decorative flair, consider small improvements with little money or time spent.

The first thing you want to do is boost your curb appeal. Your home’s front entrance is crucial to first impressions. Add a new steel door or paint your existing door with a trendy new color. Round out the look with a new welcome mat, a new framed house number, a freshly painted mailbox, and planters of fresh greenery or flowers.

Regular exposure to dirt, dust, spills, and high foot traffic makes wood and carpeted floors look dull, dirty and distressed. Polish your hardwood flooring once a year or when you list your home. Weekly vacuuming can pick up topical dirt from your carpets, but it takes professional equipment and cleaning solutions to remove stains, pet odors, allergens, dust mites, and deeply embedded dirt. Your carpets will look like new and last longer, too.

Dress up your interior by installing new trim, molding and shelving. Crown molding and trim can transform a room, and it’s available already painted or you can paint it yourself. If space is an issue, add some decorative or modular shelving to an unused blank wall or cut out some drywall to make a recessed area for displays of books or collectibles. It will eliminate clutter from your tabletops and make your home appear larger.

Last, replace outdated, yellowed outlet and light switch covers with upgraded plates in bronze or a modern ceramic.

How to Buy a Foreclosure Seminar

Join us and Guaranteed Rate on Saturday, April 29th from 10:00AM to 11:00AM at our Honolulu office (931 Hausten Street) for a seminar that breaks it all down for you.

At this seminar, we will answer:

Answer the question: "Are Foreclosures a Good Deal?"
Where to Find Foreclosures for Sale
4 Ways to Buy Foreclosures in Today’s Market
Foreclosure Terms Defined

RVSP HERE!
Let me know if you can attend, and I will be happy to RSVP for you.

THE BERKSHIRE HATHAWAY HOMESERVICES MVP SALES CONVENTION

There were over 40 Hawai'i agents that went to Las Vegas in March to get energized, informed, and mingle with well over 6000 agents who attended. We are a global company of 50,000 agents that has the same vision and mission to build rich and lasting relationships based on exceptional service. MVP stands for: Motivation-Vision-Purpose.

It was everything and more of what to expect from this type of event. One of the benefits of being a part of such a large network of agents, is that I have the ability to offer my clients services virtually anywhere in the world. If you are relocating or in need of real estate services nationally or internationally, let me find you a qualified and experienced agent that will get the job done.

Local Flavor

"Must See: “ʻAi Pōhaku, Stone Eaters” Native Hawaiian Art Exhibit"

This Honolulu Magazine article explores contemporary works from nearly 40 Native Hawaiian artists at the University of Hawai‘i.

Schedule:

January 22 – March 26
- The Art Gallery, UH Mānoa
- 2535 McCarthy Mall, Art Building, Room 141
February 19 – August 13
- Koa Gallery, Kapi‘olani Community College
- 4303 Diamond Head Road
March 5 – April 2
- Commons Gallery, UH Mānoa
- 2535 McCarthy Mall, Art Building, Room 141
March 31 – May 5
- Gallery ʻIolani, Windward Community College
- 45-720 Kea‘ahala Rd., Kāne‘ohe
April 30 – August 13
- East-West Center Gallery, UH Mānoa
- John A. Burns Hall, 1601 East-West Road
May 1 – August 25
- Hōʻikeākea Gallery, Leeward Community College

Read the full article here.

Credit: Honolulu Magazine

EXPERIENCE MATTERS!

Whether buying or selling luxury property, you deserve an agent empowered to think beyond the next transaction – one who will consider your long-term goals. Let's talk about your goals and real estate needs. I am a certified Luxury Collection Specialist prepared to assist you with your most treasured asset.

Lila Marino-Camacho, Realtor Associate
Berkshire Hathaway HomeServices Hawai'i Realty
RS-63620
(808) 341.6034
Lilamc@bhhshawaii.com
www.KailuaRealEstateOahu.com

HI Lic #: RS-63620
46 Hoolai St. #D Kailua, HI 96734

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